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The board approved the actuarial valuation on a 4-0 vote, lowering the minimum required pension contribution from 13.8% to 12.3% of projected payroll for the fiscal year ending September 30, 2027. The estimated city contribution declined from 8.8% to 7.3%, while estimated employee contributions remained at 5.0%.
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The change reduces the estimated amount the city must contribute to the general employees pension fund, based on updated salary, retirement, mortality, withdrawal, and disability assumptions. The board also approved investment reports and related items on 4-0 votes. The fund's reported ending market value for the quarter was $19,017,396, and the board approved a $1 million allocation to a private real estate fund.
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