PENSION FUND 14th CHECK GOING OUT FRIDAY, MAY 13th
 Attached is info from Retired Police Officer Harold Flammia It is reference of the Fire & Police Pension Board to issue a 100% COLA to members of the Fund. It is Harold's personal belief that there has been no cry from eligible members from the different associations to correct the problem. Attached is the Info.  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. ...................  The Fire & Police Pension Board meets the last Tuesday of every Month. On April 26, 2022, 0930am at the Pension Office. Pension Fund’s agenda will include an item regarding the authorization of a 14th Check for all Police and Fire retirees.
While I believe the Board will vote unanimously to authorize the 14th Check, if the necessary investment return allows it, I suggest retired members attend the Board meeting on April 26, 2022 at 0930 a.m. to support the Board in its decision regarding this issue. Regards, Harry Griffin Board Member, San Antonio Fire and Police Pension Fund  Subject: 14th Check
The Fire & Police Pension Board meets the last Tuesday of every Month. On April 26, 2022, 0930am at the Pension Office. Pension Fund’s agenda will include an item regarding the authorization of a 14th Check for all Police and Fire retirees. As you know, if the Fund achieves the necessary investment return of 10.25% annualized over the past 5 years the Board has the discretion to issue a 14th Check. The Board voted to issue the 13th Check at its January meeting and all retirees received the 13th Check in the second week of February 2022. The necessary investment hurdle for the 13th Check was 8.25% annualized over the past 5 years. I believe we will surpass the 10.25% annualized investment return required by state law authorizing the Board to consider a 14th Check. While I believe the Board will vote unanimously to authorize the 14th Check, if the necessary investment return allows it, I suggest retired members attend the Board meeting on April 26, 2022 at 0930 a.m. to support the Board in its decision regarding this issue. Thanks for the hard work it takes to achieve these performance levels. Regards, Harry Griffin Board Member, San Antonio Fire and Police Pension Fund SA Fire and Police Pension Fund Seminar
Contact the Pension Office to sign up. 210-534-3262 (Ext. 200) Friday, April 01, 2022 at 100pm - 330pm Topics: Financial Planning, Review of Benefits, Medical Insurance Spouses Welcomed. Space is Limited The next Pension Board Meeting will be held on March 29, 2022 at 0930am.  Retirees 1099 R Forms Forms will be mailed out by January 31, 2022 for 2021 year. You can also go to the SA Fire & Police Pension Fund website and print it out now. https://www.safppf.org/Home.aspx Go to Log In right corner) and drop down to MemberDirect (click) Sign In on left side and Log In. Under BENEFIT SUMMARY List drop down to 1099-R and click On next screen, Click on 2021, print out forms on your printer  From: A Blue News Email Member
Subject: Pension COLA / 13th Check Are we to expect a COLA raise next year in light of surging inflation ?? The answer is yes …. exactly how much will not be known until approximately January 15, 2022. From what we currently know, the COLA will be greater than 6%. Each retiree who retired prior to 9/30/1999 will receive the full COLA in their January 31, 2022 pension check. The rest of us will receive 75% of that 6% number or 4.5%…. assuming the final inflation COLA number is 6%. If the final number is greater than 6% it will be 75% of the the greater number. The Pension Law caps the COLA increase beginning at 8%, the full explanation of the capped COLA can be found in the Pension Law. The preliminary pension fund performance numbers are in for 2020. It appears we will have greater than a 9% return for the year ended 2020. This is amazing since our investment performance as of April 2020 was approximately a negative 5%. In fact, our performance as of September 30, 2020 was .6% ( less than 1% ). The final quarter of 2020 , we ended the year with investment performance that should allow the Board to issue a 13th Check. The Board has not yet met to determine when this check will be issued, but if the positive 9% return holds, as performance numbers come in from our non-publicly traded investments, I expect we will receive a 13th Check in March 2021. I will keep you informed if things change, but I expect 2020 investment returns, coupled with the previous 4 years will allow the Board to vote in favor of issuance of a 13th Check. Harry Griffin  Subject: Pension COLA
