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Sedona PSPRS board: 2024 actuarial valuation shows tiers 1–2 overfunded; payroll-growth assumption flagged
Summary
On Feb. 6 the Sedona Police Department Public Safety Personnel Retirement System (PSPRS) board reviewed the June 30, 2024 actuarial valuation and heard that tiers 1 and 2 are currently overfunded while tier 3 remains substantially overfunded.
On Feb. 6 the Sedona Police Department Public Safety Personnel Retirement System (PSPRS) board reviewed the June 30, 2024 actuarial valuation and heard that tiers 1 and 2 are currently overfunded while tier 3 remains substantially overfunded.
Barbara Whitehorn, director of financial services, told the board "the unfunded liability is negative. 1,300,000.0. So we are currently overfunded," and said the tier 3 plan is "that's $13,000,000 overfunded." Whitehorn said a $1,200,000 payment made in fiscal 2025 was not included in the actuarial number the board received, and that omission means the actual overfunding is larger than the report's headline figure.
Whitehorn said the valuation report establishes minimum required contribution rates for the following fiscal year and recommended the city make the…
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