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PRB actuarial report finds mixed funding trends; board votes to study Telfer funding options and monitor FSRP effects
Summary
PRB staff actuary presented updated valuations, FSRP status changes and flagged systems at risk. The board unanimously directed staff to study methods to promote sound funding for Telfer plans and to monitor the effects of the 2021 FSRP statute through 2025.
The Pension Review Board’s staff actuary presented updated valuation trends and Funding Soundness Restoration Plan (FSRP) status changes, and the board voted unanimously to direct staff to study ways to promote sustainable funding for Telfer (firefighters’) plans and to monitor the effects of the FSRP statute.
Staff presentation: David Phee, the PRB’s senior staff actuary, reviewed changes since the September meeting, noting systems that lowered expected returns or payroll growth assumptions and systems newly at risk of FSRP triggers. He highlighted wide variation by system type: many smaller Telfer systems maintain higher assumed returns and longer funding periods, while larger systems tend to deliver…
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