Trustees Reed and Griffin say that 2023’s Year-End Numbers May Allow 13th Check from Pension Fund
The two retiree Trustees on the Board of the San Antonio Fire and Police Pension Fund are hopeful, but unsure as of yet, for a 13th check for retirees.
Retired Fire Trustee Larry Reed informed attendees at the January 9 SAFPPA meeting that the pension fund is hopeful that its returns in 2023 will warrant a 13th Check.
Retired Police Trustee Harry Griffin confirmed Trustee Reed’s comments with a note, released through Blue News on January 15, that the Pension Fund will be waiting anxiously for reports of annual returns from its real estate, private stock and private bond holdings. Those reports are due no later than March 31. Trustee Griffin told readers that:
Harry GriffinOur Pension Fund began 2023 with very good investment returns and by mid-year we had achieved a 7.5% investment return. Then over the next few months returns began to sour and by the end of October year to date investment return had diminished to 4.5%. At this point it did not seem likely we would reach our annual assumed rate of return of 7.25%, and it surely seemed even more unlikely we would achieve the approximate 10% return needed to bring our five- year average over the amount needed to authorize a 13th Check.
Then November 2023 brought spectacular investment returns and December 2023 was nearly as good. The San Antonio Fire and Police Pension Fund’s preliminary investment return for the calendar year 2023 is 10.5%. This is a preliminary number because assets of nearly $ 1 Billion, have not reported their annual investment return numbers. These are investments like Real Estate, Private Stocks , and Private Bonds which have until March 31, 2024 to report annual numbers. If, the investment performance of these assets come in with returns similar or greater than those already reported we should be able to issue a 13th Check.
The Pension Fund must have a five-year average return above 7.25% before the Board can even consider issuing a 13th Check. Nonetheless, the Trustees seem hopeful and promised that the Pension Fund will stay in close communication with its members as the results come in.
Inflation Calculation Sets Cost-of-Living Adjustments for Pension Fund Retirees
The San Antonio Fire and Police Pension Fund Trustees will take up the issue of increasing the cost-of-living adjustment (COLA) for retirees at its January 30th Board meeting.
The increases are based on the inflation numbers released by the U.S. Bureau of Labor Statistics which saw the Consumer Price Index increase by 3.4% for the calendar year 2023.
Therefore, according to Pension Fund law, the San Antonio fire and police pensioners who retired 09/30/1999 and earlier will receive 3.4% COLA increase effective 01/01/2024.
Those retiring 10/01/1999 through 01/01/2023 will receive 75% of the 3.4% or 2.6%.
Those retiring 01/02/2023 and later will receive prorated portion of 2.6% based on full months retired as of 12/31/2023.
To learn more about price inflation according to the BLS, see their news release.
https://www.bls.gov/news.release/cpi.t01.htm
This item will be on the January 30th Pension Board Agenda for approval by the Board. The COLA will be included in the January checks of the current retirees.
How to Change Your Address with the Pension Fund and Health Care Fund
For your convenience, if you move in 2024, here are Change of Address forms for the Pension Fund and the Health Care Fund. Print them out and send them in to keep your accounts up to date.
Change of Address Forms
Changes to Vision and Dental Plans
Members of the San Antonio Fire and Police Pensioners’ Association are being advised that there are changes to the vision and dental plans as follows.
The Dental Coverage is not changing, and will continue through QCD of America. The Dental Plan may be downloaded here.
The Vision Insurance Program is changing.
- Effective 12/31/2023 QCD-Dentist Direct, LLC will no longer administer the vision policies with Davis Vision and the contract will be ending. This contract expiration requires that your current vision policy through Davis Vision be terminated effective 12/31/2023.
- We have two new vision options available as of 01/01/2024 through VSP that are underwritten by our new affiliation with Renaissance Life & Health Insurance Company of America.
- Please contact your Account Manager Liz Foreman before December 1, 2023, at 844-257-0684 Option 2 or at lforeman@renaissancefamily.com for more detailed information on the plans and enrollment/deduction forms required to enroll.
- The new Vision plan may be downloaded here.
Liz Foreman is the new contact for both the vision and dental plans.