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The fund’s funded ratio decreased from 60.1% in 2024 to 55.9% in the January 1, 2026 actuarial valuation, while its unfunded liability rose from $2.8 million to $3.4 million. The committee unanimously approved an updated mortality table, accepted the actuarial and investment reports, and authorized $55,000 quarterly drawdowns for expenses.
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The valuation shows that the fund has fewer assets than projected future benefit obligations, with the gap increasing to $3.4 million. The committee approved an updated method for estimating member longevity; the actuary said it would have minimal effect on liabilities or contributions. The committee also approved regular quarterly withdrawals to pay fund expenses and accepted two new members.
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