Surprise retirement commission asks PSPRS actuaries to present 2024 valuation

The Surprise Public Safety Retirement Commission on Feb. 12, 2025, asked actuaries from the Public Safety Personnel Retirement System (PSPRS) to appear before the commission and explain the annual actuarial valuation for the police and fire plans as of June 30, 2024.

The request followed staff distribution of the valuation report and commissioners’ comments that they were not comfortable interpreting the technical figures without an expert. Chair Matson asked for and received general consensus from the commission to invite PSPRS’ actuarial consultants to present and answer questions. At the fire meeting the commission later approved a formal motion to have the actuary “report and give us their interpretation of the information” and directed staff to invite the consultant to explain the numbers in plain language; Chair Matson later said, “If we could, direct staff to cordially invite them to interpret the numbers using plain English. Eighth grade language, please.”

Commission staff said PSPRS collaborates with an actuarial consultant who produced the valuation and can attend a future meeting to explain whether assets and contributions are sufficient to fund prescribed benefits. Commissioners agreed that a consultant’s presentation would be helpful; one member added that a joint presentation may be useful but noted the police and fire valuations are separate reports and might require separate presentations.

No actuarial conclusions or changes to contribution rates were adopted at the meetings; commissioners simply requested the explanatory presentation and set no date for it during the Feb. 12 sessions.

The valuation report presented to the commission was described as of 06/30/2024 and generated by PSPRS’ actuarial consultant. The commission asked staff to invite the actuarial consultant and to present the material in simplified language for board review.