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PSPRS official tells Surprise commission funded ratios improved but gap remains
Summary
Clark Partridge of PSPRS briefed the Surprise Public Safety Retirement Commission on actuarial methods, recent valuation results and contribution implications, saying benefits are constitutionally protected and current funded ratios require continued contributions to amortize unfunded liabilities.
Clark Partridge, senior executive with the Public Safety Personnel Retirement System (PSPRS), told the Surprise Public Safety Retirement Commission that recent actuarial valuations show some improvement in funded status but a remaining funding gap that the city must address through contributions and long-term planning.
Partridge said the PSPRS actuarial process discounts projected benefit cash flows at the plan—s assumed investment return and splits liabilities between what has already been earned and what remains to be funded. "These benefits are a key part of the compensation for those who serve us so well," he said. "The benefit shall not be diminished nor impaired."
The presentation showed the police example at a 68.5% actuarial funded ratio, up from 66.8% the prior year, and the fire example at 77.9%, down from 80.8% the prior year. Partridge described drivers of year-to-year…
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