At the March 10th meeting, SDCERS’ Board of Administration approved the June 30, 2022 actuarial valuations for its three plan sponsors. These valuations determine each plan sponsor’s Fiscal Year 2024 Actuarially Determined Contribution (“ADC”), which are expected to be paid on July 1, 2023.
The City’s ADC for Fiscal Year 2024, is $448.1 million. The valuation is a snapshot in time on June 30, 2022; the City’s active employees affected by Proposition B who retroactively joined the system on July 9, 2022 were not included in the valuation results. However, the SDCERS Board of Administration voted to include the City’s FY24 Normal Costs and the first year of the 20-year amortization of the liability shortfall for these same 3,200 members in the ADC due July 1, 2023.
The Port’s Fiscal Year 2024 ADC is $19.2 million, and the Airport’s is $4.96 million.
You can review all three June 30, 2022 valuations, as well as past years’ actuarial valuation reports, here.