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Sedona PSPRS board reviews actuarial report as city moves to pay down unfunded liability
Summary
At its June 6 meeting the Sedona PSPRS local board heard a review of the PSPRS actuarial valuation as of June 30, 2023, showing a roughly $3.8 million unfunded liability (79% funded) for tiers 1 and 2; staff said an extra $1.2 million payment and other contributions are expected to reduce employer rates.
At its June 6 meeting, the Sedona Public Safety Personnel Retirement System (PSPRS) local board reviewed the 06/30/2023 actuarial valuation presented by Renee from the city's financial services department and discussed plans to pay down the unfunded liability.
Renee said the report shows estimated liabilities of $18,100,000 and assets of $14,300,000 for tiers 1 and 2, leaving an unfunded liability of about $3,800,000 and a funded status near 79 percent. "This is the PSPRS actuarial report as of 06/30/2023," she said, and explained the figures reflect a mix of asset performance, lower payroll…
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