Retiree Check Benefits & Legislative Package for 2007

Warren Schott, Executive Director of the San Antonio Fire & Police Pension Fund came down to Thursday's Peeler Breakfast (06/14/07) and gave us an update on our Pension.

Check Benefits will possibly change this coming year after Oct 2007. The 13th Check and possibly a 14th check IS NOT AUTOMATIC. It has to be VOTED on by the following people:

Board members,(by name), that will be voting in October whether to allow a 13th check / 14th check for this year if everything continues stable are as follows:

The current board members for the SA Fire & Police Pension Fund:
Police - Harry Griffin, Alex Perez and one vacant position.
Fire - Donald Wagoner, Bart Moczygemba, and Larry Reed.

A council member has not been appointed as yet by the Mayor.

The list of Benefits changing this coming October 2007 is also outlined below. Warren went into detail about each one and it was pretty d--- good. You should call his office or email him with any specific questions that might concern you.

Warren Schott [mailto:wschott@swbell.net]
San Antonio Fire & Police Pension Fund, Executive Director

An outline of the benefits approved in the 2007 Legislative
Package, effective October 1, 2007, is as follows:

2007 LEGISLATION

1. Members who retired between October 1, 1993 and September 30, 1997 receive 100%of CPI as a COLA.

2. Guarantee no less than 10 years of pension payments less the number of DROP years.

3. Amend the Spouse After Retirement provision to remove the reduction provision.

4. Extend the 3-year DROP to 4 years.

5. Remove the 5 year requirement to qualify for a refund of contribution.

6. Provide a $200 per month increase to the pensions of all retirees who retired prior to 10/1/1989.

7. Provide a minimum benefit of $1,850 per month to all retirees.

8. Provide for a catastrophic disability benefit.

9. Change the Benefit Formula to the following:

Years 1 - 20 2.25% 20 Years 45.00%

Years 21-27 5.00% 7 Years 80.00%

Years 28-30 2.00% 3 Years 86.00%

Years 31-33 0.50% 3 Years 87.50%

10. Allow the Mayor to appoint a designee to his position on the Board.