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Council adopts updated PSPRS pension funding policy; funding ratio improved to 98.6%
Summary
The council approved Resolution R25-20 adopting the town’s revised PSPRS pension funding policy based on the June 30, 2024 actuarial report; the town reported its funding ratio rose from 95% to 98.6% and expects to exceed 100% by fiscal year-end if investment returns remain positive.
The Town Council approved Resolution R25-20 on June 4 adopting a revised pension funding policy for the Public Safety Personnel Retirement System (PSPRS) for the fiscal year ending June 30, 2026. Councilmember Raab seconded the motion and the resolution passed 5-0.
Chief Financial Officer Peter Gephardt told council the annual policy update is required under Arizona law. The update incorporates figures from the most recent actuarial valuation (as of June 30, 2024). Gephardt reported the town’s actuarial funding ratio improved from roughly 95% (FY23) to about 98.6% (FY24). He said additional budgeted contributions for the current fiscal year are expected to push the funded ratio to about 100.3–100.4% by the end of the fiscal year, assuming positive investment returns.
Council members and the Budget and Finance Commission had reviewed the policy; staff described the proposal as a status-quo funding approach intended to maintain or reach full funding. Council adopted the resolution with no recorded opposition.
