"Interpreting the Newly Released CalPERS Annual Actuarial Reports for Your Pension Plans" CSMFO webinar
|
|
- Pauline Shaw
- 5 years ago
- Views:
Transcription
1 "Interpreting the Newly Released CalPERS Annual Actuarial Reports for Your Pension Plans" CSMFO webinar 9:00-10:30 a.m., September 20, 2018 The new CalPERS Actuarial Reports have important changes. Attend this session to learn how to use them effectively to make key budget and other planning estimates for your agency. This webinar addresses interpretation of reports for contracting public agencies only (not state agencies or school districts). IMPORTANT: Please download your report in advance and have it at hand so that you can follow along. Your report is available through your my CalPERS account or on CalPERS website ( and search for Public Agency Actuarial Valuation Reports) Advance registration required for this no-charge webinar: Webinar Topics: 1. What's new in the reports? 2. Where can you see the impact of recent changes in assumptions? 3. Where can you see contribution projections for the next 6 fiscal years? 4. Where can you see information on PEPRA member contribution rates? 5. What resources are available to address your plan s unfunded accrued liability (UAL)? Presenter: * Julian Robinson, Senior Pension Actuary, CalPERS CSMFO Commentator: [tbd] Audience: local government finance professionals and human resources colleagues Get connected with these steps. 1. Register in advance for the webinar: There is no charge for participating in the webinars, but each requires advance registration. *** Advance registration required for this no-charge webinar: Be sure to "white list" or "allow" s from customercare@gotowebinar.com to receive notices for this webinar.
2 2. Connect with the webinar and audio: Use your logon information from the confirmation you receive via from GoToWebinar. We recommend the telephone option dial-in number provided by GoToWebinar for sound quality. Depending upon your internet connection, VOIP option for audio (computer speakers) can have delays or sound quality issues. 3. Ask questions: You may submit questions anonymously via to in advance or via the webinar during the panel discussion. As moderator for the session, Don Maruska will pose the questions. 4. Presenters presentation materials: We post these with the agenda at Agendas & Archives tab of The PPT will be available 24 hours before the webinar. After a webinar occurs, a digital recording along with the PowerPoint materials and results of the polling questions will be available after 24 hours at the "Agendas & Archives" tab of CPE Credits: If you are a member of CSMFO and wish to obtain CPE credit, you need to register and attend in your name, respond to at least 75% of the live polling questions, and pay $25 to CSMFO after notice from CSMFO following the webinar. After payment, CSMFO s the CPE certificate as a PDF. Post-Webinar Group Discussions Many agencies are organizing groups to participate in the webinars (live or recorded) and discuss the topics among themselves after the webinars. Some are summarizing their discussions and distributing them to managers throughout their organizations. Use the CSMFO Coaching Program as an effective way to enhance professional development in your agency. Here are some discussion starters for this session: a. How have the recent changes in assumptions affected our agency s obligations? b. How will we use the contribution projections for our budgeting needs? c. What s our strategy for addressing our plan s unfunded accrued liability? MORE RESOURCES--See the "Coaching Corner" at for valuable resources to boost your career. These include a Financial Management Skills Inventory, Resource Matrix, Coaches Gallery of 24 volunteer CSMFO Coaches willing to help you on a one-to-one basis, and an archive of digital recordings and materials from past webinars at Enjoy the resources to help you succeed in local government finance. Don Maruska, MBA, JD, Master Certified Coach Director, CSMFO Coaching Program; CSMFO@donmaruska.com Author How Great Decisions Get Made and Take Charge of Your Talent
3 Julian Robinson, Senior Pension Actuary, CalPERS Julian Robinson is a Senior Pension Actuary with the Valuation Services Team at CalPERS. He has been with CalPERS since Mr. Robinson is responsible for the actuarial work for various CalPERS contracting agencies throughout the State of California. Mr. Robinson has experience in the pension, employee benefits and insurance industries. Before joining CalPERS he was a Vice President at American General Life Companies, Manager of Global Benefits for Marsh & McLennan Companies, and a Vice President at Aon Consulting in the M&A group. Mr. Robinson is a Fellow of the Society of Actuaries, an Enrolled Actuary under the Employee Retirement Income Security Act and a Member of the American Academy of Actuaries. Mr. Robinson earned a Bachelor s degree in Economics from Macquarie University, Sydney, Australia. Gavin Curran, Administrative Services Director, Laguna Beach Gavin Curran began as Finance Officer for the City of Laguna Beach in 2004 and was named Director of Finance and Information Technology Services in 2008, and Director of Administrative Services in In his current position, Gavin oversees the operations of the City s Finance, Information Technology, Human Resources/Risk Management and Digital Communications divisions for the City of Laguna Beach. Gavin has twenty-five years of municipal finance experience. He began his career in 1992 working for a Public Accounting firm specializing in government accounting and auditing, and later served as the Assistant Finance Director of the City of El Segundo. Gavin holds a B.S. degree in Accounting and a B.A. degree in Business Administration from Loyola Marymount University. He is an active member in the California Society of Municipal Finance Officers and the Government Finance Officers Association.
