Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Actuary: Ferguson pension funded ratio fell to 92% after missed contributions; city plans additional payments
Summary
An actuarial valuation presented to the council showed the pension plan’s funded ratio declined to about 92% from more than 100% due largely to missed contributions and benefit changes; the city said it has budgeted extra payments to restore funding.
Actuary Greg Stumpf presented the city's pension valuation results and told the council the plan’s funded ratio declined to about 92% in the most recent valuation, down from over 100% in earlier years.
Stumpf said the plan’s accrued liability increased while asset gains were modest, producing an unfunded liability of roughly $2.6 million. He identified several contributors to the higher employer contribution requirement: a larger normal cost due to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
