To: Honorable Mayor and Members of City Council
From: Paul Phangureh, Deputy Finance Director
Prepared By: Paul Phangureh, Deputy Finance Director
TITLE:
Title
CalPERS Pension Funding Update
LABEL
RECOMMENDED ACTION:
Recommendation
Receive and file CalPERS Pension Funding Update
Body
DISCUSSION:
The City is committed to fiscal sustainability by employing long-term financial planning efforts, maintaining appropriate reserve levels, and employing prudent practices in governance, management, budget administration, and financial reporting. The City recognizes the significance of adequately funding its long-term obligations, such as pension liabilities.
TrueComp has prepared a Pension Funding Update which has been included as Attachment A. In this update, it is discussed that CalPERS reported an investment return of 9.3% in FY2023-24 resulting in a pension funded status of 61.2% for miscellaneous and 63.0% for safety plans.
FINANCIAL IMPACTS:
There is no financial impact as this report is presented for information purposes only.
CEQA:
The Finance Director has determined that the recommended actions described in this agenda report are not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - TrueComp Pension Status Update Presentation
NOTIFICATION:
None.