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City actuary: pension contribution due Dec. 31 will be $21.6 million; funded ratio 69.9%
Summary
An actuarial valuation presented to the Pompano Beach City Commission on April 22 found the general employees retirement system’s funded ratio rose to 69.9% and set the city's total employer contribution at $21.6 million for the year payable Dec. 31, 2025. The report said two assumption changes increased cost this year.
Todd Green, the pension actuary for CavMac (formerly Kavanaugh Consulting), told the Pompano Beach City Commission on April 22 that the city's general employees retirement system requires a total employer contribution of $21.6 million payable Dec. 31, 2025, and has a funded ratio of 69.9% as of the valuation date Oct. 1, 2024.
The valuation measures the plan's assets against future benefit payments for members who were in the plan on Oct. 1, 2024. "The total employer cost as a percent of pay is 46.66% of pay," Green said during his presentation, describing how the plan's normal cost and unfunded liability components combine to produce the annual city payment.
Why it matters: the city's required contribution affects budget planning for the coming fiscal year and reflects long-term pension funding…
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