The Fire & Police Pension Board
On April 26, Pension Fund’s agenda included authorization of a 14th Check for all Police and Fire retirees. It was voted on and approved. It will be on HOLD until May 13, 2022.
There is still over $200 million in assets that have not been audited. Although, highly unlikely, it could be a negative to the required percentage for the 14th check. We currently have a 13.5 per cent return for the year and we needed a 12.35 per cent return to have the authority to issue the 14th check. As long as the return on the remaining 200 million is not a large negative number, the 14th check will be deposited.Bottom line, do not spend the money yet as there is a very small chance that the authorization could be reversed.
The Pension Fund and the Board will be closely reviewing the numbers as they come in before releasing the 14th check. They may call a special meeting to review decision before the 13th of May if there are any changes.