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The board approved reducing the pension plan’s investment return assumption from 6.50% to 6.25% for the October 1, 2025 actuarial valuation. The change is expected to increase the City’s required fiscal 2025-2026 contribution by approximately $137,000, from $1,755,364 to $1,892,434.
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The lower investment assumption reflects a more conservative outlook for the closed firefighter pension plan and could increase the City’s funding obligation. A new mortality assumption is expected to reduce that requirement by about $93,000, partially offsetting the increase. The board also approved a $151,000 fiscal 2025-2026 budget, audit services totaling $8,000, and an updated summary plan description for active members.
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