Original Record
FY2027 Retirement Section
Complete photographed source for binder pages 63–77, including the multiplier proposal, actuarial summary, peer comparisons, funding explanation, and employee examples.
View Original Source PDFCity of Auburn FY2027 Budget
Retirement
Working FY2027 retirement-plan enhancement material from binder pages 63–77, including the proposed GMEBS benefit-multiplier increase, actuarial cost figures, funded-ratio effects, peer comparisons, and employee examples.
Status note. The binder presents a proposed retirement-plan enhancement. These pages do not establish that the change was finally adopted or implemented.
Plain-Language Summary
Retirement Plain-Language Summary
Independent explanation of the proposed 1.60% to 2.50% benefit-multiplier change, estimated annual City contribution, funded-ratio effects, and example pension calculations.
This companion is not an official City of Auburn document. Refer to the photographed source for the original record.
Read Plain-Language SummaryResearch Notes
Retirement Independent Research Notes
Independent notes on the underlying actuarial study, 20-year amortization language, funded-status framing, peer-data age and selection, recruitment rationale, and employee-example limitations.
Read Research NotesWhat the current record shows
- The proposal increases the GMEBS benefit multiplier from 1.60% to 2.50%, a 56.25% increase in the pension formula.
- The plan snapshot shows 46 covered employees and $2,852,412 in covered payroll.
- The recommended annual City contribution rises from $172,669 to $329,264, an increase of $156,595.
- The contribution rate rises from 5.91% to 11.27% of covered payroll.
- The funded ratio is shown falling from 95.87% to 78.47% on an actuarial-value basis and from 108.42% to 88.74% on a market-value basis.
Open documentation questions
- The full assumptions and contribution path contained in the underlying Segal Consulting actuarial study.
- How the annual contribution increase relates to the 20-year amortization of the underlying liability.
- Whether the January 2023 peer-plan data was re-verified before the 2026 proposal.
- Whether the 2.50% multiplier was ultimately approved through a Council vote or GMEBS plan amendment.
- Clarification of the inconsistent wording in Employee Example #2 concerning gross and after-tax monthly increases.
Follow-up records
No follow-up records have been added yet. Later actuarial material, plan amendments, Council action, or updated peer information should be added here rather than rewriting the original source package or its initial companion documents.
Provenance: Photographed from the City of Auburn FY2027 Mayor & Council Budget Presentation Binder made available for public inspection at Auburn City Hall. Photographed August 31, 2026. The binder identifies a Segal Consulting actuarial benefit study dated April 10, 2026. Companion summary and notes are independently prepared and are not official City documents.