Newport News, Virginia
Recent meetings
Retirement Board
The board approved the April 30, 2026 minutes as amended, clarifying that no further review of the DROP study was needed. The FY27 retiree cost-of-living adjustment (COLA) was reported as 1.05%, as defined by city code, applied to those who retired before July 1, 2025. The fund lost approximately 6.0% net of fees in April, with estimated pension assets of $1.23 billion as of April 30. One citizen comment requested that retirement board minutes be available online, which was confirmed.
- Approved April 30, 2026 minutes as amended (unanimous)
- Approved amendment to April minutes to reflect no further review or action needed on DROP study (unanimous)
Retirement Board
The Retirement Board approved the minutes of March 26, 2026 and an 80% disability rating for applicant Case #047257. The Benefits Committee reported on the Deferred Retirement Option Plan (DROP) study, concluding it would increase liabilities by $9.8M, and the Board agreed to table further discussion, not pursuing the DROP at this time. The Board also noted the fund lost approximately 4.8% net of fees in March, with total assets of $1.235 billion.
- Approved minutes of March 26, 2026 (unanimous)
- Approved 80% total disability rating for applicant Case #047257 (unanimous)
- Tabled further discussion of DROP study, citing increased liabilities and fiscal concerns