PSPRS Fire Valuation Report ending June 2025

Arizona Public Safety Personnel 
Retirement System 
 
WICKENBURG FIRE DEPT. (217) 
 
 
 
Actuarial Valuation 
 
 
 
 
As of June 30, 2025 
Contributions Applicable to the Plan/ 
Fiscal Year Ending June 30, 2027

13420 Parker Commons Blvd, Suite 104 Fort Myers, FL 33912 · (239) 433-5500 · www.foster-foster.com 
November 2025 
Board of Trustees 
Arizona Public Safety Personnel Retirement System 
 
Re: 
Actuarial Valuation as of June 30, 2025 for Wickenburg Fire Dept. (217) 
Dear Members of the Board, 
This report details the annual actuarial valuation of the Arizona Public Safety Personnel Retirement System 
(PSPRS) as of June 30, 2025. The valuation was performed to measure the plan’s liability and funding levels 
and to determine the actuarially appropriate funding requirements for the applicable plan year. This report 
was prepared for use by the Board and those designated or approved by the Board. Use of the results for 
other purposes may not be applicable and could produce significantly different results. 
DATA AND ASSUMPTIONS 
In preparing this report, we have relied on personnel, plan design, and asset information supplied by PSPRS. 
In our opinion, the assumptions used in the valuation, as adopted by the Board, represent reasonable 
expectations of anticipated fund experience. Other sets of assumptions and methods could also be reasonable 
and could produce materially different results. While we cannot verify the accuracy of all this information, the 
supplied information was reviewed for consistency and reasonableness. As a result of this review, we have no 
reason to doubt the substantial accuracy of the information and believe that it has produced appropriate 
results. This information, along with any adjustments or modifications, is summarized in various sections of 
this report.  
DISCLOSURES AND LIMITATIONS 
Future actuarial measurements may differ significantly from the current measurements presented in this 
report due to factors such as the following:  plan experience differing from that anticipated by the economic 
or demographic assumptions; changes in economic or demographic assumptions; increases or decreases 
expected as part of the natural operation of the methodology used for these measurements (such as the end 
of an amortization period); and changes in plan provisions or applicable law. Due to the limited scope of this 
report, we did not provide an analysis of these potential differences. 
The computed contribution rates shown in the “Contribution Results” section should be considered minimum 
contribution rates that comply with the Board’s funding policy and Arizona Statutes.  Users of this report 
should be aware that contributions made at that rate do not guarantee benefit security.  Given the importance 
of benefit security to any retirement system, we suggest that contributions to the System in excess of those 
presented in this report be considered. 
The funding percentages and unfunded accrued liability as measured based on the actuarial value of assets 
will differ from similar measures based on the market value of assets. These measures, as provided, are

appropriate for determining the adequacy of future contributions, but may not be appropriate for the purpose 
of settling a portion or all of its liabilities. 
This valuation assumes the continuing ability of the participating employers to make the contributions 
necessary to fund this plan.  A determination regarding whether or not the participating employers are 
actually able to do so is outside our scope of expertise.  Consequently, we did not perform such an analysis. 
In performing the analysis, we used third-party software to model (calculate) the underlying liabilities and 
costs. These results are reviewed in the aggregate and for individual sample lives. The output from the 
software is either used directly or input into internally developed models to generate the costs. All internally 
developed models are reviewed as part of the process. As a result of this review, we believe that the models 
have produced reasonable results. We do not believe there are any material inconsistencies among 
assumptions or unreasonable output produced due to the aggregation of assumptions. 
ACTUARIAL CERTIFICATION 
The valuation has been conducted in accordance with all applicable laws and regulations, as well as generally 
accepted actuarial principles and practices, including the applicable Actuarial Standards of Practice as issued 
by the Actuarial Standards Board; specifically No. 6 for Measuring Retiree Group Benefit Obligations/No. 4 for 
Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, No. 23 for Data Quality, 
No. 27 for Selection of Economic Assumptions for Measuring Pension Obligations, No. 35 for Selection of 
Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, No. 44, Selection and 
Use of Asset Valuation Methods for Pension Valuations, and No. 51, Assessment and Disclosure of Risk 
Associated with Measuring Pension Obligations.  
In our opinion, the Minimum Required Contribution set forth in this report constitutes a reasonable actuarially 
determined contribution under Actuarial Standard of Practice No. 4. 
The undersigned are familiar with the immediate and long-term aspects of pension/OPEB valuations and meet 
the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial opinions 
contained herein.  All of the sections of this report are considered an integral part of the actuarial opinions. 
To our knowledge, no associate of Foster & Foster, Inc. working on this report has any direct financial interest 
or indirect material interest in the Arizona Public Safety Personnel Retirement System, nor does anyone at 
Foster & Foster, Inc. act as a member of the PSPRS Board of Trustees. Thus, there is no relationship existing 
that might affect our capacity to prepare and certify this actuarial report. 
Respectfully submitted, 
Foster & Foster, Inc. 
 
 
____________________________ 
____________________________ 
Bradley R. Heinrichs, FSA, EA, MAAA  
Paul M. Baugher, FSA, EA, MAAA

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217) 
 
 
 
TABLE OF CONTENTS 
SUMMARY................................................................................................................................ 5 
CONTRIBUTION RESULTS .............................................................................................................. 8 
Development of Employer Contributions – Tiers 1 & 2 Members ............................................... 8 
Development of Employer Contributions – Tier 3 Defined Benefit (DB) Members ..................... 9 
Development of Contributions – Tier 3 Defined Contribution (DC) Members .......................... 10 
Contribution Rate Summary ....................................................................................................... 11 
Impact of Additional Contributions ............................................................................................ 12 
Historical Summary of Rates ...................................................................................................... 13 
LIABILITY SUPPORT ................................................................................................................... 14 
Liabilities and Funded Ratios by Benefit - Tiers 1 & 2 ................................................................ 14 
Liabilities and Funded Ratios by Benefit - Tier 3 ........................................................................ 15 
Derivation of Experience (Gain)/Loss ......................................................................................... 16 
Amortization of Unfunded Liabilities - Tiers 1 & 2 ..................................................................... 17 
Amortization of Unfunded Liabilities - Tier 3 ............................................................................. 17 
ASSET SUPPORT ....................................................................................................................... 18 
MEMBER STATISTICS ................................................................................................................. 23 
Statistical Data – Active Members.............................................................................................. 23 
Statistical Data – Inactive Members ........................................................................................... 24 
Active Age, Service and Pay Distributions – Tiers 1 & 2 ............................................................. 25 
Active Age, Service and Pay Distributions – Tier 3 ..................................................................... 26 
Age Distributions – Inactive Members ....................................................................................... 27 
ACTUARIAL ASSUMPTIONS AND METHODS ..................................................................................... 28 
PLAN PROVISIONS .................................................................................................................... 35 
ACTUARIAL FUNDING POLICY ...................................................................................................... 41 
SUPPLEMENTARY INFORMATION .................................................................................................. 46 
Glossary ...................................................................................................................................... 46 
Discussion of Risk ....................................................................................................................... 50

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
5 
SUMMARY 
The regular annual actuarial valuation of the Arizona Public Safety Personnel Retirement System for the 
Wickenburg Fire Dept., performed as of June 30, 2025, has been completed and the results are presented in 
this Report. The purpose of this valuation is to: 
 
Compute the employers’ recommended contribution rates for the fiscal year ending June 30, 2027.  
This information is contained in the section entitled “Contribution Results”. 
 
Compute the liabilities associated with benefits likely to be paid on behalf of current retired and active 
members and compare accumulated assets with the liabilities to assess the funded condition. This 
information is contained in the section entitled “Liability Support.” 
 
 
Valuation Date
 
June 30, 2025
June 30, 2024
Applicable to Fiscal Year Ending
2027
2026
 
 
 
 
 
EMPLOYER CONTRIBUTION REQUIREMENTS (AS A PERCENTAGE OF PAYROLL) 
Tiers 1 & 2 Members
 
 
 
 
Pension 
 
17.23%
16.10%
Health
 
0.30%
0.30%
Total 
 
17.53%
16.40%
 
Tier 3 Members 1
 
Pension 
 
8.58%
8.41%
Health
 
0.11%
0.11%
Total 
 
8.69%
8.52%
 
FUNDED STATUS
 
Tiers 1 & 2 Members
 
Pension 
 
98.6%
91.9%
Health
 
112.7%
108.6%
Total 
 
98.8%
92.2%
 
Tier 3 Members
 
Pension 
 
102.4%
107.9%
Health
 
198.3%
216.2%
Total 
 
103.6%
109.5%
 
 
 
 
1 The Tier 3 rates shown are the calculated rates as of the valuation date and do not reflect any Legacy costs that the 
employer must also contribute.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
6 
CHANGES FROM PRIOR YEAR 
Changes in the results from the prior year’s valuation can be illustrated in the following tables along with high-
level explanations for the entire System below: 
 
CONTRIBUTION RATE 
Tiers 1 & 2 
 
Tier 3 Members 
Pension
Health
 
Pension
Health
Contribution Rate Last Valuation 
16.10% 
0.30% 
 
8.41% 
0.11%
Asset Experience 
(0.22%)
0.00% 
 
(0.17%) 
0.00%
Payroll Base 
(0.15%)
0.00% 
 
0.00% 
0.00%
Liability Experience 
0.59% 
(0.02%) 
 
(0.32%) 
0.00%
Additional Contribution 
(2.94%)
0.00% 
 
0.00% 
0.00%
Assumption/Method Change 
0.00% 
0.00% 
 
0.00% 
0.00%
Compensation Limit Update 
0.00% 
0.00% 
 
0.67% 
0.00%
Other 
3.85% 
0.02% 
 
(0.01%) 
0.00%
Contribution Rate This Valuation 
17.23% 
0.30% 
 
8.58% 
0.11%
 
FUNDED STATUS 
Tiers 1 & 2 
 
Tier 3 Members 
Pension
Health
 
Pension
Health
Funded Status Last Valuation 
91.9% 
108.6% 
 
107.9% 
216.2%
Asset Experience 
0.7% 
0.8% 
 
1.9% 
4.1%
Liability Experience 
(1.8%) 
3.7% 
 
3.6% 
0.7%
Additional Contribution 
7.3% 
0.0% 
 
0.0% 
0.0%
Assumption/Method Change 
0.0% 
0.0% 
 
0.0% 
0.0%
Compensation Limit Update 
0.0% 
0.0% 
 
0.0% 
0.0%
Other 
0.5% 
(0.4%) 
 
(11.0%)
(22.7%)
Funded Status This Valuation 
98.6% 
112.7% 
 
102.4% 
198.3%
 
Asset Experience – Asset gains and losses (relative to the assumed earnings rate) are smoothed over seven 
years for Tiers 1 and 2 and over five years for Tier 3.  The return on the market value of assets for the year 
ending June 30, 2025 was 11.0% for Tiers 1 and 2 and 12.5% for Tier 3.  On a smoothed, actuarial value of 
assets basis, the average return was 7.9% for Tiers 1 and 2 and 9.2% for Tier 3. The returns exceeded the 2024 
assumed earnings rate for Tiers 1 and 2 of 7.2% and the 2024 assumed earnings rate for Tier 3 of 7.0%.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
7 
Payroll Base – Under the current amortization policy for Tiers 1 and 2, the contribution rate is developed as a 
level percentage of payroll.  Payroll for this purpose includes members of this plan and the defined 
contribution plan’s members that would have been in this plan.  To the extent that actual payroll is 
lower/greater than last year’s projected payroll, the contribution rate will increase/decrease as a result.   
Liability Experience – Experience overall was unfavorable, with key sources of loss coming from inactive 
mortality, actual COLAs, and other data changes.   
Additional Contribution – Monies contributed in excess of the required contribution rate in order to pay down 
the unfunded liability.   
Assumption / Method Change – The Board continued the decrease in the payroll growth assumption from 
1.50% to 0.75%.   
Compensation Limit Update – The Tier 3 compensation limit was updated, as scheduled, with a sizable 
increase over expectation. 
Other – This is the combination of all other factors that could impact liabilities year-over-year, with the 
primary sources being changes in benefits for continuing inactives.  Tier 3 members were also impacted by 
the increase in the compensation limit.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
8 
CONTRIBUTION RESULTS 
DEVELOPMENT OF EMPLOYER CONTRIBUTIONS – TIERS 1 & 2 MEMBERS 
Valuation Date
June 30, 2025
June 30, 2024
Applicable to Fiscal Year Ending
2027
2026
Rate
Dollar
Rate
Dollar
PENSION 
 
 
 
 
Normal Cost
Total Normal Cost
24.12%
$  204,923
20.96%
$  216,609
Employee Cost
(7.65%)
(64,994)
(7.65%)
(79,058)
Employer (Net) Normal Cost
16.47%
139,929
13.31%
137,551
Amortization of Unfunded Liability
0.76%
6,457
2.79%
28,833
Total Employer Cost (Pension)
17.23%
146,386
16.10%
166,384
HEALTH 
 
 
 
 
Normal Cost
0.30%
2,549
0.30%
3,100
Amortization of Unfunded Liability
0.00%
0
0.00%
0
Total Employer Cost (Health)
0.30%
2,549
0.30%
3,100
Total Employer Cost (Pension + Health) 
17.53% 
148,935 
16.40% 
169,484 
Alternate Contribution Rate (ACR) 1
8.00%
8.00%
Underlying Payroll (as of valuation date)
843,274
1,018,168
 
The results above are based on the current amortization schedule approved by the Board of Trustees for your 
individual plan (see "Actuarial Assumptions and Methods"). 
 
