Speaker numbers apply only to this recording.
The finance committee convened on October 27, 2026, to consider three agenda items regarding actuarial and arbitrage valuation service agreements. Committee members discussed the status of the city’s pension plans and approved all items unanimously.
Are there any mo other questions or comments from Ms. Standard or anybody? All right. Sir a motion. Motion. For a second. I will second. All in favor say aye. Aye. Done. Okay. Item number eight. Authorization to execute an agreement with Millen with Standards to prepare the actuarial valuations. Yes. This is a request to enter into an agreement with Millman, who is an actuarial firm to do our valuations for Gaz B 67 and 68 for our hourly pension plan. If you will recall, we now only have three pension plans since the police and fire pension has moved to RSA. The hourly pension is still one of them, and it will be an ongoing plan until all of the participants are no longer on the plan. Can you explain? So we have a I got place and fire, but what are the other ones we have? So the original four pension plans that we had were police and fire pension plan, which you're aware of, RSA, which you're aware of. There is a police and fire supplemental pension plan that was for higher ranking higher paid individuals to supplement their retirement because the police and fire pension was noticed to be as you know it was a brotherhood pension as and the payouts were so low, the higher ranking officers were the ones that had contributed the most money into it, but we're getting the lower payout. So it was a more of a supplemental style plan. Does it go away? No, sir, that one's ongoing. It's a completely separate plan. It is closed though. Nobody else can get into it. Okay. But who are in that car? Currently, there's five five people that are being paid out of it. Um there are a few more people that are currently employed that actually qualified for it, but because we have now gone to RSA, they are not now eligible for any benefit from it. Does that make sense? Um okay, so that was that was the third one was the supplemental plan, and then the hourly plan is the last one. The hourly plan was one that was um implemented, you know, back in the late 1990s, early 2000s, when we were moving some of the hourly employees into RSA, but they were allowed an opt-out option, and they could stay in this hourly pension fund if they wanted to opt out of RSA. So it is it's a closed plan, also nobody else can go into it. Um, and we're but we just have to continue getting the valuation done and pay in the liability for them every year. But ultimately, we will are headed eventually to just one. Yes. I uh I don't think that I will see that day, but yes. Okay. Actuarial yes, so yeah, so this is the act