Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions Retirement topic
No spam. Unsubscribe anytime.
Council receives 2024 actuarial valuations; employer pension contribution rates to rise for 2026
Summary
The city received actuarial reports for its employee and police & fire retirement systems and approved higher employer contribution rates for 2026 after updated assumptions and demographic experience raised costs.
The Wichita City Council received actuarial valuation reports for the Wichita Employees Retirement System and the Wichita Police and Fire Retirement System for the valuation date Dec. 31, 2024, and approved the recommended employer contribution rates for 2026.
Mark Manning of the Finance Department introduced actuaries from Chiron; Jake Lebauskas said the employee plan's funded ratio fell slightly from 89% to 88% while police and fire moved from 86% to 87%. He said demographic experience — especially higher-than-expected salary increases — and assumption changes (mortality and salary growth) drove most of the cost changes. The investment return assumption remained at 7.25%.
Chiron calculated required combined contribution rates of roughly 17% of payroll for the employee plan and 28% for the police and fire plan for 2026, up from prior years. Mark Manning said that the city has budgeted an estimated $600,000 of additional general fund cost related to those increases and reminded council the city maintains a pension reserve fund (about $8.7 million) that could be used to smooth impacts.
Council accepted and filed the reports and approved the recommended 2026 employer contribution rates by roll call, 7–0. City staff said the city will continue to monitor plan risks — notably investment returns, interest-rate risk and longevity — and provide follow-up reporting as part of routine actuarial oversight.