 
1 The Alternate Contribution Rate is the sum of the positive amortization rates for Tiers 1 & 2 Pension and Health (subject 
to an 8% minimum) and is charged when retirees return to active status.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
9 
DEVELOPMENT OF EMPLOYER CONTRIBUTIONS – TIER 3 DEFINED BENEFIT (DB) MEMBERS 
Valuation Date
June 30, 2025
June 30, 2024
Applicable to Fiscal Year Ending
2027
2026
Rate
Dollar
Rate
Dollar
PENSION 
 
 
 
 
Total Normal Cost 
17.15% 
$  241,695 
16.82% 
$  182,991
Amortization of Unfunded Liability 
0.00% 
    0 
0.00% 
    0
Total Pension Cost 
17.15% 
241,695 
16.82% 
182,991
HEALTH 
 
 
 
Total Normal Cost 
0.21% 
2,960 
0.22% 
2,393
Amortization of Unfunded Liability 
0.00% 
    0 
0.00% 
    0
Total Health Cost 
0.21% 
2,960 
0.22% 
2,393
TOTAL 
 
 
 
Calculated Tier 3 Required EE/ER Individual Cost
8.69% 
122,328 
8.52% 
92,693
Funding Policy Tier 3 Required EE/ER Individual 
Cost  1 
8.66% 
122,046 
8.69% 
94,542
ER Legacy Cost of Tiers 1 & 2 Amort of Unfunded 
Liabilities 2 
0.76% 
10,711 
2.79% 
30,353
Funding Policy Tier 3 ER Defined Benefit Cost 
9.42% 
132,756 
11.48% 
124,895
Underlying Payroll (as of valuation date) 
1,398,811 
1,071,857
 
 
 
 
 
 
1 The “Funding Policy” cost was adopted in 2023 and first reflected in the June 30, 2023 valuation. This cost is a 3-year 
rolling average of the actual calculated costs. The total cost is split equally between employer and employee, in 
compliance with state statutes.  Note that pension and health monies are split differently for the two parties based on 
IRS requirements. More information on this breakout is included in the “Historical Summary of Rates”. 
 
2 Pursuant to ARS § 38-843(B), the amortization of positive unfunded liabilities for Tiers 1 & 2 shall be applied to all Tier 
3 payroll on a level percent basis.  However, while it is statutorily required to present the rates in this manner, these are 
the minimums where alternate methods for paying down that unfunded liability is at the discretion of each employer.  
Further, to understand the effects of reform in relation to Tier 3, compare the total rate of Tier 3 before application of 
those legacy costs.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
10 
DEVELOPMENT OF CONTRIBUTIONS – TIER 3 DEFINED CONTRIBUTION (DC) MEMBERS 
Valuation Date
June 30, 2025
June 30, 2024
Applicable to Fiscal Year Ending
2027
2026
Rate
Dollar
Rate
Dollar
TIER 2 & 3 DB / NON-SOCIAL SECURITY 
 
 
 
 
Employee Cost
3.00%
3.00%
Employer Cost 1
3.00%
3.00%
TIER 3 DC ONLY 
Employee Cost
9.00%
$  0
9.00%
$  0
Employee Health Subsidy Program Cost
0.18%
0
0.20%
0
Employee Disability Program Cost
1.60%
0
1.54%
0
Total Employee Cost
10.78%
0
10.74%
0
Employer Cost
9.00%
0
9.00%
0
Employer Health Subsidy Program Cost
0.18%
0
0.20%
0
Employer Disability Program Cost
1.60%
0
1.54%
0
Total Employer Cost (before Legacy) 
10.78%
0
10.74%
0
ER Legacy Cost of Tiers 1 & 2 Amort of Unfunded 
Liabilities 2 
0.76%
0
2.79%
0
Total Employer Cost (with Legacy)
11.54%
0
13.53%
0
Underlying Payroll (as of valuation date)
0
0
 
 
 
 
1 Employer rate is 4% for Tier 2 members for a period of time depending on the individual's membership date. 
 
2 Pursuant to ARS § 38-843(B), the amortization of positive unfunded liabilities for Tiers 1 & 2 shall be applied to all Tier 
3 payroll on a level percent basis.  However, while it is statutorily required to present the rates in this manner, these are 
the minimums where alternate methods for paying down that unfunded liability is at the discretion of each employer.  
Further, to understand the effects of reform in relation to Tier 3, compare the total rate of Tier 3 before application of 
those legacy costs.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
11 
CONTRIBUTION RATE SUMMARY 
Tier 1
Tier 2
Tier 3
Membership Date On or After
7/1/1968
1/1/2012
7/1/2017
Participates in Social Security
N/A
Yes
No
Yes
No
N/A
Available Retirement Plan 1
DB Only
DB Only
Hybrid
DB Only
Hybrid
DC Only
EMPLOYEE CONTRIBUTION RATE 
PSPRS DB Rate
7.65%
7.65%
7.65%
8.66%
8.66%
PSPRS DC Rate
3.00%
3.00%
9.00%
Employer Health Subsidy Program Cost
0.18%
PSPDCRP Disability Program Rate
1.60%
Total EE Contribution Rate
7.65%
7.65%
10.65%
8.66%
11.66%
10.78%
EMPLOYER CONTRIBUTION RATE 
PSPRS DB Normal Cost
16.77%
16.77%
16.77%
8.66%
8.66%
PSPRS DB Tier 1 & 2 Legacy Cost 2
0.76%
0.76%
0.76%
0.76%
0.76%
0.76%
PSPRS DC Rate
3.00%
3.00%
9.00%
Employer Health Subsidy Program Cost
0.18%
PSPDCRP Disability Program Rate
1.60%
Total ER Contribution Rate
17.53%
17.53%
20.53%
9.42%
12.42%
11.54%
Employer Alternate Contribution Rate 3 
8.00%
8.00%
8.00%
8.00%
8.00%
8.00%
 
Exhibit summarizes employee and employer contributions based on Statute and the results of June 30, 2025 
actuarial valuation.  Pension and health components are combined, where applicable. 
 
 
 
 
 
 
 
1 Employers that pay into Social Security on behalf of their members do not participate in the Hybrid Plan. 
 
2 Per statute (ARS § 38-843(B)), any positive unfunded liability for Tiers 1 and 2 is to be applied to all Tier 3 (DB and DC) 
payrolls 
 
3 The Alternate Contribution Rate is the sum of the positive amortization rates for Tiers 1 & 2 Pension and Health (subject 
to an 8% minimum) and is charged when retirees return to active status.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
 
12 
IMPACT OF ADDITIONAL CONTRIBUTIONS 
Additional Contribution (000s) 
Impact On 
$0 
$100 
$200 
$300 
$400 
$500 
$600 
$700 
$800 
$900 
$1,000 
Funded Status - June 30, 2025 
98.6% 
100.0%
101.4%
102.7%
104.1%
105.5%
106.9%
108.3%
109.7%
111.0%
112.4%
FYE 2027 Contribution Rate 
17.23% 
16.77%
16.31%
15.85%
15.39%
14.93%
14.48%
14.02%
13.56%
13.10%
12.64%
Table shows the hypothetical change in the funded status and contribution rate from the June 30, 2025 actuarial valuation results for Tiers 1 & 2 if 
an additional contribution of the amount shown had been made to the Fund on June 30, 2025.  This illustration can help estimate the impact of 
contributing additional monies to the fund in the future.

Arizona Public Safety Personnel Retirement System 
Actuarial Valuation Report as of June 30, 2025 – Wickenburg Fire Dept. (217)  
 
 
 
 
 
 
13 
HISTORICAL SUMMARY OF RATES 
Pension 
 
Health 
 
Valuation 
Date June 30 
Fiscal Year 
Ending June 30 
Normal 
Cost
Unfunded 
Amortization
Total 
Normal 
Cost
Unfunded 
Amortization
Total 
TIERS 1 & 2 
2021 
2023 
13.50%
(0.41%) 
13.09% 
0.52%
(0.11%) 
0.41%
(Employer) 
2022 
2024 
11.48%
1.71% 
13.19% 
0.49%
0.00% 
0.49%
 
2023 
2025 
10.31%
5.01% 
15.32% 
0.37%
0.00% 
0.37%
 
2024 
2026 
13.31%
2.79% 
16.10% 
0.30%
0.00% 
0.30%
 
2025 
2027 
16.47%
0.76% 
17.23% 
0.30%
0.00% 
0.30%
 
 
 
 
 
 
 
 
 
 
TIER 3  1 
2021 
2023 
9.68%
0.00% 
9.68% 
0.26%
0.00% 
0.26%
(Employer) 
2022 
2024 
9.30%
0.00% 
9.30% 
0.26%
0.00% 
0.26%
 
2023 
2025 
8.77%
0.00% 
8.77% 
0.12%
0.00% 
0.12%
 
2024 
2026 
8.46%
0.00% 
8.46% 
0.23%
0.00% 
0.23%
 
2025 
2027 
8.43%
0.00% 
8.43% 
0.23%
0.00% 
0.23%
 
 
 
 
 
 
 
 
 
 
TIER 3  
2021 
2023 
9.68%
0.00% 
9.68% 
0.26%
0.00% 
0.26%
(Employee) 
2022 
2024 
9.30%
0.00% 
9.30% 
0.26%
0.00% 
0.26%
 
2023 
2025 
8.77%
0.00% 
8.77% 
0.12%
0.00% 
0.12%
 
2024 
2026 
8.69%
0.00% 
8.69% 
0.00%
0.00% 
0.00%
 
2025 
2027 
8.66%
0.00% 
8.66% 
0.00%
0.00% 
0.00%
 
1 All Tier 3 rates shown (employer and employee) are Board approved Funding Policy rates. Starting in 2023, these rates are a 3-year rolling average of calculated 
EE/ER rates. Does not reflect Legacy costs that the employer must also contribute.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
 
