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MERS valuation shows Grosse Hill township plan 61% funded; smoothing policy delays swings
Summary
A MERS representative told the Grosse Hill Township Board the plan was 61% funded as of Dec. 31, 2023, unchanged year over year; actuary assumptions, asset-smoothing and a dedicated-gains policy explain the stability and projected funded improvements over time.
Jamie, a presenter from the Municipal Employees’ Retirement System (MERS), told the Grosse Hill Township Board of Trustees on Sept. 8 that the township’s defined-benefit plan was 61% funded as of Dec. 31, 2023 and remained at 61% in the 2024 valuation. “So as of 12/31/23, you were 61% funded,” Jamie said. The valuation sets the township’s required employer contribution two years ahead; for April 1, 2026, the required annual contribution is about $2,100,000, roughly $131,000 more than the 2025 rate, the presenter said.
The nut graf — why this matters: the funded ratio, actuarial assumptions and contribution schedule affect the township’s future budgets and state reporting. The board heard how smoothing of market gains and losses, changes in actuarial tables and the assumed investment return drive year-to-year movement in contributions and the funded level.
Jamie said the plan uses a MERS-wide assumed…
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