title
Approve ATR increasing appropriations of $6 million in the respective funds for an additional payment to the CalPERS Public Safety Plan unfunded liability account funded by Pension Obligation Fund and the General Fund CalPERS Rate Reserve (4/5 vote required)
body
Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors approve an Appropriation Transfer Request increasing appropriations of $6 million in the respective funds for an additional payment to the CalPERS Public Safety Plan unfunded liability account funded by Pension Obligation Fund and the General Fund CalPERS Rate Reserve (4/5 vote required).
SUMMARY:
At the November 20, 2018 Pension Advisory Committee Meeting, it was discussed that there would be a $3 million General Loan payoff from the Pension Obligation Fund to the General Fund/CalPERS Rate Reserve (due to a previous borrowing) by June 30, 2019. Based on the current cash flow within the Pension Obligation Fund (306) another $3 million (for a total of $6 million) can be utilized for a pre-payment/advance to the CalPERS Retirement Fund. It is recommended that the Board of Supervisors approve an ATR for $6 million to make an additional payment to the CalPERS Public Safety Plan unfunded liability account. By sending a prepayment prior to June 2019, the FY19/20 Public Safety CalPERS rates will be adjusted slightly downward and the County of Solano's unfunded liabilities for the CalPERS Safety Plan will be reduced. This action will also reduce the current FY19/20 unfunded liability payment due on July 2019.
FINANCIAL IMPACT:
The costs associated with preparing the agenda item are nominal and absorbed by the department's FY2018/19 Adopted Budget.
DISCUSSION:
On June 23, 2018, the Board of Supervisors (Board) accepted the recommendations of the County Administrator and the Pension Advisory Committee (consisting of the f...
Click here for full text