 
14 
LIABILITY SUPPORT 
LIABILITIES AND FUNDED RATIOS BY BENEFIT - TIERS 1 & 2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Health liabilities were increased by $2,949 under the lateral transfer methodology. Pension liabilities were not 
impacted. 
June 30, 2025 
June 30, 2024
PENSION 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   1,177,528 
$   1,169,575 
DROP Members 
2,724,900 
1,075,837 
Vested Members 
101,979 
90,275 
Active Members 
4,561,445 
5,587,602 
Total Actuarial Present Value of Benefits 
8,565,852 
7,923,289 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
4,004,407 
2,335,687 
Active Members 
3,233,280 
4,153,537 
Total Actuarial Accrued Liability 
7,237,687 
6,489,224 
Actuarial Value of Assets (AVA) 
7,136,189 
5,962,670 
Unfunded Actuarial Accrued Liability 
101,498 
526,554 
PVB Funded Ratio (AVA / PVB) 
83.3% 
75.3% 
AAL Funded Ratio (AVA / AAL) 
98.6% 
91.9%
HEALTH 
 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$   22,574  
$   22,930  
DROP Members 
42,526  
17,668  
Active Members 
76,283  
98,102  
Total Present Value of Benefits 
141,383  
138,700  
Actuarial Accrued Liability (AAL) 
All Inactive Members 
65,100  
40,598  
Active Members 
58,856  
77,828  
Total Actuarial Accrued Liability 
123,956  
118,426  
Actuarial Value of Assets (AVA) 
139,692  
128,605  
Unfunded Actuarial Accrued Liability 
(15,736) 
(10,179)
PVB Funded Ratio (AVA / PVB) 
98.8% 
92.7%
AAL Funded Ratio (AVA / AAL) 
112.7% 
108.6%

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
 
 
15 
LIABILITIES AND FUNDED RATIOS BY BENEFIT - TIER 3 
June 30, 2025
June 30, 2024
PENSION 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
$  7,291,337 
$  7,268,826 
Vested Members 
14,157,384 
9,523,410 
Active Members 
986,667,595 
710,626,649 
Total Actuarial Present Value of Benefits 
1,008,116,316 
727,418,885 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
21,448,721 
16,792,236 
Active Members 
225,991,622 
148,879,454 
Total Actuarial Accrued Liability 
247,440,343 
165,671,690 
Actuarial Value of Assets (AVA) 
253,309,023 
178,758,433 
Unfunded Actuarial Accrued Liability 
(5,868,680) 
(13,086,743)
PVB Funded Ratio (AVA / PVB) 
25.1%
24.6%
AAL Funded Ratio (AVA / AAL) 
102.4%
107.9%
HEALTH 
Actuarial Present Value of Benefits (PVB) 
Retirees and Beneficiaries 
   $  33,666 
$  34,351 
Active Members 
12,076,315 
9,825,773 
Total Present Value of Benefits 
12,109,981 
9,860,124 
Actuarial Accrued Liability (AAL) 
All Inactive Members 
33,666 
34,351 
Active Members 
3,279,150 
2,398,606 
Total Actuarial Accrued Liability 
3,312,816 
2,432,957 
Actuarial Value of Assets (AVA) 
6,568,894 
5,259,235 
Unfunded Actuarial Accrued Liability 
(3,256,078) 
(2,826,278) 
PVB Funded Ratio (AVA / PVB) 
54.2%
53.3%
AAL Funded Ratio (AVA / AAL) 
198.3%
216.2%
 
The liabilities shown on this page are the liabilities for all Tier 3 members grouped together in the Risk Sharing 
group.  These liabilities are NOT the liabilities solely for Wickenburg Fire Dept. Tier 3 members.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
 
 
 
16 
DERIVATION OF EXPERIENCE (GAIN)/LOSS 
Tiers 1 & 2 
Tier 3 
Pension 
Health
Pension
Health
(1) 
Unfunded Actuarial Accrued Liability as of June 30, 2024 
526,554 
(10,179)
(13,086,743)
(2,826,278)
(2) 
Normal Cost Developed in Last Valuation 
137,551 
3,100
25,222,643
329,904
(3) 
Actual Contributions 
726,416 
3,368
28,231,800
783,130
(4) 
Expected Interest On (1), (2), and (3) 
22,119 
(629)
(124,896)
(207,442)
(5) 
Expected Unfunded Actuarial Accrued Liability as of June 
30, 2025: (1)+(2)-(3)+(4) 
(40,192) 
(11,076)
 (16,220,796)
(3,486,946)
(6) 
Changes to UAAL Due to Assumptions, Methods and 
Benefits 
0 
0 
0   
0  
(7) 
Change to UAAL Due to Actuarial (Gain)/Loss 
  141,690 
   (4,660)
    10,352,116 
        230,868 
(8) 
Unfunded Actuarial Accrued Liability as of June 30, 2025 
101,498 
(15,736)
 (5,868,680) 
(3,256,078)

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
 
 
17 
AMORTIZATION OF UNFUNDED LIABILITIES - TIERS 1 & 2 
Date Established
Outstanding Balance
Years Remaining
Amortization Rate
PENSION
6/30/2019
0
11
0.00%
6/30/2021
  (47,558)
16
(0.21%)
6/30/2022
  190,397
12
1.01%
6/30/2023
  355,739
13
1.79%
6/30/2024
  3,328
14
0.02%
6/30/2025
  (400,408)
15
(1.85%)
Total
101,498
0.76%
HEALTH 
6/30/2019 
0 
11 
0.00% 
6/30/2021
(12,286)
16
(0.05%)
6/30/2022
(6,197)
12
(0.03%)
6/30/2023
7,710
13
0.04%
6/30/2024
927
14
0.00%
6/30/2025
(5,890)
15
(0.03%)
Total
(15,736)
(0.07%)
 
AMORTIZATION OF UNFUNDED LIABILITIES - TIER 3 
Date Established
Outstanding Balance
Years Remaining
Amortization Rate 1
PENSION
6/30/2018
73,371
3
0.01%
6/30/2019
(738,175)
4
(0.06%)
6/30/2020
538,283
5
0.03%
6/30/2021
  (1,923,660)
6
(0.10%)
6/30/2022
  (3,334,717)
7
(0.16%)
6/30/2023
  (1,260,287)
8
(0.05%)
6/30/2024
  (5,258,441)
9
(0.21%)
6/30/2025
  6,034,946
10
0.22%
Total
(5,868,680)
0.00%
HEALTH 
6/30/2018 
(1,556) 
3 
0.00% 
6/30/2019
(67,490)
4
(0.01%)
6/30/2020
(136,697)
5
(0.01%)
6/30/2021
(277,936)
6
(0.01%)
6/30/2022
(396,707)
7
(0.02%)
6/30/2023
(639,631)
8
(0.03%)
6/30/2024
(1,050,040)
9
(0.04%)
6/30/2025
(686,021)
10
(0.02%)
Total
(3,256,078)
0.00%
 
1 By Statute, negative total amortization rates are not subtracted in Tier 3 rate calculations.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
 
 
18 
ASSET SUPPORT 
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR YEAR ENDED JUNE 30, 2025 
Tiers 1 & 2
Tier 3
Pension
Health
Pension
Health
ADDITIONS
Contributions
Member Contributions
$   108,640,873
$   0  
$   61,005,633   
$   0   
Employer Contributions
1,069,823,308
0
59,252,766
0
Health Insurance Contributions
                0
4,098,668
               0
1,553,978
Total Contributions
1,178,464,181
4,098,668
120,258,399
1,553,978
Investment Income
Net Increase in Fair Value
1,390,120,909
34,877,805
45,105,036
1,105,501
Interest and Dividends
259,062,270
6,499,811
8,405,753
206,021
Other Income
150,210,467
3,767,860
4,873,856
119,427
Less Investment Expenses
(35,364,426)
(728,394)
(1,147,464)
(23,087)
Net Investment Income
1,764,029,220
44,417,082
57,237,181
1,407,862
Non-investment Income
0
0
0
0
Transfers In 
288,360
0 
206,733 
0 
Total Additions
2,942,781,761
48,515,750
177,702,313
2,961,840
DEDUCTIONS 
Distributions to Members
Benefit Payments
1,218,594,305
0
852,434
0
Health Insurance Subsidy
0
18,660,709
0
6,480
Refund of Contributions
12,178,168
               0
    2,803,612
             0
Total Distributions
1,230,772,473
18,660,709
3,656,046
6,480
Administrative Expenses
7,838,369
201,658
254,475
6,392
Transfers Out 
67,338
0 
0 
0 
Other 
0
0 
0 
0 
Total Deductions
1,238,678,180
18,862,367
3,910,521
12,872
NET INCREASE / (DECREASE) 
1,704,103,581
29,653,383 
173,791,792 
2,948,968 
NET POSITION HELD IN TRUST 
Prior Valuation
15,933,751,686
411,840,936
398,698,171
11,044,818
Beginning of the Year Adjustment
0
0
0
0
End of the Year
17,637,855,267
441,494,319
572,489,963
13,993,786

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
19 
DEVELOPMENT OF PENSION ACTUARIAL VALUE OF ASSETS - TIERS 1 & 2  
 
 
 
 
 
 
 
Year Ended June 30 
B. Amortization Schedule 
2025 
2026 
2027 
2028 
2029 
2030 
2031 
2025 Experience (A3 / 7) 
87,257,612 
87,257,612 
87,257,612 
87,257,612 
87,257,612 
87,257,612 
87,257,610 
2024 Experience 
62,439,795 
62,439,795 
62,439,795 
62,439,795 
62,439,795 
62,439,792 
2023 Experience 
10,197,720 
10,197,720 
10,197,720 
10,197,720 
10,197,717 
2022 Experience 
(204,451,249) 
(204,451,249) 
(204,451,249) 
(204,451,249) 
2021 Experience 
238,978,744 
238,978,744 
238,978,745 
2020 Experience 
(68,882,158) 
(68,882,160) 
2019 Experience 
(22,859,275) 
Total Amortization 
102,681,189 
  125,540,462 
   194,422,623 
 (44,556,122) 
 159,895,124   
149,697,404 
 87,257,610 
 
 
 
 
 
 
 
D. Rates of Return
D1.  Market Value Rate of Return
11.0%
D2.  Actuarial Value Rate of Return
7.9%
A. Investment Income 
A1.  Actual Investment Income 
$   1,756,190,851 
A2.  Expected Amount for Immediate Recognition
     1,145,387,569
A3.  Amount Subject to Amortization 
610,803,282
C. Actuarial Value of Assets 
Total 
Employer
C1.  Actuarial Value of Assets, June 30, 2024 
 15,769,616,678 
C2.  Non-investment Net Cash Flow 
 (52,087,270) 
C3.  Preliminary Actuarial Value of Assets, June 30, 2025: (A2 + B + C1 + C2) 
16,965,598,166 
C4.  Market Value of Assets, June 30, 2025 
17,637,855,267 
7,418,958
C5.  Final Actuarial Value of Assets, June 30, 2025 (C3 Within 20% Corridor of C4)
16,965,598,166  
7,136,189

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
20 
DEVELOPMENT OF HEALTH ACTUARIAL VALUE OF ASSETS - TIERS 1 & 2 
 
 
 
 
 
 
 
Year Ended June 30 
B. Amortization Schedule 
2025 
2026 
2027 
2028 
2029 
2030 
2031 
2025 Experience (A3 / 7) 
2,154,000 
2,154,000 
2,154,000 
2,154,000 
2,154,000 
2,154,000 
2,153,999 
2024 Experience 
1,556,610 
1,556,610 
1,556,610 
1,556,610 
1,556,610 
1,556,608 
2023 Experience 
193,035 
193,035 
193,035 
193,035 
193,036 
2022 Experience 
(6,416,469) 
(6,416,469) 
(6,416,469) 
(6,416,471) 
2021 Experience 
9,257,478 
9,257,478 
9,257,481 
2020 Experience 
(2,898,713) 
(2,898,716) 
2019 Experience 
(1,075,572) 
Total Amortization 
2,770,369 
  3,845,938 
6,744,657 
(2,512,826) 
3,903,646 
3,710,608 
2,153,999 
 
 
 
 
 
 
 
