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Trustees tell Tequesta council general employee pension is well funded; trustees caution over contribution drivers
Summary
Trustees reported the Village of Tequesta’s general employee pension is strongly funded and performing well, while highlighting factors that affect future contribution rates such as multiplier policy, payroll growth and market returns.
TEQUESTA, Fla. — At its April 10 meeting the Village of Tequesta council received an annual update on the village’s general employee pension plan from trustees and volunteer board members.
Ben Ward and fellow trustees reported the plan’s market value has grown since inception and that the plan ranks in the top quartile for returns, noting the fund was about $10 million in market value in recent reporting and the number of participants rose from 25 to 52. Trustees said the plan uses a 2% multiplier for benefit calculation and a 6.5% assumed annual rate of return for actuarial projections.
Trustee presentation emphasized the levers that drive the village’s…
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