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Actuaries: Glynn County pension funded about 82%; smoothing masks larger market gains
Summary
Actuaries told the Glynn County Pension Committee that the 01/01/2026 valuation shows an improved funded position of roughly 82% on a smoothed basis, with a recommended contribution near $5.7 million though the budgeted (smoothed) payment is about $5.0 million; next year’s contribution is expected to rise as smoothing phases out.
Actuaries presenting the 01/01/2026 valuation told the Glynn County Pension Committee the plan’s funded position improved from about 81% to roughly 82% on an actuarial (smoothed) basis and that the calculated contribution for the coming year would be approximately $5,700,000 absent smoothing. "Total contributions to the plan last year were just under $6,000,000," Laura Watts said while reviewing the valuation exhibits.
Watts and colleague Samantha Olsen explained the firm recognizes market gains and losses over five years and that, because of smoothing, the plan’s actuarial value understates recent market gains; Olsen said more than $11,000,000 of market gains remain to be recognized. The actuaries described an unfunded actuarial liability of about $31,600,000 amortized over a 14‑year closed period; the committee’s budget currently reflects a smoothed payment of about $5,000,000. Presenters warned that next year, as smoothing completes, the budgeted contribution could increase by roughly $700,000 if other assumptions and market conditions remain equal.
