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Hanford hears update on CalPERS unfunded liability; advisers say bond earlier saved roughly $3 million
Summary
City finance staff and outside advisors reviewed Hanford’s CalPERS unfunded accrued liability, summarized the 2022 pension obligation bond (POB) restructuring and warned the city to plan for rising pension costs as CalPERS revises assumptions.
City Finance Director Chris Tavares and outside financial advisers from NHA Advisors briefed the council on the city’s CalPERS unfunded accrued liability (UAL), the results of a 2022 pension obligation bond and factors that could raise pension costs in coming years.
Mike Meyer of NHA Advisors told the council the city currently shows a UAL of about $35.6 million, split roughly between safety and miscellaneous plans, and said CalPERS’ recent investment return of 9.3% will lower the ongoing UAL this summer. He reviewed the city’s 2022 decision to issue pension obligation bonds (POBs) to restructure about half of its UAL and noted that those bonds were issued at an…
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