On Nov. 3, 2011, the City Council appointed me to serve as a Council representative to the Board of the Fire and Police Pension Fund, San Antonio. The assets of the Pension Fund at that time were approximately $2 billion.
Some five years later, the assets of the Fund are just under $3 billion, and our Fund is ranked as one of the best “funded” funds in the country. The Texas Pension Review Board, which regulates all Texas funds, ranks our Fund as “the best in the state” with assets above $1 billion. It is 89% funded, with 11 years to amortize its unfunded liability. The stability of the fund is valuable in supporting the City AAA bond rating.
Unlike other funds in major Texas cities, our Fund has not requested additional contributions from our city or its members. Our members such as Det. Marconi and his family, can rest assured that the mission of the Fund, “to provide retirement security” to our members, is being met by any standard.
Our Board, composed of members of the City Council teamed with active and retired fire and police representatives, supported by an independent, professional staff, allowing us to make well-researched, cautious investments. We work together to build consensus, making decisions only based on our fiduciary duty to the Fund and its members.
As I finish my term as Council trustee, I want to express my appreciation for allowing me to serve as a Fund Trustee, and to let you know the Fund is in good hands. I also want to assure you that the Fund is well-managed and provides financial security for our public safety men and women that serve our community.
Thank you for this opportunity to serve.
Councilman, District 6