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Actuary: Sheriff's pension returned 10.1% in 2024 but remains underfunded at 77.8%
Summary
Kevin Carey, a consulting actuary with Neihardt, told the county council on July 2 that the Vanderburgh County Sheriff's Office pension plan earned a net 10.1% in 2024 but stood at about 77.8% funded on a market-value basis as of Jan. 1, 2025.
Kevin Carey, a consulting actuary with Neihardt, told the county council on July 2 that the Vanderburgh County Sheriff's Office pension plan earned a "positive 10.1% investment return during calendar year 2024" (net of expenses) but remained underfunded on a market-value basis.
Carey said the plan's actuarially determined contribution (ADC) for the pension plan as of Jan. 1, 2025, is $2,020,487 — about 17.8% of expected payroll. He reported the pension plan's market-value funded percentage at roughly 77.8% on Jan. 1, 2025. For the related benefit plan, Carey said the computed ADC is just over $101,000 (about 0.9% of payroll) and that "the benefit plan is essentially unfunded." The benefit plan covers ancillary death and disability benefits rather than retirement annuities.
Why it matters: Carey told the council that missing the ADC would trigger continued review…
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