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Mesa to Adopt PSPRS Funding Policy Aimed at 25-Year Amortization, Stable Annual Contribution
Summary
City staff urged council to adopt a public-safety pension funding policy for Tier 1 and Tier 2 liabilities that locks in a stabilized annual contribution and builds a $20 million pension stabilization fund; staff said the plan aims for full funding by 2042 under a 25-year amortization option.
Mesa staff presented an annual update on the Public Safety Personnel Retirement System funding policy at the May 29 study session, urging council to adopt a policy to stabilize contributions, meet actuarial requirements and reach full funding of the city’s tier 1 and tier 2 PSPRS liabilities by June 30, 2042.
Sam Schultz, assistant director with the Office of Management and Budget, told council the city had chosen a 25-year amortization schedule for tier 1 and tier 2 liabilities and is pursuing a stable contribution approach that front-loads funding to earn investment growth earlier. The city also plans…
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