This law gives the Board of the Firemen and Policemen's Pension Fund the authority to modify retirement benefits and contribution rates with the approval of the majority of active members. In September of 1999, the membership rejected proposals by the Firemen and Policemen's Pension Board to increase employee contribution rates or to make benefit changes that were intended to address the plan under-funding. In November of 1999, the Firemen and Policemen's Pension Fund contacted the Pension Review Board requesting assistance in developing a strategy to address the under-funded status of the plans. The Pension Review Board is hopeful that the City and the Fire and Police Pension Fund will work together and assume responsibility for finding a solution to this problem. The Firemen and Policemen's Pension Fund has 1,680 active members and 975 retirees and beneficiaries currently receiving benefits.
Normal retirement occurs when employees reach age forty-five with at least twenty years of service.
Contributions to the Firemen and Policemen's Pension Fund are derived by a combination of City contributions, employee contributions and investment income.