Council authorizes $13.5 million city contribution to stabilize fire pension fund

The council authorized a one-time city contribution of $13,500,000 to the Firemen’s Relief & Retirement Fund and endorsed a package of measures the Joint Review Committee recommended, which includes targeted benefit changes, reducing the assumed investment return from 7.5% to 7.0%, and a 20-year funding target. Finance director Marjorie Knight said the contribution is largely sourced from additional sales tax revenue generated by recent data-center growth and is designed to improve the fund’s funded ratio immediately from roughly 45% to about 52% under the package’s actuarial assumptions.

Rodney Goodman, a former trustee and current plan administrator who spoke at council request, described the board composition (mayor designee, finance director, three elected active firefighters, and two citizen members) and praised the collaborative effort. "This is a great way to do it," Goodman said, referring to the committee’s work to address the fund’s long-term strength. Council approved authorizing the contribution and supporting the committee’s recommendations; plan changes remain under the pension board’s authority and subject to approval by firefighters.