ADMINISTRATIVE REPORT
MEETING DATE: March 25, 2024 AGENDA CATEGORY: Staff Report TO: Budget, Finance and Economic Development Committee
FROM: Randy McKeegan, Finance Director
DATE: March 19, 2024
SUBJECT: 2023 CalPERS Pension and 2022 OPEB Trust Updates.
[Document Description]
RECOMMENDATION:
Staff Recommends receive and file presentation.
BACKGROUND:
The City receives annual actuarial reports from the California Public Employees’ Retirement System (CalPERS) for our pension plans and from Segal for our Other Post-Employment Benefit (OPEB) plan, also referred to as a retiree medical plan. The reports are used to determine our annual costs for these benefits along with determining the accumulated liability incurred for these plans. Each year the Finance Department provides a report on these plans to the Budget, Finance and Economic Development Committee.
FISCAL IMPACT:
No immediate fiscal impact
COUNCIL GOAL:
Innovative and Efficient City Government
ATTACHMENTS:
1. OPEB Actuarial 2022
2. PERS Miscellaneous Actuarial 2023
3. PERS Police Actuarial 2023
4. PERS Fire Actuarial 2023