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Walnut Creek adopts pension trust use policy to smooth expected CalPERS cost increases
Summary
Council adopted a policy to guide selective use of the city’s Section 115 pension trust to mitigate rising CalPERS payments over the coming decade while preserving flexibility and requiring year-end assessment of need.
The Walnut Creek City Council on March 18 adopted a policy guiding withdrawals from a Section 115 pension trust established with prior council action. The council voted unanimously to accept staff and consultant advice and adopt the proposed Pension Trust and Reserve Use Policy.
Kirsten Lacasse, administrative services director, told the council the presentation followed the city’s 10-year general fund forecast and work with NHA Advisors. Mike Meyer of NHA explained that Walnut Creek faces a rising unfunded accrued liability (UAL) with CalPERS — about $155 million at the time of…
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