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Board accepts final OPEB actuarial valuation; funded ratios improve, long-term full funding projected near 2043
Summary
Trustees accepted the final actuarial valuation for police and fire OPEB plans showing funded-status improvements (police ~44% to ~48%; fire ~42% to ~48%), a discount-rate increase to 6.25% and projections that liabilities peak in the late 2030s with potential full funding around 2043.
The Police and Fire Retirement Board voted on Feb. 18 to accept the final actuarial valuation for the city's police and fire OPEB plans. Presenters told trustees the valuation shows improved funded ratios driven by investment returns and assumption changes, but that rising health-care premiums partially offset those gains.
Key figures and changes: Actuarial staff reported the police plan's funded status improved from about 44% to about 48% and the fire plan's funded status improved from about 42% to about 48%. Presenters said they increased the discount rate used in the valuation from 6.0% to 6.25% and identified that change as a material factor in lowering the unfunded…
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