Needham Retirement Board Recommends Schedule A2, Targets 8.58 Percent Annual Contribution Increase

NEEDHAM -- July 15, 2026, Needham Retirement Board votes to recommend Schedule A2 pension funding plan, bringing minimum annual contribution increase to 8.58 percent. The board met July 15 and heard actuary Linda Bonneville report that the system's funded status improved from 79 percent to nearly 82 percent over the prior year, with the unfunded liability declining from $68.5 million to $62.7 million against total accrued liabilities of approximately $344 million. The board unanimously recommended Funding Schedule A2, which sets an 8.58 percent floor on annual employer contribution increases, up from last year's 8.01 percent, to Town Manager for approval, with a final vote scheduled for the August 12 meeting. Chair Michelle Vallecourt noted that "cooperation always works best" in keeping the town manager informed of appropriation impacts. The board also confirmed that Katina Goodrich will begin as the system's new retirement administrator on July 27, replacing outgoing administrator Jacob Cole, who agreed to remain available part-time through August for knowledge transfer. Total system assets stood at approximately $282 million, with a monthly PRIM management fee of $132,602.73.