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Cocoa Beach pension board accepts actuarial valuation, adopts 7.25% investment assumption and approves consent agenda
Summary
The board accepted Foster & Foster’s 10/01/2024 actuarial valuation, voted to adopt a 7.25% net‑of‑fees investment return assumption for the required state filing, and approved the consent agenda that included minutes, invoices and one retiree.
The Cocoa Beach Pension Board voted to accept the actuarial valuation prepared by Foster & Foster and adopted an expected investment return of 7.25% net of fees for state reporting. The board also approved a routine consent agenda that included minutes from the Nov. 21, 2024 quarterly meeting, a list of invoices and one retiree.
Doug Rosen, the Foster & Foster actuary, presented the valuation and described the recommended city contribution rates and the drivers behind recent changes. Rosen said the city’s required contribution for the current fiscal year (based on the 10/01/2023 valuation date) remains 11.59% of payroll and that the board should budget roughly 12.1% of payroll for the next…
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