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Council backs staff recommendation to pursue Section 115 trust to smooth CalPERS payments
Summary
After a consultant presentation on Auburn’s CalPERS unfunded actuarial liability (UAL), council members agreed to direct staff to return with documents to establish a Section 115 trust to help smooth projected pension cost increases over the next 4–6 years.
City finance staff and a consultant briefed the Auburn City Council on March 9 about strategies to manage the city’s CalPERS unfunded actuarial liability, and council members supported staff’s recommendation to pursue a Section 115 trust.
Finance Director Gretchen Hoskins introduced the item and said the city has already realized savings from a 2021 pension-obligation bond. Mike Meyer of NHA Advisors explained the…
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