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Payson council is briefed on PSPRS unfunded liability; staff to explore accelerating payments and financing options
Summary
Town finance staff told the Payson Common Council on April 1 that the PSPRS unfunded liability is roughly $19 million and that projected required PSPRS payments could rise to about $5.1 million in FY26, prompting council interest in options to accelerate pay-downs.
Town finance staff and the town manager reviewed Payson—s Public Safety Personnel Retirement System (PSPRS) unfunded liability and current funding policy at the April 1 work study and discussed options to reduce the balance more quickly.
Numbers presented - Present-value OPEB and other actuarial figures were discussed elsewhere in the session; for PSPRS the presentation showed a funded ratio near 59.7% and an unfunded liability in the range of about $19 million (present value at the time of the meeting). Staff reported town PSPRS payments in recent years of roughly $2.5M (2021), $3.0M (2022), $3.2M (2023), and about $3.7M (2024). - Staff projected the PSPRS required contribution for FY26 at approximately $5.1M…
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