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Actuaries: plan meets large-system thresholds; senators’ bill on alternatives vetoed by governor
Summary
Presenters told the committee the plan meets large retirement system thresholds that allow expanded investment options and noted a recent state bill to expand alternatives investing was vetoed by Governor Kemp; actuaries also displayed an ASOP 4 disclosure showing a hypothetical $57 million unfunded amount under a risk‑free discount rate.
Presenters compared Glynn County’s assumptions and funded status to peer plans and said the county meets the thresholds to qualify as a large retirement system, which would permit some expanded investment options under applicable rules. "So, you're over 80% funded...you do qualify, to being a large retirement system," the actuary explained while showing the benchmarking slides.
Watts also noted a proposed state bill that would have expanded alternative allocations but said the measure was vetoed by Governor Kemp and would need reintroduction to proceed. The actuarial team additionally presented an ASOP 4 disclosure illustrating a hypothetical valuation using a low‑risk discount (about 5.4%), which produced an illustrative unfunded amount near $57,000,000 — a risk‑transfer style figure rather than the plan’s funding basis.
