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City hears actuarial update on legacy pension plans; staff to model derisking scenarios
Summary
Principal Financial Group presented actuarial and investment updates for two closed Hallandale Beach pension plans and recommended funding scenarios and potential derisking steps; the commission asked staff to run scenarios on pre‑funding and lower discount rates to evaluate longer‑term options.
City finance and pension advisors told the Hallandale Beach City Commission on March 19 that the city’s two legacy pension plans — the general employees plan and the professional/management plan — are largely funded but still carry unfunded liabilities and may be candidates for staged derisking.
Representatives from Principal Financial Group led the presentation. Dave Stockless, the plan actuary, reported the professional plan is effectively closed (one remaining active at retirement age) with a funded ratio roughly in the high 80s (actuarial basis) and an unfunded liability near $3.07 million. The…
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