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Pension Payroll and Financial Report - Quarter Ending March 31, 2020 (Finance - Funds 801 & 802)
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To: Chairman and Members of the Pension Board
From: Nancy Bronstein, Acting Finance Director
Re: Pension Payroll and Financial Report - Quarter Ending March 31, 2020
The following is a summary of the Fiscal Year 2019-20 third quarter pension charges for Plan 1079 and Plan 1082:
Pension charges for Plan 1079 (Police and Fire) decreased in January and February due to the passing of Wanda Westmoreland on January 16, 2020. February’s decrease reflects a full month reduction due to the pensioner’s passing offset by an increase in benefits paid out. The increase became effective in January but retroactively paid out in February. March’s slight decrease is due to the removal of February’s retro pay out offsetting with the quarterly uniform allowance payout.
Pension charges for Plan 1082 (Police) remained the same for each month in the quarter.
Please refer to the attached Exhibit 1 summarizing operating revenues and expenses for the police and fire pension Plan 1079 and Plan 1082.
Respectfully submitted,
Nancy Bronstein
Acting Finance Director
Exhibit:
Quarterly Financial Report 03-31-20