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Olivette pension fund posts 11.82% return; funded status shows modest improvement
Summary
Econ Benefits reported the pension plan returned 11.82% for the 2023 plan year, improving several funded-status measures and reducing the unfunded liability. The board discussed contribution alternatives and projection assumptions that differ from GASB-required rates.
AJ Stoll of Econ Benefits told the Olivette City pension board the fund returned 11.82% for the plan year ending Dec. 31, 2023, well above the actuarial expected rate of 7% and a performance that will help improve the plan’s funding trajectory.
Stoll said contributions for the year totaled $610,000 and exceed the value of benefits earned for that period, which further improved the plan’s position. He walked the board through three common ways the plan’s funded status is presented: a present-value-of-accrued-benefits (PVAB) measure, an actuarial projected funding measure, and a GASB-specific measure that uses a lower discount rate because a GASB projection indicates the fund’s balance could go negative by 2055.
On the PVAB…
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