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County finance details $1.5M end‑of‑year transfer to pension fund; officials urge steady annual contributions
Summary
Finance staff told the council the county put additional FY25 savings into the pension to raise funded ratio to about 73% and recommended predictable annual contributions and continued monitoring of actuarial assumptions.
Deputy finance director Charles Schmeickel told the County Council during a July 15 work session that the county recorded an end‑of‑year transfer into its pension fund to improve the plan’s funded ratio and to show a consistent funding commitment to the actuary.
Schmeickel summarized the plan’s finances: “we have a total pension liability of a $137,000,000. We have an asset of a $101,000,000, and that gets us to the 73% funded,” he said. He described the pension as a long‑term obligation affected by investment returns, employee contributions and employer contributions, and urged steady contributions to reach a commonly used 80% funded goal.
What happened: Finance…
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