Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Pompano Beach pension actuary: plan returns improved but funded ratio remains under 60%
Summary
Actuary for Pompano Beach Police and Firefighters Retirement System briefed the City Commission on the Oct. 1, 2024 valuation, reporting strong market returns but lingering liability increases after recent benefit changes and 2022 investment losses.
The Pompano Beach City Commission heard an update May 13 from the retirement system's actuary on the Police & Firefighters Retirement System valuation as of Oct. 1, 2024. Lawrence Watts, the plan actuary retained by the pension board, said the plan saw a 19.1% market return for the year but is still recognizing prior losses under the board's smoothing policy. That smoothing produced an approximately 6% realized actuarial return used for the valuation, below the pension's 7% assumption.
Watts told commissioners the plan's funded ratio declined to about 55% on the actuarial basis used in the valuation, down roughly 2 percentage points from the prior…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
