Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension Opeb topic
No spam. Unsubscribe anytime.
Board accepts pension and OPEB funding update; consultant says district could reach full funding soon
Summary
Consultant Ira told the board Ross Valley's pension funded ratio stood at 71.8% at CalPERS (06/30/2024) but that including the district Section 115 trust raises effective funding to roughly 94.5%; the board accepted the pension and OPEB update and will consider how to use the trust balance going forward.
The Ross Valley Sanitary District board accepted presentations on pension and other post-employment benefits (OPEB) funding after a consultant review of recent CalPERS assumptions and the district's Section 115 prefunding. Consultant Ira summarized that Ross Valley's miscellaneous plan was 71.8% funded at CalPERS as of the 06/30/2024 valuation; including the district's Section 115 trust assets would raise the effective funded level substantially.
Ira said that strong investment returns and continued Section 115 contributions put the district in a position to approach full funding: "If things go as expected, you're expected to hit 0. We're expected to hit 0 in 2027," he told the board when discussing the unfunded liability projection. Board members asked about the timing and the risks of moving Section 115 funds into CalPERS; Ira advised caution and recommended monitoring whether to transfer trust assets to CalPERS as funding and market conditions evolve. The board moved to accept the presentations for the record.
