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San Jose retirement board raises OPEB discount rate to 6.25%; actuary reports pension funded status improvement
Summary
Actuary Bill Hallmark reported preliminary results showing the pension plan’s funded status improved to roughly 65% (market) / 64% (actuarial). The board voted unanimously to raise the OPEB discount rate from 6.00% to 6.25% and approved related health-trend assumption updates.
The San Jose Federated City Employees Retirement System Board on Nov. 20 received preliminary valuations from actuary Bill Hallmark (Chiron) showing improvement in the pension plan’s funded status and approved a modest increase to the OPEB discount rate.
Hallmark told trustees the pension plan recorded about a 10.4% market return this year, producing an investment gain of roughly $119 million, of which roughly $96 million is being deferred under the five‑year smoothing method. He said those results, plus increased contributions, reduced the actuarial…
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