It noted the county’s retirement apparatus is now 76.4 percent funded, compared to 71 percent a year ago. The key metric that reflects a sound pension system is considered 80 percent funded status.
The county’s unfunded pension gap is $2.24 billion, compared to $2.49 billion estimated in the prior year, according to PARC.
Publication Date: 1 Mar 2022
Publication Site: Patch.com
According to the report, the county’s retirement apparatus is now 71% funded, compared to 70% in January 2020.
Although the unfunded pension gap increased from $3.5 billion to $3.6 billion in that time, the total market value of the county’s assets also grew, from $8.1 billion to $8.8 billion, according to PARC.
If investment growth remains positive, and the county’s financial condition does not suffer from additional financial shocks like the one stemming from coronavirus, PARC estimated that the 80% funded status could be attained by 2027.
Author(s): City News Service
Publication Date: 9 February 2021
Publication Site: Desert Sun