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Mount Shasta council adopts pension management policy to address CalPERS liabilities
Summary
The Mount Shasta City Council voted to adopt a pension management policy that establishes an 85% funded target and a framework for annual review, including potential use of a Section 115 trust and targeted refinancing to reduce long-term CalPERS exposure.
The Mount Shasta City Council on Jan. 27 adopted a pension management policy designed to create an annual framework for managing the city's CalPERS liabilities and reduce long-term costs.
The policy sets an 85% funded target for the city's pension plans and directs staff to review pension liabilities annually and present budget-year recommendations. Andrew Flynn, a registered municipal adviser with California Municipal Advisors, told the council…
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