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Office of State Actuary: funded ratios near 100%; ACFAR figures will differ from funding report
Summary
The Office of State Actuary reported the systems' combined funded ratio is about 100% and warned that figures in the upcoming annual comprehensive financial report (ACFAR) will not match the actuarial funding report because they use different methods and assumptions.
Office of State Actuary actuary Michael Harber told the Select Committee on Pension Policy’s executive committee that OSA’s 2024 actuarial evaluation is publicly available and that the combined funded ratio for the state retirement systems is now about 100%. "The primary purpose of that report is to provide an update on funding progress, for example, the funded status," Harber said.
The committee was told why a second set of figures will appear later this year in the Department of Retirement Systems’ annual…
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