Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Actuary warns Vanderburgh County sheriff pension faces shortfall unless county increases contributions
Summary
An actuary told the Vanderburgh County Council the sheriff pension earned 10.1% in 2024 but still shows a funding gap; the plan is about 77.8% funded on a market-value basis and may need additional contributions to meet state oversight expectations.
Kevin Carey, a credentialed consulting actuary with Neihardt, told the Vanderburgh County Council on July 2 that the Vanderburgh County Sheriff’s Office pension plan posted an approximate 10.1% net investment return in 2024 but still shows a funding shortfall that could require additional county contributions.
Carey said the actuarially determined contribution, or ADC, for the pension plan as of Jan. 1, 2025, is $2,020,487, about 17.8% of expected payroll. He said the market-value funded percentage on that date was about 77.8% and the benefit plan — which covers ancillary death and disability benefits — is essentially unfunded.
The funding gap matters because of state oversight rules that flag plans which miss the ADC multiple years. “If you…
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
