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Grand Traverse County moves MERS surplus to lower pension costs and seed Project Alpha
Summary
County staff presented MERS valuation scenarios and the board approved transferring $1.25 million within the MERS surplus division to reduce future employer contributions and voted to suspend the fund-balance policy to move $5.571 million of 2024 surplus into a Project Alpha fund.
The Grand Traverse County Board of Commissioners voted to shift pension and surplus funds in a pair of decisions intended to smooth future employer contributions and to seed a down payment for a large capital effort known as Project Alpha.
The board approved a staff recommendation to transfer $1,250,000 from the MERS surplus division into underfunded divisions within the county’s MERS retirement plan to reduce the expected ‘ballooning’ employer contribution in coming years. Chris Forsyth, deputy county administrator, framed the transfer as a measured approach after walking the board through three actuarial scenarios based on the 2024 MERS valuation.
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