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Oversight Board: 12 municipal pension plans still use unsound funding method; optional and optional 2 gaining ground
Summary
Blair Taylor, executive director of the Municipal Pension Oversight Board, told the Senate Pensions Committee that West Virginia has 53 municipal police and fire pension plans, that 12 plans (in six cities) remain on the alternative funding methodology, and that optional/optional 2 conversions have improved funded ratios for some cities.
Blair Taylor, executive director of the Municipal Pension Oversight Board, told the Senate Pensions Committee that the state oversees 53 municipal police and fire pension plans and that several funding-methodology changes in the past 15 years have improved funding for many plans but left a small group of cities on the alternative method.
Taylor said the oversight board provides actuarial studies, training for trustees and an independent medical exam process for disability claims, and that the board's work aims to bring municipal plans to actuarially sound funding. "We run a very tight ship," Taylor told the committee, describing the oversight office's small staff and administrative-cost controls.
Taylor explained funding-source mechanics: municipal plans may receive a…
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