Summary
The PICA Board convened on November 15, 2016, to assess financial trends and pension liabilities. Executive Director Harvey Rice presented updates on tax revenue collections, the latest overtime spending report, and PICA’s annual audit results. The Board of Pensions and Retirement delivered a presentation on the pension system’s challenges, highlighting a 45% funded ratio and rising costs. Discussions focused on potential reforms, including reducing exposure to hedge funds and increasing sales tax contributions to the pension fund. Board members questioned the feasibility of reaching an 80% funded ratio in 12 years, given DROP payouts and labor contract constraints. The meeting concluded with a discussion on the Sweetened Beverage Tax and its financial implications.