The final Actuarial Report, issued for the Lynn Retirement system, indicated that the value of assets had reached an all-time high of $517.2 million, with 1,197 retirees and 1,717 active retirees currently in the Lynn Retirement system.
The report was issued by the state actuary, John Boorack, and regulated by the Public Employee Retirement Administration Commission (PERAC), which discerned assets and liabilities from January 2021 to January 2023.
The $517.2 million shows an $89.7 million increase from the previous report in 2021.
In a statement, the Lynn Retirement Board said that the city has also received a funding increase and is scheduled to be fully funded in 2033, which can only be issued when all current and future costs of retiree benefits can be fully paid.
Right now, the report showed a seven percent increase in funding from the last valuation. The liabilities grew as well, though, increasing by $58.2 million.
The Public Retirement Investment Management Board (PRIM) reported only positive growth, saying in it that Lynn’s assets had increased by 11.2 percent in 2023, representing a $33 million gain from last year.
“We are very pleased to see this type of performance from our Retirement Board,” Mayor Jared C. Nicholson said. “We place a priority on meeting our financial obligations to all current and future City retirees and this report is an extremely positive indicator.”
The statement ended with a note from Lynn Retirement Board chairman Michael Marks, who said that this is great news for Lynn’s members and tax payers.
He further went on to say that this was also a strong year of investment and that “Hopefully, we will continue with another positive market return in 2024.”
