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Riverside finance director reviews CalPERS exposure and pension tools; city reports $447 million total unfunded liability
Summary
Finance Director Christy Thomas presented a CalPERS update showing a combined unfunded accrued liability of roughly $447 million across safety and miscellaneous plans, described the 2020 pension obligation bond and Section 115 trust strategy, and said the city remains fiscally healthy even as it manages long-term pension risk.
Finance Director Christy Thomas delivered a substantive CalPERS update to the Budget Engagement Commission, tracing the city's long history with CalPERS, explaining technical terms such as "normal cost" and "unfunded accrued liability (UAL)," and outlining the tools the city uses to manage pension risk.
Thomas recapped that CalPERS sets a discount rate ("currently set at 6.8%"), which factors into the actuarial calculations that determine employer contributions. She explained that if CalPERS investment returns fall short of that discount rate the city must cover the difference, driving up required payments.
Thomas gave plan-specific figures: the safety plan's UAL was…
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