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Calabasas receives CalPERS actuarial cost analysis for two‑year retirement incentive; council to act in two weeks
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Summary
Finance staff presented a CalPERS actuarial analysis showing a $2.9 million liability if all 26 eligible employees accepted a two‑year service retirement incentive; staff estimated actual participation and cost are likely lower (about $800,000–$900,000) and the council received and filed the report for a vote at the next meeting.
Ron Ahlers of the finance department briefed the council on a CalPERS actuarial cost analysis related to offering a two‑year service retirement incentive to eligible employees. Ahlers said the actuarial assumption that all 26 eligible employees would accept produced a $2,900,000 increase in the city’s CalPERS liability, but he described that scenario as unlikely.
"We estimate about 5 to 9 staff people will accept this retirement incentive, and thus we will have the cost savings of those 5 to 9 people," Ahlers said, and he estimated the likely fiscal impact would be closer to $800,000 or $900,000 depending on participation. He explained that CalPERS recognizes the increase in liability two years after the action and that the city would amortize the increase over five years, with the first fiscal-year impact expected in FY 2028–29.
CalPERS rules require that actuarial cost information be presented at a public meeting at least two weeks prior to council action; the council received and filed the report and will be asked to act at its next meeting in two weeks. No public comment was offered on the item at this meeting.