D. Rates of Return
D1.  Market Value Rate of Return
10.9%
D2.  Actuarial Value Rate of Return
8.0%
A. Investment Income 
A1.  Actual Investment Income 
$   44,215,424
A2.  Expected Amount for Immediate Recognition
 29,137,425
A3.  Amount Subject to Amortization 
 15,077,999
C. Actuarial Value of Assets 
Total 
Employer
C1.  Actuarial Value of Assets, June 30, 2024 
406,302,544 
C2.  Non-investment Net Cash Flow 
(14,562,041) 
C3.  Preliminary Actuarial Value of Assets, June 30, 2025: (A2 + B + C1 + C2) 
423,648,297 
C4.  Market Value of Assets, June 30, 2025 
441,494,319 
145,576
C5.  Final Actuarial Value of Assets, June 30, 2025 (C3 Within 20% Corridor of C4)
423,648,297  
139,692

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
21 
DEVELOPMENT OF PENSION ACTUARIAL VALUE OF ASSETS - TIERS 3 
 
 
 
 
 
 
 
Year Ended June 30 
B. Amortization Schedule 
2025 
2026 
2027 
2028 
2029 
2025 Experience (A3 / 5) 
5,010,932 
5,010,932 
5,010,932 
5,010,932 
5,010,934 
2024 Experience 
3,027,823 
3,027,823 
3,027,823 
3,027,823 
2023 Experience 
885,521 
885,521 
885,520 
2022 Experience 
(3,259,379) 
(3,259,381) 
2021 Experience 
3,551,938 
Total Amortization 
9,216,835 
5,664,895 
8,924,275 
8,038,755 
5,010,934 
 
 
 
 
 
 
 
 
D. Rates of Return
D1.  Market Value Rate of Return
12.5%
D2.  Actuarial Value Rate of Return
9.2%
A. Investment Income 
A1.  Actual Investment Income 
$   56,982,706 
A2.  Expected Amount for Immediate Recognition
  31,928,044
A3.  Amount Subject to Amortization 
25,054,662
C. Actuarial Value of Assets 
Total 
Employer
C1.  Actuarial Value of Assets, June 30, 2024 
386,897,139 
C2.  Non-investment Net Cash Flow 
116,809,086 
C3.  Preliminary Actuarial Value of Assets, June 30, 2025: (A2 + B + C1 + C2) 
544,851,104 
C4.  Market Value of Assets, June 30, 2025 
572,489,963 
266,158,721
C5.  Final Actuarial Value of Assets, June 30, 2025 (C3 Within 20% Corridor of C4)
544,851,104 
253,309,023

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
22 
DEVELOPMENT OF HEALTH ACTUARIAL VALUE OF ASSETS - TIERS 3 
 
 
 
 
 
 
 
Year Ended June 30 
B. Amortization Schedule 
2025 
2026 
2027 
2028 
2029 
2025 Experience (A3 / 5) 
115,017 
115,017 
115,017 
115,017 
115,018 
2024 Experience 
84,292 
84,292 
84,292 
84,290 
2023 Experience 
23,872 
23,872 
23,870 
2022 Experience 
(101,792) 
(101,790) 
2021 Experience 
128,961 
Total Amortization 
250,350 
121,391 
223,179 
199,307 
115,018 
 
 
 
 
 
 
 
 
D. Rates of Return
D1.  Market Value Rate of Return
11.9%
D2.  Actuarial Value Rate of Return
9.4%
A. Investment Income 
A1.  Actual Investment Income 
$   1,401,470 
A2.  Expected Amount for Immediate Recognition
  826,384
A3.  Amount Subject to Amortization 
575,086
C. Actuarial Value of Assets 
Total 
Employer
C1.  Actuarial Value of Assets, June 30, 2024 
10,710,659 
C2.  Non-investment Net Cash Flow 
1,547,498 
C3.  Preliminary Actuarial Value of Assets, June 30, 2025: (A2 + B + C1 + C2) 
13,334,891 
C4.  Market Value of Assets, June 30, 2025 
13,993,786 
6,893,472
C5.  Final Actuarial Value of Assets, June 30, 2025 (C3 Within 20% Corridor of C4)
13,334,891 
6,568,894

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
23 
MEMBER STATISTICS 
STATISTICAL DATA – ACTIVE MEMBERS 
 
 
June 30, 2025 
 
June 30, 2024 
Tiers 1 & 2
Tier 3
Tiers 1 & 2 
Tier 3
ACTIVES 
 
Number 
6
14
8 
11
Average Current Age 
48.4
30.8
50.4 
30.9
Average Age at Employment 
33.7
28.3
35.1 
28.8
Average Past Service 
14.7
2.5
15.3 
2.1
Average Annual Salary 
$113,484
$79,057
$109,266 
$74,711
ACTIVES (TRANSFERRED) 
 
Number 
1
2
1 
2
Average Current Age 
39.8
33.2
38.8 
32.2
Average Age at Employment 
21.8
29.1
21.8 
29.1
Average Past Service 
18.0
4.1
17.0 
3.1
Average Annual Salary 
$128,639
$100,011
$104,248 
$90,363
Total Number (Active) 
7 
16
9 
13

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
24 
STATISTICAL DATA – INACTIVE MEMBERS 
 
June 30, 2025 
 
June 30, 2024 
Tiers 1 & 2
Tier 3
Tiers 1 & 2 
Tier 3
RETIREES 
 
Number 
2
0
2 
0
Average Current Age 
59.4 
N/A 
58.4 
N/A 
Average Annual Benefit 
$39,179 
N/A 
$38,411 
N/A 
DROP RETIREES 
 
Number 
3 
N/A 
1 
N/A 
Average Current Age 
58.3 
N/A 
52.8 
N/A 
Average Annual Benefit 
$57,308 
N/A 
$60,233 
N/A 
BENEFICIARIES 
 
Number 
0 
0 
0 
0 
Average Current Age 
N/A 
N/A 
N/A 
N/A 
Average Annual Benefit 
N/A 
N/A 
N/A 
N/A 
DISABILITY RETIREES 
 
Number 
0 
0 
0 
0 
Average Current Age 
N/A 
N/A 
N/A 
N/A 
Average Annual Benefit 
N/A 
N/A 
N/A 
N/A 
INACTIVE / VESTED 
 
Number 
0 
0 
0 
0 
Average Current Age 
N/A 
N/A 
N/A 
N/A 
Average Accumulated    
Contributions 
N/A 
N/A 
N/A 
N/A 
TOTAL NUMBER (INACTIVE) 
5 
0
3 
0
FORMER MEMBERS (TRANSFERRED) 
2 
0 
2 
0

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
25 
ACTIVE AGE, SERVICE AND PAY DISTRIBUTIONS – TIERS 1 & 2 
 
Past Service 
 
 
 
Age 
0-4 
5-9 
10-14 
15-19 
20-24 
25-29 
30+ 
Total Count 
Total Pay 
Average Pay 
<20 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
20 - 24 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
25 - 29 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
30 - 34 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
35 - 39 
0 
0 
1 
1 
0 
0 
0 
2 
246,577
123,289
40 - 44 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
45 - 49 
0 
0 
0 
2 
0 
0 
0 
2 
229,596
114,798
50 - 54 
0 
1 
1 
0 
0 
0 
0 
2 
221,835
110,918
55 - 59 
0 
0 
0 
0 
1 
0 
0 
1 
111,536
111,536
60 - 64 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
65+ 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
Total 
0 
1 
2 
3 
1 
0 
0 
7 
809,544
115,649

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
26 
ACTIVE AGE, SERVICE AND PAY DISTRIBUTIONS – TIER 3 
 
Past Service 
 
 
 
Age 
0-4 
5-9 
10-14 
15-19 
20-24 
25-29 
30+ 
Total Count 
Total Pay 
Average Pay 
<20 
1 
0 
0 
0 
0 
0 
0 
1 
74,066
74,066
20 - 24 
2 
0 
0 
0 
0 
0 
0 
2 
161,631
80,816
25 - 29 
5 
0 
0 
0 
0 
0 
0 
5 
422,023
84,405
30 - 34 
4 
1 
0 
0 
0 
0 
0 
5 
381,276
76,255
35 - 39 
1 
1 
0 
0 
0 
0 
0 
2 
176,287
88,144
40 - 44 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
45 - 49 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
50 - 54 
0 
1 
0 
0 
0 
0 
0 
1 
91,536
91,536
55 - 59 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
60 - 64 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
65+ 
0 
0 
0 
0 
0 
0 
0 
0 
0
0
Total 
13 
3 
0 
0 
0 
0 
0 
16 
1,306,819
81,676

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
27 
AGE DISTRIBUTIONS – INACTIVE MEMBERS 
Retirees, Disableds and 
Beneficiaries 
Age 
Count 
Average Annual 
Pensions
<40 
0 
0
40-45 
0 
0
45-49 
0 
0
50-54 
1 
37,717
55-59 
0 
0
60-64 
0 
0
65-69 
1 
40,641
70-74 
0 
0
75-79 
0 
0
80-84 
0 
0
85-89 
0 
0
90-94 
0 
0
95-99 
0 
0
100+ 
0 
0
Total 
2 
39,179

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
28 
ACTUARIAL ASSUMPTIONS AND METHODS 
 
Interest Rate 
This is the assumed earnings rate on System assets, compounded 
annually, net of investment and administrative expenses.  
 
Tiers 1 & 2: 7.20% per year.   
 
Tier 3: 7.00% per year.   
 
 
Mortality Rate 
Active Lives: 
PubS-2010 Employee mortality, adjusted by a factor of 1.03 for male 
members and 1.08 for female members, with generational 
improvements using 85% of the most recent projection scale 
(currently Scale MP-2021). 100% of active deaths are assumed to be 
in the line of duty. 
 
 
Inactive Lives: 
PubS-2010 Healthy Retiree mortality, adjusted by a factor of 1.03 
for male retirees and 1.11 for female retirees, with generational 
improvements using 85% of the most recent projection scale 
(currently Scale MP-2021). 
 
Beneficiaries: 
PubS-2010 Survivor mortality, adjusted by a factor of 0.98 for male 
beneficiaries and adjusted by a factor of 1.06 for female 
beneficiaries, with generational improvements using 85% of the 
most recent projection scale (currently Scale MP-2021). 
 
Disabled Lives: 
PubS-2010 Disabled mortality, adjusted by a factor of 1.08 for male 
disabled members and 1.01 for female disabled members, with 
generational improvements using 85% of the most recent projection 
scale (currently Scale MP-2021). 
 
 
The mortality assumptions sufficiently accommodate anticipated 
future mortality improvements. 
 
 
Retirement / DROP Rates 
These rates are used to project future decrements from the active 
population due to retirement.  The rates below are based on a 2022 
experience study using actual plan experience. 
 
Tier 1 – reaching age 62 before attaining 20 years of service: 
Age-related rates based on age at retirement:

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
29 
Police - 40% assumed at age 62 and 63, 35% assumed at age 64, 
25% assumed at ages 65 and 66, 50% assumed at ages 67 – 69, and 
100% assumed at age 70. 
 
Fire - 25% assumed at age 62 and 63, 35% assumed at age 64, 25% 
assumed at ages 65 and 66, 50% assumed at ages 67 – 69, and 100% 
assumed at age 70. 
 
Tier 1 – reaching age 62 after attaining 20 years of service: 
Service-related rates based on service at retirement. See complete 
tables at the end of this section. 
 
 
65% are assumed to enter the DROP program while the remaining 
35% are assumed to retire and commence benefits immediately.  
DROP periods are assumed to be 5 years in length for future DROP 
elections. 
 
Tiers 2 & 3: 
Age-related rates based on age at retirement.  50% assumed at age 
53, 30% assumed at ages 54 – 59, 60% assumed at ages 60 – 63, and 
100% assumed at age 64. 
 
 
Disability Rate 
These rates are used to project future decrements from the active 
population due to disability.  Complete table of rates based on age 
at disability are provided at the end of this section.  These rates are 
based on a 2022 experience study using actual plan experience.  
90% of disablements are assumed to be duty-related. 
 
 
Termination Rate 
These rates are used to project future decrements from the active 
population due to termination.  Complete table of rates based on 
service at termination are provided at the end of this section.  The 
rates apply to members prior to retirement eligibility and are based 
on a 2022 experience study using actual plan experience. 
 
