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Los Gatos reviews CalPERS actuarial valuation, schedules joint study session on transferring funds
Summary
At its Sept. 2 meeting, the Los Gatos Town Pension and OPEB Trust Oversight Committee received CalPERS actuarial valuation reports showing modest funded-ratio increases, heard staff estimates of next year’s employer contribution, and agreed to a joint finance-commission study session and later council consideration on whether to move funds to CalPERS; no action was taken.
The Los Gatos Town Pension and OPEB Trust Oversight Committee on Sept. 2 received CalPERS actuarial valuation reports as of June 30, 2024, that show modest increases in funded ratios for the town’s retirement plans and list next year’s employer contribution obligation.
Finance Director Gitangwari presented the two CalPERS valuation reports — for the miscellaneous plan and the safety plan — saying they determine the minimum required contribution and provide projections and risk analysis. Gitangwari said the miscellaneous plan’s funded ratio rose to about 77.2% from 75.3% year over year, and the safety…
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