El Paso Employees Retirement Trust accepts actuarial valuation showing funded ratio decline to mid‑70s

The El Paso Employees Retirement Trust on Jan. 15 accepted an actuarial valuation prepared by Gallagher that shows the plan's funded ratio declined into the mid‑70s and that unfunded liabilities rose after a period of higher salaries and increased liabilities.

The actuarial valuation presentation, delivered during the board meeting, reported that market gains in recent years have been partly offset by large salary increases and a growing retiree population. The valuation showed the funded ratio falling from roughly 79% in the prior valuation to about 76% in the interim numbers presented to the board. Gallagher reported material increases in pension liabilities driven in part by roughly $55 million of higher-than-expected salary base and other demographic factors, and said the plan's amortization period remained in the mid‑teens (about 16 years) despite the…