 
Inflation 
2.50%. 
 
 
Tier 3 Compensation Limit  
$140,952 for calendar 2024. Assumed increases of 2.00% per year 
thereafter. 
 
 
Cost-of-Living Adjustment  
1.85%.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
30 
Salary Increases 
See table at the end of this section.  This is an annual increase for 
individual member’s salary.  These rates are based on a 2022 
experience study using actual plan experience. 
 
 
Marital Status 
For active members, 85% of males and 60% of females are assumed to be 
married.  Actual marital status is used, where applicable, for inactive 
members. 
 
 
Spouse’s Age 
Males are assumed to be three years older than females. 
 
 
Benefit Commencement 
Deferred members are assumed to commence benefits as follows: 
 
Tier 1: immediate refund of contributions 
 
Tiers 2 & 3 (less than 15 years service): immediate refund of 
contributions 
 
Tier 2 (15+ years service): life annuity payable at age 52.5 
 
Tier 3 (15+ years service): life annuity payable at age 55 
 
 
Health Care Utilization 
For active members, 70% of retirees are expected to utilize retiree 
health care.  Actual utilization is used for inactive members. 
 
 
Funding Method 
Entry Age Normal Cost Method. 
 
 
Lateral Transfers 
When active members transfer between employers, the new 
employer’s liability starts from their new date of hire with no past 
service liability (i.e., all liability is accrued through normal cost).  Per 
PSPRS administrative decision, once the new employer’s liability is 
fully funded, the liability will reflect all past service liability. 
 
 
Actuarial Asset Method 
Each year the assumed investment income is recognized in full while 
the difference between actual and assumed investment income are 
smoothed over a fixed period (7 years for Tiers 1 & 2; 5 years for 
Tier 3).  Actuarial Assets shall not be less than 80% nor greater than 
120% of the Market Value of Assets. Note that during periods when 
investment performance exceeds (falls short) of the assumed rate, 
the actuarial value of assets will tend to be less (greater) than the 
market value of assets.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
31 
Amortization Method 
See Funding Policy for complete details.  In short: 
Tiers 1 & 2: 
 
Any positive UAAL (assets less than funding policy targets) is 
amortized using a layered approach according to a Level 
Dollar method over a closed period of 15 years (phased into 
from current period).  
 
Any negative UAAL (assets greater than funding policy 
targets) is amortized according to a Level Dollar method 
over an open period of 10 years.   
 
Tier 3: 
 
Any positive UAAL (assets less than liabilities) is amortized 
according to a Level Dollar method over a closed period of 
10 years.   
 
No amortization is made of any negative UAAL (assets 
greater than liabilities). 
 
 
Payroll Growth 
1.50% per year. This is the annual increase expected on total 
employer payroll. 
 
 
 
CHANGES SINCE THE PRIOR VALUATION 
The payroll growth assumption was lowered from 2.00% to 1.50%. 
 
There were no method changes since the prior valuation.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
32 
SALARY INCREASE RATES 
 
 
Age
Maricopa 
Police
Pima 
Police
Other 
Police
Maricopa 
Fire
Pima 
Fire
Other 
Fire
20
15.00%
12.00%
14.00%
15.00%
12.00%
13.00%
21
14.00%
6.00%
12.00%
14.00%
11.00%
12.00%
22
13.00%
6.00%
10.00%
13.00%
10.00%
11.00%
23
12.00%
6.00%
9.00%
12.00%
9.50%
10.00%
24
11.00%
6.00%
8.00%
11.00%
9.00%
9.00%
25
10.00%
6.00%
7.00%
10.00%
8.50%
8.00%
26
9.00%
5.50%
6.50%
9.50%
7.50%
7.50%
27
8.00%
5.50%
6.25%
9.00%
6.50%
7.50%
28
7.50%
5.50%
6.00%
8.50%
5.75%
7.00%
29
7.00%
5.50%
5.80%
8.00%
5.75%
6.50%
30
6.50%
5.25%
5.60%
8.00%
5.50%
6.50%
31
6.00%
5.25%
5.40%
7.50%
5.50%
6.00%
32
5.50%
5.00%
5.20%
7.00%
5.00%
5.50%
33
5.10%
5.00%
5.00%
6.50%
5.00%
5.50%
34
4.90%
5.00%
4.90%
6.50%
5.00%
5.50%
35
4.70%
4.50%
4.80%
6.00%
5.00%
5.50%
36
4.50%
4.50%
4.70%
5.50%
5.00%
5.50%
37
4.30%
4.50%
4.60%
5.25%
4.50%
5.00%
38
4.10%
4.00%
4.50%
5.00%
4.50%
5.00%
39
4.00%
4.00%
4.40%
4.75%
4.50%
5.00%
40
3.90%
4.00%
4.30%
4.75%
4.50%
5.00%
41
3.80%
3.80%
4.20%
4.50%
4.50%
4.50%
42
3.70%
3.60%
4.10%
4.50%
4.00%
4.50%
43
3.60%
3.40%
4.00%
4.50%
4.00%
4.50%
44
3.50%
3.20%
3.90%
4.50%
4.00%
4.00%
45
3.50%
3.00%
3.80%
4.25%
4.00%
4.00%
46
3.50%
3.00%
3.70%
4.25%
3.75%
4.00%
47
3.50%
3.00%
3.60%
4.25%
3.75%
3.75%
48
3.50%
3.00%
3.50%
4.00%
3.75%
3.75%
49
3.50%
3.00%
3.50%
4.00%
3.50%
3.75%
50
3.25%
3.00%
3.50%
3.75%
3.50%
3.75%
51
3.25%
3.00%
3.50%
3.75%
3.50%
3.75%
52
3.25%
2.75%
3.50%
3.75%
3.50%
3.75%
53+
3.25%
2.75%
3.50%
3.75%
3.25%
3.75%

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
33 
Service
Maricopa 
Police
Pima 
Police
Other 
Police
Maricopa
Fire
Pima
Fire
Other
Fire
0
13.0%
14.0%
13.5%
4.5%
10.0%
10.5%
1
8.0%
9.0%
11.5%
3.5%
6.0%
8.5%
2
6.0%
7.5%
10.5%
2.5%
4.5%
8.0%
3
4.5%
7.0%
9.5%
2.0%
4.0%
8.0%
4
3.6%
6.5%
9.0%
1.5%
4.0%
7.0%
5
3.3%
5.0%
8.0%
1.5%
4.0%
5.0%
6
3.3%
5.0%
7.0%
1.5%
4.0%
5.0%
7
3.3%
4.0%
6.5%
1.5%
3.0%
4.0%
8
2.4%
4.0%
6.5%
1.5%
3.0%
4.0%
9
2.4%
4.0%
6.0%
1.5%
3.0%
3.5%
10
2.4%
4.0%
5.0%
1.0%
2.0%
3.0%
11
1.8%
3.0%
4.0%
1.0%
2.0%
2.5%
12
1.8%
3.0%
4.0%
1.0%
1.5%
2.0%
13
1.3%
2.0%
3.5%
1.0%
1.0%
1.5%
14
1.3%
2.0%
3.0%
0.5%
1.0%
1.4%
15
0.8%
1.5%
2.5%
0.5%
1.0%
1.4%
16
0.8%
1.5%
2.0%
0.5%
0.5%
1.4%
17
0.8%
1.0%
2.0%
0.5%
0.5%
1.4%
18
0.8%
1.0%
1.8%
0.5%
0.5%
1.4%
19
0.8%
1.0%
1.8%
0.5%
0.5%
0.5%
20+
0.5%
1.0%
1.8%
0.4%
0.5%
0.5%
TIER 1 RETIREMENT RATES– REACHING AGE 62 AFTER ATTAINING 20 YEARS OF SERVICE 
 
 
TERMINATION RATES 
 
Service
Maricopa 
Police
Pima 
Police
Other 
Police
Maricopa 
Fire
Pima
Fire
Other 
Fire
20
28%
28%
35%
14%
20%
20%
21
25%
25%
35%
17%
20%
25%
22
15%
16%
22%
7%
13%
15%
23
12%
12%
12%
7%
7%
10%
24
8%
9%
12%
7%
7%
10%
25
30%
22%
25%
17%
22%
30%
26
42%
42%
40%
30%
26%
30%
27
32%
30%
28%
23%
30%
30%
28
32%
30%
28%
30%
30%
30%
29
32%
20%
28%
30%
30%
30%
30
35%
25%
35%
30%
30%
35%
31
35%
33%
30%
40%
30%
35%
32
60%
50%
70%
55%
30%
35%
33
60%
50%
70%
55%
60%
60%
34+
100%
100%
100%
100%
100%
100%

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
34 
DISABILITY RATES 
 
Age
Maricopa 
Police
Pima 
Police
Other 
Police
Maricopa 
Fire
Pima
Fire
Other
Fire
20
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
21
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
22
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
23
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
24
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
25
0.050%
0.050%
0.120%
0.020%
0.020%
0.020%
26
0.100%
0.100%
0.160%
0.035%
0.020%
0.020%
27
0.100%
0.100%
0.160%
0.035%
0.020%
0.020%
28
0.100%
0.100%
0.160%
0.035%
0.020%
0.020%
29
0.100%
0.100%
0.160%
0.035%
0.020%
0.020%
30
0.100%
0.100%
0.160%
0.035%
0.020%
0.020%
31
0.230%
0.180%
0.240%
0.090%
0.100%
0.060%
32
0.230%
0.180%
0.240%
0.090%
0.100%
0.060%
33
0.230%
0.180%
0.240%
0.090%
0.100%
0.060%
34
0.230%
0.180%
0.240%
0.090%
0.100%
0.060%
35
0.230%
0.180%
0.240%
0.090%
0.100%
0.060%
36
0.450%
0.350%
0.320%
0.150%
0.150%
0.140%
37
0.450%
0.350%
0.320%
0.150%
0.150%
0.140%
38
0.450%
0.350%
0.320%
0.150%
0.150%
0.140%
39
0.450%
0.350%
0.320%
0.150%
0.150%
0.140%
40
0.450%
0.350%
0.320%
0.150%
0.150%
0.140%
41
0.520%
0.650%
0.550%
0.170%
0.300%
0.250%
42
0.520%
0.650%
0.550%
0.170%
0.300%
0.250%
43
0.520%
0.650%
0.550%
0.170%
0.300%
0.250%
44
0.520%
0.650%
0.550%
0.170%
0.300%
0.250%
45
0.520%
0.650%
0.550%
0.170%
0.300%
0.250%
46
0.650%
0.750%
0.750%
0.300%
0.420%
0.420%
47
0.650%
0.750%
0.750%
0.300%
0.420%
0.420%
48
0.650%
0.750%
0.750%
0.300%
0.420%
0.420%
49
0.650%
0.750%
0.750%
0.300%
0.420%
0.420%
50
0.650%
0.750%
0.750%
0.300%
0.420%
0.420%
51
0.800%
0.800%
0.800%
0.700%
0.750%
0.750%
52
0.800%
0.800%
0.800%
0.700%
0.750%
0.750%
53
0.800%
0.800%
0.800%
0.700%
0.750%
0.750%
54
0.800%
0.800%
0.800%
0.700%
0.750%
0.750%
55
0.800%
0.800%
0.800%
0.700%
0.750%
0.750%
56+
1.000%
0.850%
0.900%
1.100%
0.800%
1.000%

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
35 
PLAN PROVISIONS 
The following is a summary of the benefit provisions provided in Title 38, Chapter 5, Article 4 of the 
Arizona Revised Statutes. 
 
Membership 
Full-time employees of an eligible group, prior to attaining age 65, 
who are engaged to work for more than six months in a calendar 
year.  Tier 3 Defined Contribution members are able to elect 
participation in post-retirement health insurance subsidy. 
 
