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MERS official reports Kalkaska County closed plans 62.9% funded, new plans fully funded
Summary
A regional MERS manager told the board that Kalkaska County's closed pension plans are about 62.9% funded and that newly created plans are fully funded; he agreed to provide a 5–7 year payment schedule of assumptions.
Tony Radjenovich, the MERS regional manager, briefed the board on the actuarial status of Kalkaska County retirement plans. Radjenovich reviewed the effect of investment returns and life-expectancy assumptions, noted the lingering impact from the 2008 downturn, and reported that Kalkaska County's closed plans are approximately 62.9% funded while new plans are fully funded.
Commissioners asked about state funding assistance and whether municipalities that maintained stronger funding positions are disadvantaged by statewide changes. Radjenovich agreed to provide a payment schedule using projected assumptions over a 5–7 year horizon to County Administrator Patrick Whiteford for further evaluation.
The board's discussion was exploratory; no pension policy changes or funding commitments were voted at the meeting.
