Retirement board considers easing pension funding schedule amid gains
Gardner retirement board tabled a decision on easing pension-funding increases after actuarial gains trimmed unfunded liabilities. Pension consultant Colin Edgar of Stone Consulting presented a January 1, 2026 valuation showing $4.4 million in asset gains and unfunded liabilities of $24.2 million,
Retirement Board · Meeting of June 25, 2026
Gardner retirement board tabled a decision on easing pension-funding increases after actuarial gains trimmed unfunded liabilities. Pension consultant Colin Edgar of Stone Consulting presented a January 1, 2026 valuation showing $4.4 million in asset gains and unfunded liabilities of $24.2 million, suggesting the system is on pace for full funding by the 2040 target. Board Chairperson Denise M.
Merriam and Mayor Michael Nicholson both expressed openness to reducing the current 7.25% annual increase in appropriations, with the board requesting alternative funding schedules at 4.50% and 6.00% for consideration at its July 28 meeting. The board unanimously approved a seven-year consulting agreement with Stone Consulting through December 31, 2032, and affirmed the planned FY28 and FY29 appropriations of $7,567,314 and $8,115,944.
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Source: the Retirement Board meeting of June 25, 2026, compiled from the official minutes.
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