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The Board accepted valuations showing the Other Post-Employment Benefits plan is 117% funded, requiring no City contribution for fiscal year 2027. It also approved a $6,127,530 fiscal 2027 pension contribution, expected by October 1, 2026, and voted to terminate the JP Morgan SMID Cap Equity fund.
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The retiree health-benefit plan is funded above its projected obligations, so the City is expected to contribute $0 for fiscal year 2027. The pension plan requires a $6.13 million City contribution, largely reflecting higher participant payroll. Participants in the terminated investment fund who do not select another option by a future announced deadline will be moved to the Vanguard Mid Cap Equity Index fund.
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