Pension Fund Announces 13th Check for Retirees

The Board of Trustees for the San Antonio Fire and Police Pension Fund voted on Tuesday April 29 to send a 13th check to retirees of the San Antonio fire and police departments.

The 5-year investment average attained by the pension fund enabled the vote by Trustees, according to the state law governing the system. That average had to exceed, by 1 percent, the actuarial target rate used by the fund for its funding formulates. The five-year average was 8.70 percent each year. The system had to beat 7.25 percent each year. It did.

The pension fund will issue the checks on or about May 10.

The letter sent to system members will say this:

The 13th Check will be based on your regular pension received in December. For those of you who retired in 2023, the 13th Check will be prorated based on the number of full months you were retired in 2023. These Checks will include a one-time 22% withholding tax deduction; this will not change what your current monthly withholding tax deduction is. No other deductions will be taken from the Checks.
Nevertheless, let us add a word of caution. We quote directly from the Pension Law, “Authorization of a 13th check for any year is subject to the discretion of the Board. Authorization for one year does not obligate the Board to authorize a 13th check for any other year.” It would be wonderful if the rates of return in every future year would allow for a 13th Check; however, this is not realistic. There will be some years when actual returns will be lower than assumed returns and there will be no 13th Check. Please consider the 13th Check a “sharing of investment gains in the good years,” but do not expect these good years to occur every year.
May this 13th Check be a blessing for each of you!

Letter to Retirees from the SA Fire and Police Pension Fund