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Actuary presents preliminary 2025 valuations; recommends PUB-2010 mortality tables, estimates $1.3M MMO impact
Summary
Chiron presented preliminary Jan. 1, 2025 valuations showing funded ratios near 90% and recommended transitioning to PUB-2010 public-sector mortality tables; Chiron estimated the change would raise combined MMOs by about $1.3 million.
Chiron actuaries presented preliminary pension valuation results as of Jan. 1, 2025, and recommended the board consider updating its mortality assumptions to the Society of Actuaries’ PUB-2010 public-sector tables (below-median safety version, “B”) with generational improvement. Karen, actuary with Chiron, told trustees the change would align Allentown with a growing number of public plans that use mortality tables built on public-sector experience.
Key preliminary figures presented by Chiron included: actuarial liabilities of approximately $268 million for the Police plan with an unfunded actuarial liability of about $27 million; approximately $107 million in liabilities for the Fire plan with about $13 million unfunded; and roughly $7.7 million in liabilities for the O&E plan with an unfunded balance under $1 million. Chiron showed market and actuarial asset values and…
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