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Yavapai County holds study session on PSPRS funding, actuarial assumptions
Summary
County staff and a Public Safety Personnel Retirement System (PSPRS) consultant briefed supervisors on pension funding drivers, recent actuarial results for the sheriff's plan and how past permanent benefit increases and investment volatility affected funded status.
YAVAPAI COUNTY, Ariz. ' County officials and a senior consultant from the Public Safety Personnel Retirement System (PSPRS) met in a study session to review the pension system's fiscal status and to discuss factors that have driven unfunded liabilities and contribution trends.
Clark Partridge, PSPRS senior executive consultant, told the Board that PSPRS's funding comes only from employer and employee contributions and investment returns, and that recent funded-status swings reflected both volatile market returns and the effect of a now-eliminated permanent benefit increase (PBI). "You're doing one of the most important things that you can do in managing your pension liability today by having a periodic discussion and evaluation," Partridge said.
The session focused on the sheriff's plan, where the June 30, 2024 actuarial valuation showed the plan was about 69.6% funded. Partridge summarized the plan's numbers: the estimated…
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