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Cary trustees keep pension funding schedule as finance staff seeks levy increase tied to larger police contribution
Summary
Actuary Luke Shane Hoffman reported Cary’s police pension is 60.4% funded with a $13.37 million unfunded liability; trustees heard options including an open 15‑year amortization but signaled comfort keeping the current schedule and directed staff to pursue a levy that captures CPI and new growth to cover a larger recommended contribution.
Luke Shane Hoffman of actuarial firm Foster & Foster presented the village’s annual Police Pension Fund valuation, telling trustees the plan’s valuation as of May 1, 2025, shows an actuarial accrued liability of $33,786,000 and an actuarial value of assets of $20,413,000, leaving an unfunded actuarial accrued liability of $13,372,000 and a funded ratio of 60.4%.
Hoffman explained the village’s recommended contribution for fiscal 2027 is $1,518,425 and said that the increase from last year stems partly from the amortization schedule tied to payroll…
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