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Mount Shasta council adopts pension management policy after presentation on CalPERS exposure
Summary
Council approved a pension management policy directing annual reviews and tools such as a 115 trust and refinancing to reduce the city’s long-term CalPERS liability; the policy passed unanimously.
The Mount Shasta City Council on a unanimous vote adopted a pension management policy after a detailed presentation from a municipal adviser on the city’s CalPERS liabilities.
The policy directs staff to review pension liabilities annually and consider a mix of tools — including refinancing existing unfunded liabilities and using a 115 trust — to mitigate the city’s exposure to CalPERS’ assumed 6.8% return and to target an 85% funded ratio.
Andrew Flynn, a registered municipal adviser with California Municipal Advisors, told the council that CalPERS sets a long-term assumed investment return that…
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