MTA pension update: assets $79.1M, liabilities $92.7M; board reminded of guarantor role

Amanda Vandenberg, presenting the annual pension overview to the board, summarized the pension plan's history, governance and the results of the fiscal‑year 06/30/2024 audit and valuation.

Vandenberg said auditors had no findings or significant deficiencies for FY2024. According to the valuation performed by Buck actuaries, plan assets were $79,100,000 and plan liabilities $92,700,000, leaving a funded ratio just over 85% and an unfunded liability of approximately $13,600,000. She told board members that MTA acts as guarantor of the plan and that the pension committee (a separate four‑member fiduciary body) conducts the detailed oversight and engages auditors and actuaries.

'Our total assets were $79,100,000. Our total liabilities were $92,700,000. So that means, the plan was funded a little over 85%,' Vandenberg said during the presentation. She noted the plan has historically used an 8% straight‑line budgeting assumption and that the board recently approved a 9% contribution in the adopted budget to move toward full funding.

Board members asked procedural questions about who commissions the audit, how the MTA accounts for potential shortfalls and whether MTA maintains a reserve. Staff clarified that the pension audit report is produced for the pension board and that the MTA's new reserve now exceeds the amount referenced for potential unfunded liability coverage. The presentation emphasized that the board’s direct fiduciary exposure would occur only if the pension plan were to terminate and trigger the guarantor liability.

The board received the report and thanked the pension committee and staff for the review and the audit work. Staff indicated they will continue quarterly monitoring and report back as needed.