G. Retirement plans (continued)

City Council Meeting · 2026-04-28 · agenda_item

This item concerns actuarial assumption updates for retirement plans, specifically the FRS Pension Plan and the HIS plan. The actuarial assumptions were based on a study from 2013 to 2018. Key changes in 2022 include a decrease in the FRS discount rate from 6.80% to 6.70%. For the HIS plan, demographic assumptions for the Special Risk class were updated, and the election assumption for vested terminated members changed from 20% to 50%. Additionally, the municipal bond index rate and discount rate for the HIS plan increased from 2.16% to 3.54%. This item is under review as part of a city council meeting. The work involves financial analysis and actuarial services, with potential future implications for municipal finance and planning. Businesses specializing in actuarial consulting, financial analysis, and municipal finance advisory services may find opportunities related to these ongoing reviews.