Legacy Cost Information
Pension Plan
The City has received its annual actuarial for the Municipal Employees’ Retirement System (MERS) defined benefit pension plan as of December 31, 2021. This plan consists of eight employee divisions which includes 3 active members, 7 vested former members, and 65 retirees and beneficiaries. Depending upon the division, the plan was closed to new participants on various dates from 1997 through 2007. No debt has been issued to pay down this liability.
Total Liability $22.2 million
Unfunded Liability $3.05 million
Funded Percentage 86%
Retiree Healthcare
The City has received its annual actuarial for the retiree healthcare plan as of December 31, 2022. This plan consists of 10 active members and 72 retirees and covered spouses. This plan is closed to new participants. No debt has been issued to pay down this liability.
Total Liability $10.0 million
Funded Percentage 115%