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PERS actuarial update shows funded ratio improvement; Highway Patrol still needs additional support
Summary
PERS reported improved funded ratios after recent investment gains and assumption changes, but the Highway Patrol retirement plan remains short of a self-sustaining trajectory and PERS will propose additional funding options.
Derek Holbein, chief operating and financial officer of the Public Employees Retirement System, told the legislative committee the system’s latest valuation improved key metrics but left some plans still in need of targeted assistance. Holbein said the main plan’s unfunded liability fell from $1,880,000,000 to $1,730,000,000 and the funded ratio rose from 67.7% to 71.3% following an experience study and strong investment returns.
Why it matters: The valuation determines the ADEC (actuarially determined employer contribution) that affects state budget planning and political subdivisions.…
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