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Buellton Council approves $262,592 CalPERS payment to reduce pension liability
Summary
After a presentation from pension consultants, the Buellton City Council approved budgeting a $262,592 payment — including a $175,000 additional discretionary payment — aimed at lowering the city's CalPERS unfunded accrued liability.
The Buellton City Council voted unanimously on Jan. 23 to budget a $262,592 payment to CalPERS for fiscal year 2025–26, including a proposed $175,000 additional discretionary payment to reduce the city's unfunded accrued liability.
The vote followed a presentation by Derek Lee of GovInvest and finance director Chanel Zamora explaining the city's pension funding position, the role of investment returns and cost-of-living adjustments in driving liability, and options for reducing long-term costs. Lee said recent investment returns improved the city's funded percentage and that a recurring additional payment would materially lower the city's unfunded liability and future annual contributions.
Why it matters: Reducing the unfunded accrued liability (UAL) lowers the annual amortization…
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