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Actuary presents preliminary valuations; recommends PUB-2010 mortality tables, flags $1.3M MMO impact
Summary
Chiron presented preliminary 01/01/2025 pension valuations for Allentown's police, fire and O&E plans and recommended trustees consider updating mortality assumptions to the PUB-2010 public-sector tables; staff estimated the change could increase the city's minimum municipal obligation by about $1.3 million.
Chiron, the board's actuarial advisor, presented preliminary 01/01/2025 valuation results on May 20 and recommended the Allentown Pension Board consider updating mortality assumptions to the PUB-2010 public-sector tables (below-median, generational basis) and adopting the MP-2021 mortality-improvement scale at a 50% factor.
Karen of Chiron told trustees that moving from the plan's current RP-2000-derived assumptions to PUB-2010 B across the police, fire and O&E plans would raise actuarial liabilities by roughly 2% for the police and fire plans and about 3% for O&E, increasing the combined plan liability and adding an…
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