Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension topic
No spam. Unsubscribe anytime.
Actuary says county pension plan fully funded and in surplus; COLA discussions to resume before budget
Summary
Commissioners reported that a Definity actuary found the county pension plan fully funded with a surplus; officials said they will analyze a potential cost-of-living increase for retirees with the actuary and investment manager before budget deliberations.
Commissioners summarized results from a recent retirement board meeting and an actuary presentation indicating the county's pension plan is in a surplus position.
A commissioner said the Definity actuary report shows the plan is fully funded and currently has more cash than obligations. "The county's pension plan is fully funded, but it also has a surplus position," the speaker said, noting that the investment allocation and diversification have helped the plan weather market fluctuations without requiring higher taxpayer contributions.
Officials said a triennial calculation is used to determine recommended cost-of-living adjustments (COLAs) for retirees who have paid into the plan; the calculation was not completed recently and a COLA was tabled during last year's budget process. County staff will consult with the investment manager and the actuary to model costs and fiscal impact before discussing possible changes during the next budget cycle.
Why it matters: A fully funded pension reduces near-term fiscal pressure on the county budget and may allow consideration of benefit adjustments for retirees. County officials emphasized prudence and the need for actuarial analysis before any decision.
Next steps: County staff will work with the actuary and investment manager to produce cost scenarios for the next budget process.