4 Interpreting the Newly Released CalPERS Annual Actuarial Reports Coaching Program September 20, 2018
5 Coaching Program: 20 th year as member benefit Career Development Committee 2
6 Overview of Session Topics: 1. What's new in the reports? 2. Where can you see the impact of recent changes in assumptions? 3. Where can you see contribution projections for the next 6 fiscal years? 4. Where can you see information on PEPRA member contribution rates? 5. What resources are available to address your plan s unfunded accrued liability (UAL)? Presenter: Julian Robinson, Senior Pension Actuary, CalPERS CSMFO Color Commentator: Gavin Curran, Director of Admin Services, City of Laguna Beach Producer and Moderator: * Don Maruska, Master Certified Coach, Director, CSMFO Coaching Program 3
7 Polling Question #1: How many persons are participating at your location? 4
8 CalPERS Actuarial Valuation Reports as of June 30, 2017 Julian Robinson, FSA, EA, MAAA, Senior Pension Actuary & Gavin Curran, Director of Admin Services, City of Laguna Beach September 2018
9 Webinar Topics Background Non-pooled plans vs Pooled plans Actuarial Report Highlights Non pooled plans Pooled plans 6
10 Key Takeaways Contribution Requirements for FY Funded Status of the Plans 5-Year Contribution Projections Alternatives for proactively managing Unfunded Accrued Liabilities 7
11 Key Takeaways Using actuarial report to: Develop pension strategies Project future pension costs, budget planning Communicating pension strategies to decision makers Overview of City of Laguna Beach Pension Strategies
12 Background Non-Pooled Plans / Pooled Plans 9
13 Pooled Plans vs Non-Pooled Plans Plans with less than 100 active members are combined into Risk Pools Miscellaneous Risk Pool Safety Risk Pool Aggregate data and experience of all pooled plans Setting normal cost Vary by plan formula and provisions Pool s gains/losses allocated among pooled plans proportionate share based on accrued liability 10
14 11
15 12
16 Actuarial Report Highlights 13
17 Common Questions What are my required contributions? Is my plan in good shape? Why did my required contributions change? Where are my required contributions headed? Are there any alternative UAL amortization schedules? Where are my PEPRA members? What additional information is available in the reports? 14
18 Non-Pooled & Pooled Plans What are my required contributions? - Cover page Rates do not reflect any cost sharing information FY projection: Phase in of discount rate 7.00% Doesn t reflect the FY asset gain 15
19 Non-Pooled and Pooled Plans What are my required contributions? Page 4 16
20 Non-Pooled & Pooled Plans Employer Contribution comprised of 2 components 1. Normal Cost Rate (% of Payroll) 2. UAL Dollar Payment Annual UAL Prepayment Option Only for UAL Dollar Payment component Discount of a half year of interest Avoid overpaying Normal Cost Rate must be paid regularly throughout the year 17
21 UAL Invoice July 1,
22 Non-Pooled & Non Pooled Plans Is my plan in good shape? Page 5 Unfunded Liability = UAL = Unfunded Accrued Liability Funded Ratio is one indicator of the plan s health Information as of June 30,
23 Polling Question #2: What is the funded ratio of your plan? 20
24 Non-Pooled Plans Why did my required contributions change? Page 14 Expected liability and asset values compared with actual values Explains changes to the UAL amount 21
25 Pooled Plans Gain/Loss Analysis Gain/Loss Analysis performed for entire pool Share of Gain/Loss allocated to each plan in the pool Appears in Section 2 Reports Available on CalPERS website Forms & Publications 22
26 Non-Pooled and Pooled Plans Why did my contributions change? Amortization Schedule and Alternatives Schedule of Required UAL Amortization Payments Two sample Fresh Start Alternatives Pay off UAL more rapidly Other alternatives available 23
27 Non-Pooled & Pooled Plans Non-Pooled p16 / Pooled p9 Bases comprising the plan s UAL 24
28 Non-Pooled & Pooled Plans NEW!! UAL Base Amortization 25
29 Amortization Schedule and Alternatives 26
30 27
31 Non-Pooled & Pooled Plans Where are my required contributions headed? Page 5 Assumes expected return for FY and thereafter No demographic gains or losses after 6/30/17 included Total as % of Payroll for illustration purposes only 28
32 Discount Rate Change On December 21, 2016 the CalPERS Board adopted a 7% discount rate with a 3-year phase-in 7.375% to be used 6/30/ % to be used 6/30/ % to be used 6/30/2018 Affects all non-pooled and pooled actuarial valuations Lower discount rates result in higher accrued liabilities and normal costs Full impact of 7.00% discount rate will take 7 years due to phase-in procedures 29
33 Other Assumption Changes Effective for June 30, 2017 valuation Inflation assumption 2.625% 2.50% for 6/30/18 valuation Payroll growth 2.875% 2.75% for 6/30/18 valuation Updated demographic assumptions Mortality rates Early Retirement rates Adopted by Board in December
34 Polling Question #3: Which of these statements are true? 31
35 Non-Pooled Plans Where are my PEPRA members? Non pooled plans include PEPRA members Non pooled plans require the same employer rate for all members in the plan Non pooled plans require differing employee rates Classic member rate is set by statute PEPRA member rate can be found in Appendix D 32
