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Firefighter pension board accepts Oct. 1, 2024 actuarial valuation; estimated FY24–25 contribution about $454,000
Summary
The Firefighter Pension Board on Jan. 14 accepted its annual actuarial valuation as of Oct. 1, 2024, which estimates a minimum required contribution of about $454,000 for fiscal 2024–25.
The Firefighter Pension Board on Tuesday, Jan. 14 accepted an actuarial valuation prepared as of Oct. 1, 2024, that calculates a minimum required contribution for the 2024–25 fiscal year of about $454,000.
The valuation, presented by the plan actuary Chuck, reports $10,560,000 in market-value assets as of Oct. 1, 2024 (net of money in the plan's share account), an actuarial value of assets of $10,090,000 after a five-year phase-in of investment gains and losses, and approximately $469,000 of unrecognized gains. The report shows an estimated covered payroll of $652,000 and a minimum required contribution rate of roughly 69.64% of pensionable payroll; the dollar estimate in the report was $454,000. That dollar estimate and the percentage…
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