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Actuary: frozen fire and police plans largely in pay; smoothing of 2022 losses will raise recommended contributions
Summary
An actuary told the Portsmouth Pension Board both the fire & police and supplemental plans are frozen with few active members, showed market‑value assets of about $195M against liabilities near $282M, and recommended an ADC increase (to roughly $8.4M in 2023) as 2022 losses are recognized over a multi‑year smoothing period.
The board heard an actuarial review of the fire & police and supplemental pension systems that emphasized both plans are largely closed to new entrants and heavily weighted toward retirees.
The actuary explained key terms used in the valuation and said the plans have very few active participants ("We're down to 8 active participants," he said). He presented a market‑value reconciliation showing assets of roughly…
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