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Scottsdale chief financial officer outlines PSPRS liability, commissioners weigh paydown and trade-offs
Summary
City Treasurer Sonya Andrews briefed the Budget Review Commission on Scottsdale's public pension obligations, including PSPRS and ASRS. Commissioners discussed the size of the unfunded liability, current contribution rates, and whether to use reserves to accelerate paydown or prioritize capital and maintenance needs.
Sonya Andrews summarized Scottsdale's pension obligations at the Feb. 28 Budget Review Commission meeting, focusing on the Arizona State Retirement System (ASRS) for general employees and the Public Safety Personnel Retirement System (PSPRS) for police and fire.
Andrews said Scottsdale pays about 11% of payroll into ASRS and described ASRS as a state-administered, cost-sharing multiple-employer plan. "Currently, we are paying about 11, about 12% of our payroll for ASRS," she said.
The longer discussion centered on PSPRS, which the presenter described as an agent multiple-employer plan with employer-specific valuations. Andrews summarized the recent history and reforms: investment losses in the early 2000s and 2008, outdated actuarial assumptions (including payroll-growth and mortality tables), and subsequent statutory reforms that reduced actuarial assumptions…
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