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Board accepts final OPEB valuation showing funded ratios improving but long horizon to full funding
Summary
The board approved the final actuarial valuation for the Police & Fire OPEB trusts, which reported improved funded ratios for police (about 44%) and fire (about 42%) and projected full amortization decades away.
Trustees accepted the final actuarial valuation for the Police & Fire OPEB plans, hearing presenters summarize financial results, drivers of change and long‑term projections for benefit payments and funding levels.
Presenters Jackie and Bill (actuarial consultants) told the board the OPEB assets are primarily held in a Section 115 trust split between police and fire, with a small amount in a 401(a) account in the pension trust. The plans are mostly closed: full benefits are available to a shrinking active group and a larger share of the liability is for current benefit recipients.
The…
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