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PRB staff reports progress reducing funding periods but flags remaining at‑risk systems
Summary
PRB staff presented an actuarial evaluation showing steady progress in reducing funding periods since 2020 and noted several systems that remain at risk or subject to FSRP. Staff warned some improvements reflect expected future contributions, prompting board requests for further scrutiny.
The Pension Review Board (PRB) heard an actuarial evaluation on Jan. 12 from staff actuary David Fee that credited substantial progress across public pension systems in shortening long funding periods, while cautioning that several systems remain at risk and that some gains reflect assumed future contributions.
Fee told the board that “you can see the funding periods above 30 years decreased from 36 systems in 2020 down to 15 systems today” and said the board should expect more systems to meet the PRB’s 2040 funding‑period targets as recent changes take effect. He also described recent assumption changes: “Corpus Christi Fire lowered their discount rate and payroll growth rate by 15 basis points, and Tezos lowered their discount rate by…
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