36 Non-Pooled Plans Normal Cost for Each Group/Tier Appendix D New in June 30, 2017 valuation reports NEW!! 33
37 Pooled Plans Where are my PEPRA members? Separate report for PEPRA members Separate contributions for pooled PEPRA members 34
38 Non-Pooled & Pooled Plans Additional information NP p23 / P p15 Highly sensitive to the discount rate 35
39 Polling Question #4: Which discount rate sensitivities do you intend to communicate to your elected officials and public? 36
40 Non-Pooled & Pooled Plans Additional Information NP p25 / P p17 2 discount rate scenarios Prevailing Treasury Bond rates Unfunded Term Liability = Hypothetical Term Liability less Market Value of Assets Highly sensitive to the discount rate 37
41 Other information 38
42 Key Takeaways Contribution Requirements for FY Funded Status of the Plans 5-Year Contribution Projections Alternatives for proactively managing Unfunded Accrued Liabilities Attend CalPERS Educational Forum & meet your actuary 39
43 CalPERS Educational Forum October 22 24, 2018 in Indian Wells Visit CalPERS website ( and scroll down to Events 40
44 LAGUNA BEACH STRATEGY Additional discretionary payments above required amount To date, paid $10 million over required amount Payments only benefit City Plans Projected to save City $24 million over 30 years Each $1 million payment is estimated to save $1.7 million over 30 years PAYMENT TO CALPERS ALL FUNDS STRATE GY $9.1 $6.3 $7.3 $9.9 $11. $ REQUIRED 21-22
45 CONCERNS FROM CITY COUNCIL AND PUBLIC Rising Pension Costs Do additional discretionary payments benefit only the City? Impact of Involuntary Terminations?
46 MORE PENSION STRATEGIES 1. Incorporate future pension increase into the budget as soon as possible. 2. For the next five year use 1/3 to 1/2 of budget savings toward unfunded pension liability. Re-evaluate after five years. 3. Temporarily suspend repayments of internal loans and divert payments to CalPERS.
47 OTHER PENSION STRATEGIES 4. If feasible, use existing cash: Lower General Fund Reserve requirement and use cash toward payment. Use Insurance or Vehicle Replacement reserves repaid with future pension cost savings. Disaster Contingency Fund, temporarily replace with line of credit and repaid with cost savings. Parking Fund contribution of $1 million a year.
48 Expected Increase in CalPERS Cost Valuation Date Fiscal Year for Required Contribution Discount Rate Additional Required City Payment to CalPERS June 30, 2015 FY % $0 June 30, 2016 FY % $300,000* June 30, 2017 FY % $1,400,000 June 30, 2018 FY % $1,800,000 June 30, 2019 FY % $2,100,000 June 30, 2020 FY % $2,500,000 June 30, 2021 FY % $2,700,000 June 30, 2022 FY % $2,800,000 * Already programmed into the budget
49 LAGUNA BEACH STRATEGY FISCAL YEAR Beginning Balance Pension Smoothing 300, ,000 1,850,000 1,900,000 2,000,000 1,800,000 1,200, ,000 Revenue over estimates (1%/Year) 450, ,000 1,350,000 1,800,000 1,800,000 1,800,000 1,800,000 1,850,000 Savings Prepay Required Pension Liability 100, , , , , , , ,000 Reprogram Side Fund Loan 300, ,000 Total Sources 550,000 1,000,000 1,450,000 1,900,000 1,900,000 1,900,000 2,200,000 2,800,000 Increase in CalPERS Costs (1,400,000) (1,800,000) (2,100,000) (2,500,000) (2,700,000) (2,800,000) Ending Balance Pension Smoothing 850,000 1,850,000 1,900,000 2,000,000 1,800,000 1,200, , ,000
50 Polling Question #5: Which of these strategies are attractive for your agency? 47
51 Post-Webinar Discussion Questions a. How have the recent changes in assumptions affected our agency s obligations? b. How will we use the contribution projections for our budgeting needs? c. What s our strategy for addressing our plan s unfunded accrued liability? 48
52 Contacts for today s webinar Presenter: Julian Robinson, Senior Pension Actuary, CalPERS Julian.Robinson@calpers.ca.gov CSMFO Color Commentator: Gavin Curran, Director of Admin Services, City of Laguna Beach gcurran@lagunabeachcity.net Producer and Moderator: * Don Maruska, Master Certified Coach, Director, CSMFO Coaching Program CSMFO@donmaruska.com 49
53 Polling Question #6 How was the webinar of value for you and your agency? 50
54 Resources and Feedback A digital audio recording of the session and an Agenda packet with PDF of the PPT with polling results and other materials will become available in ~ 24 hours at the Agendas & Archives tab of Other coaching resources, including volunteer one-to-one coaches are available at Please complete the follow up survey, including suggested topics for future webinars. 51
55 Register now for upcoming webinar q California s Economic Outlook How to plan for it in your budgets 9:00 a.m. 10:30 a.m., Wed., October 31 52
CalPERS: Nuts and Bolts of Applying the New Discount Rate
CalPERS: Nuts and Bolts of Applying the New Discount Rate 2:00 3:30 p.m. Pacific Time, Thursday, March 9, 2017 CSMFO Coaching Program webinar The change in PERS' discount rate will result in significant
More informationWhat s your agency s exposure on new overtime ruling? webinar
