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Committee hears CalPERS actuarial update; staff to return with payoff scenarios and options for pension funding
Summary
Staff reported updated CalPERS valuations and a funded status shortfall for the classic plan; committee asked for amortization-payoff scenarios and staff recommended evaluating a Section 115 trust contribution at the October meeting.
The Financial Review Committee reviewed updated actuarial valuations from CalPERS on Sept. 13 and requested additional modeling before making funding decisions.
Staff reported the updated valuation as of June 30, 2021, included a 21.3% investment return and a CalPERS discount-rate change from 7% to 6.8. Staff said the classic plan’s funded status was ‘‘about 87.4%’’ with an unfunded liability cited as…
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