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City finance director says pension funding improving but long‑term liabilities persist
Summary
Finance Director Ryan Smith told council recent CalPERS gains and planned city contributions improve the pension funded ratio, but the city faces multi‑decade liabilities and smoothing rules that moderate year‑to‑year results.
Fountain Valley — The city’s finance director presented a detailed update on pension and OPEB liabilities during the Oct. 22 study session, saying recent CalPERS investment gains have improved funded status but that the city remains on a multi‑year glide path to full funding.
Ryan Smith told council the latest valuation as of June 30, 2024, put the city’s pension plan at about 77.96% funded and projected an accrued liability in the next valuation of roughly $419 million with CalPERS assets at about $320 million and the city’s PARS assets near $19 million, leaving an unfunded accrued liability in the tens of millions. Smith noted CalPERS returned 11.6% in the year referenced and…
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