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Trustees report stable funding, steady contributions for village general-employee pension
Summary
Trustees Ben Ward and former Vice Mayor Stone gave the Village of Tequesta a routine annual update on the general-employee pension, reporting long-term investment performance, plan demographics and contribution levels; trustees described the plan as broadly well-funded and noted factors that drive future contribution volatility.
Trustees Ben Ward and former Vice Mayor Stone presented the Village of Tequesta’s annual general-employee pension update, describing the plan’s funding, investment performance and contribution drivers.
Trustees explained the plan uses a 2 percent multiplier — "every year of employment they get 2% of their final compensation," a trustee said — and noted that pension liabilities are driven by the multiplier, the number of employees and total payroll. Trustees said the actuarial assumed rate of return is 6.5 percent and that trustees are comfortable with that assumption for now.
Key numbers and features the trustees reported include: -…
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