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Employees Covered by Benefit Terms. At January 1, 2024, the following employees were covered by the benefit terms:
Inactive plan members or beneficiaries currently receiving benefits 309
Inactive plan members entitled to but not yet receiving benefits 125
Active plan members 488
922
Contributions. Required contributions to the plan are governed by the 2021 agreement. The PMRS Board will actuarially determine the normal cost of the benefits provided under the contract (2021 agreement) and any liability associated with the actuarial experience of such benefits which shall be contributed annually by the County. Members shall contribute six percent of their compensation to fund the annuity. Members shall also have the option to contribute an additional percentage to fund the optional contribution annuity. The total of the mandatory and optional contributions shall not exceed sixteen percent (16%) of the member's compensation. Optional contributions shall be based on whole percentages and may only be changed or stopped one time per calendar year with written notification to the System.
Payment shall be made by payroll deductions and transmitted to the System by the County in accordance with established System procedures. For the year ended December 31, 2025, the average active employee contribution rate was 6.0% of annual pay, and the County's average contribution rate was 7.36% of covered annual payroll.
The County’s net pension liability was measured as of December 31, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of January 1, 2024 with update procedures performed to roll forward the liabilities to December 31, 2024.
Actuarial assumptions. The total pension liability was measured as of December 31, 2024 and was determined using the following actuarial assumptions, applied to all periods included in the measurement:
| Investment rate of return | 5.50%, |
|---|---|
| Projected salary increases | Age related scale with merit and inflation component |
| Inflation | 2.2% |
Mortality rates Pre-Retirement were based on the PUB-2010 Male General Employees male table and the PUB-2010 Female General Employees female table. Mortality rates Post-Retirement were based on the RP-2006 Male annuitant male table and RP-2006 Female annuitant female table.
The discount rate was changed from 5.25% to 5.50% for the 2024 measurement period.