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Actuaries present pension experience study to Seaford council; recommendation raises contribution by about $70,000
Summary
Gallagher Benefit Services presented an experience study and valuation showing improved asset returns but a recommended assumption change that increases the city's recommended annual contribution by about $70,000, largely due to a higher salary-increase assumption.
Seaford council heard a presentation Nov. 11 from Gallagher Benefit Services on the results of a long-overdue experience study and the latest pension valuation. The presentation outlined changes to actuarial assumptions and the funding implications for the city's general employee pension plan.
Bob Wright, Gallagher's Delmarva practice leader, said Gallagher recommended retaining a 7% long-term investment-return assumption but adopting a "select-and-ultimate" salary-increase model that raises the near-term rate and sets an ultimate…
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