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Winter Springs trustees accept actuarial valuation; funded ratio rises to about 90.8%
Summary
Trustees voted unanimously May 8 to accept the October 1, 2024 actuarial valuation from Gabriel, Roeder, Smith & Company showing a smooth-value funded ratio of 90.8%, lowering the city's minimum pension contribution for the coming year.
The City of Winter Springs Board of Trustees voted unanimously May 8 to accept the actuarial valuation as of Oct. 1, 2024, presented by Shelley Jones of Gabriel, Roeder, Smith & Company (GRS). The valuation reports a smooth-value funded ratio of about 90.8% and a reduced minimum city contribution for the coming year.
The valuation “sets the contribution that needs to be made at a minimum by 09/30/2026,” said Shelley Jones, the actuary who presented the report. GRS put the plan’s minimum prefund benefits at $1,184,793, member contributions at $211,570 (5% of payroll) and the city’s minimum contribution at $973,226 (about 23% of payroll) on the valuation date.
The consultant attributed the improvement…
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