Edmond pension board recommends raising funding rate to 18.43%; outlines ordinance changes

Ross Vanderham, Edmond city treasurer and chair of the city—s pension board, gave a detailed presentation at a joint city council and pension board workshop on the city—s defined-benefit employee pension plan and recommended changes to the plan and ordinance.

Vanderham told council members the pension plan is a defined-benefit plan in place since January 1966 that covers regular full‑time city employees (excluding police and fire). He said the plan currently serves about 250 retirees and beneficiaries who receive monthly payments and covers roughly 580 full‑time employees. "I'm going to give you an awful lot of information about our pension plan," Vanderham said, describing current funding, investments and proposed ordinance changes.

The pension board voted unanimously at its July meeting to recommend the actuarially suggested funding rate for fiscal year 2025–26: a combined contribution rate of 18.43% of payroll, with the city—s share rising from 11.94% to 12.29% and the employee share increasing from 6.00% to 6.14%. Vanderham said the change would begin with the first payroll in 2026 and would increase city costs by about $78,886 to $80,000 over what is currently budgeted.

Why it matters: Vanderham emphasized that annual actuarial valuations drive the recommended funding rate and that the board must balance meeting actuarial funding targets against city budget impacts. He said the board now requests the council—s consideration of the actuarial recommendation and plans to propose several ordinance clarifications and updates before the end of the year.

Key details and supporting facts

- Plan type and…