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.
When will we know and if approved when would it be issued?
Should hte last investments returns be at a level that would insure an annual assumed rate of 10% or over would and therefore allowing for a 13th check would any thought be given to also adding a 14th check ?