The valuation was presented by CCCERA’s actuary, Segal Consulting. The ratio of the valuation value of assets to actuarial accrued liabilities remained unchanged at 91.0%. The Association’s unfunded actuarial accrued liability (UAAL) has increased from $1.12 billion to $1.17 million. The increase in UAAL is primarily due to an investment return on valuation value (after asset smoothing) less than the 6.75% and individual salary increases greater than expected by the assumptions used in the December 31, 2023 valuation, offset somewhat by the contributions made during the year to pay down the UAAL and changes in actuarial assumptions.

The average employer rate calculated in this valuation (excluding any employer subvention of member rates or member subvention of employer rates) has decreased from 28.52% of payroll to 28.02% of payroll. This decrease is primarily due to amortizing the prior year’s UAAL over a larger than projected total payroll and changes in actuarial assumptions, partially offset by the investment return on the valuation value (after asset smoothing) less than the assumed rate of 6.75% and individual salary increases greater than expected by the assumptions used in the December 31, 2023 valuation.

December 31, 2024 Actuarial Valuation