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City of Ithaca Council hears MERS valuation report projecting full funding by 2028 if extra contributions continue
Summary
At its March 17 meeting the City of Ithaca City Council received the Municipal Employees' Retirement System of Michigan's 2024 actuarial valuation. MERS presenter Marne Daggett said the pension plan could be fully funded by 2028 if the city continues contributing above the minimum required amounts.
Marne Daggett of the Municipal Employees’ Retirement System of Michigan presented the 2024 Annual Actuarial Valuation Report to the City of Ithaca City Council on March 17, outlining the pension system’s liabilities and recommended contribution rates.
Daggett told council members that, based on assumptions in the valuation, “if the city continues to contribute more than the minimum required contributions, as they have for the past several years, the city will be fully funded in 2028.” The report was provided as part of the consent-agenda materials and was discussed during the New Business portion of the meeting.
City Treasurer Luke Klifman and council members questioned the report’s forecasts and were told the valuation reflects actuarial assumptions and recent contribution history. The report’s key practical implication is that maintaining higher contributions now could reduce long-term required contributions and improve the plan’s funded status.
The council did not take any separate vote on the valuation itself during the meeting; the report was presented for information and budget planning. The meeting record shows no specific dollar changes or new contribution schedules adopted at this session. The council moved on to other agenda items after the presentation.
