Comparisons are useful only if the jurisdictions have similar pension models and employee make-up. For example, CalPERS has historically amortized liabilities over 30 years and the Marin County Employees’ Retirement Association (MCERA) uses 17 years. This means that MCERA members, such as the City of San Rafael, are required to pay a greater percentage of … Continued
We are projected to save approximately $132 million in future (30 year period) pension and retiree health benefit costs based on the changes made at the municipal and state level over the last several years. Due to our reform efforts around retiree health, our unfunded liability has been reduced by 40% over the past few years.
Yes. The City Council approved a pension and retiree health reform resolutionon May 7, 2012. This resolution not only includes pension policies going forward, but also a listing of the many pension reform measures taken as of the date of the report/resolution. On June 3, 2013, the City Council approved a pension funding policy based on the Government … Continued
In 2019, the City Council’s ad hoc Pension / Other Post-Employment Benefits (OPEB) Committee , which included Mayor Phillips and Councilmember Gamblin, formed an advisory committee, referred to as the “Independent Committee on Employee Retirement Benefits” to review and prepare a written report that included an analysis of the options available to the City to … Continued
Beginning with the fiscal year 2011-2012 adjusted budget, our annual budgets have included the full, actuarially determined contributions to pension and retiree medical plans, without the use of reserves. Further, our multi-year forecast assumes the continuation of this full funding approach. In short, we are fully funding our pension and retiree health plans with current … Continued
