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Votes at a glance: board approves minutes, consent calendar and new actuarial assumptions
Summary
At its meeting, the San Francisco Employees’ Retirement System board unanimously approved minutes from July, passed the consent calendar and adopted a set of updated demographic actuarial assumptions and a minor change to asset smoothing to be used in valuations through 2029.
The San Francisco Employees’ Retirement System (SFERS) board voted on a set of routine and substantive items during its meeting.
The board approved the minutes from the July meeting and approved the consent calendar by voice vote. Later in the meeting the board adopted a proposed demographic experience study — including several changes to actuarial assumptions and a minor revision to the asset-smoothing method — to be used in valuations for 2025 through 2029.
The actuarial changes were presented earlier by the plan’s actuaries as part of an experience study that the board receives every five years. The package presented to the board included revised salary-scale assumptions, updated mortality projection scales and a recommended change to how gains and losses are smoothed into the actuarial value of assets. The actuaries estimated the combined impact of the proposed assumption changes at roughly 65 basis points to the employer contribution rate if they had been applied to the 2024 valuation.
Board President Thomas called the motions and then asked for public comment as required. After limited public comment, motions to approve the minutes and consent calendar were made and approved. A motion to adopt the actuarial assumptions was then moved, seconded and approved by the board.
Votes recorded in the meeting transcript were voice votes; the minutes record the actions as approved.
