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Bel Air's pension funds remain healthy; actuary recommends study on lowering investment assumption
Summary
Town staff told commissioners both the civilian and sworn defined-benefit pension plans are financially healthy (civilian funded ~84.6%, sworn ~94%). The town will commission a study to assess reducing the assumed investment return from 7% to around 6.75% or 6.5%.
Town staff reported that both of Bel Air’s defined-benefit pension plans remain in solid condition but noted an actuary recommendation to analyze lowering the plans’ assumed investment return.
Lisa Grama summarized the actuarial valuations as of July 1, 2024. For the civilian (non-sworn) plan she said the market value was “a little over $11,000,000” and that the plan’s actuarial (smoothed) return was about…
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