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PRB study finds chapter 8 10 pension plans generally well funded but flags lump‑sum and communication gaps
Summary
The PRB presented an intensive study of chapter 8 10 retirement systems, finding these plans are often well funded under ADC structures but that outdated lump‑sum assumptions and limited member communication create risks. Staff recommended glide paths for assumption changes and greater member transparency.
The Pension Review Board on Nov. 7 released findings from an intensive study of chapter 8 10 retirement systems that staff said are, on average, well funded but carry a set of governance and benefit‑design risks that warrant board action.
PRB staff actuary David Fee and PRB analytical lead Brian Burnham presented the study, which examined benefit structures, governance arrangements, actuarial assumptions and investment practices for the group of plans that are typically sponsored and governed by single entities such as hospital districts and special‑purpose authorities. "These systems have historically been a very well funded group of systems, primarily due to them using an actuarially determined…
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