City may establish board to oversee pension plans, investments

The city may establish a Pension Board to oversee its employee retirement plans.

A proposed ordinance would establish a five-member board with the mayor, finance director and three appointees having financial expertise and experience to handle “management and general direction” of pension funds.

The Board of Aldermen recently discussed the idea but is seeking guidance and clarification from Mayor Mark Lauretti. The responsibility now falls on a mayor, but Lauretti said more people should be involved in the process.