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MERS briefing: Grand Haven’s closed pension divisions 66% funded, staff urged to watch assumptions
Summary
MERS told Grand Haven council the city’s defined-benefit plan was 66% funded as of Dec. 31, 2024, explained smoothing and amortization practices, and recommended attention to investment-return assumptions and continued voluntary surplus contributions.
At a Dec. 15 work session, Veronica Labar, regional manager for MERS of Michigan, briefed Grand Haven City Council on the city’s defined-benefit retirement plan and the actuarial mechanics that set employer contribution requirements.
Labar said the city’s plan has six divisions, most of them closed to new employees, and that the plan’s 2024 annual actuarial valuation shows a funded level of 66% (down from 67% the previous year). She noted key assumptions driving contribution…
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