Select Committee adopts OSA package raising inflation and salary assumptions; votes recorded
The Select Committee on Pension Policy voted to recommend OSA’s updated long-term assumptions—inflation to 3.0% and general salary growth to 3.5%—and retained the investment rate of return at 7.25%; votes were recorded by roll call.
The full story
The Select Committee on Pension Policy voted to adopt a package of economic assumptions recommended by the Office of State Actuary (OSA). Matt Smith, state actuary, introduced the recommendation and emphasized that assumptions are long-term averages used for funding and not short-term forecasts. Frank Serra (OSA) walked the committee through the supporting analysis.
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