Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Punta Gorda pension board accepts valuation showing higher contributions after firefighter raises
Summary
Trustees approved Foster & Foster’s valuation and a 7.25% investment-return assumption; the report attributes a $2.4M actuarial loss largely to recent firefighter salary increases, while market gains softened the impact.
The Punta Gorda City Pension Board on Dec. 19 approved its annual actuarial valuation from Foster & Foster and declared a 7.25% investment-return assumption in a unanimous vote.
Patrick of Foster & Foster told trustees the city/state required contribution for the plan is $1,155,000 for the current year and $1,898,000 for the next fiscal year, and that recent salary increases for police and fire drove a material rise in liabilities. He said the valuation showed an actuarial loss of roughly $2,400,000 tied primarily to higher salaries but also recorded an…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
