McAlester council accepts pension funding and GASB reports as plan reaches roughly full funding

McAlester — The City Council voted unanimously to accept the pension plan funding report and the Governmental Accounting Standards Board (GASB) financial statements covering the plan through June 30, 2025.

Bruce Nordstrom, who identified himself to the council as "Bruce Nordstrom" and described his role as representing the pension plan, told the council "in a nutshell, the news is very good" and that the plan measures about 97.4% funded by one method and about 101.3% by another, making the plan roughly 100% funded. He told councilors the plan has been frozen for 12 years and recommended continued city contributions to preserve the funded status.

Nordstrom outlined asset and liability figures, saying the plan had almost $15 million in market-value assets and liabilities near $14.7 million. He cautioned councilors that pension accounting rules could make funded status look worse if investment returns falter and explained why maintaining contributions matters under GASB and actuarial measurement rules.

Councilors asked about how much the city could reduce its contribution. Nordstrom said a theoretical minimum contribution could be as low as $15,000–$20,000 but recommended staying in the $200,000 range for a couple of years to provide a cushion. Councilor Gilmore moved to accept the reports; Councilor Boatwright seconded, and a roll-call vote recorded unanimous approval.

The acceptance is procedural: the council formally recorded the actuarial and GASB reports and did not change plan design. Nordstrom and staff said they will return with exact-year-end figures after calendar-year accounting closes.