Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions topic
No spam. Unsubscribe anytime.
Council receives CalPERS actuarial analysis on retirement incentive; action expected in two weeks
Summary
Council received and filed a CalPERS actuarial cost analysis for a proposed two-year additional service credit retirement incentive; CalPERS estimated $2.9 million if all eligible staff retired, but city staff expect 5'9 participants with likely cost nearer $800,000'$900,000 and will return with action in two weeks.
The Calabasas City Council received a CalPERS actuarial cost analysis for offering a two-year service credit retirement incentive to eligible employees but took no action; council is scheduled to consider the item at its next meeting in two weeks.
Finance Director Ron Ollars presented the analysis and said the actuary calculated a $2.9 million increase in the city's CalPERS liability under a worst-case assumption that all 26 eligible employees accept the incentive. Ollars said the city realistically expects five to nine staff to accept the incentive, which would reduce the near-term cost to an estimated $800,000'$900,000 depending on who participates.
Ollars explained that CalPERS posts the increased liability on the city's books two years after adoption and that the city would amortize payments over five years. The report was presented tonight to meet CalPERS regulations requiring public notice two weeks before a council action on such an item.
Councilmembers had no substantive questions during the receive-and-file presentation; the item will return for formal council consideration and a vote at the next meeting.
