Agenda — Kingsburg City Council, March 19, 2025 (part 3 of 3)

Plan's Major Benefit Options
Shown below is a summary of the major optional benefits for which the agency has contracted. A description of principal standard and optional plan provisions is in Section 2.

Benefit Group
Member Category Fire
Demographics
Actives Yes
Transfers/Separated Yes
Receiving No
Benefit Group Key 109972
Benefit Provision
Benefit Formula 2.7% @ 57
Social Security Coverage Yes
Full/Modified Full
Employee Contribution Rate 13.75%
Final Average Compensation Period Three Year
Sick Leave Credit Yes
Non-Industrial Disability Standard
Industrial Disability Standard
Pre-Retirement Death Benefits
Optional Settlement 2 Yes
1959 Survivor Benefit Level No
Special Yes
Alternate (firefighters) No
Post-Retirement Death Benefits
Lump Sum $2,000
Survivor Allowance (PRSA) No
COLA 2%
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Fire Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 28
Section 2
California Public Employees’ Retirement System
Risk Pool Actuarial Valuation Information
Section 2 may be found on the
CalPERS website (www.calpers.ca.gov)
in the Forms & Publications section
California Public Employees’ Retirement System
Actuarial Valuation for the
Safety Police Plan
of the City of Kingsburg
as of June 30, 2023
(CalPERS ID: 1210886769)
(Rate Plan ID: 23095)
Required Contributions for Fiscal Year
July 1, 2025 — June 30, 2026
Table of Contents
Section 1 – Plan Specific Information
Section 2 – Risk Pool Actuarial Valuation Information
Section 1
California Public Employees’ Retirement System
Plan Specific Information
for the
Safety Police Plan
of the
City of Kingsburg
(CalPERS ID: 1210886769)
(Rate Plan ID: 23095)
Rate Plan belonging to the Safety Risk Pool
Table of Contents — Section 1
Actuarial Certification....................................................................................................................................................................................1 Highlights and Executive Summary ..........................................................................................................................................................2 Introduction....................................................................................................................................................................................................3 Purpose of Section 1....................................................................................................................................................................................3 Summary of Key Valuation Results ...........................................................................................................................................................4 Changes Since the Prior Year’s Valuation................................................................................................................................................5 Subsequent Events.......................................................................................................................................................................................5 Liabilities and Contributions .......................................................................................................................................................................6 Determination of Required Contributions ..................................................................................................................................................7 Required Employer Contributions ..............................................................................................................................................................8 Member Contribution Rates ........................................................................................................................................................................9 Other Pooled Safety Risk Pool Rate Plans............................................................................................................................................ 10 Breakdown of Entry Age Accrued Liability............................................................................................................................................. 11 Allocation of Plan’s Share of Pool’s Experience...................................................................................................................................11 Development of the Plan’s Share of Pool’s Assets .............................................................................................................................. 11 Funded Status – Funding Policy Basis................................................................................................................................................... 12 Additional Employer Contributions .......................................................................................................................................................... 13 Projected Employer Contributions........................................................................................................................................................... 14 Schedule of Amortization Bases.............................................................................................................................................................. 15 Amortization Schedule and Alternatives ................................................................................................................................................ 17 Employer Contribution History.................................................................................................................................................................19 Funding History.......................................................................................................................................................................................... 19 Risk Analysis ................................................................................................................................................................................................ 20 Future Investment Return Scenarios...................................................................................................................................................... 21 Discount Rate Sensitivity.......................................................................................................................................................................... 22 Mortality Rate Sensitivity........................................................................................................................................................................... 22 Maturity Measures ..................................................................................................................................................................................... 23 Maturity Measures History........................................................................................................................................................................24 Funded Status – Termination Basis........................................................................................................................................................ 25 Funded Status – Low-Default-Risk Basis .............................................................................................................................................. 26 Summary of Valuation Data ......................................................................................................................................................................27 List of Class 1 Benefit Provisions ........................................................................................................................................................... 27 Plan's Major Benefit Options ....................................................................................................................................................................28 CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 1
Actuarial Certification
It is our opinion that the valuation has been performed in accordance with generally accepted actuarial principles as well as the applicable Standards of Practice promulgated by the Actuarial Standards Board. While this report, consisting of Section 1 and Section 2, is intended to be complete, our office is available to answer questions as needed. All of the undersigned are actuaries who satisfy the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States of the American Academy of Actuaries with regard to pensions.

Actuarial Methods and Assumptions
It is our opinion that the assumptions and methods, as recommended by the Chief Actuary and adopted by the CalPERS Board of Administration, are internally consistent and reasonable for this plan.

Randall Dziubek, ASA, MAAA
Deputy Chief Actuary, Valuation Services, CalPERS
Scott Terando, ASA, EA, MAAA, FCA, CFA
Chief Actuary, CalPERS
Actuarial Data and Rate Plan Results
To the best of my knowledge and having relied upon the attestation above that the actuarial methods and assumptions are reasonable as well as the information in Section 2 of this report, this report is complete and accurate and contains sufficient information to disclose, fully and fairly, the funded condition of the Safety Police Plan of the City of Kingsburg and satisfies the actuarial valuation requirements of Government Code section 7504. This valuation and related validation work was performed by the CalPERS Actuarial Office. The valuation was based on the member and financial data as of June 30, 2023, provided by the various CalPERS databases and the benefits under this plan with CalPERS as of the date this report was produced. Section 1 of this report is based on the member and financial data for City of Kingsburg, while Section 2 is based on the corresponding information for all agencies participating in the Safety Risk Pool to which the plan belongs.

Tony Cuny, ASA, MAAA
Senior Actuary, CalPERS
Highlights and Executive Summary
• Introduction 3
• Purpose of Section 1 3
• Summary of Key Valuation Results 4
• Changes Since the Prior Year’s Valuation 5
• Subsequent Events 5
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 3
Introduction
This report presents the results of the June 30, 2023,actuarial valuation of the Safety Police Plan of the City of Kingsburg of the California Public Employees’ Retirement System (CalPERS). This actuarial valuation sets the minimum required contributions for fiscal year (FY) 2025-26.

Purpose of Section 1
This Section 1 report for the Safety Police Plan of the City of Kingsburg of CalPERS was prepared by the Actuarial Office using data as of June 30, 2023. The purpose of the valuation is to:
• Set forth the assets and accrued liabilities of this rate plan as of June 30, 2023; • Determine the minimum required employer contributions for this rate plan for FY July 1, 2025,through June 30, 2026; • Determine the required member contribution rate for FY July 1, 2025,through June 30, 2026, for employees subject to the California Public Employees' Pension Reform Act of 2013 (PEPRA); and • Provide actuarial information as of June 30, 2023, to the CalPERS Board of Administration (board) and other interested parties.

The pension funding information presented in this report should not be used in financi al reports subject to Governmental Accounting Standards Board (GASB) Statement No. 68 for a Cost Sharing Employer Defined Benefit Pension Plan. A separate accounting valuation report for such purposes is available on the CalPERS website (www.calpers.ca.gov).

The measurements shown in this actuarial valuation may not be applicable for other purposes. The agency should contact a CalPERS actuary before disseminating any portion of this report for any reason that is not explicitly described above.

Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: plan experience differing from that anticipated by the economic or demographic assumptions; changes in economic or demographic assumptions; changes in actuarial policies; changes in plan provisions or applicable law; and differences between the required contributions determined by the valuation and the actual contributions made by the agency.

Assessment and Disclosure of Risk
This report includes the following risk disclosures consistent with the guidance of Actuarial Standards of Practice No. 51 and recommended by the California Actuarial Advisory Panel (CAAP) in the Model Disclosure Elements document:
• A “Scenario Test,” projecting future results under different investment income returns. • A “Sensitivity Analysis,” showing the impact on current valuation results using alternative discount rates of 5.8% and

7.8%.
• A “Sensitivity Analysis,” showing the impact on current valuation results assuming rates of mortality are 10% lower or 10% higher than our current post-retirement mortality assumptions adopted in 2021. • Plan maturity measures indicating how sensitive a plan may be to the risks noted above.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 4
Summary of Key Valuation Results
Below is a brief summary of key valuation results along with page references where more detailed information can be found .

Required Employer Contributions — page 8
Fiscal Year
2024-25
Fiscal Year
2025-26
Employer Normal Cost Rate 23.00% 23.06%
Unfunded Accrued Liability (UAL) Contribution Amount $367,427 $411,213 Paid either as
Option 1) 12 Monthly Payments of $30,618.92 $34,267.75
Option 2) Annual Prepayment in July $355,538 $397,907
Member Contribution Rates — page 9
Fiscal Year
2024-25
Fiscal Year
2025-26
Member Contribution Rate 9.00% 9.00%
Projected Employer Contributions — page 14
Fiscal
Year
Normal Cost
(% of payroll)
Annual
UAL Payment
2026-27 23.1% $438,000
2027-28 23.1% $460,000
2028-29 23.1% $503,000
2029-30 23.1% $515,000
2030-31 23.1% $324,000
Funded Status — Funding Policy Basis — page 12
June 30, 2022 June 30, 2023
Entry Age Accrued Liability (AL) $11,931,200 $12,561,150 Market Value of Assets (MVA) 8,346,554 8,825,339
Unfunded Accrued Liability (UAL) [AL – MVA] $3,584,646 $3,735,811 Funded Ratio [MVA ÷ AL] 70.0% 70.3%
Summary of Valuation Data — Page 27

June 30, 2022 June 30, 2023
Active Member Count 7 5
Annual Covered Payroll $601,947 $474,856
Transferred Member Count 14 13
Separated Member Count 9 9
Retired Members and Beneficiaries Count 19 22
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 5
Changes Since the Prior Year’s Valuation
Benefits
The standard actuarial practice at CalPERS is to recognize mandated legislative benefit changes in the first annual valuation following the effective date of the legislation. For pooled rate plans, voluntary benefit changes by plan amendment are generally included in the first valuation with a valuation date on or after the effective date of the amendment.

Please refer to the Plan’s Major Benefit Options in this report and Appendix B of the Section 2 Report for a summary of the plan provisions used in this valuation.

Actuarial Methods and Assumptions
There are no significant changes to the actuarial methods or assumptions for the June 30, 2023,actuarial valuation.

New Disclosure Items
In December 2021, the Actuarial Standards Board issued a revision of Actuarial Standard of Practice No. 4 (ASOP 4) requiring actuaries to disclose a low-default-risk obligation measure (LDROM) of the benefits earned. This information is shown in a new exhibit, Funded Status – Low-Default-Risk Basis.

Subsequent Events
This actuarial valuation report reflects fund investment return through June 30, 2023,as well as statutory changes, regulatory changes and board actions through January 2024.

