Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Funding topic
No spam. Unsubscribe anytime.
Adams County retirement plan reaches ~61% actuarial funding; officials expect 80% by 2030 with ongoing contributions
Summary
County retirement-plan presenters told commissioners the plan’s funded status has improved from roughly 49% in 2019 to about 59–61% in market and actuarial measures and said current contribution policies put full funding on an accelerated schedule.
Adams County’s retirement plan presented a funding update showing progress since 2019 and an actuarial projection that funding improves to target levels within the next decade.
Franell Olsen, a retirement-plan representative who said she was appointed by the board, briefed commissioners on the plan’s funding trajectory. Reported figures showed a market value increase since 2019 (about 49% then to roughly 59% market in the latest report) and an actuarial funding level near 61% at the most recent measurement. The plan’s unfunded liability also increased in nominal dollars as payroll and the active workforce grew, but the funding ratio improved because assets and contributions rose.
Why it matters: Retirement-plan funding affects long-term county liabilities, mill levy contributions that support the plan, and budget planning. Presenters said the plan’s improvements reduce future reliance on investment returns to achieve full funding.
Details, contributions and timeline • Employer contributions were increased incrementally beginning in 2019 and reached 11.5% in 2024. Employee contributions remained at 9%. • Adams County contributes a 3.14-mill levy to the plan until the plan reaches 80% funding. The mill levy produced roughly $4 million in 2024. • Presenters said the plan’s full-funding projection improved from 2049 (the earlier projection) to 2036 after the contribution changes and investment performance; the board’s materials also noted a projected 80% funding milestone around 2030 under current assumptions.
Plan governance and next steps Retirement board members presented the results and noted continued actuarial monitoring and annual audits. Commissioners asked about oversight and how the retirement board is constituted; presenters noted the board is statutory and includes a mix of appointed and elected members and that annual audits are performed by outside auditors.
Ending Presenters characterized the plan’s funding trajectory as significant progress and said existing contribution levels and investment performance are on track toward the county’s funding goals. No formal decisions were required at the study session.
