Everett’s Pension Funding Headed in The Right Direction in 2021

By Josh Resnek

A report issued by the state’s pension funding overseer, PERAC, reveals that 2021 was a signature year for Everett’s investment returns and funding ratio.

The PERAC report details the important particulars about Everett’s pension liabilities, its income, and it’s payouts.

In 2021, Everett’s unfunded liability came in at $105 million with $18.1 million being paid toward eliminating it in 2022.

The unfunded liability has been declining dramatically during the past decade.

Unless something dramatic happens to the national economy, Everett should be fully funded for its pension requirements in 2030, according to PERAC.

In 2021, the pension fund had a market value of $265 million with a 20.35% return on invested capital.

In other words, if you are a retired Everett city employee, your pension is looking safer from year to year.

Presently, there are 731 members paying into the Everett pension system.

The total payroll in 2021 was $47.7 million Average salary paid was $65,300.

Average age of those in the system is 47.

The average length of service is 11.7 years. There are 504 retired members being serviced by the system.

Benefits paid in 2021 amounted to $14.2 million.

The average yearly benefit amounted to $28,100 for retirees. Their average age is 75. William Pierce is the chairperson of the Everett Pension Board.

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