Are we to expect a COLA raise next year in light of surging inflation ?? The answer is yes …exactly how much will not be known until approximately January 15, 2022. From what we know currently know, the COLA will be greater than 6%. Each retiree who retired prior to 9/30/1999 will receive the full COLA in their January 31, 2022 pension check. The rest of us will receive 75% of that 6% number or 4.5%…assuming the final inflation COLA number is 6%. If the final number is greater than 6% it will be 75% of the the greater number. The Pension Law caps the COLA increase beginning at 8%, the full explanation of the capped COLA can be found in the Pension Law. Harry Griffin  From: Harry Griffin, Police Retirees Pension Fund Rep. Subject: 13th check As of November 2, 2021 our pension fund’s performance was 10.5% for the year to date. We have 8 full weeks left until year end, 12/31/21, and if we end the year with at least a 3% return we should be able to issue another 13th Check this year. If approved by the Board. We are currently well above that, and things look real good for the Fire & Police Pension Fund, and its ability to issue a 13th Check. In fact, our Fund has increased more than $350 million in value this year. While we are well above the performance necessary for a 13th Check, we would need at least a 13% return at year end to be able to consider a 14th Check. Attached is the formula used to determine a 13th check: HOW IS THE 13TH CHECK CALCULATED
The 13th Check is calculated as follows: 1st, the check was earned due to 5 consecutive years of positive investment out performance.The final year of that calculation was 2021. So the 13th Check is calculated on the gross amount of your monthly pension check for calendar year 2021. 2nd, The Fund follows IRS guidelines and deducts 22% Federal income Tax 3rd, if you retired during 2021, your 13th Check will be prorated Finally, if you were retired the entire 2021 calendar year, you can multiply your 2020 monthly check amount , times .78, and that will be the amount deposited in your account , as your 13th Check So that brings the question of why the .78? Taxes - they took out 22% for federal tax, leaving the remaining 78% as the net amount deposited in your bank account.  From: Harry Griffin, Police Retirees Pension Fund Rep.
Subject: 13th check As of November 2, 2021 our pension fund’s performance was 10.5% for the year to date. We have 8 full weeks left until year end, 12/31/21, and if we end the year with at least least a 3% return we should be able to issue another 13th Check this year. We are currently well above that, and things look real good for the Fire & Police Pension Fund, and its ability to issue a 13th Check. In fact, our Fund has increased more than $350 million in value this year. Some have asked about a 14th Check. While we are well above the performance necessary for a 13th Check, we would need at least a 13% return at year end to be able to consider a 14th Check. Harry Griffin WARREN J. SCHOTT, EXECUTIVE DIRECTOR, FIRE AND POLICE PENSION
** On a favorable side note from Retirees Pension Rep (Fire - Larry Reed), In order to get a 13th check for this year the Fund must maintain a 3% growth through the end of 2021. Sounds good but it will be a close call, a close watch must be kept on the US economy and other factors, which is pretty unstable from day to day recently. Pension Fund Meeting
Please be advised that the regular board meeting of the Board of Trustees of the Fire and Police Pension Fund will be held at 9:00 a.m. on Wednesday, August 25, 2021, at the Pension Office, 11603 W. Coker Loop, Suite 201. WARREN J. SCHOTT, EXECUTIVE DIRECTOR FIRE AND POLICE PENSION FUND SA Fire Police Pension Fund Seminar
Contact Pension Office to sign up. 210-534-3262, X200 Friday, Sept 03, 0930am - 1200pm Topics: Financial Planning, Review of Benefits, Medical Insurance Spouses Welcomed. Space is Limited SA Fire and Police Pension Fund Seminar
Contact Pension Office to sign up. 210-534-3262 (Ext. 200) Friday, June 04, 2021 from 100pm - 330pm Topics: Financial Planning, Review of Benefits, Medical Insurance Spouses Welcomed. Space is Limited |