What s your agency s exposure on new overtime ruling? webinar 10:00 11:30 a.m. Pacific Time, Wednesday, August 3, 2016 CSMFO Coaching Program A June 2, 2016, 9 th Circuit ruling held that local government
More informationHow to Complete the New SCO Financial Transactions Report CSMFO webinar
How to Complete the New SCO Financial Transactions Report CSMFO webinar 2:00-3:30 p.m., Wednesday, December 6, 2017 The financial transactions report (FTR) required by the State Controller's Office pursuant
More informationProtecting Your Agency from Fiduciary Lawsuits on Retirement Plans CSMFO webinar
Protecting Your Agency from Fiduciary Lawsuits on Retirement Plans CSMFO webinar 2:00-3:30 p.m., Wednesday, June 14, 2017 If your agency sponsors deferred compensation/defined contribution plans (457b,
More informationEssential Steps in a New Finance Director Role webinar
Essential Steps in a New Finance Director Role webinar 2:00 3:30 p.m. Pacific Time, Wednesday, January 11, 2017 CSMFO Coaching Program Whether it's your first time as a Finance Director or you have become
More informationCSMFO Hot Topic What latest PERS rate proposal will mean for your agency s budget. 10:00-11:00 a.m. PDT, Thursday, March 21, 2013
CSMFO Hot Topic What latest PERS rate proposal will mean for your agency s budget 10:00-11:00 a.m. PDT, Thursday, March 21, 2013 Alan Milligan, Chief Actuary, CalPERS Fresh from the CalPERS Board discussions
More information"Reducing Unfunded Liabilities" --webinar 2:00 3:30 p.m., Wednesday, May 13, CSMFO Coaching Program
"Reducing Unfunded Liabilities" --webinar 2:00 3:30 p.m., Wednesday, May 13, 2015 CSMFO Coaching Program Advance registration required for this no-charge webinar: https://attendee.gotowebinar.com/register/5425628454069052418
More informationProjected Results % $3,056,000 TBD % $3,453,000 TBD
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov July 2017 (CalPERS
More informationProjected Results % $3,882,000 TBD % $4,538,000 TBD
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov July 2017 (CalPERS
More informationProjected Results % $12,964,000 TBD % $14,311,000 TBD
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov July 2017 (CalPERS
More informationProjected Results % $18,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2018 () Annual
More informationProjected Results % $415,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2018 () Annual
More informationProjected Results % $39,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2018 Miscellaneous
More informationProjected Results % $1,830,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2018 () Annual
More informationProjected Results % $68,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2018 () Annual
More informationCALPERS UPDATES, RATES AND ALTERNATIVES. Basic Pension Rule: Benefits + Expenses. Contributions* + Investment Earnings. Agenda
CALPERS UPDATES, RATES AND ALTERNATIVES Agenda Topic Definitions How We Got Here and CalPERS Changes Current and Historical Plan Information Contribution Projections PEPRA Cost Sharing Paying Down the
More informationMISCELLANEOUS PLAN OF THE CITRUS PEST CONTROL DISTRICT #2 OF RIVERSIDE COUNTY (CalPERS ID: ) Annual Valuation Report as of June 30, 2013
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2014 MISCELLANEOUS
More informationProjected Results % $337, % $404,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2017 () Annual
More informationMEMORANDUM CITY COUNCIL. SUBJECT: SEE BELOW DATE: April 5, City Administrator Approval /s/ Scott P. Johnson 4/5/13 INFORMATION
DISTRIBUTION DATE: 4/5/13 MEMORANDUM TO: HONORABLE MAYOR & CITY COUNCIL FROM: Katano Kasaine SUBJECT: SEE BELOW DATE: April 5, 2013 City Administrator Date Approval /s/ Scott P. Johnson 4/5/13 INFORMATION
More informationProjected Results % $1,630, % $1,853,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2017 () Annual
More informationProjected Results % $ % $1,400
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2017 () Annual
More informationStaff Report for the Regular Meeting of the Board of Directors March 8, 2017
Nevada Irrigation District Staff Report for the Regular Meeting of the Board of Directors March 8, 2017 TO: FROM: Board of Directors Marvin Davis, MBA, CPA, Finance Manager/Treasurer DATE: March 1, 2017
More informationSAFETY POLICE PLAN OF THE CITY OF ANAHEIM (CalPERS ID: ) Annual Valuation Report as of June 30, 2015
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2016 (CalPERS
More informationSeven Deadly Sins: Control over Cash Collections CSMFO webinar
Seven Deadly Sins: Control over Cash Collections CSMFO webinar 9:00-10:30 a.m., Thursday, June 21, 2018 Include people on your team with responsibilities for cash handling policies, procedures, and daily
More informationProjected Results % $300, % $350,000
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2017 () Annual
More informationMISCELLANEOUS PLAN OF THE CITY OF OCEANSIDE (CalPERS ID: ) Annual Valuation Report as of June 30, 2015
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2016 (CalPERS
More informationAs an attachment to this letter, you will find a copy of the June 30, 2015 actuarial valuation report of the pension plan.
