Indiana County Council Approves Independent Review for Sheriff Pension Plan Solvency
October 29, 2024 | Evansville City, Vanderburgh County, Indiana
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Carter, a pension actuary with extensive experience, highlighted that the sheriff's plan has only met the recommended funding levels in two of the last five years. This lack of compliance has raised concerns about the plan's overall health and sustainability. To address these issues, Carter proposed a plan health review at a cost of $20,000, which would assess the plan's provisions, assumptions, and asset performance without recalculating existing liabilities.
The commissioners expressed their intent to ensure that the pension plan is adequately funded moving forward. They acknowledged the importance of understanding the governance structure surrounding the plan, particularly in light of past communication gaps regarding its funding status. The review aims to provide clarity on whether the plan is indeed at risk and to recommend necessary actions for improvement.
In addition to the pension discussions, the board also addressed the potential for a burn ban in response to dry conditions in the area. Fire Chief Adam Farrarck indicated that while neighboring counties have already implemented burn bans, the commissioners opted to retain the option to enact one if necessary, depending on upcoming weather conditions.
Furthermore, the board discussed delegating the management of the ambulance contract to the central dispatch board, which would allow for more efficient oversight while still requiring final approval from the commissioners.
These discussions reflect the county's proactive approach to managing financial obligations and public safety, ensuring that both the pension plan and emergency services are adequately addressed for the benefit of the community. The board's commitment to transparency and accountability will be crucial as they move forward with these initiatives.
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