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Actuaries recommend raising wage-inflation assumption to 3.25%; discount rate held at 6.625%
Summary
Actuarial presenters recommended increasing the wage-inflation assumption from 3.00% to 3.25% for the 2025 actuarial valuation, leaving the discount rate at 6.625%. Staff said the change would raise city costs by about $2 million and increase member contribution rates modestly.
Actuarial staff recommended that the board adopt a wage-inflation assumption of 3.25% for the pension valuation used for fiscal-year 2027 contribution calculations, up from the current 3.00%. The recommendation followed an economic-assumption review presented to trustees; the price-inflation assumption would remain at 2.5% and the board was not asked…
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