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Rockledge pension boards approve lowering assumed rate of return to 7.25%
Summary
All three City of Rockledge pension boards voted to lower the assumed annual rate of return to 7.25% and to continue 0.10% annual reductions for the next three years, with an annual subcommittee review.
The City of Rockledge’s General, Fire and Police pension boards unanimously approved lowering the assumed annual rate of return from the prior assumption to 7.25% and agreed to a 0.10% reduction each year for the next three years. The change was presented by the actuary and the rate‑of‑return subcommittee as a multi‑year glide path; the boards recorded formal motions to adopt the recommendation.
The General Employees’ Board moved to "approve the lowering of the assumed rate of return to 7.25% and continue a 0.10% rate reduction annually for the next three years as presented," a motion made by John Cooper and seconded by Elon Poole and passed unanimously. Parallel motions were made and passed by the Fire and Police boards (Fire motion by Desiree Babbs; Police motion by Patrick Kennedy). The boards instructed the subcommittee to meet annually to confirm subsequent reductions and noted the new assumption will be reflected in the next annual valuation.
