Retirement Board defers on pension funding assumptions
The Shrewsbury Retirement Board deferred action on proposed pension funding assumption changes after receiving preliminary actuarial results showing a projected decrease in funded status.
Retirement Board · Meeting of September 24, 2026
SHREWSBURY — The Shrewsbury Retirement Board deferred action on proposed pension funding assumption changes after receiving preliminary actuarial results showing a projected decrease in funded status. Chairperson Zhmin Li heard from Linda Bournival of KMS Actuaries that the January 1, 2026 valuation showed the decline was driven by demographic losses and proposed assumption updates, partially offset by plan contributions and interest earnings. The board requested additional analysis and expressed interest in exploring a new funding schedule, specifically increasing expected salary growth and reducing the assumed rate of return.
Town Manager Kevin Mizikar noted current financial constraints will require discussion of funding capacity. The board unanimously approved a PRIT Fund transfer not to exceed $900,000 by September 30, 2026.
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Source: the Retirement Board meeting of September 24, 2026, compiled from the official minutes.
Checked against the official minutes.
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