Glen County pension fund reports improved funding, actuary cites lingering liabilities from pay resets

Glen County’s Pension Committee heard an investment update and the annual actuarial valuation July 24 that showed the plan’s funded ratio improved but still carries an unfunded liability tied in part to recent public-safety pay adjustments. David (investment manager, Bowen, Haines & Company) reported market value assets around $153 million and Ms. Lawrence (pension actuary) reported the plan was 81.3% funded on the January 1 valuation and 87.5% on an accounting roll‑forward to June 30.

The actuary described how the valuation balances recent market gains against demographic and payroll changes. “As of today, we had about 81.3% of the money for the benefits that had been earned,” Ms. Lawrence said, describing the plan’s January 1 funded ratio. She told the committee the plan recognized a 9.1% return for valuation purposes after smoothing market gains and losses over…