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Trenton’s MERS pension plan 73% funded; unfunded liability about $12.9 million
Summary
Controller Jill Cooper reported the Municipal Employees’ Retirement System actuarial valuation as of Dec. 31, 2024 shows the plan 73% funded with an unfunded liability of $12,918,862; council received and placed the report on file.
The Trenton City Council received and placed on file the Municipal Employees’ Retirement System (MERS) actuarial valuation as of Dec. 31, 2024, which the city’s controller reported shows the plan 73% funded and an unfunded actuarial liability of $12,918,862.
Controller Jill Cooper summarized the valuation during the July 21 meeting and said the funded ratio improved by about 2 percentage points from the prior year. Cooper also confirmed the city continues to make an annual payment of $2,500,000 toward the plan, a payment schedule she said is in effect through June 30, 2030.
Council moved and supported receipt and placement of the report; no further action followed.
