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SAM board hears PARS briefing: retiree-health trust has $36,000; actuary flags $828,000 OPEB gap
Summary
PARS presented SAM’s Section 115 trust status: account balance about $36,133, an OPEB liability of roughly $828,000 and an actuary-suggested annual contribution of about $94,000; PARS recommended considering a higher-risk asset mix to accelerate funding.
Jennifer, a PARS representative, told the SAM board the agency established a Section 115 trust in 2019 with an initial deposit of about $26,750 and has not made regular contributions since then. "You currently have about $36,000 in the OPEB bucket," she said, citing account earnings and a January 31 balance of about $36,133.
Jennifer said an actuarial valuation by Foster & Foster, measured as of June 30, 2024, shows roughly 25 people may be eligible for retiree health benefits and an other-post-employment-benefit (OPEB) liability of about $828,000,…
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