Police and Fire Pension Fund Board Wednesday, April 25
The Piedmont Police and Fire Pension Fund Board will meet on Wednesday, April 25, at 4 p.m. in the City Council Chambers, 120 Vista Avenue.
Agenda:
1. Approval of minutes for January 24, 2018
2. Acceptance of Participant Report, summarizing benefits paid in the 3rd Quarter of FY 17/18 and current number of beneficiaries
3. Acceptance of the 1 st Quarter 2018 Report of Pension Fund Investments by Osterweis Capital Management
4. Acceptance of the 1 st Quarter 2018 Report of Other Post Employment Benefits Investments by Osterweis Capital Management
5. Introduction of New Board Member Andrew Wendel and Election of New Chair
6. Report on Police and Fire Pension Fund and Other Post Employment Benefits Fund Investments from Osterweis Capital Management
Possibly we can get a report from this Board outlining the current status of
unfunded pension and Health care liabilities. In 2011, this unfunded liability was in excess of $40 million or in excess of $3,000 per resident of our city. What is the current assessment and what is proposed to address this significant fiscal issue?
[Editors’ Note: The Piedmont Police and Fire Pension Fund, a closed retirement system overseen by the Piedmont Police and Fire Pension Board,is highly overfunded with an estimated $10 million in assets for approximately 14 beneficiaries. About 20 years ago, Piedmont voters approved leaving Piedmont’s retirement system and joining the separate California Public Employees Retirement System (PERS). PERS has been underfunded since Piedmont joined the system placing high demands on Piedmont’s budgets. City payments to PERS are required and offer no flexibility. See City’s Audit.]