Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
County actuary finds large LOSAP liability; commissioners told FY2015 needs both PAYGO and trust seed
Summary
An actuarial valuation presented March 4 found roughly $17.0–$17.8 million in past-service liabilities for the county’s volunteer Length of Service Award Program (LOSAP); staff recommended FY2015 PAYGO plus a $400,000 trust contribution while commissioners consider longer-term funding options.
County staff and the actuary presented the first full valuation of the Length of Service Award Program (LOSAP) for volunteer fire and rescue personnel during the March 4 budget workstation and described a large unfunded liability.
The actuarial valuation—prepared for the Emergency Services support fund—showed approximately $17,045,671 in accrued liability attributable to benefits already earned; the valuation’s unfunded actuarial liability on a current measurement date was reported at roughly $17.8 million.
Why it matters: LOSAP is the county program that provides retirement-like benefits to…
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
