Mobile Police & Fire Pension Information Email sent to all Mobile Police Officers on 05/24/10

Any Police Officer that is interested in learning more about their pension contact our Department Representatives Deputy Chief James Barber and Lt. Michael Morgan. All Police Officers should be well educated and informed about their pension, remember it’s your retirement. I encourage you all to educate yourselves on how the pension works. Also, attend the monthly meetings and take notes or ensure that your elected representatives give you detailed information about what happened at the meetings. Listed below are something's that were discussed at a Pension Board Meeting September and October of 2009 and from what I have been told from Ms. Mary Berg (Pension Board Secretary) these things have not been done yet. There was to be a letter sent to the City Legal Department and to the Mayor's Office about the listed items.




#1: Discussion to stop Ms. Wanda Cochran's salary from being paid by the Police & Fire Pension and then the City of Mobile reimbursing the Pension Fund. According to the Police & Fire Pension Law 7.13 states:

#2: The City of Mobile has a General Fund Account (964 Fund) that is the cash account for the City of Mobile. It was discussed that our Pension Fund accumulates interest on the account that our money is in. The questions was brought up where does the interest go and it was stated into the City of Mobile's General Fund (964 Fund). So the motion was to send a letter to the Mayor's Office to setup a separate Interest bearing account and let that interest go back into the Police & Fire Pension instead of the City General Fund. If you leave the City of Mobile today, you will only get the money you invested into your pension without any interest. If you were with RSA you get what you invested plus interest.



*SPECIAL NOTE*



The RSA sends their members an individual statement every other month, it would be nice to at least get an individual statement every 3 months or every 6 months. Looking at the Actuarial Report on the City Website is for the entire Fund and not the individual member. Yes, you can call up Mary Berg and she will give you what you have invested for that current year not since you been with the pension.