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Actuary: Bethel's funded status improving; valuation timing forthcoming
Summary
An actuary at the meeting said Bethel's pension funded status is improving relative to peers and that the valuation report will be issued in October; officials discussed actuarial timing and confirmations needed from the actuarial team.
An actuary who spoke at the meeting highlighted that Bethel's employees plan (closed) and the police plan (open and accruing) are performing in line with peers, noting that the funded status "is increasing in amongst peers and other public funds." The actuary said the valuation process is underway and that she expects the valuation results to be available in October.
Committee members asked for clarifications about timing and inputs. Staff and the actuary noted three outstanding items the actuary's team needed to complete the valuation; the actuary confirmed she would work with staff and return results at the next reporting cycle.
The actuary emphasized that while recent returns are favorable relative to the 6.5% liability discount rate being used, assumptions and cash flows still matter for long‑term funded status. The meeting did not adopt any change to actuarial assumptions during this session.
