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Council approves Firefighters' fund soundness restoration plan after presentation on unfunded liability
Summary
Sweetwater council approved a funding soundness restoration plan (FSRP) for the Sweetwater Firemen's Relief and Retirement Fund after the pension board presented options to reduce a projected 39-year amortization to under the Pension Review Board's 30-year limit.
The Sweetwater City Council voted to approve a funding soundness restoration plan (FSRP) presented by the Sweetwater Firemen's Relief and Retirement Fund that, if implemented as proposed, would reduce the plan's unfunded actuarial liability amortization period to under the Pension Review Board's (PRB) 30-year limit.
Chris Taylor, chairman of the pension board, told the council the fund's unfunded actuarial liability (UAL) was $8,380,000 based on the most recent actuarial valuation. Taylor said the current amortization period is 39 years, above the PRB's 30-year compliance…
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