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Cincinnati Retirement System reports 68.3% funded ratio; board urges incremental annual contribution policy
Summary
The Cincinnati Retirement System told the Budget & Finance Committee the pension plan is 68.3% funded and recommended a policy to increase the city's contribution by about 0.8 percentage points annually to reach full funding by 2045.
John Salsrom, executive director of the Cincinnati Retirement System, and Bill Mueller, chairman of the CRS board of trustees, told the City of Cincinnati Budget & Finance Committee on Aug. 6 that the pension plan’s funded ratio stood at 68.3% and urged a formal, incremental contribution policy to bring the plan to full funding by 2045.
The recommendation came during the board’s annual “state of the union” report. Salsrom said the plan’s funded ratio is a snapshot but the long-term direction has improved because of recent increases in the city’s employer contribution. "Those dedicated steps forward have really, really helped improve the overall funding," Salsrom said.
The nut graf: the board asked council to adopt a permanent budget…
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