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<br />Consulting Services Agreement between City of San Leandro and 01/27/2025 <br />Foster & Foster for Actuarial Consulting Services for CalPERS Analysis Exhibit A – Page 1 of 1 <br />EXHIBIT A <br /> <br />SCOPE OF SERVICES <br /> <br /> <br />Recently released CalPERS June 30, 2023 actuarial valuation reports provide contribution projections <br />through 2030/31, including the impact of PEPRA new hires. Our analysis will provide City contribution <br />rate and plan funded status projections over a longer period (20+ years), including the impact of these <br />changes and will utilize our stochastic investment return model to show likely ranges of contributions. <br /> <br />Analysis will include the impact of: <br /> Actual CalPERS return for FY2024 (9.5%) <br /> Risk mitigation, <br /> Lower expected investment returns over the next 7 years, <br /> Investment return volatility, based on model developed by Foster & Foster, including likely ranges <br /> for future contributions and funded status. <br /> <br />A report will be provided and will also include a brief summary of historical CalPERS actuarial valuation <br />reports, including: <br /> Summary of historical information for Miscellaneous and Safety plans including participant <br /> demographics, contribution rates, investment returns, and funded status <br /> Analysis of change in required contributions for next year. <br /> <br />Additional analysis will be performed on the City’s options with regard to the CalPERS unfunded liability, <br />including: <br /> Continue making required CalPERS payments as billed <br /> Make additional discretionary payments to CalPERS from City funds (ADPs) <br /> Use the City’s supplemental trust to mitigate future CalPERS rate increases, and/or to <br />eventually pay down the unfunded liability. <br /> <br />1 meeting (video) will be held with City staff to discuss results of analysis. <br /> <br />Docusign Envelope ID: C59BD4B6-657D-42E5-9DAF-4FD8F0A43E4A