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Actuarial valuation shows Wauwatosa retiree health liability near $39.3 million; city presents biannual report
Summary
City staff and Milliman actuary presented a biannual actuarial valuation April 8 showing an estimated retiree health-care liability of about $39.3 million (measurement through 12/30/24), explained the methods and assumptions that drive the figure, and described plan changes that are expected to reduce future liability over time.
City staff and an actuary presented the City of Wauwatosa Financial Affairs Committee with the city's required biannual actuarial valuation of retiree health insurance liabilities on April 8, 2025. Milliman actuary Jack Chmielewski said the valuation (measurement date 01/01/2025, reporting for fiscal years ending 12/30/2024 and 12/30/2025) places the plan's liability at roughly $39.3 million for the 12/30/2024 measurement.
The valuation matters because the liability affects annual GASB-accounting expense and the city's financial statements, and it helps budget for pay-as-you-go health benefit payouts. Director John Mabo told the committee the city is required to complete this officer valuation every two years under accounting standards.
Chmielewski said the valuation takes a snapshot of eligible active employees and current retirees on the valuation date and projects benefit payments forward before discounting them to present value. As of…
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