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Pension Payroll and Financial Report - Quarter Ending March 31, 2017 (Finance - Funds 801 & 802)
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To: Chairman and Members of the Pension Board
From: Elena Adair, Finance Director
Re: Pension Payroll and Financial Report - Quarter Ending March 31, 2017
The following is a summary of the third quarter and year to date pension charges for the 1079 and 1082 plans.
In February, pension charges increased due to a cost of living adjustments. For Plan 1079 members, the adjustment was based on the Police and Fire MOUs and amounted to approximately 4%. Members of Plan 1082 received a 2% increase. These increases were retroactive back to January 1, 2017 and January 10, 2017, respectively, in accordance with the Police and Fire MOUs.
February pension charges for the Plan 1082 were decreased and even show a negative expenditure amount due to the receipt of a refund of the payments made erroneously to James Isom’s trust following the death of his spouse. Staff was able to get back full amount of overpayment for a total of $12,444.40 covering the period from May 2016 to December 2016.
Please also refer to the attached exhibit summarizing operating revenues and expenses for the police and fire pension plans 1079 and 1082.
Respectfully submitted,
Elena Adair
Finance Director