This is in response to the erroneous information that has been circulated throughout the Department.

Please note that contrary to what has been circulating, there is no change to your retirement benefits and your Retirement Plan is safe and secure.

In accordance with requirements in the City Charter and the Retirement Plan, the Retirement Board (Board) is required to have an actuarial study conducted each year and an experience study conducted every five years.   Also, the Retirement Board Members have a fiduciary responsibility to make sure the pension plan is updated to reflect current information and assumptions.   The experience study conducted this year indicated that the current membership represented a workforce of 75% male and 25% female employees and the Plan had been operating with a membership mix of 50% male and 50% female employees.  The experience study also indicated the mortality tables that the Plan was currently operating under were outdated and should be updated to reflect new and improved life expectancies.

The Actuarial report recommendations are being discussed and considered by the Retirement Board to determine the impact of these recommendations on the calculation of retirement allowances to determine the best course of action.  At the Board meeting of April 18, 2007, the Board decided to designate a labor relations representative to pursue a meet and confer process.

Please do not hesitate to contact the Retirement Office if there are any questions.

Sangeeta Bhatia
Retirement Plan Manager