Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension topic
No spam. Unsubscribe anytime.
Staff reports CalPERS-funded status at 94.9%; combined assets estimated above 100%
Summary
Staff told the committee the city’s modeled CalPERS funded status was 94.9% with an estimated unfunded liability of $2.4 million; when combined with the city’s pension trust and Section 115 assets staff estimated an overall funded status of about 105%. Final CalPERS reports for 06/30/2025 are expected next summer.
At the Oct. 28 meeting the Financial Review Committee received an actuarial-style update based on CalPERS reports through June 30, 2024, and modeled systems using CalPERS' reported investment return for fiscal year 2025.
Staff reported that "when I ran those models, our unfunded liability was at estimated unfunded liability was at 2,400,000.0, and our total funded status at CalPERS was 94.9%," and that combining CalPERS assets with the city’s Section 115 trust produced an estimated overall funded status of about 105%. Staff said the city’s pension trust held approximately $4.9 million as of June 30 and noted it had grown to "a little over 5,000,000 in the trust as of September 30." Staff cautioned these are modeled figures and that final reports for June 30, 2025, will be available next summer.
Committee members reacted positively to the news, with one member observing that public reporting typically shows the CalPERS-only funded ratio "94.9" and that external publications will quote the CalPERS figure rather than combined trust figures.
No committee action was taken on this item; it was presented for information and discussion.
