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Richmond council asks staff to study using new Chevron revenue to reduce pension and OPEB liabilities
Summary
The City Council voted to direct staff and an outside researcher to analyze options for early amortization of CalPERS and retiree‑medical (OPEB) liabilities using the new Chevron‑related general‑fund revenue, possible use of bonds, and fiscal impacts. The motion passed unanimously with a 45‑day status update requested.
The Richmond City Council on Monday voted to direct city staff to work with a researcher from IFPTE Local 21 and the council sponsors to study whether recently secured Chevron‑related general fund revenue could be used to reduce the city’s long‑term pension (CalPERS) and other retiree liabilities.
The council action instructs staff to return with an update on potential early amortization of the city’s two CalPERS plans and its OPEB obligations, and to evaluate whether bond financing or other approaches could increase interest savings. Councilmember Claudia Jimenez brought the motion; Councilmember Doria Robinson seconded. The vote was unanimous among present councilmembers (Brown, Jimenez, Wilson, Robinson, Zepeda and Mayor Martinez); one member was absent for roll call.
Why it matters: researcher Kristin Schumacher of…
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