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El Paso committee reviews actuarially determined contribution to address roughly $700 million in unfunded pension liabilities
Summary
City staff and an actuarial consultant outlined a proposed actuarially determined contribution (ADAC) that would add automatic, layered contributions to address the City of El Paso’s unfunded pension liabilities for the employee, police and fire pension systems; no formal action was taken.
The Financial Oversight and Audit Committee of the City of El Paso heard Sept. 11 a presentation on options to address roughly $700,000,000 in unfunded pension liabilities for the City of El Paso Employees Retirement Trust and the El Paso Police and Fire pension funds and a proposal to add an actuarially determined contribution that would adjust contributions automatically based on market performance and benefit changes.
City officials said the matter matters for retirees, city finances and bond ratings. Margarita Marine, deputy chief financial officer, said the city and the pension funds engaged an actuarial firm and have been developing a pension funding policy to make the funds “more forward looking” and to reduce the unfunded liability within a reasonable time frame.
William Strange, an actuary who presented the proposed policy, described an ADAC that would layer…
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