3. The funded status of the Retirement System will continue to increase gradually towards a 100%

Quarterly Pension Meeting · 2026-05-26 · agenda_item

This item concerns the City of Jacksonville Beach's Quarterly Pension Meeting, focusing on the retirement system's funded status. The report indicates a gradual increase towards a 100% funded ratio, with actuarially determined contributions being critical for the plan's financial health. While contributions at the determined rate are important, they do not guarantee benefit security. The report also details limitations of funded status measurements, primarily based on the Actuarial Accrued Liability and the Funding Value of Assets. This is an early stage review of financial planning for the pension system. The work involves financial analysis, actuarial services, and potentially legal review of funding policies. Local businesses in financial consulting, accounting, and legal services may find opportunities to engage with the city as these plans are reviewed and implemented.