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CalPERS actuary says Laguna Beach pension funding improved; council weighs prepayment trade‑offs
Summary
CalPERS' supervising actuary presented membership trends, improved funded ratios and options to reduce unfunded actuarial liability, while council discussed timing and tradeoffs between prepayments and capital projects; no policy changes were adopted at the session.
The city's finance director and a CalPERS supervising actuary briefed Laguna Beach council members on the status of the city's pension plans and options to manage unfunded liabilities.
Michelle Banigan, the city's finance director, introduced Kerry Worgan, CalPERS supervising actuary, who reviewed membership trends, investment returns, inflation impacts and the unfunded actuarial liability (UAL). "The number to focus on here is the unfunded liability," the actuary said, and presented funded‑ratio improvements in recent years driven by strong investment…
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