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HomeMy WebLinkAbout19D - PENSION REPORTREQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: MARCH 5, 2019 CLERK OF COUNCIL USE ONLY: TITLE: APPROVED RECEIVE AND FILE — REPORT OF ❑ As Recommended EMPLOYEE PENSION PLANS - AS OF E] Amended ❑ OOrrdinance on 15' Reading JUNE 30, 2017 ❑ Ordinance on 2nd Reading {STRATEGIC PLAN NO. 4, 1} ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER CITY MANAGER RECOMMENDED ACTION Receive and file this report of the City's CaIPERS employee pension plan. DISCUSSION The City contracts with the California Public Employee Retirement System (CaIPERS) to provide a defined benefit pension plan to its employees. Each year CaIPERS provides an actuarial valuation for each plan. The City has two plans: one for public safety (police and fire) employees and one for all other employees (referred to as "miscellaneous"). The most recent actuarial valuation provided by CaIPERS (published July 2018) includes data and assumptions as of June 30, 2017. Although the reports are available publicly on the CaIPERS website, the primary users of the detailed and complex reports are both Finance and Human Resources staff. In October 2018, the City's third -party actuarial consultant, Bartel Associates, LLC, validated the information in the CaIPERS actuarial valuations. In December 2018, the City Manager. and members of the City Council's Economic Development Infrastructure Budget Technology (EDIBT) Subcommittee urged staff to prepare a public -friendly report on the City's pension plans. The public -friendly report is attached (Exhibit 1). STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #4 — City Financial Stability, Objective #1, (Maintain a stable, efficient and transparent financial environment). 19D-1 Receive and File — Report of Employee Pension Plans March 5, 2019 Page 2 FISCAL IMPACT There is no fiscal impact associated with receiving and filing this report. Kathryn Down , CPA Executive Director Finance and Management Services Agency Exhibit: 1. Pension Presentation Report 19D-2 TL Mr_ W X W 19D-3 O N Ln m U .L 19D-4 c O F; �n CL _ of > c_ 0 N E 4J Q N 4J Ln i N E Ncu O N 0 N O � Ln 4� U cn E L1 At w N O O +J *' a E wo c t Lnami +� a�E O CL u N O Q. m II f0VJ � O N C O O O O Ln O u O-0 d1 O Ln 0 Q ,,� O c C O t > cv U O O �o Q,. o� V LnO _ U N E 4, CC W A W N C tw N Ou U v m u i UO N ,N v U o 4% N Lu C O O "' * ' - a E a� E 4O O N O cn w 2 E U 19D-4 n� �nn , W W cts c Q C: ra c 0 c 0 u 0 c v 0 N � � O Q •4--) �O O . 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