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West Palm Beach police pension actuary: funded ratio improved but citys required contribution rose
Summary
An actuarial update presented Jan. 12 to the West Palm Beach mayor and commission said the police pensions funded ratio was about 84.3% as of Oct. 1, 2024; required city contribution rose to roughly $12.3 million after recent assumption changes and deferred losses.
Jack Frost, chair of the West Palm Beach Police Pension Fund, introduced the plans actuarial review at the Jan. 12 work session and turned the presentation over to the funds consulting actuary, Jeff Ambrose of Gabriel, Roeder, Smith & Company.
Ambrose described results from the 10/01/2024 actuarial valuation, saying the plans funded ratio stood at about 84.3% and that the required city contribution for the current fiscal year is a little under $12.3 million, roughly $4.2 million higher than the prior valuation. He said the required contribution is composed of employer normal cost (about $7.5 million, or 24.33% of covered payroll, including roughly $400,000 in administrative expenses) and amortization payments on the unfunded accrued liability (about $7.36 million).
Ambrose attributed much of the year-over-year increase to recently updated assumptions: a one-time 17% pay-increase assumption and a mandated change to mortality tables. He estimated those assumption…
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