City fire pension nearly fully funded

Richard Grover, a member of the city of Pensacola fire pension board, passed on to Inweekly the latest actuarial report on the fire pension. The plan is 94.58 percent funded, an amazing statistic considering how much of the government pension news has been just the opposite.

In an email to Mayor Ashton Hayward, Grover said, “I would be very surprised if the General or Police is anywhere in the ballpark of this number. I think that Mr. Penzone does not get the whole picture from staff when dealing with pensions.”

He said, “This year’s actuary will not reflect the total 94 percent because of a 5-year smoothing that the board uses to keep the city’s cost on a smooth rate. And as you are aware, in the City Budget this year the CFO reported that in the 2017 budget year the cost to this Fire plan will decrease by almost $2 million a year. As a Trustee to this plan myself and the board has always made good decisions with the plans money.”

According to Grover, the fire pension plan has averaged 10.16 net per year from 2004-2014, including the 2008 market crash.

Read REVISED GASB No. 67 and No. 68 Statement per 09-30-2014 – Pensacola Fire…