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City review: funded ratios rose but San Jose retirement plans still carry $3.1 billion unfunded liability
Summary
City staff and system actuary told the council the pension plans' funded ratios improved for the fiscal year ending June 30, 2024, largely because actuarial smoothing recognized recent gains; the plans still show about $3.1 billion in unfunded actuarial liability and higher near-term contribution requirements.
City retirement staff and the board's actuary told the San Jose City Council on April 8 that actuarial valuations as of June 30, 2024, show improved funded ratios for both the Police and Fire and Federated retirement plans, but the systems continue to carry a multi-billion-dollar unfunded actuarial liability.
The valuations were prepared by the board's actuary, Chiron, and "have been prepared in accordance with generally recognized and accepted actuarial principles and practices," John Flynn, the city's director of retirement services, said during the presentation.
Nut graf: The increase in funded status reflects the actuarial smoothing method that…
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