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Torrington actuary reports pensions largely funded; OPEB remains underfunded
Summary
An actuary told the Torrington Board of Finance on June 17 that the city's pension plans are moderately well funded while the post-employment health benefit trust (OPEB) remains minimally funded; full actuarial funding of OPEB would raise near-term budget costs by roughly $3.7 million.
Torrington's Board of Finance heard actuarial valuation results for the city's retirement plans and its post-employment health benefits on June 17, when consulting actuary Steve Lemanski presented the 07/01/2024 valuations for the City Employees Retirement Fund, the Police and Firemen's Pension Fund, and the city's OPEB trust.
Lemanski said the city's pension plan is about 82.1% funded and the police and fire plan about 65.8% funded, with actuarially determined employer contributions (ADEC) for fiscal 2025-26 and 2026-27 of roughly $1,220,000 for the city plan and $4,600,000 for the police and fire plan. He told the board the plans are closed to new hires and that both use an 18-year amortization for unfunded pension liabilities.
Why it matters: pension contributions affect long-term budget planning and taxpayers. Lemanski told the board that roughly 70% of pension benefits over a plan's lifetime are expected to come from investment returns rather than current employer…
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