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Actuarial update: Authority’s fund position remains strong but contributions below projection and claims rising
Summary
Harindra of the Spring Group told the finance committee the Authority’s funding metrics remain within targets with a revised starting balance of $638.9M, but contributions were lower than projected while incurred claims increased; staff will continue monitoring and may adjust projections.
Harindra of the Spring Group presented the July–September incurred-basis quarterly results to the finance committee and said the Authority’s fund position remains strong but that recent trends warrant close monitoring. “The prior projection … had a starting fund balance of 641,000,000,” Harindra said, and after revisions the starting fund balance was $638,900,000. “The net activity for the quarter was 200,000 in total,” he said.
Harindra reported earned…
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