During the time period between the valuation date and the publication of this report, inflation has been higher than the expected inflation of 2.3% per annum. Since inflation influences cost-of-living increases for retirees and beneficiaries and active member pay increases, higher inflation is likely to put at least some upward pressure on contribution requirements and downward pressure on the funded status in the June 30, 2024, valuation. The actual impact of higher inflation on future valuation results will depend on, among other factors, how long higher inflation persists.

The 2023 annual benefit limit under Internal Revenue Code (IRC) section 415(b) and annual compensation limits under IRC section 401(a)(17) and Government Code section 7522.10 were used for this valuation and are assumed to increase 2.3% per year based on the price inflation assumption. The actual 2024 limits, determined in October 2023, are not reflected.

On April 16, 2024, the board took action to modify the Funding Risk Mitigation Policy to remove the automatic change to the discount rate when the investment return exceeds various thresholds. Rather than an automatic change to the discount rate, a board discussion would be placed on the calendar. The 95th percentile return in the Future Investment Return Scenarios exhibit in this report has not been modified and still reflects the projected contribution requirements associated with a reduction i n the discount rate.

To the best of our knowledge, there have been no other subsequent events that could materially affect current or future certifications rendered in this report.

Liabilities and Contributions
• Determination of Required Contributions 7
• Required Employer Contributions 8
• Member Contribution Rates 9
• Other Pooled Safety Risk Pool Rate Plans 10
• Breakdown of Entry Age Accrued Liability 11
• Allocation of Plan’s Share of Pool’s Experience 11
• Development of the Plan’s Share of Pool’s Assets 11
• Funded Status – Funding Policy Basis 12
• Additional Employer Contributions 13
• Projected Employer Contributions 14
• Schedule of Amortization Bases 15
• Amortization Schedule and Alternatives 17
• Employer Contribution History 19
• Funding History 19
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 7
Determination of Required Contributions
Contributions to fund the plan are determined by an actuarial valuation performed each year. The valuation employs complex calculations based on a set of actuarial assumptions and methods. See Appendix A in Section 2 for information on the assumptions and methods used in this valuation. The valuation incorporates all plan experience through the valuation date and sets required contributions for the fiscal year that begins two years after the valuation date.

Contribution Components
Two components comprise required contributions:
• Normal Cost—expressed as a percentage of pensionable payroll • Unfunded Accrued Liability (UAL) Contribution — expressed as a dollar amount Normal Costrepresents the value of benefits allocated to the upcoming year for active employees. If all plan experience exactly matched the actuarial assumptions, normal cost would be sufficient to fully fund all benefits. The employer and employees each pay a share of the normal cost with contributions payable as part of the regular payroll reporting process. The contribution rate for Classic members is set by statute based on benefit formula whereas for PEPRA members it is based on 50% of the total normal cost.

When plan experience differs from the actuarial assumptions, unfunded accrued liability (UAL) emerges. The new UAL may be positive or negative. If the total UAL is positive (i.e., accrued liability exceeds assets), the employer is required to make contributions to pay off the UAL over time. This is called the Unfunded Accrued Liability Contribution component. There is an option to prepay this amount during July of each fiscal year, otherwise it is paid monthly.

In measuring the UAL each year, plan experience is split by source. Common sources of UAL include investment experience different than expected, non-investment experience different than expected, assumption changes and benefit changes. Each source of UAL (positive or negative) forms a base that is amortized, or paid off, over a specified period of time in accordance with the CalPERS Actuarial Amortization Policy. The Unfunded Accrued Liability Contribution is the sum of the payments on all bases. See the Schedule of Amortization Bases section of this report for an inventory of existing bases and Appendix A in Section 2 for more information on the amortization policy.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 8
Required Employer Contributions
The required employer contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.

Fiscal Year
Required Employer Contributions 2025-26
Employer Normal Cost Rate 23.06%
Plus
Unfunded Accrued Liability (UAL) Contribution Amount1 $411,213 Paid either as
1) Monthly Payment $34,267.75
Or
2) Annual Prepayment Option* $397,907
The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a percentage of payroll and paid as payroll is reported) and the Unfunded Accrued Liability (UAL) Contribution Amount (billed monthly (1) or prepaid annually (2) in dollars). * Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31).

For Member Contribution Rates see the following page.

Fiscal Year Fiscal Year
Development of Normal Cost as a Percentage of Payroll 2024-25 2025-26 Base Total Normal Cost for Formula 31.99% 32.05%
Surcharge for Class 1 Benefits 2
None 0.00% 0.00%
Plan’s Total Normal Cost 31.99% 32.05%
Offset Due to Employee Contributions 3 8.99% 8.99%
Employer Normal Cost 23.00% 23.06%
1 The required payment on amortization bases does not take into account any additional discretionary payment made after April 30, 2024.
2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges. 3 This is the expected employee contributions, taking into account individual benefit formula and any offset from the use of a modified formula, divided by projected annual payroll. For member contribution rates above the breakpoint for each benefit formula, see Member Contribution Rates.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 9
Member Contribution Rates
The required member contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.

Each member contributes toward their retirement based upon the retirement formula. The standard Classic member contribution rate above the breakpoint, if any, is as described below.

Benefit Formula
Percent Contributed
above the Breakpoint
Safety, 2% at age 55 7%
Safety, 2% at age 50 9%
Safety, 3% at age 55 9%
Safety, 3% at age 50 9%
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 10
Other Pooled Safety Risk Pool Rate Plans
All of the results presented in this Section 1 report, except those shown on this page, correspond to rate plan 23095. In many cases, employers have additional rate plans within the same risk pool. For cost analysis and budgeting it is useful to consid er contributions for these rate plans as a whole rather than individually. The estimated contribution amounts and rates for all of the employer’s rate plans in the Safety Risk Pool are shown below and assume that the total employer payroll within the Safety Risk Pool will grow according to the overall payroll growth assumption of 2.80% per year for three years. Classic members who are projected to terminate employment are assumed to be replaced by PEPRA members.

Fiscal Year Fiscal Year
Estimated Employer Contributions for all Pooled Safety Rate Plans 2024-25 2025-26 Projected Payroll for the Contribution Year $3,368,196 $3,486,355 Estimated Employer Normal Cost $530,975 $549,825
Required Payment on Amortization Bases $528,960 $608,821 Estimated Total Employer Contributions $1,059,935 $1,158,646 Estimated Total Employer Contribution Rate (illustrative only) 31.47% 33.23% CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 11
Breakdown of Entry Age Accrued Liability
Active Members $2,629,581
Transferred Members 3,347,239
Separated Members 880,868
Members and Beneficiaries Receiving Payments 5,703,462
Total $12,561,150
Allocation of Plan’s Share of Pool’s Experience
It is the policy of CalPERS to ensure equity within the risk pools by allocating the pool’s experience gains/losses and assum ption changes in a manner that treats each employer equitably and maintains benefit security for the members of the System while minimizing substantial variations in employer contributions. The pool’s experience gains/losses and impact of assumption/method changes is allocated to the plan as follows:

1. Plan’s Accrued Liability $12,561,150

2. Projected UAL Balance at 6/30/2023 3,513,146

3. Other UAL Adjustments (Golden Handshake, Prior Service Purchase, etc.) 0

4. Adjusted UAL Balance at 6/30/2023 for Asset Share 3,513,146

5. Pool’s Accrued Liability1 30,525,472,379

6. Sum of Pool’s Individual Plan UAL Balances at 6/30/20231 7,735,444,959

7. Pool’s 2022-23 Investment (Gain)/Loss1 146,133,368

8. Pool’s 2022-23 Non-Investment (Gain)/Loss1 400,118,077

9. Plan’s Share of Pool’s Investment (Gain)/Loss: [(1) - (4)] ÷ [(5) - (6)] × (7) 58,017

10. Plan’s Share of Pool’s Non-Investment (Gain)/Loss: (1) ÷ (5) × (8) 164,648

11. Plan’s New (Gain)/Loss as of 6/30/2023:(9) + (10) 222,665

12. Increase in Pool’s Accrued Liability due to Change in Assumptions1 0

13. Plan’s Share of Pool’s Change in Assumptions: (1) ÷ (5) × (12) 0

14. Increase in Pool’s Accrued Liability due to Funding Risk Mitigation1 0

15. Plan’s Share of Pool’s Change due to Funding Risk Mitigation: (1) ÷ (5) × (14) 0

16. Offset due to Funding Risk Mitigation 0

17. Plan’s Investment (Gain)/Loss: (9) – (16) 58,017
1 Does not include plans that transferred to the pool on the valuation date.

Development of the Plan’s Share of Pool’s Assets

18. Plan’s UAL: (2) + (3) + (11) + (13) + (15) $3,735,811

19. Plan’s Share of Pool’s Market Value of Assets (MVA): (1) - (18) $8,825,339 For a reconciliation of the pool’s Market Value of Assets (MVA), information on the fund’s asset allocation and a history of CalPERS investment returns, see Section 2, which can be found on the CalPERS website (www.calpers.ca.gov).

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 12
Funded Status – Funding Policy Basis
The table below provides information on the current funded status of the plan under the funding policy. The funded status for this purpose is based on the market value of assets relative to the funding target produced by the entry age actuarial cost method and actuarial assumptions adopted by the board. The actuarial cost method allocates the total expected cost of a member’s projected benefit (Present Value of Benefits) to individual years of service (the Normal Cost). The value of the projected benefit that is not allocated to future service is referred to as the Accrued Liability and is the plan’s funding target on the valua tion date.

The Unfunded Accrued Liability (UAL) equals the funding target minus the assets. The UAL is an ab solute measure of funded status and can be viewed as employer debt. The funded ratio equals the assets divided by the funding target. The funded ratio is a relative measure of the funded status and allows for comparisons between plans of different sizes.

A funded ratio of 100% (UAL of $0) implies that the funding of the plan is on target and that future contributions equal to the normal cost of the active plan members will be sufficient to fully fund all retirement benefits if future experience matches the actuarial assumptions. A funded ratio of less than 100% (positive UAL) implies that in addition to normal costs, payments tow ard the UAL will be required. Plans with a funded ratio greater than 100% have a negative UAL (or surplus) but are required under current law to continue contributing the normal cost in most cases, preserving the surplus for future contingencies.

Calculations for the funding target reflect the expected long-term investment return of 6.8%. If it were known on the valuation date that future investment returns will average something greater/less than the expected return, calculated normal costs and accrued liabilities provided in this report would be less/greater than the results shown. Therefore, for example, if actual average future returns are less than the expected return, calculated normal costs and UAL contributions will not be sufficient to ful ly fund all retirement benefits. Under this scenario, required future normal cost contributions will need to increase from those provided in this report, and the plan will develop unfunded liabilities that will also add to required future contributions. For illustra tive purposes, funded statuses based on a 1% lower and higher average future investment return (discount rate) are as follows:

The Risk Analysis section of the report provides additional information regarding the sensitivity of valuation results to the expected investment return and other factors. Also provided in that section are measures of funded sta tus that are appropriate for assessing the sufficiency of plan assets to cover estimated termination liabilities.

