[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6680395,"mediaKeyId","2241254-21e04ca6fe87168498a68e73b839b556","parentId",2241254,"title","Sedona PSPRS board: 2024 actuarial valuation shows tiers 1–2 overfunded; payroll-growth assumption flagged","audioSeconds",20,"startMs",155000,"endMs",175000,"viewUrl","/Search/View?dp=1&key=2241254-21e04ca6fe87168498a68e73b839b556&start=155&end=175","thumbnailUrl","https://assets.pipeline.soar.com/2241254-21e04ca6fe87168498a68e73b839b556/thumbnail_155000.jpg","articleUrl","/articles/6680395/Sedona/Yavapai-County/Arizona/Sedona-PSPRS-board-2024-actuarial-valuation-shows-tiers-12-overfunded-payroll-growth-assumption-flagged","mediaUrl","https://secure.pipeline.soar.com/6680395-c864d30112216666acc9ec4fb388740e/orig.mp4?Expires=1771211566&Signature=M~Iq53QFSGyJzTsZ3F-ixUtnzMPFEvk36D6aRa5aGzJRQXZAhP-jKLDVKHoIatOlY2FTSDYX27yKHRm5m0499GasCzGifEb~BZ-1LBZ0eqpKqmsV4Zp-rriSkprQ6umpQV3RjxyUteG6Bb7dfftlaRv~KZKSlk6rkhTb3ofd6kvZZZAcSUZWpoffW4R4yl4RVjfL9~xImfYfH~GNR16JvUzvk~AY7MgrXBCgbAUTQvfaoKa8KWF39DQBIAE5GWnTLY0w4Ju338GSQx3abJqnGjOaVZm4i7jY3Jta8xBCkOg6CXhghnUWYFiQ97FFyE-0rcUT9OXgQUsmSDZnJi5OVQ__&Key-Pair-Id=KUT5TJCACFTXG","author","Sedona","date","2025-02-06T00:00:00Z","article","On Feb. 6 the Sedona Police Department Public Safety Personnel Retirement System (PSPRS) board reviewed the June 30, 2024 actuarial valuation and heard that tiers 1 and 2 are currently overfunded while tier 3 remains substantially overfunded.

Barbara Whitehorn, director of financial services, told the board \"the unfunded liability is negative. 1,300,000.0. So we are currently overfunded,\" and said the tier 3 plan is \"that's $13,000,000 overfunded.\" Whitehorn said a $1,200,000 payment made in fiscal 2025 was not included in the actuarial number the board received, and that omission means the actual overfunding is larger than the report's headline figure.

Whitehorn said the valuation report establishes minimum required contribution rates for the following fiscal year and recommended the city make the required minimum contribution for fiscal 2026 rather than increasing payments. She described the funded status as likely to decline over time as payroll and other assumptions change, and recommended monitoring that trajectory rather than increasing contributions now.

Why it matters: funded status and contribution rates affect the city's budget and long-term pension sustainability. Whitehorn emphasized that lump-sum payments from city reserves in prior years materially improved the funded status, reducing near-term contribution requirements.

Key points from the presentation:

- Funding status and recent payments: Whitehorn noted a negative unfunded liability of $1,300,000 for tiers 1 and 2 and said the actuarial calculation did not reflect a roughly $1.2 million additional payment made in fiscal 2025.

- Tier 3: Whitehorn described tier 3 as managed differently and said it is approximately $13 million overfunded; no additional payments have been made specifically for tier 3.

- Assumptions and risks: Whitehorn flagged a change in PSPRS payroll-growth assumptions, from 2% down to 1.5%, as a concern. She said, \"if their assumption is a growth of only 1.5 and our growth is 5%, that difference is something that we're gonna have to make up unless the rate of return remains high.\" She also noted the plan's rate-of-return assumptions have moved and that PSPRS increased assumed rates after strong investment returns.

- Covered persons: For tiers 1 and 2 the board was told there are 19 retirees and beneficiaries, 12 active employees, five inactive vested members and one participant in a DROP arrangement; tier 3 showed nine active employees.

- Governance and policy: Whitehorn said the city council previously adopted a policy to pay down unfunded liability and that the city's strategy of making lump-sum payments from reserves improved the funded status and budgetary flexibility.

Board reaction and next steps: board members and staff did not take formal action on the valuation at the meeting; Whitehorn said the board should \"keep an eye on\" the payroll-growth assumption and the PSPRS board's changing assumptions. She said the board can consider an additional payment scenario in a future year if assumptions or experience warrant it.