California Public Employees Retirement System Actuarial Office P.O. Box 942709 Sacramento, CA 94229-2709 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov August 2016 () Annual
More informationAFFORDABLE CARE ACT (ACA) ALERT. The Treasury notice also states: Within the next week, we will publish formal guidance describing the transition.
AFFORDABLE CARE ACT (ACA) ALERT On July 2, 2013, the United States Department of the Treasury (the Treasury) posted a notice on its website on the subject: Continuing to Implement the ACA in a Careful,
More informationMISCELLANEOUS PLAN OF THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA (CalPERS ID: ) Annual Valuation Report as of June 30, 2013
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2014 MISCELLANEOUS
More informationCSMFO CalPERS Actuarial Issues
CSMFO CalPERS Actuarial Issues Presented by Prepared by John E. Bartel Mary Elizabeth Redding, Partner Bianca Lin, Assistant Vice President Matthew Childs, Actuarial Analyst James Yuan, Actuarial Analyst
More informationMISCELLANEOUS PLAN OF THE COUNTY OF RIVERSIDE (CalPERS ID: ) Annual Valuation Report as of June 30, 2013
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2014 MISCELLANEOUS
More information"What Finance Professionals Need to Know about HR" --webinar 1:00 2:30 p.m., Thursday, July 10 [note change in date and time] CSMFO Coaching Program
"What Finance Professionals Need to Know about HR" --webinar 1:00 2:30 p.m., Thursday, July 10 [note change in date and time] CSMFO Coaching Program Advance registration required for this no-charge webinar:
More informationMISCELLANEOUS PLAN OF THE CITY OF MODESTO (CalPERS ID: ) Annual Valuation Report as of June 30, 2014
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2015 MISCELLANEOUS
More informationEmployer Contribution Rate % % (projected)
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2015 SAFETY
More informationSAFETY PLAN OF THE CITY OF PASADENA (CalPERS ID: ) Annual Valuation Report as of June 30, 2014
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2015 SAFETY
More informationMISCELLANEOUS PLAN OF THE CITY OF ANAHEIM (CalPERS ID: ) Annual Valuation Report as of June 30, 2012
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2013 MISCELLANEOUS
More informationMISCELLANEOUS PLAN OF THE CITY OF ESCONDIDO (CalPERS ID: ) Annual Valuation Report as of June 30, 2012
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2013 MISCELLANEOUS
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 MISCELLANEOUS
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 SAFETY
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 SAFETY
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 SAFETY
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 MISCELLANEOUS
More informationThere may also be changes specific to your plan such as contract amendments and funding changes.
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2012 SAFETY
More informationMISCELLANEOUS PLAN OF THE CITY OF OAKLAND (CalPERS ID: ) Annual Valuation Report as of June 30, 2014
California Public Employees Retirement System Actuarial Office P.O. Box 942701 Sacramento, CA 94229-2701 TTY: (916) 795-3240 (888) 225-7377 phone (916) 795-2744 fax www.calpers.ca.gov October 2015 (CalPERS
More informationActuarial Concepts 101. Presented By: Jason L. Franken, FSA, EA, MAAA
Actuarial Concepts 101 Presented By: Jason L. Franken, FSA, EA, MAAA ROLE OF THE ACTUARY Determine the Timing and Pattern of Annual Contributions Help Maintain the Health of the Pension Fund Ensure that
More informationProposed CalPERS Changes in Risk Pooling for Small Public Agencies. Webinar: April 30, 2014
Proposed CalPERS Changes in Risk Pooling for Small Public Agencies Webinar: April 30, 2014 Webinar Moderator Chris McKenzie League of California Cities Executive Director since 1999 Agenda Introduction,
More informationSection 2. ACTUARIAL VALUATION as of June 30, for CalPERS SAFETY RISK POOL
Section 2 ACTUARIAL VALUATION as of June 30, 2013 for CalPERS SAFETY RISK POOL REQUIRED CONTRIBUTIONS FOR FISCAL YEAR July 1, 2015 June 30, 2016 Page 1 of 88 THIS PAGE INTENTIONALLY LEFT BLANK Page 2 of
More informationCalPERS Update & Additional Payment Discussion
CalPERS Update & Additional Payment Discussion CITY COUNCIL FEBRUARY 20, 2018 2/20/18 1 La Palma Pension Plan 3 Miscellaneous Plans Tier I 2.7% @ 55 Effective 2003 Tier II 2.0% @60 Effective 2011 Tier
More informationCalPERS Overview. Presented by: Director of Finance, Joseph Lillio
CalPERS Overview Presented by: Director of Finance, Joseph Lillio Overview What is PEPRA? PERS Benefits How they have evolved What is PEPRA? The Costs Past, Present, and Future What the City has done to
More information"Developing an Operating Budget"
"Developing an Operating Budget" Wednesday, March 3, 2010, 2:00 PM - 3:30 PM PT This special one and a half hour CSMFO interactive webinar will help you and your team: Clarify purposes of an operating
More informationUnderstanding the CalPERS Discount Rate and the Effect on Employer Contributions. February 6, 2017
Understanding the CalPERS Discount Rate and the Effect on Employer Contributions February 6, 2017 Presenters Wylie Tollette, CalPERS Chief Operating Investment Officer Brad Pacheco, CalPERS Deputy Executive
More informationCITY OF SAUSALITO MISCELLANEOUS AND SAFETY PLANS. CalPERS Actuarial Issues 6/30/14 Valuation Preliminary Results