 
Benefit Tiers 
Benefits differ for members based on their hire date: 
 
 
 
Tier 1: Hired before January 1, 2012 
 
Tier 2: Hired on or after January 1, 2012 but before July 1, 2017 
 
Tier 3: Hired on or after July 1, 2017 
 
 
Compensation 
Compensation is the amount including base salary, overtime pay, shift 
and military differential pay, compensatory time used in lieu of 
overtime pay, and holiday pay, paid to an employee on a regular 
payroll basis and longevity pay paid at least every six months for which 
contributions are made to the System.  For Tier 3 members, 
compensation is limited by statutory cap ($110,000 with adjustments 
by the Board). 
 
 
Average Monthly Benefit 
Tier 1: The highest compensation paid to member during three 
Compensation 
consecutive years out of the last 20 years of Credited Service, divided 
by months. 
 
 
Tier 2: The highest compensation paid to member during five 
consecutive years out of the last 20 years of Credited Service, divided 
by months. 
 
 
Tier 3: The highest compensation paid to member during five 
consecutive years out of the last 15 years of Credited Service, divided 
by months. 
 
 
Credited Service 
Total periods of service, both before and after the member’s date of 
participation, for which the member made contributions to the fund.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
36 
Normal Retirement  
Date 
Tier 1: First day of month following attainment of 1) 20 years of service 
or 2) 62nd birthday and completion of 15 years of service. 
 
Tier 2: First day of month following the attainment of age 52.5 and 
completion of 15 years of service. 
 
Tier 3: First day of month following the attainment of age 55 and 
completion of 15 years of service. 
 
 
Benefit 
Tier 1: 50% of Average Monthly Benefit Compensation, adjusted 
based on Credited Service as follows (maximum benefit of 80% of 
Average Monthly Benefit Compensation): 
 
 
Credited Service 
Benefit Adjustment 
 
 
15 years, but less than 20 
Reduced 4% per year less than 20 
 
20 years, but less than 25 
Plus 2% per year between 20 and 25 
 
25+ years 
 
 
Plus 2.5% per year above 20 
 
 
Tier 2: Benefit multiplier (below) times Average Monthly Benefit 
Compensation times Credited Service (maximum benefit of 80% of 
Average Monthly Benefit Compensation): 
 
 
Credited Service 
 
Benefit Multiplier 
 
15 years, but less than 17 
1.50% 
 
17 years, but less than 19 
1.75% 
 
19 years, but less than 22 
2.00% 
 
22 years, but less than 25 
2.25% 
 
25+ years 
 
 
2.50% 
 
Tier 3: Benefit multiplier (below) times Average Monthly Benefit 
Compensation times Credited Service (maximum benefit of 80% of 
Average Monthly Benefit Compensation): 
 
 
Credited Service 
 
Benefit Multiplier 
 
15 years, but less than 17 
1.50% 
 
17 years, but less than 19 
1.75% 
 
19 years, but less than 22 
2.00% 
 
22 years, but less than 25 
2.25% 
 
25+ years 
 
 
2.50%

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
37 
Form of Benefit 
For married retirees, an annuity payable for the life of the member 
with 80% continuing to the eligible spouse upon death. For 
unmarried retirees, the normal form is a single life annuity. 
 
 
Early Retirement  
Only applicable to Tier 3 members 
Date 
Attainment of age 52.5 and 15 years of Credited Service. 
 
 
Benefit 
Actuarial equivalent of Normal Retirement benefit. 
 
Form of Benefit 
Same as Normal Retirement 
 
 
Disability Benefit – Accidental (duty-related) 
Eligibility 
Total and permanent disability incurred in performance of duty. 
 
Benefit Amount 
 A maximum of: 
a.) 50% of Average Monthly Benefit Compensation, and; 
b.) The monthly retirement pension that the Member is 
entitled to receive if he or she retired immediately. 
 
 
Disability Benefit – Ordinary (not duty-related) 
Eligibility 
Total and permanent disability not incurred in performance of duty. 
 
Benefit Amount 
 Normal Retirement pension that the member is entitled to receive, 
prorated based on Credited Service earned over the required Credited 
Service for Normal Retirement (maximum ratio of 1). 
 
 
Disability Benefit – Other 
Temporary 
Benefit equals 1/12 of 50% of compensation during year preceding 
date of disability. Payments terminate after 12 months. 
 
Catastrophic 
Benefit equals 90% of Average Monthly Benefit Compensation. After 
60 months member receives greater of 62.5% Average Monthly 
Benefit Compensation and accrued normal pension. 
 
 
Pre-Retirement Death Benefit  
Payable following death of active member 
Service Incurred 
100% of Average Monthly Benefit Compensation, reduced by child’s 
pension.

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
38 
Non-Service Incurred 
80% of benefit based on calculation for accidental disability 
retirement. 
 
Child’s Pension 
10% of pension for each child (maximum 20% paid) based on 
calculation for accidental disability retirement. Payable to dependent 
child under age 18 (23 if full-time student). 
 
Guardian’s Pension 
Same as spouse’s pension. Payable (along with child’s pension) when 
no spouse is being paid and there is at least one child under 18 (23, if 
full-time student).  
 
Accumulated Contributions 
Any contributions remaining upon the death of the last beneficiary 
shall be paid as a lump sum. 
 
 
Vesting (Termination) 
Vesting Service Requirement 
Tier 1: 10 years. 
 
Tiers 2 & 3: 15 years. 
 
Non-Vested Benefit 
Tier 1: Lump sum payment of accumulated contributions, plus 
additional amount based on years of Credited Service.  
 
 
Service  
 
Additional % of Contributions 
 
Less than 5 years 
 
0% 
 
5 years  
 
 
25% 
 
6 years  
 
 
40% 
 
7 years  
 
 
55% 
 
8 years  
 
 
70% 
 
9 years  
 
 
85% 
 
10+ years 
 
 
100% 
 
Tiers 2 & 3: Lump sum payment of accumulated contributions, with 
interest at rate determined by the Board. 
 
Vested Benefit 
Tier 1: Deferred retirement annuity based on two times member’s 
accumulated contributions, deferred to age 62. Member is not 
entitled to survivor benefits, benefit increases, or group health 
insurance subsidy. 
 
Tiers 2 & 3: Calculated same as normal retirement pension. Payable 
if contributions left in fund until reach age requirement. Member is 
entitled to survivor benefits, benefit increases, and group health 
insurance subsidy. 
 
 
Cost-of-Living Adjustment 
Payable to retired member or survivor of retired member 
Tiers 1 & 2: Compound cost-of-living adjustment on base benefit. First

Arizona Public Safety Personnel Retirement System 
 
Actuarial Valuation as of June 30, 2025 - Wickenburg Fire Dept. (217) 
 
 
39 
payment is made on July 1, 2018, with annual adjustments effective 
every July 1 thereafter.  Adjustment does not apply while in DROP. 
 
Cost-of-living adjustment will be based on the average annual 
percentage change in the Metropolitan Phoenix-Mesa Consumer Price 
Index published by the United States Department of Labor, Bureau of 
Statistics. Maximum increase of 2%. 
 
Tier 3: Compound cost-of-living adjustment on base benefit beginning 
earlier of first calendar year after the 7th anniversary of retirement or 
when the retired member reaches 60 years of age. 
 
A cost-of-living adjustment shall be paid on July 1 each year that the 
funded ratio for members hired on or after July 1, 2017 is 70% or more.  
 
The cost-of-living adjustment will be based on the average annual 
percentage change in the Metropolitan Phoenix-Mesa Consumer Price 
Index published by the United States Department of Labor, Bureau of 
Statistics. The cost-of-living adjustment will not exceed: 
 
2%, if funded ratio for members who are hired on or after July 
1, 2017 is 90% or more; 
 
1.5%, if funded ratio for members who are hired on or after 
July 1, 2017 is 80-90%; 
 
1%, if funded ratio for members who are hired on or after July 
1, 2017 is 70-80%. 
 
Deferred Retirement Option Plan (DROP) 
Eligibility 
Tier 1 and 20 years of Credited Service. 
 
DROP Period 
Maximum 84 months. 
 
Member Contributions 
Cease upon DROP entry. 
 
Benefit Amount 
Calculated based on Credited Service and average monthly 
compensation as of the beginning of the DROP period, credited to 
DROP participation account for DROP period. 
 
Interest on DROP  
 
Beginning Year  
Interest Rate 
Participation Account 
 
July 1, 2016 
 
7.40% 
 
July 1, 2018 
 
7.30% 
 
July 1, 2022 
 
7.20%

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Payment of DROP 
Payable as lump sum distribution to Public Safety Personnel 
Participation Account 
Defined Contribution Retirement Plan at earlier of 1) end of DROP 
period, 2) at termination, or 3) five years. 
 
Payment Monthly Benefit 
System commences payment of benefit amount at the earlier of 1) 
the end of the DROP period and 2) at termination 
 
 
Post-Retirement Health Insurance Subsidy 
Eligibility 
Retired member or survivor who elect health coverage provided by 
the state or participating employer. 
 
Maximum Subsidy Amounts (monthly)  
Member Only 
With Dependents 
 
Medicare Eligible 
$100 
$170 
 
One w/ Medicare 
 N/A 
$215 
 
Not Medicare Eligible 
$150 
$260 
 
 
Contributions 
Employee 
Tiers 1 & 2: 7.65% (effective July 1, 2023). 
 
 
Tier 3: 50% of total contribution, which is Normal Cost plus a level-
dollar amortization of unfunded actuarial accrued liability over a 
closed period not to exceed 10 years. 
 
Employer 
Tiers 1 & 2: Normal Cost plus amortization of unfunded actuarial 
accrued liability over a closed period not to exceed 20 years (subject 
to one-time election to extend to closed period not to exceed 30 
years).  
 
 
Tier 3: 50% of total contribution, which is Normal Cost plus a level-
dollar amortization of unfunded actuarial accrued liability over a 
closed period not to exceed 10 years. 
 
 
CHANGES SINCE THE PRIOR VALUATION 
None.

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ACTUARIAL FUNDING POLICY 
A pension plan funding policy describes how pension funding will improve for underfunded plans or maintain 
funded benefits for funded plans over time for those benefits defined in Arizona Revised Statutes (ARS).  Those 
benefits defined in ARS are to be equitably managed and administered by the Arizona Public Safety Personnel 
Retirement System (PSPRS agency). 
This Actuarial Funding Policy identifies the funding objectives and elements of the actuarial funding policy set 
by the Board for the PSPRS agency.  The Board adopted this Funding Policy to help ensure the systematic 
funding of future benefit payments for members of the retirement systems as established by the legislature. 
This policy covers all retirements systems administered by the Board:  The Public Safety Personnel Retirement 
System (PSPRS); the Correction Officers Retirement Plan (CORP); and the Elected Officials Retirement Plan 
(EORP). 
To achieve the systematic funding of future benefits, metrics are identified to measure the progress, or the 
lack of progress, over time to identify trends.  These trends inform the continuation of the current policies or 
identify areas of needed research for consideration.   
This funding policy is reviewed annually and adopted by the Board in accordance with ARS 38-863.02.  This 
policy was reviewed and adopted by the Board in September 2025. 
 
PSPRS STATEMENT OF PURPOSE 
The Purpose of the Public Safety Personnel Retirement System is to provide uniform, consistent, and equitable 
statewide retirement programs for those who have been entrusted to our care.  
 
FUNDING OBJECTIVES 
1. Maintain adequate assets so that current plan assets, plus future contributions and investment earnings, 
are sufficient to fund all benefits expected to be paid to members and their beneficiaries. 
a. Corollary 1a: Current and future contributions should be calculated based upon assumptions that 
reflect the Board’s best estimate of future experience and methods that appropriately allocate 
costs to address generational equity. 
b. Corollary 1b: While the shorter-term objective is to fully fund the Actuarial Accrued Liability (AAL) 
that estimates benefits earned as of the valuation date, contributions should target the long-term 
Present Value of Benefits (PVB) to fund all benefits and help offset risks. 
c. As closed plans mature, the target funding should be 110% of AAL or 100% of PVB, whichever is 
greater.

