The disclosure comes as the Board of Supervisors approves a voluntary $31 million payment into the county retirement fund
New analysis says city assumptions on employee longevity, investment returns are sound; proposed slowdown to pension debt payoff to be discussed in JanuaryPension debts climb when fund managers lower their assumed return rates or extend mortality expectations. The projected value of the portfolio is reduced even though the amount of benefits stays consistent.
The association is governed by a nine-member board of elected officials, volunteers and current and former employees. Unfunded liabilities grow when contributions and investment returns fail to meet the payments to beneficiaries. “These actions are a part of a long-term plan to manage ongoing pension costs to help ensure the county’s commitment to providing for employees’ retirement while maintaining service delivery to the public in the long term,” the report to supervisors said.
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