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w <br />EKAMPLEI <br />w <br />------------ <br />s -sac <br />ago• <br />M <br />M <br />O <br />�aaanaanra — a,erar <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 />SAFETY <br />PLAN <br />MaAd Valua of A.l. <br />7pal Yan Mon UabI14W <br />Uni ndad Uabtdy <br />$74&OM <br />)1.06) <br />j$V4.7M) <br />$711.0M <br />L1.a) <br />tsm6M) <br />fiundd 6xl• <br />73.1% <br />67.111 <br />Ln7.W) <br />)819AM) <br />S.UPEW06/30fX17Lbh6dmRgmn*lh•017gj!I l Aw <br />CITY COUNCIL MINUTES 6 FEBRUARY 5, 2018 <br />MISC. PLAN <br />2015 <br />3016 <br />t7� <br />$564.OM <br />$549.W <br />Ln7.W) <br />)819AM) <br />L$291.OM) <br />($Maim) <br />TA% <br />67A% <br />S.UPEW06/30fX17Lbh6dmRgmn*lh•017gj!I l Aw <br />CITY COUNCIL MINUTES 6 FEBRUARY 5, 2018 <br />