Bucks County Retirement Board Meeting 12/18/2024

The Bucks County Retirement Board held a meeting on December 18, 2024, focusing primarily on pension fund management and financial decisions impacting retirees. Key procurement-related discussions included approval of a part-time county service purchase request totaling $4,170, and the allocation of $13.6 million from the county budget to ensure pension solvency. The board approved maintaining the interest rate on contribution accounts at 4% for the calendar year and approved a 3% fee increase proposed by Corn Ferry, the actuarial firm. Additionally, the board voted to retain Co Milstein to investigate potential claims against Super Microcomputer and added Burger Montague to the list of securities litigation monitoring firms, both at no cost to the county. The board also reviewed actuarial presentations detailing the financial health of the retirement plan, including the cost implications of granting a cost-of-living adjustment (COLA) for 2025, which would require an estimated $18 million in funding. Discussions included rebalancing fixed income investments per financial advisor recommendations amid market volatility, with some board members expressing concerns about the urgency and transparency of these investment decisions. Overall, the meeting addressed critical pension fund procurement, investment management, and budget allocation matters to sustain retirement benefits for county employees and retirees.