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Retirement board accepts 07/01/2024 valuation; approves 2% COLA and 4% credited interest
Summary
Chiron presented the 07/01/2024 actuarial valuation showing the plan about 95% funded; the board approved a 2% basic COLA effective July 1, 2025, and a 4% credited interest rate for FY2025–26. Chiron said recent charter amendments raised liability modestly for affected groups.
Chiron actuaries presented the results of the 07/01/2024 actuarial funding valuation and the San Francisco City Retirement Board approved several benefit and rate items the board said were supported by the analysis.
"The system is still, very well funded," said Bill Hallmark of Chiron when summarizing the valuation, which showed about 95% funded on a market basis and about 97% on a smoothed actuarial basis. Hallmark and colleague Ann Harper told commissioners that investment returns slightly exceeded the 7.2% assumption (about…
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