Consent 11.
Regular Board of Supervisors Meeting
Finance
- Meeting Date:
- 10/26/2021
- Title:
- PSPRS - Accept the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report.
- Submitted By:
- Daniel Duchon, Finance
- Department:
- Finance
Presentation:
No A/V Presentation
Recommendation:
Approve
Document Signatures:
BOS Signature NOT Required
# of ORIGINALS
Submitted for Signature:
Submitted for Signature:
0
NAME
of PRESENTER:
of PRESENTER:
Daniel Duchon
TITLE
of PRESENTER:
of PRESENTER:
Budget Manager
Docket Number (If applicable):
Mandated Function?:
Federal or State Mandate
Source of Mandate
or Basis for Support?:
or Basis for Support?:
ARS 38-863
Information
Agenda Item Text:
Accept the employer's share of the Public Safety Personnel Retirement System (PSPRS) and Corrections Officer Retirement Plan (CORP) assets and liabilities under the system based on the system's actuarial valuation report.
Background:
Per ARS 38-863, the Board must accept the employer's share of the assets and liabilities under the system based on the system's actuarial valuation report. Current PSPRS assets are $21,370,919, liabilities are $58,121,693 and unfunded liabilities are $36,750,774, with a funded ratio of 36.8%. Current CORP assets are $7,110,649, liabilities are $13.964.672 and unfunded liabilities are $6,854,023, with a funded ratio of 50.9%.
Department's Next Steps (if approved):
Post to website along with PSPRS funding policy.
Impact of NOT Approving/Alternatives:
In violation of ARS 38-863.
To BOS Staff: Document Disposition/Follow-Up:
Budget will post to website.