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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