Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions And Benefits topic
No spam. Unsubscribe anytime.
Board accepts pension actuarial report that shows plan near 90% funded
Summary
Trustees and commissioners accepted a biannual actuarial report that sets employer contributions for FY 2026–27 and reports an overall funded status close to 90 percent.
The pension plan board of trustees accepted the city’s biannual actuarial report and approved the staff recommendation to use the report’s contribution rates for fiscal years 2026 and 2027.
City staff highlighted key findings: the plan’s overall funded status is almost 90 percent, with general employee plans slightly above 90 percent and police and fire funding levels reflecting recent collective‑bargaining agreements. The actuary expressed no major changes from the prior report; contribution rates are expressed as percentages of payroll so payments adjust automatically as payroll rises or falls.
Mike Bellamy, the newly seated trustees’ representative (police/fire seat), made the motion to accept the report. The motion passed unanimously; the meeting minutes show a vote in favor.
Ending: City staff said the pension’s position is healthy relative to common benchmarks and thanked trustees and staff for their stewardship; trustees accepted the actuarial report for budgeting and contribution planning.
