Actuary presents preliminary valuations; recommends adopting PUB‑2010 mortality table, estimating roughly $1.3M increase in city MMO

Chiron, the pension actuary for Allentown City, presented preliminary Jan. 1, 2025 valuations for the police, fire and O&E pension plans at the May 20 meeting and recommended trustees consider adopting the PUB‑2010 public‑sector mortality tables with a MP‑2021 improvement scale projected at 50%.

Chiron's presenter (Karen) told trustees that PUB‑2010 is a public‑sector mortality table developed from pension participants rather than general population data; the firm said moving from the currently used RP‑2000 blue‑collar tables to PUB‑2010 B (below‑median) for uniform plans and the PUB table B for O&E would increase total actuarial liabilities for the three plans by roughly 2–3 percent and would raise the combined Minimum Municipal Obligation (MMO) by about $1.3 million in Chiron's preliminary estimate. Karen said the change would better align the city's assumptions with recent public‑sector experience and with recent…