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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 5, 2019 <br />CLERK OF COUNCIL USE ONLY: <br />TITLE: APPROVED <br />RECEIVE AND FILE — REPORT OF ❑ As Recommended <br />EMPLOYEE PENSION PLANS - AS OF E] Amended <br />❑ OOrrdinance on 15' Reading <br />JUNE 30, 2017 ❑ Ordinance on 2nd Reading <br />{STRATEGIC PLAN NO. 4, 1} ❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Receive and file this report of the City's CaIPERS employee pension plan. <br />DISCUSSION <br />The City contracts with the California Public Employee Retirement System (CaIPERS) to provide <br />a defined benefit pension plan to its employees. Each year CaIPERS provides an actuarial <br />valuation for each plan. The City has two plans: one for public safety (police and fire) employees <br />and one for all other employees (referred to as "miscellaneous"). <br />The most recent actuarial valuation provided by CaIPERS (published July 2018) includes data <br />and assumptions as of June 30, 2017. Although the reports are available publicly on the <br />CaIPERS website, the primary users of the detailed and complex reports are both Finance and <br />Human Resources staff. <br />In October 2018, the City's third -party actuarial consultant, Bartel Associates, LLC, validated the <br />information in the CaIPERS actuarial valuations. In December 2018, the City Manager. and <br />members of the City Council's Economic Development Infrastructure Budget Technology (EDIBT) <br />Subcommittee urged staff to prepare a public -friendly report on the City's pension plans. <br />The public -friendly report is attached (Exhibit 1). <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #4 — City Financial Stability, Objective #1, <br />(Maintain a stable, efficient and transparent financial environment). <br />19D-1 <br />