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Atherton finance committee hears CalPERS outlook; $3 million prepayment shortens full-funding timeline
Summary
TrueComp consultant Ira Summer told the Atherton Finance Committee that recent strong CalPERS returns and the town's $3 million discretionary payment to the safety plan materially improve projected funded status and could accelerate 100% funding by roughly two to three years in modeled scenarios.
The Atherton Finance Committee received a detailed briefing on the town's CalPERS pension liabilities and modeling options during a presentation by Ira Summer of TrueComp. Summer told the committee the key budgeting metric is simple: ‘‘the money coming into CalPERS is supposed to be enough covered money going out of CalPERS.’’
Summer walked members through how benefit formulas differ for classic hires and PEPRA hires, how CalPERS calculates normal cost and amortizes unfunded liabilities, and why safety plans typically show different funded percentages than miscellaneous plans. He said Atherton's miscellaneous plan stood near the low 70s in comparable agencies while the safety plan was stronger; in the town's data the miscellaneous plan was roughly…
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