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The plan’s estimated required City contribution rose to 15.16%, up from 12.22% the prior year, while its funded ratio declined to 91.2% from 93.6%. Trustees also approved a $500,000 portfolio rebalancing, the actuarial valuation, a 6.35% expected return assumption, and payment of plan expenses.
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The retirement plan remains funded at 91.2% of its actuarial liability, but updated mortality assumptions increased the contribution rate required from the City. Plan assets grew to approximately $25.8 million, while the unfunded actuarial liability rose to $220,743. The Board approved the financial and actuarial actions needed to manage the plan and did not approve any individual benefits at this meeting.
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