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Korn Ferry: Bucks County pension 91.1% funded; COLA would push 2025 costs far higher
Summary
Korn Ferry presented the county's actuarial valuation and estimated the 2025 actuarially determined contribution (ADC) at roughly $17 million; adding a 3.4% cost-of-living increase (COLA) would raise 2025 funding needs by about $18 million more, putting combined contributions above $35 million. The board approved the ADC for 2024 on a voice vote but did not adopt a COLA.
At a Dec. 18 meeting of the Bucks County Retirement Board, actuary Dave Reichardt of Korn Ferry told board members the county's retirement plan is in "very good shape" but not fully funded, reporting a 91.1% funding level from the latest valuation and an estimated funding shortfall "about $95 million." Reichardt said the actuarially determined contribution (ADC) for 2025 would be "a little bit more than $17,000,000."
Reichardt said the cost of granting a cost-of-living adjustment (COLA) tied to the annual consumer price index (3.4% this year) would add "a little over…
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