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Committee reviews CalPERS actuarial update; staff to run further analysis on discretionary payments
Summary
Finance staff presented CalPERS valuation results showing a combined unfunded actuarial liability of about $8.2 million and modeling that could reduce it to an estimated $5.7 million using preliminary 9.3% returns; staff said the city has already made a $1.85M discretionary payment and has another $1.85M available for possible additional payments.
Finance staff provided a preliminary actuarial review of the city's CalPERS liabilities at the Nov. 10 Financial Review Committee meeting. According to staff, the combined unfunded actuarial liability (UAL) for the PEPRA and miscellaneous accounts was about $8.2 million (approximately 80% funded) based on CalPERS valuations through 06/30/2023. Staff said CalPERS reported a preliminary investment…
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