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Board accepts final San Jose Police & Fire pension valuation showing funded ratio improvements and maturity risks
Summary
The San Jose Police & Fire Retirement Board accepted a final valuation showing the pension funded ratio rose to 88% on a market‑value basis and an unfunded accrued liability of $988 million; presenters warned the plan’s maturity makes it sensitive to investment shocks and urged discussion of risk targets.
The San Jose Police & Fire Retirement Board on Dec. 10 accepted the final pension valuation, which shows the plan’s market‑value funded ratio rose from 83% to 88% and the unfunded accrued liability fell to about $988 million.
Chiron, the actuary, told trustees the plan benefited from recent investment gains — a 10.7% market return recognized in part through smoothing — and from assumption changes adopted earlier this year. “Due to some very good returns above your…
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