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Actuary reports Winter Springs pension fund regained ground; minimum contribution falls
Summary
GRS actuary Shelley Jones reported strong investment returns and smoothing left the plan's smoothed funded ratio at 92.8%; the minimum contribution dropped to $1,070,408 (24.7% of payroll), with the city's share at $853,726 (19.7%).
Shelley Jones, an actuary with Gabrielle Rotor Smith and Company, presented the pension system's annual actuarial valuation to the Winter Springs board on May 14, reporting stronger‑than‑expected asset performance and an improved funded position.
"This year, our contribution is lower," Jones said, summarizing the valuation. She told trustees the smoothed funded ratio stands at 92.8% and that the plan recorded approximately $3.6 million of market outperformance for the valuation year; smoothing reduced the immediate recognition of that gain to about $723,000 for this year's contribution calculation and left roughly $7.6 million in deferred gains.
Jones said the valuation sets the minimum total contribution at $1,070,408 (24.7% of payroll). Members contribute 5% of pay ($216,682) and the city's required share is $853,726 (19.7% of payroll). The unfunded accrued liability decreased from about $7.3 million to $5.9 million on the plan's smoothed basis. The actuary noted statutory requirements to use the Florida Retirement System mortality assumption and that the report will be filed with the state once accepted.
Trustees voted to accept the valuation as presented. Jones said, per statute, filing the valuation with the state will start a 60‑day compliance clock and that the plan will ensure minimum contributions are satisfied in the next fiscal year.
What's next: the clerk will forward the valuation to the state and the city will incorporate the approved minimum contribution in its FY27 budget planning.
