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County's pension funding near state thresholds; retirement report shows 72.8% funded for defined-benefit plan
Summary
Ottawa County officials reviewed the Local Government Retirement System annual filing, which shows the county's closed defined-benefit pension plan is about 72.8% funded under the state's calculations; commissioners discussed funding tools and options to manage the unfunded liability.
Ottawa County commissioners received the Local Government Retirement System annual report required by Michigan law and heard that the county's closed defined-benefit pension plan is funded at roughly 72.8% on the state's required basis.
Fiscal Services Director Karen told the committee that the state requires governments to calculate pension and other post-employment benefits (OPEB) using uniform assumptions so the state can compare funding ratios across jurisdictions. "Our pension is funded at 72.8% under the state's funding ratios," Karen said. The county's MERS (Municipal Employees' Retirement System) calculation reported a…
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