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Keizer considers using property-sale proceeds to reduce PERS liability; staff says side account could save millions
Summary
City staff told the Long Range Planning Task Force that using proceeds from planned property sales to create a PERS side account could save an estimated $6.3 million in employer contributions over 20 years, and described a working assumption of applying about $3.5 million of expected proceeds to that strategy.
At the March 10 task force meeting, city finance staff outlined options for addressing Keizer’s Public Employees Retirement System (PERS) exposure, including using part of planned property-sale proceeds to create a PERS side account (a prepayment vehicle that can reduce future employer contribution rates).
Tim Wood said the city expects combined gross proceeds of about $5.5 million from property sales and presented an illustrative plan that would use roughly $3.5 million to seed a side account. “If we do that, the city could save $6,300,000 in contributions over the next 20 years,” Wood said,…
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