Legislation was signed into law in the fall of 2019 which consolidated the investment authority of the State’s more than 650 individual police and fire pension funds into two separate funds and thus addressed Safe Harbor concerns. At the time, the Mayors Caucus heralded this change because it was viewed as a significant way to reduce long-term public safety pension costs, provide greater efficiency and investment return opportunities, and provide local tax relief. Now this agreed-on process is being threatened.
Caucus Position: The Metropolitan Mayors Caucus urges the General Assembly to maintain the current Tier 2 pension system that many of our municipalities have seen positive benefits from. Also, the Caucus calls on our state’s leaders to act on extending the amortization period for public safety pensions 2040 or later.