The presentation closed with the board praising the city's proactive payments and management of the pension plans. No vote was taken on contributions or policy at the Feb. 6 meeting.","mediaType","Video","parentTitle","Sedona - PSPRS Meeting - Feb 06, 2025","oneSentenceSummary","On Feb. 6 the Sedona Police Department Public Safety Personnel Retirement System (PSPRS) board reviewed the June 30, 2024 actuarial valuation and heard that tiers 1 and 2 are currently overfunded while tier 3 remains substantially overfunded.","taxTitle","Sedona, Yavapai County, Arizona","taxId",54295,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6680392,"Sedona PSPRS board unanimously admits two officers into Tier 3 PSPRS",132,1247000,1379000,"/Search/View?dp=1&key=2241254-21e04ca6fe87168498a68e73b839b556&start=1247&end=1379","https://assets.pipeline.soar.com/2241254-21e04ca6fe87168498a68e73b839b556/thumbnail_1247000.jpg","/articles/6680392/Sedona/Yavapai-County/Arizona/Sedona-PSPRS-board-unanimously-admits-two-officers-into-Tier-3-PSPRS","https://secure.pipeline.soar.com/6680392-43d2c29b4abf10f8ad9be5b2cafac62b/orig.mp4?Expires=1771211566&Signature=WbB3PA6owDoyKVeUgJT3FUAOBAs4pWqvnIitaPUspYm7mvhrZRwQJX7xPquhweFm9mXSPaBhnIzzbhZfqGIVUtz3HQCDdYWi2jXeDgML~wYecGZegW~TCp5PEn32EQvMQFoxAHD7yiV9xBXRWe0M3C6vNzce~VPg3ye3syxjsClcF8XWId~yatBqgy20KHaBAb~NYHSZ~nQH6KOSaXGz9Spun12cS3h~MaIBfvr8o99VnWiwS-dMO92ocHhR29Kx7mZ5N60i9B9wb53K8BMoQubNbv3RcvZIAfwLEqcUnN5b-Yiy6VcYtiZUJDfQX0iHIBPbffNP~YNVHMnFehXZoA__&Key-Pair-Id=KUT5TJCACFTXG","The Sedona Police Department PSPRS board voted unanimously on Feb. 6 to approve Tier 3 membership for two officers, making both effective March 13, 2025.

The board approved the consent agenda, adopting the October meeting minutes on a unanimous voice vote after a motion by Board member Lynn Xenakis. \"Those minutes are approved unanimously,\" the chair said.

On officer memberships: the board approved Tier 3 membership for Robert Joyce \"with noted pre existing conditions effective 03/13/2025.\" The motion passed unanimously; the motion was seconded by Board member Lynn Xenakis and the board chair declared the motion adopted.

The board then approved Tier 3 membership for Elizabeth Pedrosa \"with noted preexisting conditions effective March thirteenth of 2025.\" Board member Michael Lucas moved the Pedrosa motion; Board member Corey Cooperman seconded. The motion passed unanimously.

Votes at a glance:

- Approval of October minutes: motion by Lynn Xenakis; second not specified in the transcript; vote 5–0, outcome: approved unanimously.

- Robert Joyce, Tier 3 membership (effective 03/13/2025): motion mover not specified in the transcript; second: Lynn Xenakis; vote 5–0, outcome: approved unanimously. Note: membership approved \"with noted pre existing conditions.\"

- Elizabeth Pedrosa, Tier 3 membership (effective 03/13/2025): motion by Michael Lucas; second by Corey Cooperman; vote 5–0, outcome: approved unanimously. Note: membership approved \"with noted preexisting conditions.\"

Other business: staff said they have a phone call scheduled with Dr. Wesley to discuss consistency in pre-employment physicals and forms; that conversation may become an agenda item at the next meeting depending on findings. The board set potential future dates and noted an academy recruit expected to graduate in May.

All formal votes recorded at the Feb. 6 meeting were unanimous; no roll-call dissent or abstentions were recorded.","At its Feb. 6 meeting the Sedona PSPRS board unanimously approved Tier 3 membership for officers Robert Joyce and Elizabeth Pedrosa effective March 13, 2025; the board also approved consent minutes and discussed a future item on pre-employment physicals.","actionData","errors"]

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Sedona PSPRS board: 2024 actuarial valuation shows tiers 1–2 overfunded; payroll-growth assumption flagged

Sedona PSPRS board unanimously admits two officers into Tier 3 PSPRS