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PowerPoint 3D Presentation 2014 1201 Retirement Benefits Liabilities
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PowerPoint 3D Presentation 2014 1201 Retirement Benefits Liabilities
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12/2/2014 6:16:54 PM
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12/2/2014 6:16:42 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
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12/1/2014
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3D Presentation 2014 1201
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Pension Highlights 2014 <br /> <br />•May 2014 – PERS announces “pension <br />surcharge” beginning in 2015-16 <br />•Surcharge adds $1.15 million/year for the City’s <br />Public Safety Plan; a 44% increase in ARC <br />•Surcharge due to relatively high ratio (3:1) of <br />retirees to active public safety participants <br />•One of 26 cities charged > $250,000 surcharge <br />•Numerous conversations with CalPERS Actuary <br />Alan Milligan and his staff regarding hardship <br />relief <br />4
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