Key Takeaways
- • Longview, Texas firefighter pension portfolio is up 4.4 percent, roughly $5 million from its starting point, according to investment consultant Will Harrell of Robert Harrell Inc.
- • Harrell told the Longview City Council on a Thursday that the plan's $46 million segment grew by about $2.4 million, within a total plan of $86 million.
- • The Longview fire department had struggled in 2022 to fund a $70 million pension obligation for retiring firefighters, according to KLTV.
- • A municipal bond election passed in May 2022 is intended to help fund firefighter retirements, and Fire Captain Kolby Beckham says it will help attract new firefighters.
Summary
An investment consultant presented an update on the Longview, Texas firefighter pension fund, reporting that the portfolio has grown. According to KLTV, Will Harrell, vice president of investments at Robert Harrell Inc., told the Longview City Council on Thursday that the portfolio is up 4.4 percent, or roughly $5 million, from its starting point.
Harrell highlighted a specific segment of the plan. Isolating $46 million of the $86 million total plan, he said that portion had grown by about $2.4 million. The presentation addressed how current retirement funds are being allocated.
The update comes against a funding challenge. KLTV reported that in 2022 the Longview fire department struggled to pay a $70 million pension obligation for firefighters who were set to retire. A municipal bond election passed the previous May to help firefighters receive funds for their retirement.
Longview Fire Captain Kolby Beckham said the bond passage will help the department attract new firefighters. The source material does not provide additional detail on the bond's terms or amount.
Harrell highlighted a specific segment of the plan. Isolating $46 million of the $86 million total plan, he said that portion had grown by about $2.4 million. The presentation addressed how current retirement funds are being allocated.
The update comes against a funding challenge. KLTV reported that in 2022 the Longview fire department struggled to pay a $70 million pension obligation for firefighters who were set to retire. A municipal bond election passed the previous May to help firefighters receive funds for their retirement.
Longview Fire Captain Kolby Beckham said the bond passage will help the department attract new firefighters. The source material does not provide additional detail on the bond's terms or amount.
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