Sussex County Council adopts pension assumption changes, amends sewer contract, appoints pension committee member and denies borrow-pit request

Sussex County Council on March 11 approved changes to the county pension assumptions and amended the amortization schedule for the pension and OPEB funds, approved several contract amendments and grants, appointed a new pension committee member and rejected a conditional-use application for a borrow pit near Shiloh Church Road.

The council voted 5–0 to adopt the pension committee and actuary recommendations to revise mortality, retirement, termination and salary-increase assumptions for both the pension and OPEB funds. Finance Director Miss Jennings told the council the pension fund is about 97.9% funded and that the proposed assumption changes would increase the county’s annual contributions by roughly $1.1 million and raise the plan liability by about $5 million. "We are very well funded," Miss Jennings said during her presentation, "but these assumption changes will increase our annual contribution." The council also approved, 5–0, a change to the actuarial amortization method to a 20‑year layered approach to smooth year‑to‑year budget volatility.

Votes at a glance - Pension assumptions revision: Approved (vote recorded: McCarron: yes; Lloyd: yes; Gruenbaum: yes; Riley: yes; [recorded five yes votes]). Motion carried. - Change to amortization schedule (20‑year layered): Approved (recorded yes votes). Motion carried. -…