June 30, 2022 June 30, 2023

1. Present Value of Benefits $13,315,807 $13,549,820

2. Entry Age Accrued Liability 11,931,200 12,561,150

3. Market Value of Assets (MVA) 8,346,554 8,825,339

4. Unfunded Accrued Liability (UAL) [(2) – (3)] $3,584,646 $3,735,811

5. Funded Ratio [(3) ÷ (2)] 70.0% 70.3%
1% Lower
Average Return
Current
Assumption
1% Higher
Average Return
Discount Rate 5.8% 6.8% 7.8%

1. Entry Age Accrued Liability $14,339,533 $12,561,150 $11,107,861

2. Market Value of Assets (MVA) 8,825,339 8,825,339 8,825,339

3. Unfunded Accrued Liability (UAL) [(1) – (2)] $5,514,194 $3,735,811 $2,282,522

4. Funded Ratio [(2) ÷ (1)] 61.5% 70.3% 79.5%
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 13
Additional Employer Contributions
The minimum required employer contribution towards the Unfunded Accrued Liability (UAL) for this rate plan for FY 2025-26 is $411,213. CalPERS allows agencies to make additional discretionary payments (ADPs) at any time. These optional payments serve to reduce the UAL and future required contributions and can result in significant long -term savings. Agencies can also use ADPs to stabilize annual contributions as a fixed dollar amount, percent of payroll or percent of revenue.

Provided below are select ADP options for consideration. Making such an ADP during FY 2025-26 does not require an ADP be made in any future year, nor does it change the remaining amortization period of any portion of unfunded liability. For information on permanent changes to amortization periods, see Amortization Schedule and Alternatives . Agencies considering making an ADP should contact CalPERS for additional information.

The calculations above are based on the projected UAL as of June 30, 2025,as determined in the June 30, 2023, actuarial valuation. New unfunded liabilities can emerge in future years due to assumption or method changes, changes in plan provisions, and actuarial experience different than assumed. Making an ADP illustrated above for the indicated number of year s will not result in a plan that is exactly 100% funded in the indicated number of years. Valuation results will vary from one year to the next and can diverge significantly from projections over a period of several years.

Additional Discretionary Payment History
The following table provides a recent history of actual ADPs made to the plan.

Fiscal
Year ADP FiscalYear ADP
2019-20 $300,000 2022-23 $0
2020-21 $0 2023-242 $0
2021-22 $300,000
2 Excludes payments made after April 30, 2024
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 14
Projected Employer Contributions
The table below shows the required and projected employer contributions (before cost sharing) for the next six fiscal years. The projection assumes that all actuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, or funding will occur during the projection period. In particular, the investment return beginning with FY 2023-24 is assumed to be 6.80% per year, net of investment and administrative expenses. Future contribution requirements may differ significantly from those shown below. The actual long-term cost of the plan will depend on the actual benefits and expenses paid and the actual investment experience of the fund.

Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2023-24 and Beyond) Fiscal Year 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 Rate Plan 23095 Results
Normal Cost % 23.06% 23.1% 23.1% 23.1% 23.1% 23.1%
UAL Payment $411,213 $438,000 $460,000 $503,000 $515,000 $324,000 For ongoing plans, investment gains and losses are amortized using a 5-year ramp up. For more information, please see Amortization of Unfunded Actuarial Accrued Liability in Appendix A of the Section 2 Report. This method phases in the impact of the change in UAL over a 5-year period in order to reduce employer cost volatility from year to year. As a result of this methodology, dramatic changes in the required employer contributions in any one year are less likely. However, required contributions can change gradually and significantly over the next five years. In years when there is a large investment loss, the relatively small amortization payments during the ramp up period could result in contributions that are less than interest on the UAL (i.e. negative amortization) while the contribution impact of the increase in the UAL is phased in.

For projected contributions under alternate investment return scenarios, please see the Future Investment Return Scenarios exhibit. Our online pension plan projection tool, Pension Outlook, is available in the Employers section of the CalPERS website.

Pension Outlook can help plan and budget pension costs under various scenarios.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 15
Schedule of Amortization Bases
Below is the schedule of the plan’s amortization bases. Note that there is a two-year lag between the valuation date and the start of the contribution year. • The assets, liabilities and funded status of the plan are measured as of the valuation date: June 30, 2023. • The required employer contributions determined by the valuation are for the fiscal year beginning two years after the valuation date: FY 2025-26.

This two-year lag is necessary due to the amount of time needed to extract and test the membership and financial data, and the need to provide public agencies with their required employer contribution well in advance of the start of the fiscal year.

The Unfunded Accrued Liability (UAL) is used to determine the employer contribution and therefore must be rolled forward two years from the valuation date to the first day of the fiscal year for which the contribution is being determined. The UAL is rolled forward each year by subtracting the expected payment on the UAL for the fiscal year and adjusting for interest. The expected payment on the UAL for FY 2023-24 is based on the actuarial valuation two years ago, adjusted for additional discretionary payments made on or before April 30, 2024, if necessary, and the expected payment for FY 2024-25 is based on the actuarial valuation one year ago.

Reason for Base
Date
Est.

Ramp
Level
2025-26
Ramp
Shape
Escalation
Rate
Amort.

Period
Balance
6/30/23
Expected
Payment
2023-24
Balance
6/30/24
Expected
Payment
2024-25
Balance
6/30/25
Minimum
Required
Payment
2025-26
Side Fund
2013 or
Prior No Ramp 2.80% 5 1,006,278 166,102 903,048 170,753 787,992 175,534 Investment (Gain)/Loss 6/30/13 100% Up/Dn 2.80% 20 713,608 51,795 708,606 53,246 701,765 54,736 Non-Investment (Gain)/Loss 6/30/13 100% Up/Dn 2.80% 20 (56,566) (4,106) (56,169) (4,221) (55,626) (4,339) Share of Pre-2013 Pool UAL 6/30/13 No Ramp 2.80% 12 418,020 39,083 406,055 40,177 392,146 41,302 Assumption Change 6/30/14 100% Up/Dn 2.80% 11 403,755 45,704 383,978 46,984 361,533 48,300 Investment (Gain)/Loss 6/30/14 100% Up/Dn 2.80% 21 (576,461) (40,513) (573,793) (41,647) (569,771) (42,813) Non-Investment (Gain)/Loss 6/30/14 100% Up/Dn 2.80% 21 8,620 606 8,580 623 8,520 640 Investment (Gain)/Loss 6/30/15 100% Up/Dn 2.80% 22 238,445 16,261 237,854 16,716 236,753 17,184 Non-Investment (Gain)/Loss 6/30/15 100% Up/Dn 2.80% 22 (1,529) (104) (1,525) (107) (1,518) (110) Assumption Change 6/30/16 100% Up/Dn 2.80% 13 161,434 16,009 155,867 16,458 149,458 16,918 Non-Investment (Gain)/Loss 6/30/16 100% Up/Dn 2.80% 23 (92,168) (6,111) (92,120) (6,282) (91,892) (6,458) Assumption Change 6/30/17 100% Up/Dn 2.80% 14 228,788 21,435 222,194 22,035 214,531 22,652 Investment (Gain)/Loss 6/30/17 100% Up/Dn 2.80% 24 (265,189) (17,126) (265,523) (17,605) (265,385) (18,098) Assumption Change 6/30/18 100% Up/Dn 2.80% 15 358,312 25,946 355,864 33,340 345,608 34,274 Investment (Gain)/Loss 6/30/18 100% Up/Dn 2.80% 25 (86,174) (4,397) (87,490) (5,650) (87,600) (5,808) Method Change 6/30/18 100% Up/Dn 2.80% 15 80,667 5,841 80,116 7,506 77,807 7,716 Investment (Gain)/Loss 6/30/19 100% Up Only 0.00% 16 40,095 2,411 40,330 3,214 39,751 4,018 Non-Investment (Gain)/Loss 6/30/19 No Ramp 0.00% 16 46,616 4,420 45,218 4,420 43,725 4,420 Investment (Gain)/Loss 6/30/20 80% Up Only 0.00% 17 203,932 8,383 209,136 12,575 210,362 16,766 Non-Investment (Gain)/Loss 6/30/20 No Ramp 0.00% 17 35,317 3,257 34,353 3,257 33,323 3,257 CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 16
Schedule of Amortization Bases (continued)
Reason for Base
Date
Est.

Ramp
Level
2025-26
Ramp
Shape
Escalation
Rate
Amort.

Period
Balance
6/30/23
Expected
Payment
2023-24
Balance
6/30/24
Expected
Payment
2024-25
Balance
6/30/25
Minimum
Required
Payment
2025-26
Assumption Change 6/30/21 No Ramp 0.00% 18 80,213 7,213 78,213 7,213 76,077 7,213 Net Investment (Gain) 6/30/21 60% Up Only 0.00% 18 (959,693) (20,628) (1,003,634) (41,257) (1,029,244) (61,885) Non-Investment (Gain)/Loss 6/30/21 No Ramp 0.00% 18 (48,324) (4,345) (47,120) (4,346) (45,833) (4,346) Risk Mitigation 6/30/21 No Ramp 0.00% 0 326,332 337,245 0 0 0 0 Risk Mitigation Offset 6/30/21 No Ramp 0.00% 0 (326,332) (337,245) 0 0 0 0 Investment (Gain)/Loss 6/30/22 40% Up Only 0.00% 19 1,385,426 0 1,479,635 31,804 1,547,383 63,609 Non-Investment (Gain)/Loss 6/30/22 No Ramp 0.00% 19 189,724 0 202,625 18,221 197,573 18,221 Investment (Gain)/Loss 6/30/23 20% Up Only 0.00% 20 58,017 0 61,962 0 66,175 1,422 Non-Investment (Gain)/Loss 6/30/23 No Ramp 0.00% 20 164,648 0 175,844 0 187,801 16,888 Total 3,735,811 317,136 3,662,104 367,427 3,531,414 411,213 The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in Allocation of Plan’s Share of Pool’s Experience earlier in this report. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the time the base was established.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 17
Amortization Schedule and Alternatives
The amortization schedule on the previous page(s) shows the minimum contributions required according to the CalPERS amortization policy. Many agencies have expressed a desire for a more stable pattern of payments or have indicated interest in paying off the unfunded accrued liabilities more quickly than required. As such, we have provided alternative amortization schedules to help analyze the current amortization schedule and illustrate the potential savings of accelerating unfunded liability payments.

Shown on the following page are future year amortization payments based on 1) the current amortization schedule reflecting th e individual bases and remaining periods shown on the previous page, and 2) alternative “fresh start” amortization schedules using two sample periods that would both result in interest savings relative to the current amortization schedule. To initiate a fresh start, please contact a CalPERS actuary.

