Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Retirement board reports solid returns, details $12.9 million ‘water sale’ reserve
Summary
The City of Falls Church Retirement Board told council its pension and OPEB plans produced strong returns in FY24 and that water-sale proceeds invested in the plans now total about $12.9 million, with a city reserve of roughly $3.1 million and an annual withdrawal cap of $825,000.
Connie Rydberg, chair of the City of Falls Church Retirement Board, told the City Council on Feb. 10 that the board’s pension and post-retirement benefit plans finished FY24 with above‑assumption investment returns and steady funded status.
Rydberg said the combined market value for the two pension plans was about $135 million for the basic plan and $45 million for the police plan, and that FY24 returns for the pension plans were about 12.4 percent. The city’s OPEB (other post‑employment benefits) trust is smaller — about $21 million — and returned about 14.8 percent in FY24. She said the longer term, seven‑year average annual return across plans is roughly 8.7–8.8 percent, above the board’s 6.5 percent long‑term…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
