Oklahoma County pension board accepts actuarial valuation, approves $731,000 contribution and vendor payments

The Oklahoma County Pension Board on a voice vote received its July 1, 2025 actuarial valuation from SageView, approved payment for the valuation and related audit invoices, and authorized a $731,000 contribution to the pension plan to be funded from the county's forfeiture account.

Dan Homan, an actuary with SageView, presented the valuation and related statistics. He told the board the closed retirement plan ("this plan was closed back in, I think it was 02/2006") had 84 lives as of July 1, 2025 — one active employee, seven terminated-vested members, 47 retirees and 29 beneficiaries — and that the plan’s raw future cash flows totaled about $19,000,000. "We expect to pay out, when that last person dies off, about $19,000,000," Homan said. He reported assets of $6,470,000, liabilities (discounted at 2.75%) of about $14,200,000, and an resulting unfunded liability of roughly $7,690,000. The plan’s funded percentage was reported at 45.7%.

The valuation uses an expected return (discount) rate of 2.75% for liabilities because, Homan said, the plan’s projected future assets and contributions are expected to cover future liabilities; by GASB guidance, if projected assets and contributions do not cover liabilities the 20-year municipal bond rate must be used. Homan noted the 20-year municipal rate on the valuation date was 4.79%, but that the plan qualified to keep the 2.75% rate. He also told the board the amortization period for the unfunded liability was shortened from 15 years to 13 years given the plan’s participant age profile.

Board members moved to receive the valuation report and the attached actuary documents. The board also approved payment for the pension valuation and for the annual financial audit and statements for the pension plan; the meeting record shows voice approvals with "aye" responses but does not record individual roll-call tallies.

On a separate motion, the board moved to redirect funding and place the recommended contribution for the 2025–26 fiscal year — $731,000 — into the pension plan. The board’s agenda and discussion referenced the county’s forfeiture account balance (reported at $1,500,000) and annual forfeiture inflows (reported at about $1,200,000 per year) as the source for the transfer. A board member noted the county contributed $800,000 to the plan the previous year (about $60,000 more than the recommended amount). The motion passed by voice vote.

The board also approved an annual loan-consolidation period with Bank of Oklahoma, allowing qualifying employees to consolidate multiple employee loans into a single loan during the October–November window; the board discussed the existing maximum loan term (referred to in the meeting as "are we still at 5 max?") and approved the program by voice vote.

The meeting record shows limited public discussion beyond Homan’s presentation and routine motions. A board member, identified in the record as Jonathan Ford, added a brief comment of appreciation after the presentation: "You're worth every penny we didn't pay you." The board adjourned after completing the listed actions.

Votes at a glance - Motion to receive the July 1, 2025 actuarial valuation (voice vote): approved. Individual vote counts not specified in transcript. - Motion to approve payment for the pension valuation report invoice (voice vote): approved. Individual vote counts not specified in transcript. - Motion to approve payment for the pension plan financial audit/financial statements (voice vote): approved. Individual vote counts not specified in transcript. - Motion to move $731,000 (recommended contribution for FY 2025–26) into the pension plan, funded from the forfeiture account (voice vote): approved. Individual vote counts not specified in transcript. - Motion to approve Bank of Oklahoma employee loan-consolidation period (voice vote): approved. Individual vote counts not specified in transcript.

The presentation and actions focused on actuarial results, funding strategy and short-term administrative approvals; the board did not adopt a different discount rate or change plan eligibility rules during the meeting.