Police & Fire Pension Board
This board meets monthly, generally on Wednesdays at 8 am. Quarterly meetings January, April, July and October are held at Studebakers Restaurant, and all other meetings are generally held on the 3rd Wednesday of the month in the Mayor’s Conference Room at City Hall
Henderson, Herb (Police) (Chairperson)
Sheppard, Phil (Fire)
The Police and Fire Pension Board is responsible to maintain and administer a the pension system, with specific tasks including: authorize appropriations and deductions from salaries to go into the fund, authorize retirements and other draws from the fund, provide for actuarial valuations and monitor and authorize related actuarial assumptions, and provide for a diversified investment strategy with a reasonable balance between risk and return. The ultimate financial objective of the board is to fund pension benefits through a level percentage of active member payroll which will not dramatically increase for future generations. The board is made up of five members, two members from the public, the City Finance Director/Treasurer, an active participant representative from the Police Department and another from the Fire Department. The City Commission authorizes one Commissioner to act as Liaison and who is a non-voting participant. The board for each fund is responsible for overseeing administration of the plan, including meeting investment goals and making distributions to retirees in accordance with actuarially determined amounts.