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2. Maintain public policy goals of accountability and transparency through stakeholder communication and 
education.  Each policy element is clear in intent and effect, and each should be considered in a balanced 
approach to determine how and when the funding requirements of the plan will be met. 
a. Corollary 2a: Board shall provide stakeholders with separate reports and tools to help explain 
current results as well as to help model future funding requirements. 
 
3. Promote intergenerational equity.  Defined benefit pensions are designed with a long-term perspective 
and designed to minimize contribution volatility that cannot avoid some level of generational cost shift.  
However, the goal is that each generation of members and employers (taxpayers) should, to the extent 
possible, incur the cost of benefits for the employees who provide services to them, rather than shifting 
those costs to other generations of members and employers (taxpayers). 
a. Corollary 3a: A systematic reduction of the Unfunded Actuarial Accrued Liability (UAAL) over a 
reasonable time period is paramount to achieving this objective. 
Consideration can be given to reduce volatility, to the extent possible, of employer and employee contribution 
rates as long as the integrity of the objectives listed above is not compromised. 
 
ELEMENTS OF ACTUARIAL FUNDING POLICY 
1. Actuarial Cost Method 
a. The Entry Age Normal level percent of pay actuarial cost method of valuation shall be used in 
determining the AAL and Normal Cost.  Differences in the past between assumed experience and 
actual experience (“actuarial gains and losses”) shall become part of the AAL.  The Normal Cost 
shall be determined on an individual basis for each active member. 
 
2. Asset Smoothing Method 
a. The investment gains or losses of each valuation period, resulting from the difference between 
the actual investment return and assumed investment return, shall be recognized annually in level 
amounts over five years (Tier 3) or seven years (Tiers 1 and 2) in calculating the Actuarial Value of 
Assets (AVA). 
b. The AVA so determined shall be subject to a 20% corridor relative to the Market Value of Assets 
(MVA).  
 
3. Amortization Method (Unfunded Amounts) 
a. The AVA is subtracted from the computed AAL.  Any unfunded amount is amortized as a level 
percent of payroll over a closed period. 
b. The unfunded liabilities, for EORP and Tiers 1 & 2 for both PSPRS and CORP, determined in the 
6/30/2019 actuarial valuation will become the initial layer for each employer beginning with the 
6/30/2020 actuarial valuation and amortized using the current closed year period for that 
employer and continue to decrease each year. 
i. The payroll growth rate assumption used to amortize the PSPRS Unfunded Liability will be 
decreased by 0.75% each year with the intention of ultimately achieving 0.0%.

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ii. The payroll growth rate used to amortize the Correction Officers Retirement Plan (CORP) 
Unfunded Liability will be reduced by 0.5% until 0.0% is reached. 
iii. The payroll growth rate used to amortize the Elected Officials Retirement Plan (EORP) 
Unfunded Liability will be 0.0%. 
c. Gains and losses, for EORP and Tiers 1 & 2 for both PSPRS and CORP, for each employer beginning 
with the 6/30/2020 actuarial valuation will be amortized as a new layer over the same 
amortization period as the regular unfunded liability to a minimum of 15 years.  Once the 
amortization period for each employer decreases to 15 years, each subsequent year’s gains and 
losses will be amortized as a new 15-year closed layer. 
i. The payroll growth rate used to amortize the unfunded liability for all Plans under this 
paragraph will be 0.0% (i.e. level-dollar amortization). 
d. Tier 3 amortization methods are established in ARS 38-843.G and ARS 38-891.K. 
 
4. Amortization Method (Overfunded Amounts) 
a. The AVA is subtracted from the target funding level (greater of 110% of AAL or 100% of PVB).  Any 
overfunded amount is amortized as a level dollar amount over an open 10-year period. 
5. Tier 3 Rate Calculation 
a. Tier 3 is distinct from Tiers 1 & 2 in PSPRS and CORP as the contributions are a shared percentage 
(50/50 split for PSPRS: for CORP, employer 1/3 and member 2/3 of the normal cost plus 50 percent 
each, member and employer, of the UAAL amortization) for employers and members based on 
the actuarially calculated rate.  To reduce the impact of volatility to rates, the Tier 3 rates will be 
smoothed over a 3-year rolling period based on the actuarially calculated rates for each year’s 
actuarial valuation. 
i. Beginning with the 6/30/2023 valuation, the prospective Tier 3 rates set by the Board of 
Trustees are planned to be a rolling average of the actuarial calculated Tier 3 rates using 
the 6/30/2023, 6/30/2022 and 6/30/2021 rates in the initial process. 
ii. As assumptions may be updated year-to-year, the prior calculated rates are not updated 
for those changes, the prior calculated rates are used to smooth in the new rates. 
b. At the May 2023 Board Meeting, the Board changed the assumed rate of return for CORP Tier 3, 
which was at 7.2%, to match the 7.0% assumed rate of return for PSPRS Tier 3.  The Board 
committed to continue to monitor market conditions and directions with the intent to ultimately 
adopt a single assumed rate of return for all investments for retirement systems/plans 
administered by PSPRS agency.

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6. Assumed Rate of Return (ARR) 
a. At the May 2023 Board Meeting, the Board changed the assumed rate of return for CORP Tier 3, 
which was at 7.2%, to match the 7.0% assumed rate of return for PSPRS Tier 3.  The Board will 
continue to monitor market conditions and directions with the intent to ultimately adopt a single 
assumed rate of return for all investments for retirement systems/plans administered by PSPRS 
agency. 
7. EORP Floor Considerations 
a. Establish a “floor” for EORP based on the immediately previous valuation by adjusting payroll 
growth, amortization periods of the original layer or other possible options, to improve funding 
in maintaining contribution levels opposed to reducing employer contributions. 
 
METRICS TO MONITOR FUNDING OBJECTIVES 
1. Appropriateness of Assumptions – Gain/Loss Experience (Corollary 1a)  
a. Metric: Do the cumulative gain/loss layers over the prior five years exceed 8% of plan assets? 
b. Measurement: History of annual gain/loss (split by asset and liability experience) and five-year 
cumulative results will be tracked. 
c. Action Plan: This metric assumes that a full experience study is performed at least every five years so 
objective of measurement is to monitor interim experience.  If the metric answer is yes, a review of 
the sources or causes of gains and losses should be analyzed and presented to the Advisory 
Committee to provide a recommendation to the Board of Trustees.  The analysis and presentation are 
intended to provide a basis for consideration if assumption changes are warranted between full 
experience studies. 
 
2. Funding Targets (Corollary 1b) 
a. Metric: Has the funded status, on both an AAL and PVB basis when compared to the MVA, increased 
over a five-year period?  
b. Measurement: History of funded status measures will be tracked. 
c. Action Plan: If the answer is no and not readily explainable (e.g., significant assumption change), a 
review of the reason(s) for the decrease should be researched and presented to the Advisory 
Committee to provide a recommendation to the Board of  Trustees.  The analysis and presentation 
are intended to provide a basis for consideration if changes to assumptions and/or methods are 
warranted between full experience studies. 
 
3. Communication with Stakeholders (Corollary 2a) 
a. Metric: Have reports and budgeting tools been provided to stakeholders in a timely fashion? 
b. Measurement: Yes/No answer based on input from PSPRS administrator. (An annual standard survey 
of stakeholders – 3 to 5 questions.) 
c. Action Plan: If the answer is no, and periodically regardless (e.g., every three years), PSPRS staff will 
revisit this metric to report to the Advisory Committee to provide a recommendation to the Board of 
Trustees if current reports / tools are sufficient and if the delivery timing is appropriate.

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4. Timely Recognition of Costs (Corollary 3a) 
a. Metric: Has the percentage of unfunded liability subject to negative amortization decreased over a 
five-year lookback period? 
b. Measurement: History of unfunded liability subject to negative amortization as a percentage of total 
unfunded liability will be tracked. 
c. Action Plan: If the answer is no, and not readily explainable (e.g., adopted assumption changes being 
phased in are anticipated to address negative amortization), a review of the reason(s) for negative 
amortization should be researched and presented to the Advisory Committee to provide a 
recommendation to the Board of Trustees.    The analysis and presentation are intended to provide a 
basis for consideration if changes to assumptions and/or methods are warranted between full 
experience studies.

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SUPPLEMENTARY INFORMATION 
GLOSSARY 
Accrued Benefit 
The benefit earned as of a specific date based on the provisions of 
the plan and the member’s age, service, and salary as of that date. 
 
 
Actuarial Accrued Liability 
The portion of the anticipated future benefits allocated to years 
prior to the valuation date determined according to the plan’s 
Actuarial Cost Method. 
 
 
Actuarial Value of Assets 
The asset value used in the valuation to determine contribution 
requirements.  It represents the plan’s Market Value of Assets (see 
below), with adjustments according to the plan’s Actuarial Asset 
Method. These adjustments produce a “smoothed” value that is 
likely to be less volatile from year to year than the Market Value of 
Assets. 
 
 
Actuarial Assumptions 
Assumptions regarding the occurrence of future events affecting 
plan costs. These assumptions include rates of investment earnings, 
changes in compensation, rates of mortality, withdrawal, 
disablement, and retirement as well as statistics related to marriage 
and family composition. 
 
 
Actuarial Cost Method  
A method of determining the portion of the cost of a plan to be 
allocated to each year; sometimes referred to as the "actuarial 
funding method." Each cost method allocates a certain portion of 
the actuarial present value of benefits between the Actuarial 
Accrued Liability and future normal costs to ensure the plan is 
adequately and systematically funded. 
 
 
Actuarial Gain or Loss  
The change in Unfunded Actuarial Accrued Liability resulting from 
experience different from Actuarial Assumptions. Gains decrease 
the Unfunded Actuarial Accrued Liability and losses increase the 
Unfunded Actuarial Accrued Liability.

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Actuarial Present Value 
The estimated amount of funds required as of a specified date to 
provide a payment or series of payments in the future. It is 
determined by discounting future payments at predetermined rates 
of interest, and by probabilities of payments between the specified 
date and the expected date of payment. 
 
 
Amortization Payment  
The portion of the plan contribution designated to pay interest and 
reduce the outstanding principal balance of Unfunded Actuarial 
Accrued Liability. If the amortization payment is less than the 
accrued interest on the Unfunded Actuarial Accrued Liability the 
outstanding principal balance will increase. 
 
 
Decrements  
Events which result in the termination of membership in the system 
such as retirement, disability, withdrawal, or death. 
 
 
Entry Age Normal Cost Method 
Under this method, the normal cost is the sum of the individual 
normal costs for all active participants.  For an active participant, 
the normal cost is the participant’s normal cost accrual rate, 
multiplied by the participant’s current compensation. 
The normal cost accrual rate equals: 
 
(i) the present value of future benefits for the participant, 
determined as of the participant’s entry 
age, divided by 
 
(ii) the present value of the compensation expected to be paid to 
the participant for each year of the participant’s anticipated future 
service, determined as of the participant’s entry age. 
 
In calculating the present value of future compensation, the salary 
scale is applied both retrospectively and prospectively to estimate 
compensation in years prior to and subsequent to the valuation 
year based on the compensation used for the valuation. 
 
The accrued liability is the sum of the individual accrued liabilities 
for all participants and beneficiaries.  A participant’s accrued liability 
equals the present value, at the participant’s attained age, of future 
benefits less the present value at the participant’s attained age of 
the individual normal costs payable in the future.  A beneficiary’s 
accrued liability equals the present value, at the beneficiary’s

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48 
attained age, of future benefits.  The unfunded accrued liability 
equals the total accrued liability less the actuarial value of assets. 
 
Under this method, the entry age used for each active participant is 
the participant’s age at the time he or she would have commenced 
participation if the plan had always been in existence under current 
terms, or the age as of which he or she first earns service credits for 
purposes of benefit accrual under the current terms of the plan.  
 
 
Funded Ratio  
A measure of the ratio of the plan assets to liabilities of the system. 
Typically, the assets used in the measure are the Actuarial Value of 
Assets as determined by the asset valuation method. The Funded 
Ratio depends not only on the financial strength of the plan but also 
on the asset valuation method used to determine the assets and on 
the Actuarial Cost Method used to determine the liabilities. 
 
