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Lakewood council approves $1 million transfer from earmarked reserves to reduce CalPERS pension liability
Summary
The council voted unanimously to authorize staff to send $1,000,000 in earmarked reserves to CalPERS and to direct staff to review the city's capacity for additional discretionary CalPERS payments on at least an annual basis.
The Lakewood City Council voted unanimously to adopt staff recommendations to begin sending additional discretionary payments to CalPERS, authorizing an initial transfer of $1,000,000 from earmarked reserves to reduce the city’s unfunded accrued pension liability.
Director Gomez presented the proposal, saying the city’s pension funding level stands above the statewide average and that targeted additional payments can reduce long-term costs. Gomez told the council the city’s CalPERS funding ratio is about 76.3 percent,…
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