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Pension trustees approve change to aggregate actuarial method and keep outside counsel for disability IMEs
Summary
The City of Clearwater pension trustees voted April 14 to change the plan's actuarial funding method from entry-age normal to the aggregate method for the 2025 valuation and to designate the pension fund's legal counsel to select and arrange independent medical examinations for disability applications under the recently adopted ordinance.
The City of Clearwater pension trustees on April 14 approved two procedural changes intended to align actuarial funding with the plan's current funded status and to streamline handling of disability pension applications.
Jay Ravens, finance director, introduced an annual review of the pension plan's investment performance for the calendar and plan year ended Dec. 31, 2024, reporting a total-plan gain of approximately 10.27% for 2024 and noting the plan outperformed its benchmark. After trustees accepted the investment report, Ravens introduced Pete Strong of Gabriel, Roeder, Smith & Company, who recommended changing the actuarial funding method.
Pete Strong said the plan's long-standing entry-age normal method separates normal cost from an unfunded liability payment; because…
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