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Actuary: plan remains funded above 100%; modest member and town contribution increases recommended
Summary
The actuarial valuation showed the pension plan remains over 100% funded; the actuarial recommendation to adopt new mortality tables raised the minimum required contribution modestly, moving estimated member contributions from 5.89% to 6.1% of pay and the town share from about 12.95% to about 13.42%. The board approved the valuation and declared a 6.75% net of fees investment return for planning.
The plan’s actuary, Doug Lowes of Foster & Foster, presented the actuarial valuation and experience-study recommendations and said the pension plan remains over 100% funded on the actuarial basis used in the report.
Lowes explained that the primary driver for the modest increase in the required contribution was adoption of the Florida Retirement System (FRS) mortality tables (mandatory for plans of this type). He summarized the…
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