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McAlester council accepts pension funding and GASB reports showing near 100% funding
Summary
City pension consultant reported the retirement plan is roughly fully funded; council accepted actuarial funding and GASB financial statements and approved continuing contributions.
McAlester — The city council voted to accept the actuarial funding report (as of 07/01/2025) and the Governmental Accounting Standards Board (GASB) financial statements (as of 06/30/2025) for the McAlester defined-benefit retirement plan and trust.
In a presentation to the council, Bruce Nordstrom, the pension plan actuary, told council members, “In a nutshell, the news is very good.” He said the plan is essentially fully funded, reporting funding measures of about 97.4% on one basis and 101.3% on another.
The actuarial report shows roughly $15…
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