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Pension Payroll and Financial Report - Quarter Ending March 31, 2021 (Finance - Funds 801 & 802)
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To: Chairman and Members of the Pension Board
From: Annie To, Finance Director
Re: Pension Payroll and Financial Report - Quarter Ending March 31, 2021
The following is a summary of the Fiscal Year 2020-21 third quarter pension charges for Plan 1079 and Plan 1082:
In February 2021, the total pension expenses for Plan 1079 (Police and Fire) increased from $64,912 in January 2021 to $67,693 due to an increase in benefits payout. The increase was effective in January 2021 but retroactively paid out in February 2021. March’s total pension expenses of $67,903 included the quarterly uniform allowance payout.
Pension expenses for Plan 1082 (Police) remained the same at $2,736 per month in the third quarter.
Please refer to the attached Exhibit 1 summarizing operating revenues and expenses for Plan 1079 (Police and Fire) and Plan 1082 (Police).
Respectfully submitted,
Annie To
Finance Director
Exhibit:
1. Quarterly Financial Report as of March 31, 2021