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Committee reviews CalPERS actuarial reports; staff: $3 million ADP lowered next year—s pension costs
Summary
Finance committee members reviewed the town—s CalPERS actuarial valuations and staff briefed the group that a $3 million additional discretionary payment (ADP) made in June will reduce required employer payments next year, though committee members expressed ongoing concern about CalPERS assumptions and long‑term funding dynamics.
The Finance Committee reviewed actuarial reports received from CalPERS for plans with valuation dates of June 30, 2024, and staff reported that the town made a $3,000,000 additional discretionary payment (ADP) toward the public‑safety unfunded actuarial liability in June 2025.
Robert, the town staff member who presented the item, told the committee the ADP was paid in June 2025 and therefore is not reflected in the 06/30/2024 CalPERS valuation documents the committee was reviewing. He said the $3 million payment reduced the town—s public‑safety unfunded actuarial liability (UAL) that otherwise would have been shown in next year—s required contribution tables. Robert summarized staff—s calculations showing a…
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