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Punta Gorda pension board approves actuarial valuation, confirms 6.5% assumed return
Summary
Trustees accepted the actuarial valuation, recording actuarial gains and an improved funded ratio (reported at 91.3%), and formally set the assumed rate of return at 6.5% for the near term, directing staff to file the state confirmation letter.
The City of Punta Gorda General Employees Retirement System board voted to approve the plan’s actuarial valuation and to adopt a 6.5% assumed rate of return for the coming year and long term.
Patrick of Foster & Foster presented the valuation and highlighted that investment returns exceeded expectations for the reporting period. He reported that the plan’s assets rose (approximately $58.9 million on 10/01/2024) and that the plan beat its actuarial return…
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