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SFERS keeps 7.2% discount rate and adopts supplemental COLA for 2025 valuation
Summary
Actuarial advisers recommended retaining price inflation at 2.5%, wage inflation at 3.25%, and the 7.2% discount rate for the 07/01/2025 valuation; the board adopted the recommendation and accepted the supplemental COLA analysis to pay eligible retirees effective 07/01/2025.
The retirement board voted unanimously to adopt staff’s recommended economic assumptions for the July 1, 2025 actuarial valuation and to accept the supplemental cost‑of‑living‑adjustment (COLA) analysis.
Actuarial advisers Bill Hallmark and Ann Harper told the board that the system’s building‑block assumptions—price inflation at 2.5% and an ultimate wage inflation of 3.25%—remain reasonable when compared with market break‑even inflation and survey medians. Consultants stressed the…
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