The current amortization schedule typically contains both positive and negative bases. Positive bases result from plan changes, assumption changes, method changes or plan experience that increase unfunded liability. Negative bases result from pl an changes, assumption changes, method changes, or plan experience that decrease unfunded liability. The combination of positive and negative bases within an amortization schedule can result in unusual or problematic circumstances in future year s, such as:
• When a negative payment would be required on a positive unfunded actuarial liability; or • When the payment would completely amortize the total unfunded liability in a very short time period, and results in a large change in the employer contribution requirement.

In any year when one of the above scenarios occurs, the actuary will consider corrective action such as replacing the existin g unfunded liability bases with a single “fresh start” base and amortizing it over an appropriate period.

The current amortization schedule on the following page may appear to show that, based on the current amortization bases, one of the above scenarios will occur at some point in the future. It is impossible to know today whether such a scenario will in fact arise since there will be additional bases added to the amortization schedule in each future year. Should such a scenario arise in any future year, the actuary will take appropriate action based on guidelines in the CalPERS Actuarial Amortization Policy.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 18
Amortization Schedule and Alternatives (continued)
Alternative Schedules
Current Amortization
Schedule 10 Year Amortization 5 Year Amortization
Date Balance Payment Balance Payment Balance Payment
6/30/2025 3,531,414 411,213 3,531,414 482,036 3,531,414 828,951 6/30/2026 3,346,586 437,569 3,273,394 482,036 2,914,878 828,951 6/30/2027 3,121,951 460,000 2,997,829 482,036 2,256,418 828,951 6/30/2028 2,858,859 503,335 2,703,526 482,036 1,553,183 828,951 6/30/2029 2,533,093 515,148 2,389,210 482,036 802,128 828,952 6/30/2030 2,172,969 324,308 2,053,521 482,036
6/30/2031 1,985,579 329,651 1,695,005 482,036
6/30/2032 1,779,926 323,419 1,312,110 482,036
6/30/2033 1,566,726 316,681 903,178 482,036
6/30/2034 1,345,995 305,086 466,438 482,036
6/30/2035 1,122,237 286,723
6/30/2036 902,237 255,819
6/30/2037 699,215 178,989
6/30/2038 561,788 156,908
6/30/2039 437,830 138,523
6/30/2040 324,447 125,951
6/30/2041 216,345 101,618
6/30/2042 126,039 74,114
6/30/2043 58,016 59,956
6/30/2044
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049
Total 5,305,011 4,820,360 4,144,756
Interest Paid 1,773,597 1,288,946 613,342
Estimated Savings 484,651 1,160,255
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 19
Employer Contribution History
The table below provides a recent history of the employer contribution requirements for the plan, as determined by the annual actuarial valuation.Changes due to prepayments or plan amendments after the valuation report was finalized are not reflected. [
Valuation
Date
Contribution
Year
Employer
Normal Cost Rate
Unfunded Liability
Payment
06/30/2014 2016 - 17 16.656% $192,135
06/30/2015 2017 - 18 16.842% 211,522
06/30/2016 2018 - 19 17.614% 237,143
06/30/2017 2019 - 20 18.928% 266,452
06/30/2018 2020 - 21 20.585% 291,877
06/30/2019 2021 - 22 20.64% 308,974
06/30/2020 2022 - 23 20.64% 338,009
06/30/2021 2023 - 24 22.83% 317,136
06/30/2022 2024 - 25 23.00% 367,427
06/30/2023 2025 - 26 23.06% 411,213
Funding History
The table below shows the recent history of the actuarial accrued liability, share of the pool’s market value of assets, unfunded accrued liability, funded ratio and annual covered payroll.

Valuation
Date
Accrued
Liability
(AL)
Share of Pool’s
Market Value of
Assets (MVA)
Unfunded
Accrued Liability
(UAL)
Funded
Ratio
Annual
Covered
Payroll
06/30/2014 $7,306,516 $4,866,517 $2,439,999 66.6% $491,123 06/30/2015 7,426,758 4,727,031 2,699,727 63.6% 429,147
06/30/2016 8,227,931 5,083,661 3,144,270 61.8% 440,143
06/30/2017 9,080,346 5,926,140 3,154,206 65.3% 530,369
06/30/2018 9,923,435 6,443,677 3,479,758 64.9% 543,142
06/30/2019 10,208,337 6,639,204 3,569,133 65.0% 491,212 06/30/2020 10,659,733 7,221,173 3,438,560 67.7% 501,120 06/30/2021 11,282,797 8,730,289 2,552,508 77.4% 507,686 06/30/2022 11,931,200 8,346,554 3,584,646 70.0% 601,947 06/30/2023 12,561,150 8,825,339 3,735,811 70.3% 474,856 Risk Analysis
• Future Investment Return Scenarios 21
• Discount Rate Sensitivity 22
• Mortality Rate Sensitivity 22
• Maturity Measures 23
• Maturity Measures History 24
• Funded Status – Termination Basis 25
• Funded Status – Low-Default-Risk Basis 26
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 21
Future Investment Return Scenarios
Analysis using the investment return scenarios from the Asset Liability Management process completed in 2021 was performed to determine the effects of various future investment returns on required employer contributions. The projections below reflect the impact of the CalPERS Funding Risk Mitigation Policy. The projections also assume that all other actuarial assumptions will be realized and that no further changes in assumptions, contributions, benefits, or funding will occur.

The first table shows projected contribution requirements if the fund were to earn either 3.0% o r 10.8% annually. These alternate investment returns were chosen because 90% of long-term average returns are expected to fall between them over the 20-year period ending June 30, 2043.

Assumed Annual Return
FY 2023-24
through FY 2042-43
Projected Employer Contributions
2026-27 2027-28 2028-29 2029-30 2030-31

3.0% (5th percentile)
Discount Rate 6.80% 6.80% 6.80% 6.80% 6.80%
Normal Cost Rate 23.1% 23.1% 23.1% 23.1% 23.1%
UAL Contribution $446,000 $485,000 $553,000 $598,000 $449,000

10.8% (95th percentile)
Discount Rate 6.75% 6.70% 6.65% 6.60% 6.55%
Normal Cost Rate 23.5% 23.9% 24.3% 24.7% 25.1%
UAL Contribution $430,000 $437,000 $457,000 $436,000 $102,000 Required contributions outside of this range are also possible. In particular, whereas it is unlikely that investment returns will average less than 3.0% or greater than 10.8% over a 20-year period, the likelihood of a single investment return less than 3.0% or greater than 10.8% in any given year is much greater. The following analysis illustrates the effect of an extreme, single year investment return.

The portfolio has an expected volatility (or standard deviation) of 12.0% per year. Accordingly, in any given year there is a 16% probability that the annual return will be -5.2% or less and a 2.5% probability that the annual return will be -17.2% or less. These returns represent one and two standard deviations below the expected return of 6.8%.

The following table shows the effect of one and two standard deviation investment losses in FY 2023-24 on the FY 2026-27 contribution requirements. Note that a single-year investment gain or loss decreases or increases the required UAL contribution amount incrementally for each of the next five years, not just one, due to the 5-year ramp in the amortization policy. However, the contribution requirements beyond the first year are also impacted by investment returns beyond the first ye ar. Historically, significant downturns in the market are often followed by higher than average returns. Such investment gains would offset the impact of these single year negative returns in years beyond FY 2026-27.

Assumed Annual Return for
Fiscal Year 2023-24
Required
Employer
Contributions
Projected
Employer
Contributions
2025-26 2026-27
(17.2%) (2 standard deviation loss)
Discount Rate 6.80% 6.80%
Normal Cost Rate 23.06% 23.1%
UAL Contribution $411,213 $489,000
(5.2%) (1 standard deviation loss)
Discount Rate 6.80% 6.80%
Normal Cost Rate 23.06% 23.1%
UAL Contribution $411,213 $463,000
• Without investment gains (returns higher than 6.8%) in FY 2024-25 or later, projected contributions rates would continue to rise over the next four years due to the continued phase-in of the impact of the illustrated investment loss in FY 2023-24.
• The Pension Outlook Tool can be used to model projected contributions for these scenarios beyond FY 2026-27 as well as to model other investment return scenarios .

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 22
Discount Rate Sensitivity
The discount rate assumption is calculated as the sum of the assumed real rate of return and the assumed annual price inflation, currently 4.5% and 2.3%, respectively. Changing either the price inflation assumption or the real rate of return assumption will change the discount rate. The sensitivity of the valuation results to the discount rate assumption depends on which component of the discount rate is changed. Shown below are various valuation results as of June 30, 2023, assuming alternate discount rates by changing the two components independently. Results are shown using the current discount rate of

6.8% as well as alternate discount rates of 5.8% and 7.8%. The rates of 5.8% and 7.8% were selected since they il lustrate the impact of a 1.0% increase or decrease to the 6.8% assumption.

Sensitivity to the Real Rate of Return Assumption
As of June 30, 2023
1% Lower
Real Return Rate
Current
Assumptions
1% Higher
Real Return Rate
Discount Rate 5.8% 6.8% 7.8%
Price Inflation 2.3% 2.3% 2.3%
Real Rate of Return 3.5% 4.5% 5.5%
a) Total Normal Cost 40.08% 32.05% 25.91%
b) Accrued Liability $14,339,533 $12,561,150 $11,107,861 c) Market Value of Assets $8,825,339 $8,825,339 $8,825,339 d) Unfunded Liability/(Surplus) [(b) - (c)] $5,514,194 $3,735,811 $2,282,522 e) Funded Ratio 61.5% 70.3% 79.5%
Sensitivity to the Price Inflation Assumption
As of June 30, 2023
1% Lower
Price Inflation
Current
Assumptions
1% Higher
Price Inflation
Discount Rate 5.8% 6.8% 7.8%
Price Inflation 1.3% 2.3% 3.3%
Real Rate of Return 4.5% 4.5% 4.5%
a) Total Normal Cost 33.58% 32.05% 29.14%
b) Accrued Liability $13,073,975 $12,561,150 $11,565,383 c) Market Value of Assets $8,825,339 $8,825,339 $8,825,339 d) Unfunded Liability/(Surplus) [(b) - (c)] $4,248,636 $3,735,811 $2,740,044 e) Funded Ratio 67.5% 70.3% 76.3%
Mortality Rate Sensitivity
The following table looks at the change in the June 30, 2023,plan costs and funded status under two different longevity scenarios, namely assuming rates of post-retirement mortality are 10% lower or 10% higher than our current mortality assumptions adopted in 2021. This type of analysis highlights the impact on the plan of a change in the mortality assumption.

