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Board continues research on employee enrollment-date discrepancy flagged in audit
Summary
Staff and the board discussed an actuary-identified discrepancy in an employee’s enrollment date that appeared in the fiscal 2023 audit census; the board directed staff to continue research with the actuary and pension attorney before taking further steps.
Board members and staff reviewed an audit management comment arising from the fiscal-year audit that identified a discrepancy between the actuarial valuation and the recorded enrollment date for a plan member.
Holly Queen, the city’s finance director, said staff had completed only routine payroll contributions so far and that the larger city contribution is expected in March. Board members asked staff to clarify whether a correction is needed and to gather supporting documents. "There's some other pieces we found that there were some discrepancies. So we've been doing research with our actuary and the pension attorney as well to make sure that we have all the details hammered out before we bring it back before you guys again," Queen said.
One board member summarized the issue as a design and documentation question about when an employee is eligible and when the city begins making contributions. The member described the matter as likely "relatively insignificant and small" to plan operations but said staff must complete document review and legal/actuarial checks before any corrective action is recommended.
The board did not vote to change benefits or to make an immediate correction at the meeting; staff will return with the research findings and any recommended administrative adjustments before the audit is finalized.
