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Town hears pension outlook from NHA Advisors; town pension bond and 115 trust noted as mitigation tools
Summary
NHA Advisors presented the town’s CalPERS unfunded accrued liability (UAL) outlook; council and consultants discussed the $8.8 million UAL, an outstanding $18 million pension obligation bond, the $3.9 million Internal Revenue Code Section 115 trust and options to smooth future payments.
NHA Advisors presented Corte Madera’s pension outlook April 1, advising the council on the town’s $8.8 million CalPERS unfunded accrued liability and how the town’s pension obligation bond and a Section 115 trust can be used to manage future costs.
The presentation, led by Mike Meyer of NHA Advisors with Craig Hill also participating, reminded the council that the town issued a pension obligation bond in 2021 that refinanced roughly $19 million of CalPERS UAL at a lower interest rate. NHA said the town’s remaining outstanding bond principal is about $18 million at a fixed…
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