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CalPERS unfunded liability update: El Cerrito hears $89 million UAL and options to smooth payments
Summary
NHA Advisors presented an update showing El Cerrito's $89 million unfunded accrued liability (UAL) with scenarios for amortization, Section 115 trust use and the risks from potential CalPERS assumption changes.
NHA Advisors told the El Cerrito City Council on May 20 that the city—s CalPERS unfunded accrued liability (UAL) totaled about $89 million across its safety and miscellaneous plans and that the city—s payment schedule will be sensitive to upcoming CalPERS assumption decisions.
Mike Meyer of NHA Advisors explained the UAL is the shortfall between pension liabilities and assets and said that while CalPERS earned 9.5% in the most recent fiscal year (which will lower the UAL when actuarial reports are posted),…
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