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Coldwater finance staff reports improved pension funding but notes remaining unfunded liability
Summary
Finance staff reported the utility’s closed MERS defined benefit plan had an actuarial value giving a funding level of about 81% (accrued liability ~$14.6M; unfunded ~$2.8M); staff noted amortization schedules that should reduce required payments after 2027 and 2030 and discussed surplus divisions funded since 2019.
The board received an update on the closed defined benefit pension plan administered by the Michigan Employees' Retirement System (MERS).
Tom explained the plan’s actuarial position: actuarial accrued assets and liabilities produce an estimated funding level of about 81% and an unfunded liability of roughly $2.8 million. He reported the MERS market rate of return for 2024 at 7.28% and said the long‑term assumed return remained…
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