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Vista council reviews options to use Section 115 trust to smooth rising CalPERS payments; no immediate appropriation
Summary
Staff presented two scenarios using the city's Section 115 trust to reduce near‑term CalPERS payment volatility. Council asked for additional analysis from the city's investment adviser on multiple options (25%–50% trust use) and took no formal funding action tonight.
City finance staff and outside municipal advisers reviewed Vista's unfunded actuarial liability (UAL) with CalPERS—approximately $90 million—and the city's Section 115 trust balance of about $25.4 million, and presented scenarios to 'smooth' a projected peak in pension payments.
"The purpose of the detention basins and the storm vault facility ... is to detain the water" (note: staff used that phrasing earlier in a different item); on pensions, NHA Advisors' vice president Mike Meyer summarized…
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