Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Pension trustees accept 10/1/2021 actuarial valuation; city contribution and return assumptions set
Summary
Trustees for Jacksonville Beach's three pension systems accepted the actuarial valuation dated Oct. 1, 2021, and approved long-term investment return assumptions and related contribution invoices that will affect the city budget.
Trustees for the Jacksonville Beach General Employees, Police Officers and Firefighters pension systems voted to accept the actuarial valuation prepared as of Oct. 1, 2021, and to proceed with the contribution invoices and assumptions described in the report.
The actuarial presentation, given to the combined boards during the meeting, used a 10/01/2021 valuation date and showed improved funded ratios compared with the prior valuation. The general system's funded ratio rose into the low-to-mid 80s, the Police Officers system moved from the mid-90s toward the high-90s, and the Firefighters plan showed funding at or above 100% on the city’s accounting view as of that valuation date. The actuary said the valuation used a four-year smoothing method for asset recognition designed to moderate contribution volatility.
Why it mat…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
