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Finance director reports improved CalPERS valuation; commission accepts update on file
Summary
The city’s finance director presented a CalPERS valuation showing a roughly 12% decrease in the combined unfunded accrued liability and a stable unfunded liability payment; the commission voted to receive the valuation report on file.
Finance Director Stephanie presented a CalPERS actuarial valuation to the Redondo Beach Budget and Finance Commission and the commission voted to accept the valuation “on file.”
Why it matters: The valuation informs the city’s required pension payments and long-term liabilities. The finance director said the valuation showed improvement in the city’s funded levels and a continued decrease in employer normal cost, but she cautioned that the city’s annual unfunded liability payment will likely remain near current…
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