Police & Fire Pension Subcommittee Special Meeting (July 8, 2026)

The Police & Fire Pension Subcommittee held a special meeting on July 8, 2026, to discuss cost-of-living adjustments (COLAs) for pensioners and the financial health of the pension fund. The committee reviewed the current funding status, noting a decline from 78% funded in 2013 to 72% currently, and discussed the impact of various COLA scenarios on the unfunded liability, including options tied to the Consumer Price Index (CPI) ranging from 0% to 5%. They emphasized the need to balance supporting retirees, especially those with lower pensions, while maintaining long-term fund sustainability. The subcommittee agreed to request actuarial studies on multiple COLA scenarios, including a 13th check option, to better understand financial implications before making final decisions. The meeting concluded with a motion to adjourn and reconvene after receiving the actuarial reports and experience study results later in the year.