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Actuary: Freeport police and fire pensions remain well-funded; contribution projections depend on upcoming assumption decisions
Summary
Nihart actuary Jen Turk presented Jan. 1 valuations showing strong market returns in 2024 but lower smoothed actuarial returns; funded ratios edged down slightly and the Police and Fire Boards will consider assumption changes that affect next-year contribution amounts.
An actuary for Freeport’s police and fire pension plans gave the committee a year-end snapshot showing strong market returns in 2024 but lower actuarial (smoothed) returns, and highlighted choices that will affect next year’s employer contributions. Jen Turk, an actuary with Nyhart, told the Committee of the Whole that if measured by market value the funds saw about 10% returns for 2024, while the actuarial (smoothed) rate of return used for contribution planning…
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