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Actuary says Atlantic Beach pension plans remain solvent as funding needs tick up; trustees accept reports
Summary
The boards received 10/01/2025 valuations showing the closed general plan is about 92.9% funded actuarially (market‑value >100%) and the police plan’s funded ratio declined after salary increases and assumption changes. Trustees voted to accept the actuarial reports for both plans.
Trustees at the Atlantic Beach Police Officers and General Employees Pension Boards received and accepted the actuary’s 10/01/2025 valuation reports on May 28.
Nicholas, the plans’ actuary, told trustees the general employees plan showed a gross contribution requirement of roughly $686,000 and a net city contribution of about $622,000 (after employee contributions). He said a change to the mortality table—required to align with the Florida Retirement System’s five‑year experience study—added liability because “people are living a bit longer,” and that produced a modest increase in the contribution. On a smoothed actuarial basis the general plan’s funded ratio is reported at about 92.9%; using market value the plan would be above 100%.
For the Police Officers plan, the actuary reported a larger contribution increase (gross about $1.39 million, net city contribution after offsets about $910,000). That plan’s funded ratio fell more substantially, the actuary said, driven by a combination of recent large salary increases and the same mortality assumption change.
Trustees asked specific follow‑ups: members pressed for more detail about an administrative expense allocation that rose from about $60,000 to roughly $120,000 year‑over‑year, and about a payable the plan showed to the city that reflected timing of reimbursements. Manuel Brown asked about an unresolved overpayment case; staff said the account had been closed and requested follow‑up from finance to confirm whether any recovery remains outstanding.
After questions and discussion, both boards moved and voted to accept and file the actuarial valuation reports.
Nicholas recommended keeping the long‑term investment return assumption at 6.25%; trustees voted to adopt that assumption for funding and disclosure purposes.
