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Fremont council ends automatic 10% pension over‑payments, will pay CalPERS actuarial UAL
Summary
Finance staff told the council the city has reached a 'stabilized' level of CalPERS contributions and recommended removing the automatic 10% supplemental contribution; the council voted unanimously to accept the staff recommendation while retaining the option to make additional payments if funds permit.
Finance Director Dave Pursland told the Fremont City Council that the city has reached a stable level of CalPERS unfunded‑liability contributions and recommended removing the policy that required an automatic additional payment equal to 10% of the unfunded accrued liability (UAL).
"If they earn less than their assumed rate," Pursland said, "then that additional contribution actually means that we will have lost money." He explained that extra contributions are effectively a risky ‘‘lend’’ to CalPERS rather than cash the city can use to provide services, and that the city’s prior strategy of…
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