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Atherton council approves $3 million discretionary pension payment; discusses CIP priorities and facility reserve
Summary
The Town of Atherton City Council authorized a $3 million discretionary payment to reduce its CalPERS unfunded liability, with an $800,000 transfer from the employee benefits fund, and debated capital-improvement priorities including Station Lane/town‑center circulation, drainage projects and a facility replacement reserve.
The Town of Atherton City Council voted unanimously to apply a $3,000,000 discretionary payment to reduce its CalPERS unfunded pension liability and to transfer $800,000 from the employee benefits fund to offset the payment.
Council member Bill Widmer made the motion and Council member Rick DeGoya seconded it. During a roll call the council recorded unanimous votes in favor: DeGoya, Hawkins Manuelian, Widmer, Vice Mayor Holland and Mayor Lewis.
Why this matters: the payment is intended to lower the town’s long‑term pension liability and produce actuarial savings over time; councilors said timing and available fund balances made the payment…
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