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Harlingen Fire defends 7.75% assumed return; PRB urges conservative reassessment
Summary
Harlingen Fireman's Relief and Retirement Fund told the PRB its 7.75% assumed return is supported by a consultant study and a recent decade of net returns; PRB members cautioned that many plans should adopt more conservative assumptions and consider higher cash contributions.
Representatives of the Harlingen Fireman's Relief and Retirement Fund answered board questions July 10 about their 7.75% actuarial investment-return assumption and the fund’s oversight practices.
Mario Alvarado, representing Harlingen, and vice chairman Samuel ("Joey") Albritton described a process in which the fund’s consultant and actuary jointly review asset-allocation studies and return expectations before the board votes on an assumption. The fund lowered its assumed rate to 7.75% in 2017 from 8% and later retained a consultant to assist with portfolio reallocation.
PRB investment…
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