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Oceana County approves $300,000 in supplemental MERS payments to reduce unfunded liabilities
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Summary
The board approved a supplemental $200,000 payment from the General Fund toward General Fund and Sheriff MERS liabilities and $100,000 from the Building Department Fund for the Building Department defined-benefit division, aiming to reduce unfunded accrued liabilities.
The Oceana County Board of Commissioners voted Aug. 14 to make supplemental payments to the Municipal Employees' Retirement System (MERS) to lower unfunded accrued liabilities.
Commissioner Craig Hardy moved to submit a $200,000 supplemental payment toward the General Fund and Sheriff’s defined-benefit divisions from the General Fund and a $100,000 supplemental payment toward the Building Department defined-benefit division from the Building Department Fund. The motion passed unanimously on a roll call vote.
Administrator Tracy Byard explained the county’s unfunded accrued liability context: the General Fund’s unfunded accrued liability was reported at $2,740,638 (77.8% funded), the Sheriff’s at 73.9%, with an overall funded status near 80%. Byard told commissioners she believed the county was in a financial position to make the supplemental contribution.
Why it matters: The board’s payments are intended to reduce actuarial liabilities and are drawn from the county’s designated funds; they do not change benefit provisions but seek to improve funded ratios. No additional policy changes to MERS benefits were discussed at the meeting.
What’s next: The supplemental payments will be processed as approved; the board did not adopt any further pension-rule changes at the Aug. 14 meeting.