Utah Retirement System official explains why North Ogden’s net pension liability rises and falls

Corey Cox, director of legislative and government affairs at Utah Retirement Systems, told the North Ogden City Council on Sept. 9 that the city’s net pension liability reported under GASB 68 fluctuates because the number is a year‑end ‘‘snapshot’’ driven by market returns, actuarial assumptions and recent salary growth.

Cox opened with a broad explanation of how defined‑benefit pensions operate: member and employer contributions plus investment returns are pooled in a trust to prefund future monthly benefit payments. He said investment returns typically supply about two‑thirds of the fund’s long‑term growth. On a market‑value basis URS reported roughly $48 billion in 2024 and is “just over $50 billion” based on earnings through the most recent reporting period, he said.

Why the liability moves: Cox said actuaries estimate each member’s expected benefit using demographic assumptions…