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South Lyon pension plan 68% funded; MERS projects full funding around 2041
Summary
MERS presented the city’s 12/31/2024 valuation: funded ratio about 68% (down 1 point); assumed return retained at 6.93%; required contributions rise in the near term with projected peak contributions around $1.3 million and a projected 100% funded ratio around 2041 under current assumptions.
A MERS (Municipal Employees' Retirement System) actuarial presentation Thursday showed the City of South Lyon’s defined‑benefit pension plan was about 68% funded as of Dec. 31, 2024 and remains above the state corrective threshold.
Jamie Lefever, who presented the valuation, said the assumed rate of return remained at 6.93% for the 2024 valuation and that the funded ratio decreased by 1 percentage point from the prior year. Lefever cited three drivers of year‑to‑year changes: plan benefit changes, changes in actuarial…
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