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Committee approves new PSPRS pension-funding policy to smooth contributions
Summary
The Budget & Finance Committee approved a revised public safety pension (PSPRS) funding policy that shifts to a percentage-based baseline tied to actuaries’ normal cost and adds steady excess contributions (approximately $800,000 annually in the primary scenario) to avoid large funding swings.
The Oro Valley Budget & Finance Committee voted unanimously April 16 to adopt a revised funding policy for the town’s Public Safety Personnel Retirement System (PSPRS) obligations. The policy shifts how excess contributions are set, using the actuaries’ normal cost rate as a baseline and adding steady excess contributions to avoid “peaks and valleys” in required payments.
Staff presenter David Gabbard told the committee the approach compares the total PSPRS contribution to the Arizona State Retirement System (ASRS) total-contribution rate and, where appropriate,…
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