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Board approves valuation reports, sets 7% investment assumption for police and fire plans
Summary
Trustees voted to approve Foster & Foster's valuation reports for the city's fire and police pension plans and formally declared a 7% net-of-fees long-term investment return assumption; the actuary said large recent salary increases and assumption changes drove higher contribution requirements.
Trustees approved valuation reports for the city's fire and police pension plans and adopted a 7% net-of-fees long-term investment return assumption after an hour-long presentation from Foster & Foster.
The actuary, Doug (Foster & Foster), said the city's contribution requirement for the fire plan is estimated at 32.33% of payroll for the current fiscal year; with payroll of roughly $2,700,000, he said that implies about $900,000 in employer contributions for the year. He told the board that the plan's contribution requirement rose from about $860,000 last year and that key drivers…
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