The County Employees Retirement System (CERS) Board of Trustees voted Wednesday to accept economic assumptions recommended by its Actuarial Committee.
The committee met on Monday to discuss the latest assumptions from actuarial consultants GRS. Senior Consultant Danny White reported the three primary economic assumptions used. His findings suggested that price inflation (2.3%), investment returns (6.25%), and payroll growth (2%) should remain constant.
Some trustees questioned whether to raise price inflation considering current conditions have reached a 40-year high. White told the board that the long-term assumptions have remained relatively level.
Board member Jerry Powel urged calm, saying, “To raise it now is to panic and a disservice to everyone by doing that.”
Trustees voted to take the recommended action, instead of making a major shift.
The Board will hold its annual meeting on April 20.