RESOLUTION:
PURPOSE:
SPONSOR(S):
©
OMMITTEE
ASSIGNMENT:
FISCAL NOTE:
LEGISLATIVE YEAR 2021
R-21-188
Authorizing a one-time stipend to Board of Public Works
Retirement System retirees as requested by the Board of Public
Works Retirement System Board of Trustees
Alderman-at-Large Michael B. O’Brien, Sr.
Budget Review Committee
The current BPW Retirement System (pension) has approximately
108 retirees and 160 active employees. The pension fund had a
balance of $53,315,130 as of June 30, 2021. The last pension
adjustment was granted in 2017. The current funding ratio for the
pension fund is approximately 88%, a solid level within the New
England Municipal Pension Plan peer group. The BPW Pension
Board of Trustees, at their October 26, 2021 meeting, approved
granting a one-time payment to all retirees that retired before July
1, 2020. The estimated one-time cost to the pension fund is
$75,350.00, or approximately .14%. This one-time payment will
have an immaterial impact on the current funding ratio of 88%.
ANALYSIS
This legislation gives Board of Aldermen approval for a request from the Board of Public Works
Retirement System Board of Trustees to pay a one-time stipend to current retirees who retired
from FY 1977 through FY 2020, in varying amounts depending on retirement date. The Board
of Public Works Retirement System is outlined in Article IV of Chapter 45 of the Nashua
Revised Ordinances. The ordinances specify the system’s service retirement benefits, and do not
provide the Board of Trustees with discretion to pay any additional benefits, leading to this
legislation for Board of Aldermen approval.
Approved as to account
Financial Services Division
number and/or structure,
and amount:
Approved as to form:
By: /s/John Griffin
Office of Corporation Counsel
By: Vine Mu Clon Ie
Date: 7) Monentaerw Pode
