Police and Fire Pension 5-20-26

This meeting of the Police and Fire Pension Board, held on May 20, 2026, focused extensively on pension plan management, actuarial studies, and funding strategies. Key procurement-related discussions included the decision to move forward with an experience study a year early to update actuarial assumptions, with a motion passed to place this on the agenda. The board reviewed multiple retirement benefit options, including retirement age and multiplier adjustments, and discussed the complexity and cost implications of these options. They also deliberated on cost-of-living adjustments (COLAs), considering various proposals and the financial impact on the pension fund. The board voted to advance one COLA-related option to the full board for further consideration. Additionally, the committee discussed the possibility of allowing members to purchase prior service time from another pension system, contingent on cost neutrality and legal feasibility, with plans to consult the law department. Funding goals were debated, including extending the city's funding goalpost to 2063, with a preference for adopting smoothing and layering techniques to manage market volatility. The board agreed to package these pension-related proposals for actuarial review and subsequent full board approval. A separate meeting was scheduled to focus solely on COLA discussions.