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Southfield retirement board reports $204 million in assets, 66% funding ratio and strong recent returns
Summary
Fire and police retirement system trustees briefed the City Council on plan structure, funding status and investment performance. The plan reported $204 million in assets and an actuarial accrued liability near $304 million as of the June 30, 2024 valuation, a funded ratio of roughly 66%.
A representative of the Southfield Fire and Police Retirement System told the City Council the pension fund held about $204 million in invested assets and had actuarial accrued liabilities near $304 million at the June 30, 2024 valuation, producing a funded ratio reported at approximately 66%.
The board representative (identified in the meeting as the treasurer for the retirement board) outlined the system’s governance: five trustees (including ex officio representation from the city treasurer, one police representative, one fire representative and two citizen appointees approved by council); separate budgeting and outside legal, actuarial and investment…
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