The Jefferson City Fire Department met Friday morning to discuss actuarial and investment reports of 2015 and to reiterate a recently proposed pension plan.
The pension program is a closed one, meaning it is only for current retirees of the Jefferson City Fire Department. Captain Kevin Bagby said he wants the station to be apart of the state funding system or MOLAGERS. However, legislation needs to be passed for the plan to happen.
Another fire department that has already transitioned into MOLAGERS is Fulton’s fire crew. Michelle Maupin, Human Resources Director in Fulton, said having MOLAGERS fund retirement for Fulton’s governmental service departments is standardized and beneficial to employees.
“A defined benefit plan such as administered by LAGERS is a guaranteed plan, the money is guaranteed and is state regulated,” Maupin said.
Maupin also said having the money guaranteed and state regulated makes it easier on the station when it comes to pension planning.
“At the end of every year they let us know if there’s a different percentage the employer must put in for the next year. Every year it changes a little bit and no we haven’t had to resign contracts or anything like that. It’s ongoing,” Maupin said.
According to Maupin, the employees of governmental jobs such as firefighters and police officers do have the potential to retire early depending on the certain plan a station puts in place in line with MOLAGERS. She said this is just another example of possible benefits a department’s employees can receive through a MOLAGERS pension funding plan.
Captain Bagby also added the board received a lot of investing advice at the meeting Friday. With a tougher year in 2015, he said it is very important the board and station as a whole meet the necessary rate of return in 2016.
However, Captain Bagby did mention one of the main goals of the meeting was to have a good conversation with the board since this sector of current retirees is the only piece of the pie not in MOLAGERS.
Captain Bagby, Fire Chief Schofield and the rest of the Jefferson City Fire Department will find out in May if such approval falls their way.