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Santa Rosa leans toward ‘fresh start’ pension plan using 115 trust to smooth CalPERS costs
Summary
After a technical overview showing Santa Rosa’s CalPERS unfunded liability of roughly $482 million (city general‑fund portion ~$331M), staff and a municipal advisor recommended a CalPERS ‘fresh start’ combined with phased use of the city’s Section 115 trust — a strategy the council informally backed for further steps.
City finance staff and pension advisers told the Council on April 21 that Santa Rosa faces an unfunded accrued liability (UAL) with CalPERS of roughly $482 million and outlined three options to reduce near‑term budget volatility.
Mike Meyer of NHA Associates summarized the mechanics: CalPERS payments consist of the normal cost (ongoing benefit accrual) plus an amortized UAL. “The city's debt with CalPERS right now is 482 million,” Meyer said, noting that the general‑fund portion is about $331 million and that recent CalPERS investment volatility has accelerated employer payment increases.
Options analyzed: staff modeled three viable strategies:
- Option 1 (recommended):…
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