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Actuarial valuation raises city pension contribution to 14.62% of payroll; board approves valuation and experience study
Summary
Foster & Foster presented an actuarial valuation that raised the city's required pension contribution from 12.1% to 14.62% of payroll, largely driven by a mandated mortality-table change and higher-than-expected salary increases; the board approved the valuation, adopted a 7.25% assumed net investment return, and authorized an experience study.
The General Employees Pension Board unanimously approved the annual actuarial valuation presented by Foster & Foster, which increased the city's required pension contribution from 12.1% to 14.62% of payroll.
Doug Losing, the actuary from Foster & Foster, summarized the valuation and its drivers: “The true up is going from 12.1% of payroll to 14.62%,” he said. He attributed about one-third of the increase to a mandated change in mortality assumptions (the plan must use the same life-expectancy tables required by the Florida Retirement System) and the…
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