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EXAMPLE: <br />_._mwemeapmeiun r. mewuutama <br />CalPERS Changes Enacted During Past 5 Years <br />• In response to deteriorating financial conditions, CalPERS began <br />enacting a series of pension cost changes <br />• March 16, 2012 — Change in Discount Rate From 7.75% - 7.50% <br />• April 17, 2013 — Change in Amortization & Rate Smoothing Policy <br />• February 18, 2014 — Change in Actuarial Assumptions & Asset <br />Allocations <br />• December 21, 2016, the CalPERS Board voted to enact two <br />substantial new changes <br />1. Lower the discount rate from 7.5% to 7.0% (assumed rate of return) <br />2. Enact an accelerated payback schedule for all unfunded accrued <br />liabilities (UAL) <br />• The resulting effect of the two changes includes the following: <br />• Discount Rate Reduction <br />• Impacts employer rates beginning in FY 2018/19 <br />• Option to accelerate the Unfunded Actuarial Liability Payment (30 <br />to 20 years) <br />Madcet Value of Assets $I48.0M $711.0M <br />TOW Pension ualtlllty (Los) (1.18) <br />Funded Rstic 7&1% 67.N <br />MFrket Volye of Meets $560.om $549.9M <br />Tetel POW.. Meblllty (787.9M) (819AM) <br />unfunded Va iuty ISzm.am) ($=.Im) <br />Funded R.N. .71.6% 67.a% <br />Source: CuIPERS'06/30/2017 W(uaNnn Report Jathe Cty oJSonmAna <br />CITY COUNCIL MINUTES 10A 66 <br />FEBRUARY 5, 2018 <br />