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City manager briefs council on CalPERS outlook; unfunded liability payment and possible legislation spotlighted
Summary
City Manager Alexander Henderson presented a CalPERS funding update, noting an estimated funded status just shy of 79% for June 30, 2025, described employer contribution components and a projected UA lump-sum payment (about $964,000), and flagged pending legislation that could alter retirement parameters and future city costs.
City Manager Alexander Henderson delivered the city’s annual CalPERS funding update, outlining how investment returns, actuarial assumptions and benefit design drive employer contributions. Henderson said CalPERS investment performance has improved assets (presentation cited assets rising from about $507 billion to about $563 billion across recent reporting periods) and that CalPERS’ discount rate is currently 6.8 percent.
Henderson explained the city’s employer contributions consist of a normal cost (a percentage of…
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