Overview
- Trustees approved the plan on a 6–5 vote, with all six mayoral appointees in favor and the five police and firefighter representatives opposed.
- The agreement resolves the 2024 lawsuit over who sets the funding framework, though some trustees say they will sue the mayor’s appointees for alleged fiduciary breaches.
- The pension is about 34% funded today, and actuarial projections reported by officials indicate it could drop to roughly 30% within five years under the plan.
- Retirees have gone eight years without a cost-of-living adjustment, leaving a 2017 dollar worth about 70 cents, according to first-responder leaders.
- The City Council adopted the package with one dissent the day before, as a 2017 state law requires a path to full funding by 2055 and the settlement includes a $220 million payment in 2026.