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City staff report pension plan 89.4% funded; FY26 employer contribution to rise slightly
Summary
City staff summarized the actuarial valuation for the closed defined‑benefit pension plan, reporting an 89.4% funded ratio on an amortized basis and a recommended employer contribution of just over $3 million for fiscal 2026.
City finance staff said the municipality’s defined‑benefit pension plan remained well funded following its annual actuarial valuation and that the recommended employer contribution for the next budget year will increase slightly.
At a work session briefing, Jody, a city staff member who presented the actuarial results, said the valuation by GRS found the plan to be “89.4% funded” on the amortized (smoothed) basis and 87.7% funded on a market‑value basis as of June 30, 2024. Jody said that the actuarially determined employer contribution to be included in the FY26 budget is “just over $3,000,000,” about $38,000 more than the prior year.
The valuation and why it matters
The valuati…
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