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Vanderburgh sheriff and actuary ask county council for multi‑year funding plan to shore up pension
Summary
Sheriff Jim Robinson and actuary Kevin Carey presented a remediation plan after the county sheriff pension was placed on the state's delinquency watch list for failing to meet actuarially determined contributions. The plan asks for one‑time and phased contributions, changes to employer pay rates and potential benefit adjustments; council requested more scenarios and asked staff to return Oct. 2.
Sheriff Jim Noah Robinson and the pension plan actuary told the Vanderburgh County Council on Sept. 4 that the sheriff deputies’ pension plan has been flagged as delinquent by the state oversight committee after missing actuarially determined contributions (ADC) in multiple recent years.
The actuary, Kevin Carey of Neihart, outlined the causes and a preferred remediation approach, saying the plan’s funding shortfall stems from a combination of investment losses in 2022, recent benefit and contract cost increases and a discount-rate assumption currently set at 7.25 percent. Carey said the state considers a plan delinquent if it misses the ADC in three of the last five years and has asked the county…
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