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Receive a presentation from Doug Pryor, Bartel and Associates, LLC, on the projected long-term Public Employees' Retirement System (CalPERS) costs for the County of Solano, including the projected financial impacts to the County resulting from the February 2018 CalPERS Board of Administration decision to amend the amortization policy; Receive financial scenarios to address the County's goal to reach a 90% funded status for pensions over time; Receive recommendations on alternative pension contribution scenarios from the Pension Advisory Committee; and Approve an Appropriation Transfer Request (ATR) increasing appropriations by $6.6 Million in the respective funds for an additional payment to the CalPERS Public Safety Plan unfunded liability account funded by the General Fund CalPERS Rate Reserve (4/5 vote required)
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATIONS:
1) The Director of Human Resources recommends that the Board of Supervisors receive an update to the February 2017 presentation from Bartel Associates, LLC on the fiscal impacts of recent California Public Employees' Retirement System (CalPERS) changes, including scenarios which address the County's goal to reach a 90% funded status;
2) Receive recommendations on alternative pension contribution scenarios from Pension Advisory Committee; and
3) Approve an Appropriation Transfer Request (ATR) increasing appropriations by $6.6 Million in the respective funds for an additional payment to the CalPERS Public Safety Plan unfunded liability account funded by the General Fund CalPERS Rate Reserve (4/5 vote required).
SUMMARY:
The CalPERS Board of Administration, in April 2013 and in February 2014, approved significant changes to their actuarial assumptions effective FY2015/16 to improve the funded status of the retirement plan. These changes included new smoothing and amortization methods and an update to the ...
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