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Riverbank hears CalPERS liability update; consultants urge reserve strategy to blunt rising pension costs
Summary
Consultants told Riverbank council the city's unfunded accrued liability (UAL) with CalPERS stands near $10.3 million and projected payments will peak over the next decade; staff and consultants recommended using a Section 115 trust or prepayment to reduce budget volatility.
City financial advisers updated the Riverbank City Council on the city’s CalPERS pension cost and unfunded accrued liability, saying the city faces a growing repayment schedule that will concentrate higher payments in the coming decade.
Mike Myers of NHA Advisors told the council the city’s unfunded accrued liability, or UAL, is about $10.3 million. "This debt is known as the unfunded accrued liability or UAL, and we'll define what that is on the next slide, but that debt is currently…
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