CITY OF SAUSALITO MISCELLANEOUS AND SAFETY PLANS CalPERS Actuarial Issues 6/30/14 Valuation Preliminary Results Presented by John Bartel, President Prepared by Bianca Lin, Assistant Vice President Kevin
More informationProductive Labor Relations and Negotiations -- webinar. 2:00 3:30 p.m. PT, Wednesday, May 9, Cosponsored by Cal-ICMA and CSMFO Coaching Programs
Productive Labor Relations and Negotiations -- webinar 2:00 3:30 p.m. PT, Wednesday, May 9, 2012 Cosponsored by Cal-ICMA and CSMFO Coaching Programs *** Advance registration required for this no-charge
More informationMeeting Date: September 28, From: Amy Cunningham, Administrative Services Director
Town of Moraga Ordinances, Resolutions, Requests for Action Agenda Item. E. 0 0 0 0 Meeting Date: September, 0 TOWN OF MORAGA STAFF REPORT_ To: Honorable Mayor and Councilmembers From: Amy Cunningham,
More informationIn addressing some possible viable options and recommendations, the Pension Subcommittee has prepared a presentation enumerates a number of basic fina
To: Honorable Mayor Sinnott and Council Member Corti Liaisons to the Finance Committee From: Jeffrey G. Sturgis Chair, Finance Committee Date: May 1, 2013 Subject: Finance Committee Recommendations regarding
More informationAGENDA. NSCLS COUNCIL OF LIBRARIANS Wednesday, March 21, :00 a.m. 12:00 p.m.
AGENDA NSCLS COUNCIL OF LIBRARIANS Wednesday, March 21, 2018 11:00 a.m. 12:00 p.m. CONFERENCE CALL INFORMATION Phone Number: 1 877 216 1555 Participant Code: 907394 Agenda 1. Call to order: Michael Perry,
More informationCalPERS Update and Path Forward
CalPERS Update and Path Forward Kelly Fox, Chief, Stakeholder Relations December 13, 2017 League of California Cities Fire Chiefs Facts & Figures 2 CalPERS Retirement Benefits 3 3,000+ employers 4 Financial
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2017 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationMinnesota Legislative Commission on Pensions and Retirement
Minnesota Legislative Commission on Pensions and Retirement January 31, 2017 Michael de Leon, FCA, ASA, EA, MAAA Judy Stromback, FSA, FCA, EA, MAAA Agenda Role of LCPR s Consulting Actuary Actuarial Valuation
More informationUnderstanding Your Actuarial Report
2:40 3:55 May 7, 2018 Room 230 Complex 112 th Annual Conference May 6-9, 2018 St. Louis, Missouri Moderator/Speakers: Barry C. Faison Chief Financial Officer, Virginia Retirement System Drew Corbett Assistant
More informationActuary Hour Session I The Role of the Actuary
Actuary Hour Session I The Role of the Actuary September 17, 2017 Larry Langer, ASA, EA, FCA, MAAA Principal and Consulting Actuary Standard Disclaimer The views and opinions expressed in this presentation
More informationLabor Negotiations Community Meeting May 13, 2015
Labor Negotiations 2015 Community Meeting May 13, 2015 Overview of Negotiations The City has 9 employee associations The law in California requires that the City negotiate with each association in good
More informationCITY OF CONCORD JUNE 30, 2016 REQUIRED SUPPLEMENTARY INFORMATION
90 SCHEDULE OF FUNDING PROGRESS The tables below shows a three-year analysis of the actuarial value of assets as a percentage of the actuarial accrued liability and the unfunded actuarial liability as
More informationMeasuring Risk in Public Pension Plans
National Conference of State Legislators Measuring Risk in Public Pension Plans Graham A. Schmidt, ASA, EA, FCA, MAAA Overview Sources of Risk Risk Measurement Affordability of Risks 1 Sources of Risk
More informationDiscussion of Valuation Results
TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS Discussion of Valuation Results Actuarial Valuation as of June 30, 2017 Kim Nicholl, FSA, MAAA, FCA, EA Matt Strom, FSA, MAAA, EA Jake Libauskas, ASA,
More informationKansas Public Employees Retirement System
Kansas Public Employees Retirement System Valuation Report as of December 31, 2016 TABLE OF CONTENTS Sections Actuarial Certification Letter Page Section 1 Board Summary 1 Section 2 Scope of the Report
More informationSan Diego City Employees Retirement System. Actuarial Valuation as of June 30, 2013 for the San Diego Unified Port District. Produced by Cheiron
San Diego City Employees Retirement System Actuarial Valuation as of June 30, 2013 for the San Diego Unified Port District Produced by Cheiron December 2013 Table of Contents Letter of Transmittal... i
More informationActuarial Valuation Report
Aon Retirement and Investment Actuarial Valuation Report City of Panama City Beach Police Officers Pension Plan Funding Results for the Year Ending September 30, 2018 Accounting Results for the Year Ending
More informationMarch 24, Board of Trustees Houston Municipal Employees Pension System 1201 Louisiana Suite 900 Houston, TX 77002
HOUSTON MUNICIPAL EMPLOYEES PENSION SYSTEM ACTUARIAL VALUATION REPORT FOR THE YEAR BEGINNING JULY 1, 2015 March 24, 2016 Board of Trustees Houston Municipal Employees Pension System 1201 Louisiana Suite
More informationCity of San José Federated City Employees Retirement System
City of San José Federated City Employees Retirement System Actuarial Valuation Report as of June 30, 2016 Produced by Cheiron January 11, 2017 TABLE OF CONTENTS Section Page Section I Board Summary...1
More informationNegative Net Cash Flow: Red Flag or Red Herring?
