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Atherton committee briefed on CalPERS— ALM review; discount rate recommendation remains 6.8%
Summary
Town staff updated the finance committee on CalPERS— 2025 ALM review: the pension giant is recommending a shift to a total-portfolio approach with an active-risk limit while keeping the discount rate at 6.8% for now; the committee discussed implications for unfunded actuarial liability and employer costs.
Town finance staff briefed the committee on CalPERS— ongoing asset-liability management (ALM) review and its potential impacts on local pension costs.
Robert (town staff) summarized the ALM process and the CalPERS recommendation to adopt a total-portfolio (full-portfolio) governance model that would set a 75/25 reference mix and an active-risk limit (reported as 400 basis points). Staff said the ALM…
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