Retirement Board

The Committee did not meet in December; however, Mr. Goodson reported that the fund gained approximately 4.8% net of fees in November. Assets as of November 30th are: Pension $ 1,007,341,258 Post Retirement 43,333,144 $ 1,050,674,402 LODA $3,324,188 5. Committee on Administration: a. FY2024 Pension, OPEB, and LODA Budgets: Mr. Brooks noted the Committee met on December 1st to review the Fiscal Year 2024 Pension, OPEB and LODA budgets. Mr. Brooks explained that for the pension plan, the requested budget reflects the actuarially determined contribution (ADC) required by the City and Schools ($46.4M for FY24) and an estimate of benefits and other expenses for the plan (which are estimated at $103.7M for FY 2024). He also noted that for OPEB and LODA, the requested budget reflects the City continuing to fund these plans under the pay as you go method, ensuring that City and retiree contributions cover the estimated annual expenses. After review and discussion, the Committee on Administration unanimously agreed to recommend the Retirement Board adopt the FY24 Pension, OPEB and LODA budgets as presented. Approved Upon motion duly made and seconded, the committee on Administration unanimously agreed to recommend the Retirement Board adopt the FY24 Pension budget as presented. Approved Upon motion duly made and seconded, the Committee on Administration unanimously agreed to recommend the Retirement Board adopt the FY24 OPEB budget as presented. Approved Upon motion duly made and seconded, the Committee on Administration unanimously agreed to recommend the Retirement Board adopt the FY24 LODA budget as presented. 6. Benefits and Welfare Committee: The Committee did not meet. 7. Disability Committee: a. Applicant Case #025411 Mr. Harrah noted the Committee met on December 7th to review case #025411. Mr. Harrah explained the Committee reviewed Dr. Lee's medical report and also heard from the applicant, who attended the meeting and provided additional information to the Committee. Based on the information received from Dr. Lee and the applicant, the Committee unanimously agreed to recommend the Board approve 72% non-occupational partial disability for case #025411.