Negative Net Cash Flow: Red Flag or Red Herring? PRESENTED ON MAY 16, 2018 NATIONAL CONFERENCE ON PUBLIC EMPLOYEE RETIREMENT SYSTEMS (NCPERS) Adam Hickman, ASA Asset Liability Research Director PNC Institutional
More informationLycoming County Employees Retirement System
Lycoming County Employees Retirement System Actuarial Valuation as of January 1, 2018 Municipal Finance Partners, Inc. Table of Contents Page The Primary Objective of Pension Funding 1 Asset and Investment
More informationMEETING DATE: 03/23/2017 ITEM NO: 2 TOWN OF LOS GATOS FINANCE COMMITTEE REPORT DATE: MARCH 17, 2017 COUNCIL FINANCE COMMITTEE
TOWN OF LOS GATOS FINANCE COMMITTEE REPORT MEETING DATE: 03/23/2017 ITEM NO: 2 DATE: MARCH 17, 2017 TO: FROM: SUBJECT: COUNCIL FINANCE COMMITTEE LAUREL PREVETTI, TOWN MANAGER REVIEW, DISCUSS, AND RECOMMEND
More informationCity of Holyoke Retirement System Actuarial Valuation and Review as of January 1, 2016
City of Holyoke Retirement System Actuarial Valuation and Review as of January 1, 2016 Copyright 2016 by The Segal Group, Inc. All rights reserved. 116 Huntington Ave., 8th Floor Boston, MA 02116 T 617.424.7300
More informationMarin County Employees Retirement Association
Marin County Employees Retirement Association Actuarial Valuation Report as of June 30, 2016 Produced by Cheiron March 2017 TABLE OF CONTENTS Section Page Letter of Transmittal... i Section I Executive
More informationPAPERS NEW TRUSTEE WORKSHOP
PAPERS NEW TRUSTEE WORKSHOP WHAT DID MY ACTUARY SAY? May 24, 2017, Harrisburg, Pennsylvania 1:30 p.m. 2:20 p.m. Mark D. Meyer, JD, FSA, EA, MAAA Agenda What is an Actuary? Actuarial Concepts and Terminology
More informationCITY OF SANTA MONICA Pension Overview. February 2018
CITY OF SANTA MONICA Pension Overview February 2018 Background This presentation provides information on the City s pension plan, including its structure, cost, and actions the City has taken to mitigate
More informationPension Session. California Society of Municipal Analysts Presenters: David A. Vaudt, GASB Chair Chuck Reed, Retirement Security Initiative
Pension Session California Society of Municipal Analysts Presenters: David A. Vaudt, GASB Chair Chuck Reed, Retirement Security Initiative Moderator: Les Richmond, VP & Actuary, BAM November 3, 2016! Agenda
More informationAgenda. Pension and OPEB News GASB 67, 68, 71, 73, 74, and 75. July 23, 2015
Pension and OPEB News GASB 67, 68, 71, 73, 74, and 75 July 23, 2015 Mary Beth Redding mbredding@bartel-associates.com www.bartel-associates.com Agenda GASB 68 Overview 1 GASB68C CalPERS lpersreports 12
More informationCITY OF CONCORD JUNE 30, 2015 REQUIRED SUPPLEMENTARY INFORMATION
91 SCHEDULE OF FUNDING PROGRESS The tables below shows a three-year analysis of the actuarial value of assets as a percentage of the actuarial accrued liability and the unfunded actuarial liability as
More informationActuarial Valuation and Review as of June 30, 2009
Fresno County Employees' Retirement Association Actuarial Valuation and Review as of June 30, 2009 Copyright 2010 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company
More informationSan Diego City Employees Retirement System. City of San Diego. Actuarial Valuation as of June 30, Produced by Cheiron
San Diego City Employees Retirement System City of San Diego Actuarial Valuation as of June 30, 2014 Produced by Cheiron February 2015 Table of Contents Letter of Transmittal... i Section Section I Board
More informationTotal Compensation Systems, Inc.
