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The board approved the October 1, 2025 actuarial valuation and set the plan’s expected rate of return at 7%. It also capped both cyber security insurance renewal spending and fiduciary liability insurance renewal spending at $10,000 each, and approved the investment policy with updated anti-BDS language.
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The board accepted the latest actuarial review of the pension plan and kept the expected long-term return at 7%, which is a key assumption used to measure the plan’s financial health. It also allowed staff to move forward with insurance renewals by setting spending caps for cyber security and fiduciary liability coverage. The board approved sending draft audited financial statements to the City by January 19, 2026 and approved the final administrative budget expenses for fiscal year 2024-2025. It also approved a revised investment policy and a change in private debt investing by bringing back Churchill.
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