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The Board unanimously approved the annual valuation, which sets a minimum fiscal 2027 pension funding requirement of $717,958, including an estimated City share of $312,699.
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The retirement plan ended the valuation year with a 91.75% funded ratio and $22.4 million in market assets after a 13.11% market-value investment return. The Board also approved a 7.25% long-term expected investment return. It authorized studies of possible benefit increases, including longer service accrual and an expanded DROP period from five to eight years, but no benefit changes were adopted at this meeting.
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