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Morgantown officials report improved funded status for police and fire pensions after $5.7 million employer deposits
Summary
City finance staff told a Committee of the Whole meeting that the city deposited $5.7 million into each of the police and fire pension investment accounts in FY2025 and that both funds posted near-9.5% investment returns, producing single‑digit increases in funded percentages. Councilors asked for ongoing projection tracking.
Morgantown finance staff presented the fiscal year 2025 annual financial reports for the police and fire pension and relief funds during the Committee of the Whole meeting Sept. 30 at City Hall.
The reports, presented by John Ferguson, the city’s finance director, said the city used a one‑time employer contribution—drawn from municipal sales‑tax receipts set aside in the retirement fund—to deposit $5,078,000 into each pension on Jan. 8, 2025, and additional municipal sales‑tax allocations later in the fiscal year. Ferguson reported that the police pension’s John Hancock investment account increased by roughly $7.5 million in the year and the fire pension’s account rose about $7.0 million.
Why it matters: both plans had low funded ratios going into the year and the city in January approved closing the existing police and fire pension plans to new entrants effective July 1, 2025 while selecting an “option 2” funding method to finance unfunded…
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