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The Board approved an actuarial valuation showing the City’s estimated required contribution falling from $1,738,988 to $1,590,216, while the plan’s funded status rose to 76.5% from 72.6%.
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The pension plan had $41.6 million in assets at the end of fiscal year 2025 and 76.5% of its obligations were funded. The Board approved a 6.25% long-term investment return assumption, updated its investment policy, and approved fiscal-year administrative expenses of $129,935.21 against a $151,000 budget. The plan has 9 active members and 68 non-active beneficiaries, making investment performance especially important.
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