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Vanderburgh sheriff outlines remediation plan as state flags pension underfunding
Summary
Sheriff Noah Robinson and actuary Kevin Carey told the Vanderburgh County Council the sheriff's pension has failed to meet actuarially determined contributions multiple years and proposed a remediation plan that asks the county for near-term and ongoing contributions plus sheriff-led changes to plan rules.
Sheriff Noah Robinson and the pension plan's actuary presented a remediation plan to the Vanderburgh County Council on Sept. 4 after state pension oversight designated the sheriff's fund delinquent.
Kevin Carey, the plan's actuary, told the council that the fund missed its actuarially determined contribution (ADC) in several recent years and that market losses in 2022 and changes to demographic and investment assumptions have increased liabilities. Carey said the state now requires a remediation plan and that the pension board's preferred proposal would demonstrate a credible path back to full funding.
Carey summarized the board's preferred package: a one-time $125,000…
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