As of June 30, 2023
10% Lower
Mortality Rates
Current
Assumptions
10% Higher
Mortality Rates
a) Total Normal Cost 32.50% 32.05% 31.63%
b) Accrued Liability $12,791,287 $12,561,150 $12,348,131 c) Market Value of Assets $8,825,339 $8,825,339 $8,825,339 d) Unfunded Liability/(Surplus) [(b) - (c)] $3,965,948 $3,735,811 $3,522,792 e) Funded Ratio 69.0% 70.3% 71.5%
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 23
Maturity Measures
As pension plans mature they become more sensitive to risks .Understanding plan maturity and how it affects the ability of a pension plan sponsor to tolerate risk is important in understanding how the pension plan is impacted by investment return volatility, other economic variables and changes in longevity or other demographic assumptions.

Since it is the employer that bears the risk, it is appropriate to perform this analysis on a pension plan level considering all rate plans. The following measures are for one rate plan only. One way to look at the maturity level of CalPERS and its plans is to look at the ratio of a plan’s retiree liability to its total liability. A pension plan in its infancy will have a very low ra tio of retiree liability to total liability. As the plan matures, the ratio increases. A mature plan will often have a ratio above 60%-65%.

Ratio of Retiree Accrued Liability to
Total Accrued Liability June 30, 2022 June 30, 2023

1. Retiree Accrued Liability $4,927,370 $5,703,462

2. Total Accrued Liability $11,931,200 $12,561,150

3. Ratio of Retiree AL to Total AL [(1) ÷ (2)] 41% 45%
Another measure of the maturity level of CalPERS and its plans is the ratio of actives to retirees, also called the support ratio. A pension plan in its infancy will have a very high ratio of active to retired members. As the plan matures and members retire, the ratio declines. A mature plan will often have a ratio near or below one.

To calculate the support ratio for the rate plan, retirees and beneficiaries receiving a continuance are each counted as one, even though they may have only worked a portion of their careers as an active member of this rate plan. For this reason, the suppo rt ratio, while intuitive, may be less informative than the ratio of retiree liability to total accrued liability above.

For comparison, the support ratio for all CalPERS public agency plans as of June 30, 2022, was 0.77 and was calculated consistently with how it is for the individual rate plan. Note that to calculate the support ratio for all public agency plans, a retiree with service from more than one CalPERS agency is counted as a retiree more than once.

Support Ratio June 30, 2022 June 30, 2023

1. Number of Actives 7 5

2. Number of Retirees 19 22

3. Support Ratio [(1) ÷ (2)] 0.37 0.23
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 24
Maturity Measures (continued)
The actuarial calculations supplied in this communication are based on various assumptions about long -term demographic and economic behavior. Unless these assumptions (e.g., terminations, deaths, disabilities, retirements, salary increases, investment return) are exactly realized each year, there will be differences on a year-to-year basis. The year-to-year differences between actual experience and the assumptions are called actuarial gains and losses and serve to lower or raise required employer contributions from one year to the next. Therefore, employer contributions will inevitably fluctuate, especially due to the ups and downs of investment returns.

Asset Volatility Ratio
Shown in the table below is the asset volatility ratio (AVR), which is the ratio of market value of assets to payroll. Plans that have a higher AVR experience more volatile employer contributions (as a percentage of payroll) due to investment return. For example, a plan with an AVR of 8 may experience twice the contribution volatility due to investment return volatility than a plan with an AVR of 4. It should be noted that this ratio is a measure of the current situation. It increases over time but generall y tends to stabilize as a plan matures.

Liability Volatility Ratio
Also shown in the table below is the liability volatility ratio (LVR), which is the ratio of accrued liability to payroll. Pl ans that have a higher LVR experience more volatile employer contributions (as a percentage of payroll) due to changes in liability. For example, a plan with an LVR of 8 is expected to have twice the contribution volatility of a plan with an LVR of 4 when there is a change in accrued liability, such as when there is a change in actuarial assumptions. It should be noted that this ratio indicates a longer-term potential for contribution volatility, since the AVR, described above, will tend to move closer to the LVR as the funded ratio approaches 100%.

Contribution Volatility June 30, 2022 June 30, 2023

1. Market Value of Assets $8,346,554 $8,825,339

2. Payroll $601,947 $474,856

3. Asset Volatility Ratio (AVR) [(1) ÷ (2)] 13.9 18.6

4. Accrued Liability $11,931,200 $12,561,150

5. Liability Volatility Ratio (LVR) [(4) ÷ (2)] 19.8 26.5 Maturity Measures History
Valuation Date
Ratio of
Retiree Accrued Liability
to
Total Accrued Liability Support Ratio
Asset
Volatility
Ratio
Liability
Volatility
Ratio
06/30/2017 45% 0.41 11.2 17.1
06/30/2018 42% 0.41 11.9 18.3
06/30/2019 41% 0.35 13.5 20.8
06/30/2020 39% 0.35 14.4 21.3
06/30/2021 40% 0.33 17.2 22.2
06/30/2022 41% 0.37 13.9 19.8
06/30/2023 45% 0.23 18.6 26.5
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 25
Funded Status – Termination Basis
The funded status measured on a termination basis is an estimate of the financial position of the plan had the contract with CalPERS been terminated as of June 30, 2023. The accrued liability on a termination basis (termination liability) is calculated differently from the plan’s ongoing funding liability. For the termination liability calculation, both compensation and service are frozen as of the valuation date and no future pay increases or service accruals are assumed. This measure of funded status is not appropriate for assessing the need for future employer contributions in the case of an ongoing plan, that is, for an employer that continues to provide CalPERS retirement benefits to active employees. Unlike the actuarial cost method used for ongoing plans, the termination liability is the present value of the benefits earned through the valuation date.

A more conservative investment policy and asset allocation strategy was adopted by the board for the Terminated Agency Pool.

The Terminated Agency Pool has limited funding sources since no future employer contributions will be made. Therefore, expected benefit payments are secured by risk-free assets and benefit security for members is increased while limiting the funding risk.

However, this asset allocation has a lower expected rate of return than the remainder of the PERF and consequently, a lower discount rate assumption. The lower discount rate for the Terminated Agency Pool results in higher liabilities for terminated plans.

The discount rate used for actual termination valuations is a weighted average of the 10-year and 30-year Treasury yields where the weights are based on matching asset and liability durations as of the termination date. The discount rates used in the fo llowing analysis is based on 20-year Treasury bonds, which is a good proxy for most plans. The discount rate upon contract termination will depend on actual Treasury rates on the date of termination, which varies over time, as shown below.

Valuation 20-Year Valuation 20-Year
Date Treasury Rate Date Treasury Rate
06/30/2014 3.08% 06/30/2019 2.31%
06/30/2015 2.83% 06/30/2020 1.18%
06/30/2016 1.86% 06/30/2021 2.00%
06/30/2017 2.61% 06/30/2022 3.38%
06/30/2018 2.91% 06/30/2023 4.06%
As Treasury rates are variable, the table below shows a range for the termination liability using discount rates 1% below and above the 20-year Treasury rate on the valuation date. The price inflation assumption is the 20-year Treasury breakeven inflation rate, that is, the difference between the 20-year inflation indexed bond and the 20-year fixed-rate bond.

The Market Value of Assets (MVA) also varies with interest rates and will fluctuate depending on other market conditions on the date of termination. Since it is not possible to approximate how the MVA will change in different interest rate environments, the results below use the MVA as of the valuation date.

Discount Rate: 3.06%
Price Inflation: 2.50%
Discount Rate: 5.06%
Price Inflation: 2.50%

1. Termination Liability1 $21,486,571 $15,850,511

2. Market Value of Assets (MVA) 8,825,339 8,825,339

3. Unfunded Termination Liability [(1) – (2)] $12,661,232 $7,025,172

4. Funded Ratio [(2) ÷ (1)] 41.1% 55.7%
1 The termination liabilities calculated above include a 5% contingency load. The contingency load and other actuarial assumptions can be found in Appendix A of the Section 2 report.

In order to terminate the plan, first contact our Pension Contract Services unit to initiate a Resolution of Intent to Terminate. The completed Resolution will allow a CalPERS actuary to provide a preliminary termination valuation with a more up -to-date estimate of the plan’s assets and liabilities. Before beginning this process, please consult with a CalPERS actuary.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 26
Funded Status – Low-Default-Risk Basis
Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, requires the disclosure of a low-default-risk obligation measure (LDROM) of benefit costs accrued as of the valuation date using a discount rate based on the yields of high quality fixed income securities with cash flows that replica te expected benefit payments. Conceptually, this measure represents the level at which financial markets would value the accrued plan costs, and would be approximately equal to the cost of a portfolio of low-default-risk bonds with similar financial characteristics to accrued plan costs.

As permitted in ASOP No. 4, the Actuarial Office uses the Entry Age Actuarial Cost Method to calculate the LDROM. This methodology is in line with the measure of “benefit entitlements” calculated by the Bureau of Economic Analysis and used by the Federal Reserve to report the indebtedness due to pensions of plan sponsors and, conversely, the household wealth due to pensions of plan members.

As shown below, the discount rate used for the LDROM is 4.82%, which is the Standard FTSE Pension Liability Index1 discount rate as of June 30, 2023, net of assumed administrative expenses.

Selected Measures on a Low-Default-Risk Basis June 30, 2023 Discount Rate 4.82%

1. Accrued Liability2 – Low-Default-Risk Basis (LDROM)
a) Active Members $3,485,693
b) Transferred Members 4,707,647
c) Separated Members 1,189,386
d) Members and Beneficiaries Receiving Payments 7,109,428 e) Total $16,492,154

2. Market Value of Assets (MVA) 8,825,339

3. Unfunded Accrued Liability – Low-Default-Risk Basis [(1e) – (2)] $7,666,815

4. Unfunded Accrued Liability – Funding Policy Basis 3,735,811

5. Present Value of Unearned Investment Risk Premium [(3) – (4)] $3,931,004 The difference between the unfunded liabilities on a low-default-risk basis and on the funding policy basis represents the present value of the investment risk premium that must be earned in future years to keep future contributions for currently accrued p lan costs at the levels anticipated by the funding policy.

Benefit security for members of the plan relies on a combination of the assets in the plan, the investment income generated from those assets, and the ability of the plan sponsor to make necessary future contributions. If future returns fall short of 6.8%, benefit security could be at risk without higher than currently anticipated future contributions.

The funded status on a low-default-risk basis is not appropriate for assessing the sufficiency of plan assets to cover the cost of settling the plan’s benefit obligations (see Funded Status – Termination Basis), nor is it appropriate for assessing the need for future contributions (see Funded Status – Funding Policy Basis). 1 This index is based on a yield curve of hypothetical AA-rated zero coupon corporate bonds whose maturities range from 6 months to 30 years. The index represents the single discount rate that w ould produce the same present value as discounting a standardized set of liability cash flow s for a fully open pension plan using the yield curve. The liability cash flows are reasonably consistent with the pattern of benefits expected to be paid from the entire Public Employees’ Retirement Fund for current and former plan members. A different index, hence a different discount rate, may be needed to measure the LDROM for a subset of the fund, such as a single rate plan or a group of retirees. 2 If plan assets w ere invested entirely in the AA fixed income securities used to determine the discount rate of 4.82%, the CalPERS discount rate could, at various times, be below 4.5% or 5.25%, and some automatic annual retiree COLAs could be suspended (Gov. Code sections 21329 and 21335). Since there is currently no proposal to adopt an asset allocation entirely comprised of fixed income securities, the automatic COLAs have been fully valued in the measures above based on the assumptions used for plan funding. Removing future COLAs from the measurement w ould understate the statutory obligation.

CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 27
Summary of Valuation Data
The table below shows a summary of the plan’s member data upon which this valuation is based:

June 30, 2022 June 30, 2023
Active Members
Counts 7 5
Average Attained Age 48.1 49.2
Average Entry Age to Rate Plan 35.3 32.1
Average Years of Credited Service 12.9 14.3
Average Annual Covered Pay $85,992 $94,971
Annual Covered Payroll $601,947 $474,856
Present Value of Future Payroll $3,788,335 $2,860,542
Transferred Members 14 13
Separated Members 9 9
Retired Members and Beneficiaries*
Counts 19 22
Average Annual Benefits $19,335 $19,063
Total Annual Benefits $367,362 $419,394
Counts of members included in the valuation are counts of the records processed by the valuation. Multiple records may exist for those who have service in more than one valuation group. This does not result in double counting of liabilities. * Values include community property settlements.

List of Class 1 Benefit Provisions
This plan has the following Class 1 Benefit Provisions:
• None
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769

Page 28 ends

Benefit Group
Member Category Police Police
Demographics
Actives Yes No
Transfers/Separated Yes No
Receiving Yes Yes
Benefit Group Key 100561 218638
Benefit Provision
Benefit Formula 3% @ 55
Social Security Coverage Yes
Full/Modified Modified
Employee Contribution Rate 9.00%
Final Average Compensation Period Three Year
Sick Leave Credit Yes
Non-Industrial Disability Standard
Industrial Disability Standard
Pre-Retirement Death Benefits
Optional Settlement 2 Yes
1959 Survivor Benefit Level No
Special Yes
Alternate (firefighters) No
Post-Retirement Death Benefits
Lump Sum $2,000 $2,000
Survivor Allowance (PRSA) No No
COLA 2% 2%
CalPERS Actuarial Valuation - June 30, 2023
Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 29
Section 2
California Public Employees’ Retirement System
Risk Pool Actuarial Valuation Information
Section 2 may be found on the
CalPERS website (www.calpers.ca.gov)
in the Forms & Publications section
California Public Employees’ Retirement System
Actuarial Valuation for the
PEPRA Safety Police Plan
of the City of Kingsburg
as of June 30, 2023
(CalPERS ID: 1210886769)
(Rate Plan ID: 25615)
Required Contributions for Fiscal Year
July 1, 2025 — June 30, 2026
Table of Contents
Section 1 – Plan Specific Information
Section 2 – Risk Pool Actuarial Valuation Information
Section 1
California Public Employees’ Retirement System
Plan Specific Information
for the
PEPRA Safety Police Plan
of the
City of Kingsburg
(CalPERS ID: 1210886769)
(Rate Plan ID: 25615)
Rate Plan belonging to the Safety Risk Pool
Table of Contents — Section 1
Actuarial Certification....................................................................................................................................................................................1 Highlights and Executive Summary ..........................................................................................................................................................2 Introduction....................................................................................................................................................................................................3 Purpose of Section 1....................................................................................................................................................................................3 Summary of Key Valuation Results ...........................................................................................................................................................4 Changes Since the Prior Year’s Valuation................................................................................................................................................5 Subsequent Events.......................................................................................................................................................................................5 Liabilities and Contributions .......................................................................................................................................................................6 Determination of Required Contributions ..................................................................................................................................................7 Required Employer Contributions ..............................................................................................................................................................8 Member Contribution Rates ........................................................................................................................................................................9 Other Pooled Safety Risk Pool Rate Plans............................................................................................................................................ 10 Breakdown of Entry Age Accrued Liability............................................................................................................................................. 11 Allocation of Plan’s Share of Pool’s Experience...................................................................................................................................11 Development of the Plan’s Share of Pool’s Assets .............................................................................................................................. 11 Funded Status – Funding Policy Basis................................................................................................................................................... 12 Additional Employer Contributions .......................................................................................................................................................... 13 Projected Employer Contributions........................................................................................................................................................... 14 Schedule of Amortization Bases.............................................................................................................................................................. 15 Amortization Schedule and Alternatives ................................................................................................................................................ 16 Employer Contribution History.................................................................................................................................................................18 Funding History.......................................................................................................................................................................................... 18 Risk Analysis ................................................................................................................................................................................................ 19 Future Investment Return Scenarios...................................................................................................................................................... 20 Discount Rate Sensitivity.......................................................................................................................................................................... 21 Mortality Rate Sensitivity........................................................................................................................................................................... 21 Maturity Measures ..................................................................................................................................................................................... 22 Maturity Measures History........................................................................................................................................................................23 Funded Status – Termination Basis........................................................................................................................................................ 24 Funded Status – Low-Default-Risk Basis .............................................................................................................................................. 25 Summary of Valuation Data ......................................................................................................................................................................26 List of Class 1 Benefit Provisions ........................................................................................................................................................... 26 Plan's Major Benefit Options ....................................................................................................................................................................27 CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 1
Actuarial Certification
It is our opinion that the valuation has been performed in accordance with generally accepted actuarial principles as well as the applicable Standards of Practice promulgated by the Actuarial Standards Board. While this report, consisting of Section 1 and Section 2, is intended to be complete, our office is available to answer questions as needed. All of the undersigned are actuaries who satisfy the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States of the American Academy of Actuaries with regard to pensions.

Randall Dziubek, ASA, MAAA
Deputy Chief Actuary, Valuation Services, CalPERS
Scott Terando, ASA, EA, MAAA, FCA, CFA
Chief Actuary, CalPERS
Actuarial Data and Rate Plan Results
To the best of my knowledge and having relied upon the attestation above that the actuarial methods and assumptions are reasonable as well as the information in Section 2 of this report, this report is complete and accurate and contains sufficient information to disclose, fully and fairly, the funded condition of the PEPRA Safety Police Plan of the City of Kingsburg and satisfies the actuarial valuation requirements of Government Code section 7504. This valuation and related validation work was performed by the CalPERS Actuarial Office. The valuation was based on the member and financial data as of June 30, 2023, provided by the various CalPERS databases and the benefits under this plan with CalPERS as of the date this report was produced.Section 1 of this report is based on the member and financial data for City of Kingsburg, while Section 2 is based on the corresponding information for all agencies participating in the Safety Risk Pool to which the plan belongs.

Tony Cuny, ASA, MAAA
Senior Actuary, CalPERS
Highlights and Executive Summary
• Introduction 3
• Purpose of Section 1 3
• Summary of Key Valuation Results 4
• Changes Since the Prior Year’s Valuation 5
• Subsequent Events 5
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 3
Introduction
This report presents the results of the June 30, 2023,actuarial valuation of the PEPRA Safety Police Plan of the City of Kingsburg of the California Public Employees’ Retirement System (CalPERS). This actuarial valuation sets the minimum required contributions for fiscal year (FY) 2025-26.

Purpose of Section 1
This Section 1 report for the PEPRA Safety Police Plan of the City of Kingsburg of CalPERS was prepared by the Actuarial Office using data as of June 30, 2023. The purpose of the valuation is to:
• Set forth the assets and accrued liabilities of this rate plan as of June 30, 2023; • Determine the minimum required employer contributions for this rate plan for FY July 1, 2025,through June 30, 2026; • Determine the required member contribution rate for FY July 1, 2025,through June 30, 2026, for employees subject to the California Public Employees' Pension Reform Act of 2013 (PEPRA); and • Provide actuarial information as of June 30, 2023, to the CalPERS Board of Administration (board) and other interested parties.

The pension funding information presented in this report should not be used in financial reports subject to Governmental Accounting Standards Board (GASB) Statement No. 68 for a Cost Sharing Employer Defined Benefit Pension Plan. A separate accounting valuation report for such purposes is available on the CalPERS website (www.calpers.ca.gov).

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 4
Summary of Key Valuation Results
Below is a brief summary of key valuation results along with page references where more detailed information can be found .

Required Employer Contributions — page 8
Fiscal Year
2024-25
Fiscal Year
2025-26
Employer Normal Cost Rate 13.76% 13.99%
Unfunded Accrued Liability (UAL) Contribution Amount $8,248 $17,261 Paid either as
Option 1) 12 Monthly Payments of $687.33 $1,438.42
Option 2) Annual Prepayment in July $7,981 $16,702
Member Contribution Rates — page 9
Fiscal Year
2024-25
Fiscal Year
2025-26
Member Contribution Rate 13.75% 13.75%
Projected Employer Contributions — page 14
Fiscal
Year
Normal Cost
(% of payroll)
Annual
UAL Payment
2026-27 14.0% $23,000
2027-28 14.0% $29,000
2028-29 14.0% $35,000
2029-30 14.0% $35,000
2030-31 14.0% $35,000
Funded Status — Funding Policy Basis — page 12
June 30, 2022 June 30, 2023
Entry Age Accrued Liability (AL) $1,734,547 $2,302,402
Market Value of Assets (MVA) 1,494,606 1,987,714
Unfunded Accrued Liability (UAL) [AL – MVA] $239,941 $314,688 Funded Ratio [MVA ÷ AL] 86.2% 86.3%
Summary of Valuation Data — Page 26

June 30, 2022 June 30, 2023
Active Member Count 16 18
Annual Covered Payroll $1,162,904 $1,390,683
Transferred Member Count 4 3
Separated Member Count 1 3
Retired Members and Beneficiaries Count 0 0
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 5
Changes Since the Prior Year’s Valuation
Benefits
The standard actuarial practice at CalPERS is to recognize mandated legislative benefit changes in the first annual valuation following the effective date of the legislation. For pooled rate plans, voluntary benefit changes by plan amendment are generally included in the first valuation with a valuation date on or after the effective date of the amendment.

Please refer to the Plan’s Major Benefit Options in this report and Appendix B of the Section 2 Report for a summary of the plan provisions used in this valuation.

Actuarial Methods and Assumptions
There are no significant changes to the actuarial methods or assumptions for the June 30, 2023,actuarial valuation.

Subsequent Events
This actuarial valuation report reflects fund investment return through June 30, 2023,as well as statutory changes, regulatory changes and board actions through January 2024.

During the time period between the valuation date and the publication of this report, inflation has been higher than the expected inflation of 2.3% per annum. Since inflation influences cost-of-living increases for retirees and beneficiaries and active member pay increases, higher inflation is likely to put at least some upward pressure on contribution requirements a nd downward pressure on the funded status in the June 30, 2024, valuation. The actual impact of higher inflation on future valuation results will depend on, among other factors, how long higher inflation persists.

