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Actuary outlines valuation results and effects of firefighters plan closure and assumption changes
Summary
Brad Armstrong presented the Oct. 1, 2019 actuarial valuations, explained assumption changes, the firefighter interlocal agreement with Jacksonville, and a plan to amortize the unfunded liability over a multi-year schedule that the city will fund.
Brad Armstrong, the plan actuary, reviewed the October 1, 2019 valuations used to set contribution requirements for fiscal year 2021 and explained how subsequent events and assumption changes affect near-term funding.
Armstrong said his valuations are measured as of Oct. 1, 2019, and noted a period of market turbulence since that measurement date; he advised the board the financial position for Oct. 1, 2020 is not yet known. He confirmed the boards funding objective is to amortize unfunded accrued liability with…
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