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Actuary reports Mill Valley's net OPEB liability fell to about $8.3 million; council to consider continuing extra contributions
Summary
The actuarial valuation as of June 30, 2024, shows the city's net OPEB liability declined from just under $13 million to about $8.3 million, driven by a $3 million drop in liability, higher trust assets and a benefit change; staff recommended continuing prudent contributions and council asked about discount-rate assumptions and downside risks.
McLeod Watts presented the city's actuarial valuation for Other Post-Employment Benefits (OPEB) as of June 30, 2024, showing a marked improvement in the city's funded position. Cathy McLeod said the estimated past-service liability fell from $30.7 million to $27.7 million and trust assets rose from $17.8 million to $19.4 million, producing a net OPEB liability of about $8.3 million.
McLeod attributed the change to several factors: a benefit change that eliminated a Medicare…
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