To the best of our knowledge, there have been no other subsequent events that could materially affect current or future certifications rendered in this report.

Liabilities and Contributions
• Determination of Required Contributions 7
• Required Employer Contributions 8
• Member Contribution Rates 9
• Other Pooled Safety Risk Pool Rate Plans 10
• Breakdown of Entry Age Accrued Liability 11
• Allocation of Plan’s Share of Pool’s Experience 11
• Development of the Plan’s Share of Pool’s Assets 11
• Funded Status – Funding Policy Basis 12
• Additional Employer Contributions 13
• Projected Employer Contributions 14
• Schedule of Amortization Bases 15
• Amortization Schedule and Alternatives 16
• Employer Contribution History 18
• Funding History 18
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 7
Determination of Required Contributions
Contributions to fund the plan are determined by an actuarial valuation performed each year. The valuation employs complex calculations based on a set of actuarial assumptions and methods. See Appendix A in Section 2 for information on the assumptions and methods used in this valuation. The valuation incorporates all plan experience through the valuation date and sets required contributions for the fiscal year that begins two years after the valuation date.

In measuring the UAL each year, plan experience is split by source. Common sources of UAL include investment experience different than expected, non-investment experience different than expected, assumption changes and benefit changes. Each source of UAL (positive or negative) forms a base that is amortized, or paid off, over a specified perio d of time in accordance with the CalPERS Actuarial Amortization Policy. The Unfunded Accrued Liability Contribution is the sum of the payments on all bases. See the Schedule of Amortization Bases section of this report for an inventory of existing bases and Appendix A in Section 2 for more information on the amortization policy.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 8
Required Employer Contributions
The required employer contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.

Fiscal Year
Required Employer Contributions 2025-26
Employer Normal Cost Rate 13.99%
Plus
Unfunded Accrued Liability (UAL) Contribution Amount1 $17,261 Paid either as
1) Monthly Payment $1,438.42
Or
2) Annual Prepayment Option* $16,702
The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a percentage of payroll and paid as payroll is reported) and the Unfunded Accrued Liability (UAL) Contribution Amount (billed monthly (1) or prepaid annually (2) in dollars). * Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31).

For Member Contribution Rates see the following page.

Fiscal Year Fiscal Year
Development of Normal Cost as a Percentage of Payroll 2024-25 2025-26 Base Total Normal Cost for Formula 27.51% 27.74%
Surcharge for Class 1 Benefits 2
None 0.00% 0.00%
Plan’s Total Normal Cost 27.51% 27.74%
Offset Due to Employee Contributions 3 13.75% 13.75%
Employer Normal Cost 13.76% 13.99%
1 The required payment on amortization bases does not take into account any additional discretionary payment made after April 30, 2024.
2 Section 2 of this report contains a list of Class 1 benefits and corresponding surcharges. 3 This is the expected employee contributions, taking into account individual benefit formula and any offset from the use of a modified formula, divided by projected annual payroll. For member contribution rates above the breakpoint for each benefit formula, see Member Contribution Rates.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 9
Member Contribution Rates
The required member contributions in this report do not reflect any cost sharing arrangement between the agency and the employees.

The California Public Employees’ Pension Reform Act of 2013 (PEPRA) established new benefit formulas, final compensation period, and contribution requirements for “new” employees (generally those first hired into a CalPERS-covered position on or after January 1, 2013). In accordance with Government Code Section 7522.30(b), “new members … shall have an initial contribution rate of at least 50% of the normal cost rate.” The normal cost rate for the plan is dependent on the benefit levels, actuarial assumptions and demographics of the risk pool, particularly members’ entry age. Should the total normal cost rate of the plan change by more than 1% from the base total normal cost rate established for the plan, the new member rate shall be 50% of the new normal cost rate rounded to the nearest quarter percent.

The table below shows the determination of the PEPRA member contribution rates effective July 1, 2025, based on 50% of the total normal cost rate as of the June 30, 2023, valuation.

Basis for Current Rate Rates Effective July 1, 2025
Rate Plan
Identifier Benefit Group Name
Total
Normal
Cost
Member
Rate
Total
Normal
Cost Change
Change
Needed
Member
Rate
25615 Safety Police PEPRA Level 27.29% 13.75% 27.74% 0.45% No 13.75% CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 10
Other Pooled Safety Risk Pool Rate Plans
All of the results presented in this Section 1 report, except those shown on this page, correspond to rate plan 25615. In many cases, employers have additional rate plans within the same risk pool. For cost analysis and budgeting it is useful to consid er contributions for these rate plans as a whole rather than individually. The estimated contribution amounts and rates for all of the employer’s rate plans in the Safety Risk Pool are shown below and assume that the total employer payroll within the Safety Risk Pool will grow according to the overall payroll growth assumption of 2.80% per year for three years. Classic members who are projected to terminate employment are assumed to be replaced by PEPRA members.

Fiscal Year Fiscal Year
Estimated Employer Contributions for all Pooled Safety Rate Plans 2024-25 2025-26 Projected Payroll for the Contribution Year $3,368,196 $3,486,355 Estimated Employer Normal Cost $530,975 $549,825
Required Payment on Amortization Bases $528,960 $608,821 Estimated Total Employer Contributions $1,059,935 $1,158,646 Estimated Total Employer Contribution Rate (illustrative only) 31.47% 33.23% CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 11
Breakdown of Entry Age Accrued Liability
Active Members $2,051,147
Transferred Members 243,395
Separated Members 7,860
Members and Beneficiaries Receiving Payments 0
Total $2,302,402
Allocation of Plan’s Share of Pool’s Experience
It is the policy of CalPERS to ensure equity within the risk pools by allocating the pool’s experience gains/losses and assum ption changes in a manner that treats each employer equitably and maintains benefit security for the members of the System while minimizing substantial variations in employer contributions. The pool’s experience gains/losses and impact of assumption/method changes is allocated to the plan as follows:

1. Plan’s Accrued Liability $2,302,402

2. Projected UAL Balance at 6/30/2023 271,486

3. Other UAL Adjustments (Golden Handshake, Prior Service Purchase, etc.) 0

4. Adjusted UAL Balance at 6/30/2023 for Asset Share 271,486

5. Pool’s Accrued Liability1 30,525,472,379

6. Sum of Pool’s Individual Plan UAL Balances at 6/30/20231 7,735,444,959

7. Pool’s 2022-23 Investment (Gain)/Loss1 146,133,368

8. Pool’s 2022-23 Non-Investment (Gain)/Loss1 400,118,077

9. Plan’s Share of Pool’s Investment (Gain)/Loss: [(1) - (4)] ÷ [(5) - (6)] × (7) 13,023

10. Plan’s Share of Pool’s Non-Investment (Gain)/Loss: (1) ÷ (5) × (8) 30,179

11. Plan’s New (Gain)/Loss as of 6/30/2023:(9) + (10) 43,202

12. Increase in Pool’s Accrued Liability due to Change in Assumptions1 0

13. Plan’s Share of Pool’s Change in Assumptions: (1) ÷ (5) × (12) 0

14. Increase in Pool’s Accrued Liability due to Funding Risk Mitigation1 0

15. Plan’s Share of Pool’s Change due to Funding Risk Mitigation: (1) ÷ (5) × (14) 0

16. Offset due to Funding Risk Mitigation 0

17. Plan’s Investment (Gain)/Loss: (9) – (16) 13,023
1 Does not include plans that transferred to the pool on the valuation date.

Development of the Plan’s Share of Pool’s Assets

18. Plan’s UAL: (2) + (3) + (11) + (13) + (15) $314,688

19. Plan’s Share of Pool’s Market Value of Assets (MVA): (1) - (18) $1,987,714 For a reconciliation of the pool’s Market Value of Assets (MVA), information on the fund’s asset allocation and a history of CalPERS investment returns, see Section 2, which can be found on the CalPERS website (www.calpers.ca.gov).

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 12
Funded Status – Funding Policy Basis
The table below provides information on the current funded status of the plan under the funding policy. The funded status for this purpose is based on the market value of assets relative to the funding target produced by the entry age actuarial cost method and actuarial assumptions adopted by the board. The actuarial cost method allocates the total expected cost of a member’s projected benefit (Present Value of Benefits) to individual years of service (the Normal Cost). The value of the projected benefit that is not allocated to future service is referred to as the Accrued Liability and is the plan’s funding target on the valuation date.

The Unfunded Accrued Liability (UAL) equals the funding target minus the assets. The UAL is an absolute measure of funded status and can be viewed as employer debt. The funded ratio equals the assets divided by the funding target. The funded ratio is a relative measure of the funded status and allows for comparisons between plans of different sizes.

A funded ratio of 100% (UAL of $0) implies that the funding of the plan is on target and that future contributions equal to the normal cost of the active plan members will be sufficient to fully fund all retirement benefits if future experience matches the actuarial assumptions. A funded ratio of less than 100% (positive UAL) implies that in addition to normal costs, payments toward the UAL will be required. Plans with a funded ratio greater than 100% have a negative UAL (or surplus) but are required under current law to continue contributing the normal cost in most cases, preserving the surplus for future contingencies.

Calculations for the funding target reflect the expected long-term investment return of 6.8%. If it were known on the valuation date that future investment returns will average something greater/less than the expected return, calculated normal costs and accrued liabilities provided in this report would be less/greater than the results shown. Therefore, for example, if actual a verage future returns are less than the expected return, calculated normal costs and UAL contributions will not be sufficient to fully fund all retirement benefits. Under this scenario, required future normal cost contributions will need to increase from those provided in this report, and the plan will develop unfunded liabilities that will also add to required future contributions. For illustrative purposes, funded statuses based on a 1% lower and higher average future investment return (discount rate) are as follows:

The Risk Analysis section of the report provides additional information regarding the sensitivity of valuation results to the expected investment return and other factors. Also provided in that section are measures of funded status that are appropriate for assessing the sufficiency of plan assets to cover estimated termination liabilities.

June 30, 2022 June 30, 2023

1. Present Value of Benefits $6,084,764 $7,529,313

2. Entry Age Accrued Liability 1,734,547 2,302,402

3. Market Value of Assets (MVA) 1,494,606 1,987,714

4. Unfunded Accrued Liability (UAL) [(2) – (3)] $239,941 $314,688

5. Funded Ratio [(3) ÷ (2)] 86.2% 86.3%
1% Lower
Average Return
Current
Assumption
1% Higher
Average Return
Discount Rate 5.8% 6.8% 7.8%

1. Entry Age Accrued Liability $2,803,323 $2,302,402 $1,908,862

2. Market Value of Assets (MVA) 1,987,714 1,987,714 1,987,714

3. Unfunded Accrued Liability (UAL) [(1) – (2)] $815,609 $314,688 ($78,852)

4. Funded Ratio [(2) ÷ (1)] 70.9% 86.3% 104.1%
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 13
Additional Employer Contributions
The minimum required employer contribution towards the Unfunded Accrued Liability (UAL) for this rate plan for FY 2025-26 is $17,261. CalPERS allows agencies to make additional discretionary payments (ADPs) at any time. These optional payments serve to reduce the UAL and future required contributions and can result in significant long -term savings. Agencies can also use ADPs to stabilize annual contributions as a fixed dollar amount, percent of payroll or percent of revenue.

