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Lincoln council directs staff to explore Section 115 trust to manage $32.6M CalPERS liability
Summary
Following a presentation by NHA Advisors, the council instructed staff to pursue creation of a Section 115 trust and consider phased additional discretionary payments to CalPERS to manage a reported $32.6 million unfunded accrued liability (UAL).
The Lincoln City Council received a detailed presentation on July 9 about the city’s CalPERS unfunded accrued liability (UAL) and gave staff direction to pursue a Section 115 pension trust as part of a phased strategy to manage future pension costs.
Roy of NHA Advisors told the council the city's UAL stood at about $32.6 million on the most recent valuation and has risen from roughly $17 million last year primarily because CalPERS underperformed assumed returns. "The unfunded accrued liability is a challenge…
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