Council flags pension study timing and a date typo in the audit packet
Summary
Council members noted the pension experience study cited in the audit packet dates to 2018 and questioned whether it should be updated every five years; the auditor said annual actuarial reports are provided and agreed to correct a date typo on page 50 before finalizing the audit.
A council member drew attention to the pension section in the audit packet and said the most recent experience study referenced was dated Nov. 29, 2018, noting the Government Finance Officers Association recommends reviewing that experience study every five years. The council member asked staff and auditors to consider placing an update on a future meeting agenda.
Kristin McAllister said the City receives annual actuarial reports for pension plans and OPEB, and that the referenced experience study is a separate document handled by the actuary. She also acknowledged a typographical error on page 50 of the packet where a date read "September 30th 204" and said she would correct the date to 2024 in the final version.
AI generated
The text on this page is AI generated. Summaries, highlights, analysis, and video transcripts are all produced from the original source material.
AI can make mistakes, so if you spot one, and we will fix it for everyone.
Note: the source content is unaltered by us. Any content source we link to, be it a video, an audio recording, or a document, is presented exactly as its publisher released it. That publisher is usually a government body, sometimes an individual official or another organisation.
