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Council directs staff to set up Section 115 trust to smooth upcoming pension payment peak
Summary
Following a consultant briefing on the city’s $11.6 million unfunded actuarial liability (UAL), the council directed staff to pursue establishing a Section 115 trust to smooth projected CalPERS payment increases and preserve flexibility; the formal trust documents will return to council for resolution.
Finance Director Gretchen Hoskins and consultant Mike Meyer of NHA Advisors briefed the council on Auburn’s unfunded actuarial liability (UAL) tied to CalPERS. Meyer explained how CalPERS valuation changes and investment returns create a multi‑year “mountain peak” in employer payments and noted the city’s 2021 pension obligation bond (POB) reduced some volatility but did not eliminate future UAL exposure.
Meyer…
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