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Payson council adopts PSPRS funding policy, adds $600,000 payment to target full funding by 2036
Summary
The Payson Common Council approved an annual pension funding policy for the Public Safety Personnel Retirement System that accepts the town's actuarial valuation, sets a 100% funded-ratio target by June 30, 2036, and directs a $600,000 additional payment for FY26; vote was 6-1.
The Payson Common Council on June 25 adopted an annual pension funding policy for the Public Safety Personnel Retirement System (PSPRS) that accepts the system's actuarial valuation, sets a target of 100% funding by June 30, 2036, and includes an extra $600,000 payment for fiscal year 2026.
The policy matters because PSPRS liabilities drive a large and growing portion of the town's personnel costs; the council's $600,000 supplemental payment is intended to reduce the town's unfunded liability and slow increases in the town's annual required contribution (ARC).
Dana Ohansian, Payson's finance director, told the council the town formally accepts PSPRS's…
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