 
Interest Rate  
The assumed long-term rate of return on plan assets. 
 
 
Market Value of Assets  
The fair market value of plan assets as of the valuation date. 
 
 
Normal Cost  
The current year's cost for benefits yet to be funded. Under the 
Entry Age Normal cost method, it is determined for each participant 
as the present value of future benefits, determined as of the 
Member’s entry age, amortized as a level percentage of 
compensation over the anticipated number of years of 
participation, determined as of the entry age. 
 
 
Present Value of Benefits  
The single sum value on the valuation date of all future benefits to 
be paid to current plan participants. 
 
 
Projected Annual Payroll  
The projected annual rate of pay for the fiscal year following the 
fiscal year beginning on the valuation date of all covered Members. 
 
 
Projected Benefits  
The benefits expected to be paid in the future based on the 
provisions of the plan and the Actuarial Assumptions. The projected 
values are based on anticipated future advancement in age and 
accrual of service as well as increases in salary paid to the 
participant.

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Total Annual Payroll  
The projected annual rate of pay for the fiscal year beginning on the 
valuation date of all covered Members. 
 
 
Ultimate Cost  
The total cost to the plan once the last benefit has been paid. The 
Ultimate Cost equals 
 
 
 
Benefit Payments 
 
Plus: Expenses 
 
Less: Investment Income 
 
 
The Ultimate Cost is independent of the Actuarial Cost Method 
selected. 
 
 
Unfunded Actuarial Accrued  
The difference between the Actuarial Accrued Liability and the 
Liability 
Actuarial Value of Assets.  Under the Entry Age Normal Actuarial 
Cost Method, an actuarial gain or loss, based on actual versus 
expected UAAL, is determined in conjunction with each valuation 
of the plan.

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DISCUSSION OF RISK 
ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and 
Determining Pension Plan Contributions, states that the actuary should identify risks that, in the actuary’s 
professional judgment, may reasonably be anticipated to significantly affect the plan’s future financial 
condition. 
Throughout this report, actuarial results are determined using various actuarial assumptions. These results 
are based on the premise that all future plan experience will align with the plan’s actuarial assumptions; 
however, there is no guarantee that actual plan experience will align with the plan’s assumptions. It is possible 
that actual plan experience will differ from anticipated experience in an unfavorable manner that will 
negatively impact the plan’s funded position. 
Below are examples of ways in which plan experience can deviate from assumptions and the potential impact 
of that deviation. Typically, this results in an actuarial gain or loss representing the current-year financial 
impact on the plan’s unfunded liability of the experience differing from assumptions; this gain or loss is 
amortized over a period of time determined by the plan’s amortization method. When assumptions are 
selected that adequately reflect plan experience, gains and losses typically offset one another in the long term, 
resulting in a relatively low impact on the plan’s contribution requirements associated with plan experience. 
When assumptions are too optimistic, losses can accumulate over time and the plan’s amortization payment 
could potentially grow to an unmanageable level. 
 
Investment Return: When the rate of return on the Actuarial Value of Assets falls short of the 
assumption, this produces a loss representing assumed investment earnings that were not realized. 
Further, it is unlikely that the plan will experience a scenario that matches the assumed return in each 
year as capital markets can be volatile from year to year. Therefore, contribution amounts can vary in 
the future. 
 
Salary Increases: When a plan participant experiences a salary increase that was greater than 
assumed, this produces a loss representing the cost of an increase in anticipated plan benefits for the 
participant as compared to the previous year. The total gain or loss associated with salary increases 
for the plan is the sum of salary gains and losses for all active participants. 
 
Payroll Growth: The plan’s payroll growth assumption, if one is used, causes a predictable annual 
increase in the plan’s amortization payment in order to produce an amortization payment that 
remains constant as a percentage of payroll if all assumptions are realized. If payroll increases less 
than the plan’s payroll growth assumption, the plan’s amortization payment can increase significantly 
as a percentage of payroll even if all assumptions other than the payroll growth assumption are 
realized.  
 
Demographic Assumptions: Actuarial results take into account various potential events that could 
happen to a plan participant, such as retirement, termination, disability, and death. Each of these 
potential events is assigned a liability based on the likelihood of the event and the financial 
consequence of the event for the plan. Accordingly, actuarial liabilities reflect a blend of financial

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51 
consequences associated with various possible outcomes (such as retirement at one of various 
possible ages). Once the outcome is known (e.g. the participant retires) the liability is adjusted to 
reflect the known outcome. This adjustment produces a gain or loss depending on whether the 
outcome was more or less favorable than other outcomes that could have occurred. 
 
 
Contribution risk: This risk results from the potential that actual employer contributions may deviate 
from actuarially determined contributions, which are determined in accordance with the Board’s 
funding policy.  The funding policy is intended to result in contribution requirements that if paid when 
due, will result in a reasonable expectation that assets will accumulate to be sufficient to pay plan 
benefits when due. Contribution deficits, particularly large deficits and those that occur repeatedly, 
increase future contribution requirements and put the plan at risk for not being able to pay plan 
benefits when due. 
 
IMPACT OF PLAN MATURITY ON RISK 
For newer pension plans, most of the participants and associated liabilities are related to active members who 
have not yet reached retirement age. As pension plans continue in operation and active members reach 
retirement ages, liabilities begin to shift from being primarily related to active members to being shared 
amongst active and retired members. Plan maturity is a measure of the extent to which this shift has occurred. 
It is important to understand that plan maturity can have an impact on risk tolerance and the overall risk 
characteristics of the plan. For example, closed plans with a large amount of retired liability do not have as 
long of a time horizon to recover from losses (such as losses on investments due to lower than expected 
investment returns) as plans where the majority of the liability is attributable to active members. For this 
reason, less tolerance for investment risk may be warranted for highly mature closed plans with a substantial 
inactive liability. Similarly, mature closed plans paying substantial retirement benefits resulting in a small 
positive or net negative cash flow can be more sensitive to near term investment volatility, particularly if the 
size of the fund is shrinking, which can result in less assets being available for investment in the market. 
To assist with determining the maturity of the plan, we have provided some relevant metrics in the table 
following titled “Plan Maturity Measures and Other Risk Metrics”. For a better understanding of the overall 
Plan and the impact of these risks, please refer to the consolidated PSPRS valuation report. 
LOW DEFAULT RISK OBLIGATION MEASURE 
ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, was revised 
as of December 2021 to include a “low-default-risk obligation measure” (LDROM). This liability measure is 
consistent with the determination of the actuarial accrued liability shown on page 8 in terms of member data, 
plan provisions, and assumptions/methods, including the use of the Entry Age Normal Cost Method, except 
that the interest rate is tied to low-default-risk fixed income securities. The S&P Municipal Bond 20 Year High 
Grade Rate Index (daily rate closest to, but not later than, the measurement date) was selected to represent 
a current market rate of low risk but longer-term investments that could be included in a low-risk asset 
portfolio. The interest rate used in this valuation was 4.81%, resulting in an LDROM of $10,253,106 for Tiers 1 
and 2 and $496,952,639 for Tier 3. The LDROM should not be considered the “correct” liability measurement;

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52 
it simply shows a possible outcome if the Board elected to hold a very low risk asset portfolio. The Board 
actually invests the pension plan’s contributions in a diversified portfolio of stocks and bonds and other 
investments with the objective of maximizing investment returns at a reasonable level of risk. Consequently, 
the difference between the plan’s Actuarial Accrued Liability disclosed earlier in this section and the LDROM 
can be thought of as representing the expected taxpayer savings from investing in the plan’s diversified 
portfolio compared to investing only in high quality bonds. 
The actuarial valuation reports the funded status and develops contributions based on the expected return of 
the plan’s investment portfolio. If instead, the plan switched to investing exclusively in high quality bonds, the 
LDROM illustrates that reported funded status would be lower (which also implies that the Actuarially 
Determined Contributions would be higher), perhaps significantly. Unnecessarily high contribution 
requirements in the near term may not be affordable and could imperil plan sustainability and benefit security.

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53 
PLAN MATURITY MEASURES AND OTHER RISK METRICS – TIERS 1 & 2 
 
 
 
 
1 Determined as total contributions minus benefit payments.  Administrative expenses are typically included but are considered part of the net interest rate 
assumption for this plan. 
6/30/2025
6/30/2024
6/30/2023 
6/30/2022
6/30/2021
SUPPORT RATIO 
 
Total Actives 
7
9
8 
10
12
Total Inactives 
5
3
3 
2
1
Actives / Inactives 
140.0%
300.0%
266.7% 
500.0%
1,200.0%
ASSET VOLATILITY RATIO 
 
Market Value of Assets (MVA) 
7,418,958
6,024,731
4,833,939 
4,296,420
4,341,747
Total Annual Payroll 
809,544
978,379
720,006 
746,710
894,536
MVA / Total Annual Payroll 
916.4%
615.8%
671.4% 
575.4%
485.4%
ACCRUED LIABILITY (AL) RATIO 
 
Inactive Accrued Liability 
4,004,407
2,335,687
2,245,784 
1,572,029
84,078
Total Accrued Liability 
7,237,687
6,489,224
5,469,001 
4,579,343
3,862,905
Inactive AL / Total AL 
55.3%
36.0%
41.1% 
34.3%
2.2%
FUNDED RATIO 
 
Actuarial Value of Assets (AVA) 
7,136,189
5,962,670
4,923,045 
4,413,384
3,969,301
Total Accrued Liability 
7,237,687
6,489,224
5,469,001 
4,579,343
3,862,905
AVA / Total Accrued Liability 
98.6%
91.9%
90.0% 
96.4%
102.8%
NET CASH FLOW RATIO 
 
Net Cash Flow 1 
717,904
689,470
252,811 
132,739
970,506
Market Value of Assets (MVA) 
7,418,958
6,024,731
4,833,939 
4,296,420
4,341,747
Net Cash Flow / MVA 
9.7%
11.4%
5.2% 
3.1%
22.4%

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PLAN MATURITY MEASURES AND OTHER RISK METRICS - TIER 3 2  
 
1 Determined as total contributions minus benefit payments.  Administrative expenses are typically included but are considered part of the net interest rate 
assumption for this plan. 
2 Tier 3 results are shown for the Risk Sharing group, where applicable. 
6/30/2025
6/30/2024
6/30/2023
6/30/2022
6/30/2021
SUPPORT RATIO 
Total Actives 
4,241
3,661
3,052
2,417
2,560
Total Inactives 
728
570
450
327
307
Actives / Inactives 
582.6%
642.3%
678.2%
739.1%
833.9%
ASSET VOLATILITY RATIO 
Market Value of Assets (MVA) 
266,158,721
184,210,874
119,338,352
74,774,123
51,992,240
Total Annual Payroll 
367,097,197
295,480,312
226,680,964
165,151,543
115,883,115
MVA / Total Annual Payroll 
72.5%
62.3%
52.6%
45.3%
44.9%
ACCRUED LIABILITY (AL) RATIO 
Inactive Accrued Liability 
21,448,721
16,792,236
9,349,377
4,598,114
2,290,610
Total Accrued Liability 
247,440,343
165,671,690
110,961,191
68,939,204
42,733,537
Inactive AL / Total AL 
8.7%
10.1%
8.4%
6.7%
5.4%
FUNDED RATIO 
Actuarial Value of Assets (AVA) 
253,309,023
178,758,433
119,101,476
76,171,857
45,863,401
Total Accrued Liability 
247,440,343
165,671,690
110,961,191
68,939,204
42,733,537
AVA / Total Accrued Liability 
102.4%
107.9%
107.3%
110.5%
107.3%
NET CASH FLOW RATIO 
Net Cash Flow 1 
55,470,509
47,922,185
36,208,171
25,802,686
18,607,209
Market Value of Assets (MVA) 
266,158,721
184,210,874
119,338,352
74,774,123
51,992,240
Net Cash Flow / MVA 
20.8%
26.0%
30.3%
34.5%
35.8%