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Oro Valley’s PSPRS funded status improves; employer contribution rate set to fall for the coming year, staff says
Summary
An actuarial update presented March 19 shows Oro Valley’s PSPRS funded status rose to about 98.6% as of June 30, 2024; the town’s required employer contribution rate is projected to drop from 16.22% to 12.61% for the next fiscal year, staff reported.
Town staff provided the commission with the latest Public Safety Personnel Retirement System (PSPRS) actuarial results on March 19 and outlined how recent additional contributions and actuarial experience changed the town’s funding position.
The actuarial valuation through June 30, 2024 shows a funded status of approximately 98.6% for the plan, staff reported. That improvement, combined with additional town contributions of $2.5 million made in the prior fiscal year, reduced…
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