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San Jose board adopts demographic assumption updates; sets wage-inflation assumption at 3.125%
Summary
After a detailed presentation of the preliminary pension valuation and demographic experience study, the board approved actuarial assumption changes and chose a wage-inflation assumption of 3.125% for the 06/30/2025 actuarial valuation. Staff said unfunded liability declined to about $1.0 billion on the actuarial value and funded ratios improved.
The Board of Administration for the City of San Jose Police and Fire Retirement Plan voted to adopt updates to demographic assumptions used in the actuarial valuation and set the wage-inflation assumption at 3.125% for the upcoming actuarial valuation.
Actuarial staff presented preliminary results that showed the plan's accrued liability just over $6.4 billion and noted an improvement in funded status in 2025: market-value and actuarial-value funded ratios both rose versus the prior valuation. Presenters said the actuarial (smoothed) unfunded accrued liability declined from about $1.1 billion to…
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