Castroville Community Services District Actuarial Study of Retiree Health Liabilities Under GASB 74/75 Roll-forward Valuation Valuation Date: June 30, 2017 Measurement Date: June 30, 2018 Prepared by:
More informationWorkshop Item No. 8 September 27, 2017 File No
Workshop Item No. 8 File No. 0460-20 SUBJECT: DEPARTMENT: CalPERS Pension Funding Workshop Administrative Services Department RECOMMENDATION: It is requested that the City Council receive and file workshop
More informationSanta Barbara County Employees Retirement System. Actuarial Valuation as of June 30, Produced by Cheiron
Santa Barbara County Employees Retirement System Actuarial Valuation as of June 30, 2013 Produced by Cheiron December 11, 2013 TABLE OF CONTENTS Letter of Transmittal... i Foreword... ii Section I Executive
More informationCITY OF REEDLEY RETIREE HEALTHCARE PLAN June 30, 2015 GASB 45 Actuarial Valuation Final Results
CITY OF REEDLEY RETIREE HEALTHCARE PLAN June 30, 2015 GASB 45 Actuarial Valuation Final Results Presented by Mary Beth Redding, Vice President & Actuary Prepared by Daniel Park, Actuarial Analyst Adam
More informationNorth Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2013
North Carolina Local Governmental Employees Retirement System Report on the Actuarial Valuation Prepared as of December 31, 2013 October 2014 2014 Xerox Corporation and Buck Consultants, LLC. All rights
More informationSan Diego City Employees Retirement System San Diego County Regional Airport Authority
San Diego City Employees Retirement System San Diego County Regional Airport Authority GASB 67/68 Report as of June 30, 2016 Produced by Cheiron November 2016 TABLE OF CONTENTS Section Page Letter of Transmittal...
More informationCity Pension Program UPDATED PROJECTIONS AND COST SAVINGS ALTERNATIVES
City Pension Program UPDATED PROJECTIONS AND COST SAVINGS ALTERNATIVES Table of Contents Overview of City Liabilities Pension Cost Trends and Budget Impact Recent CalPERS Developments and Cost Projections
More informationLOUISIANA STATE EMPLOYEES RETIREMENT SYSTEM JUNE 30, 2016 ACTUARIAL VALUATION
LOUISIANA STATE EMPLOYEES RETIREMENT SYSTEM JUNE 30, 2016 ACTUARIAL VALUATION September 23, 2016 Board of Trustees Louisiana State Employees' Retirement System Post Office Box 44213 Baton Rouge, Louisiana
More informationCommonwealth of Pennsylvania State Employees Retirement System
Commonwealth of Pennsylvania State Employees Retirement System 2012 Actuarial Report COMMONWEALTH OF PENNSYLVANIA STATE EMPLOYEES RETIREMENT SYSTEM 2012 ACTUARIAL REPORT DEFINED BENEFIT PLAN HAY GROUP,
More informationFlorida Retirement System Pension Plan
Milliman Actuarial Valuation Actuarial Valuation as of July 1, 2017 Prepared by: Matt Larrabee, FSA, EA, MAAA Principal and Consulting Actuary Daniel Wade, FSA, EA, MAAA Principal and Consulting Actuary
More informationCITY OF REEDLEY RETIREE HEALTHCARE PLAN June 30, 2017 Actuarial Valuation Final Results
CITY OF REEDLEY RETIREE HEALTHCARE PLAN June 30, 2017 Actuarial Valuation Final Results Mary Beth Redding, Vice President & Actuary Kateryna Doroshenko, Actuarial Analyst Daniel Park, Actuarial Analyst
More informationTitle: Understanding Pension Actuarial Reports
TUESDAY MAY 23, 2017 3:35-4:50PM Title: Understanding Pension Actuarial Reports MODERATOR SPEAKERS Mark Nannini Chief Financial Officer, Illinois Municipal Retirement Fund Paul Angelo Senior Vice President
More informationAMORTIZATION ISSUES: A MAJOR SOURCE OF UNDERFUNDING
AMORTIZATION ISSUES: A MAJOR SOURCE OF UNDERFUNDING Presented By: Jason L. Franken, FSA, EA, MAAA October 2, 2017 UNFUNDED LIABILITIES IN PUBLIC PENSION PLANS Somewhere in this country, there is a newspaper
More informationThe Pension Problem and What the City Is Doing About It
The Pension Problem and What the City Is Doing About It 1 2 Why Are We Here Today? I N F O R M P L A N Q & A Inform all stakeholders of the problem and the process to develop a plan Lay out process to
More informationSan Joaquin County Employees Retirement Association
San Joaquin County Employees Retirement Association Actuarial Valuation as of January 1, 2017 Produced by Cheiron August 2017 TABLE OF CONTENTS Section Letter of Transmittal... i Foreword... ii Section
More information***ADDENDUM TWO*** REQUEST FOR PROPOSALS (RFP) Post Employment Benefits Other than Pensions Actuarial Valuation June 15, 2018
***ADDENDUM TWO*** REQUEST FOR PROPOSALS (RFP) Post Employment Benefits Other than Pensions Actuarial Valuation June 15, 2018 The following are answers to questions received by potential proposers. 1.
More informationTeachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2016
October 26, 2017 Teachers and State Employees Retirement System Principal Results of Actuarial Valuation as of December 31, 2016 Board of Trustees Meeting David Driscoll and Mike Ribble Conduent Human
More informationTriMet Defined Benefit Retirement Plan for Management and Staff Employees
TriMet Defined Benefit Retirement Plan for Management and Staff Employees Actuarial Valuation Report as of July 1, 2018 Produced by Cheiron September 2018 TABLE OF CONTENTS Section Page Section I Board
More information