Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Actuarial update: new SOA mortality table raises Portsmouth pension liabilities; projected contribution to rise then ease
Summary
John Hancock presented the June 30 actuarial valuation to the Portsmouth Retirement Board and recommended a contribution of about $8.9 million; an updated SOA public‑plan mortality table increases liabilities and raises the near‑term contribution estimate.
John Hancock presented the pension valuation for Portsmouth’s fire, police and supplemental plans and explained how actuarial smoothing, mortality assumptions and cash flows affect near‑term contribution requirements.
John (John Hancock) said the plans are largely closed to new entrants and predominantly “in‑pay,” meaning most participants are retirees drawing benefits. The actuary reported benefit payments of about $29 million annually and said the plan’s funded ratio is approximately 75 percent. For the 2025 valuation the firm recommended an actuarially…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
