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Finance Highlights 2015 0616
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Finance Highlights 2015 0616
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9/2/2015 3:13:48 PM
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9/2/2015 11:51:03 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
6/16/2015
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_CC Agenda 2015 0908 CS+RG
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\City Clerk\City Council\Agenda Packets\2015\Packet 2015 0908
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New Pension Challenge <br /> <br />•March 2012 – POB paid unfunded liability <br />•Public Safety pool comprised of Police and Fire <br />•May 2014 – PERS announced “pension surcharge” <br />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 and <br />San Leandro #1 dollar impact <br />•Numerous conversations with CalPERS Actuary <br />Alan Milligan and his staff regarding hardship relief <br />5
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