Police and Fire Pension Board: May 1
The Piedmont Police and Fire Pension Fund Board will meet on Wednesday, May 1, 2013, at 4:00 p.m. in the City Council Chambers, 120 Vista Avenue.
Piedmont continues to maintain its own pension fund for fire and public safety employees who retired prior to the City’s transfer of active fire and public safety employees into the California Public Retirement System (CalPERS). According to a report issued by the City, in the 3rd Quarter of fiscal year 201212/13, pension benefits paid to 16 retired beneficiaries amounted to $69,202 for the current 16 beneficiaries. As of March 31, 2013, the assets in the Piedmont Pension Fund totaled more than $10 million ($10,216,866).
In the past, the City Council has discussed transferring residual pension assets to other City uses, once funding for all remaining beneficiaries has been provided. When all beneficiaries have received payment, or a program established to ensure their benefits is fully funded, the remaining funds potentially could be used for other City purposes, such as paying down retiree medical benefits liabilities or to help meet CalPERS actuarial demands placed upon the City.
The Piedmont Pension Fund is overseen by the Police and Fire Pension Board, whose members are: Chairman Bill Hosler, Mayor John Chiang, Fire Representative Brian Gidney, Vice Mayor Margaret Fujioka, and Police Representative Tom Kincaid.
At its meeting on May 1, the Board will consider:
1. Approval of minutes for January 30, 2013
2. Acceptance of Participant Report, summarizing benefits paid in the 3rd Quarter of FY 12/13 and current number of beneficiaries
3. Report of pension fund investments by Osterweis Capital Management
4. Finalize Investment Policy Guidelines
This meeting will not be broadcast. Those interested in the meeting can attend and participate.
Prior PCA articles on City of Piedmont pensions:
http://www.piedmontcivic.org/2012/09/14/state-pension-reform-will-help-piedmont-costs-someday/
http://www.piedmontcivic.org/2012/07/24/piedmont-pensions-44-percent-and-rising/