Fiscal Year 2025-26 Employer Contributions — Illustrative Scenarios Funding Approach Estimated
Normal Cost
Minimum UAL
Contribution ADP1 Total UAL Contribution
Estimated Total
Contribution
Minimum required only $228,407 $17,261 0 $17,261 $245,668 20 year funding horizon $228,407 $17,261 $14,250 $31,511 $259,918 15 year funding horizon $228,407 $17,261 $19,499 $36,760 $265,167 10 year funding horizon $228,407 $17,261 $30,571 $47,832 $276,239 5 year funding horizon $228,407 $17,261 $64,995 $82,256 $310,663 The minimum required contribution above is less than interest on the UAL. With no ADP the UAL is projected to increase over the following year. If the minimum UAL payment were split between interest and principal, the principal portion would be negative. This situation is referred to as negative amortization. If only the minimum required contribution is made, contributions are not expected to exceed interest on the UAL until FY 2027-28, as shown in the Amortization Schedule and Alternatives section of the report (see columns labeled Current Amortization Schedule).

Fiscal Year 2025-26 Employer Contribution Necessary to Avoid Negative Amortization Estimated
Normal Cost
Minimum UAL
Contribution
ADP1 Total UAL
Contribution
Estimated Total
Contribution
$228,407 $17,261 $5,796 $23,057 $251,464
1 The ADP amounts are assumed to be made in the middle of the fiscal year. A payment made earlier or later in the fiscal year would hav e to be less or more than the amount show n to have the same effect on the UAL amortization.

Additional Discretionary Payment History
The following table provides a recent history of actual ADPs made to the plan.

Fiscal
Year ADP FiscalYear ADP
2019-20 $0 2022-23 $0
2020-21 $0 2023-242 $0
2021-22 $0
2 Excludes payments made after April 30, 2024
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 14
Projected Employer Contributions
The table below shows the required and projected employer contributions (before cost sharing) for the next six fiscal years. The projection assumes that all actuarial assumptions will be realized and that no further changes to assumptions, contributions, benefits, or funding will occur during the projection period. In particular, the investment return beginning with FY 2023-24 is assumed to be 6.80% per year, net of investment and administrative expenses. Future contribution requirements may differ significantly from those shown below. The actual long-term cost of the plan will depend on the actual benefits and expenses paid and the actual investment experience of the fund.

Required
Contribution
Projected Future Employer Contributions
(Assumes 6.80% Return for Fiscal Year 2023-24 and Beyond) Fiscal Year 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 Rate Plan 25615 Results
Normal Cost % 13.99% 14.0% 14.0% 14.0% 14.0% 14.0%
UAL Payment $17,261 $23,000 $29,000 $35,000 $35,000 $35,000 For ongoing plans, investment gains and losses are amortized using a 5-year ramp up. For more information, please see Amortization of Unfunded Actuarial Accrued Liability in Appendix A of the Section 2 Report. This method phases in the impact of the change in UAL over a 5-year period in order to reduce employer cost volatility from year to year. As a result of this methodology, dramatic changes in the required employer contributions in any one year are less likely. However, required contributions can change gradually and significantly over the next five years. In years when there is a large investment loss, the relatively small amortization payments during the ramp up period could result in contributions that are less than interest on the UAL (i.e. negative amortization) while the contribution impact of the increase in the UAL is phased in.

The required contribution for FY 2025-26 is less than interest on the UAL, a situation referred to as negative amortization, as explained in the Additional Employer Contributions section earlier in this report. If only the minimum required contribution is made, contributions are not expected to exceed interest on the UAL until FY 2027-28, as shown in the Amortization Schedule and Alternatives section of the report (see columns labelled “Current Amortization Schedule”).

Pension Outlook can help plan and budget pension costs under various scenarios.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 15
Schedule of Amortization Bases
Below is the schedule of the plan’s amortization bases. Note that there is a two-year lag between the valuation date and the start of the contribution year. • The assets, liabilities and funded status of the plan are measured as of the valuation date: June 30, 2023. • The required employer contributions determined by the valuation are for the fiscal year beginning two years after the valuati on date: FY 2025-26.

Reason for Base
Date
Est.

Ramp
Level
2025-26
Ramp
Shape
Escalation
Rate
Amort.

Period
Balance
6/30/23
Expected
Payment
2023-24
Balance
6/30/24
Expected
Payment
2024-25
Balance
6/30/25
Minimum
Required
Payment
2025-26
Non-Investment (Gain)/Loss 6/30/22 No Ramp 0.00% 19 27,582 0 29,458 2,649 28,724 2,649 Partial Fresh Start 6/30/22 40% Up Only 0.00% 19 243,904 0 260,489 5,599 272,416 11,198 Investment (Gain)/Loss 6/30/23 20% Up Only 0.00% 20 13,023 0 13,909 0 14,855 319 Non-Investment (Gain)/Loss 6/30/23 No Ramp 0.00% 20 30,179 0 32,231 0 34,423 3,095 Total 314,688 0 336,087 8,248 350,418 17,261
The (gain)/loss bases are the plan’s allocated share of the risk pool’s (gain)/loss for the fiscal year as disclosed in Allocation of Plan’s Share of Pool’s Experience earlier in this report. These (gain)/loss bases will be amortized in accordance with the CalPERS amortization policy in effect at the time the base was established.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 16
Amortization Schedule and Alternatives
The amortization schedule on the previous page(s) shows the minimum contributions required according to the CalPERS amortization policy. Many agencies have expressed a desire for a more stable pattern of payments or have indicated interest in paying off the unfunded accrued liabilities more quickly than required. As such, we have provided alternative amortization schedules to help analyze the current amortization schedule and illustrate the potential savings of accelerating unfunded liability payments.

The current amortization schedule typically contains both pos itive and negative bases. Positive bases result from plan changes, assumption changes, method changes or plan experience that increase unfunded liability. Negative bases result from plan changes, assumption changes, method changes, or plan experience that decrease unfunded liability. The combination of positive and negative bases within an amortization schedule can result in unusual or problematic circumstances in future year s, such as:
• When a negative payment would be required on a positive unfunded actuarial liability; or • When the payment would completely amortize the total unfunded liability in a very short time period, and results in a large change in the employer contribution requirement.

In any year when one of the above scenarios occurs, the actuary will consider corrective action such as replacing the existing unfunded liability bases with a single “fresh start” base and amortizing it over an appropriate period.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 17
Amortization Schedule and Alternatives (continued)
Alternative Schedules
Current Amortization
Schedule 20 Year Amortization 15 Year Amortization
Date Balance Payment Balance Payment Balance Payment
6/30/2025 350,418 17,261 350,418 31,511 350,418 36,760
6/30/2026 356,408 23,180 341,682 31,511 336,257 36,760
6/30/2027 356,688 29,100 332,352 31,511 321,133 36,760
6/30/2028 350,869 35,017 322,387 31,511 304,981 36,760
6/30/2029 338,540 35,337 311,745 31,511 287,730 36,760
6/30/2030 325,042 35,337 300,379 31,511 269,306 36,760
6/30/2031 310,626 35,337 288,240 31,511 249,630 36,760
6/30/2032 295,230 35,338 275,276 31,511 228,616 36,760
6/30/2033 278,786 35,335 261,430 31,511 206,173 36,760
6/30/2034 261,226 35,335 246,642 31,511 182,203 36,760
6/30/2035 242,472 35,337 230,849 31,511 156,604 36,761
6/30/2036 222,442 35,337 213,982 31,511 129,263 36,761
6/30/2037 201,050 35,336 195,968 31,511 100,063 36,761
6/30/2038 178,205 35,337 176,729 31,511 68,877 36,760
6/30/2039 153,804 35,337 156,182 31,511 35,571 36,761
6/30/2040 127,745 35,337 134,238 31,511
6/30/2041 99,913 35,337 110,801 31,510
6/30/2042 70,189 35,336 85,772 31,510
6/30/2043 38,444 35,337 59,041 31,511
6/30/2044 4,540 4,692 30,491 31,511
6/30/2045
6/30/2046
6/30/2047
6/30/2048
6/30/2049
Total 639,300 630,218 551,404
Interest Paid 288,882 279,800 200,986
Estimated Savings 9,082 87,896
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 18
Employer Contribution History
The table below provides a recent history of the employer contribution requirements for the plan, as determined by the annual actuarial valuation.Changes due to prepayments or plan amendments after the valuation report was finalized are not reflected. [
Valuation
Date
Contribution
Year
Employer
Normal Cost Rate
Unfunded Liability
Payment
06/30/2014 2016 - 17 12.082% $55
06/30/2015 2017 - 18 11.990% 188
06/30/2016 2018 - 19 12.141% 714
06/30/2017 2019 - 20 13.034% 5,739
06/30/2018 2020 - 21 13.044% 9,410
06/30/2019 2021 - 22 13.13% 10,064
06/30/2020 2022 - 23 12.78% 11,233
06/30/2021 2023 - 24 13.54% 0
06/30/2022 2024 - 25 13.76% 8,248
06/30/2023 2025 - 26 13.99% 17,261
Funding History
The table below shows the recent history of the actuarial accrued liability, share of the pool’s market value of assets, unfunded accrued liability, funded ratio and annual covered payroll.

Valuation
Date
Accrued
Liability
(AL)
Share of Pool’s
Market Value of
Assets (MVA)
Unfunded
Accrued Liability
(UAL)
Funded
Ratio
Annual
Covered
Payroll
06/30/2014 $29,040 $30,273 ($1,233) 104.2% $159,288
06/30/2015 89,757 84,784 4,973 94.5% 314,490
06/30/2016 193,336 172,605 20,731 89.3% 459,610
06/30/2017 326,065 303,969 22,096 93.2% 581,840
06/30/2018 504,216 454,157 50,059 90.1% 569,627
06/30/2019 716,649 641,178 75,471 89.5% 753,522
06/30/2020 982,864 876,316 106,548 89.2% 845,331
06/30/2021 1,314,958 1,349,855 (34,897) 102.7% 1,005,700 06/30/2022 1,734,547 1,494,606 239,941 86.2% 1,162,904
06/30/2023 2,302,402 1,987,714 314,688 86.3% 1,390,683
Risk Analysis
• Future Investment Return Scenarios 20
• Discount Rate Sensitivity 21
• Mortality Rate Sensitivity 21
• Maturity Measures 22
• Maturity Measures History 23
• Funded Status – Termination Basis 24
• Funded Status – Low-Default-Risk Basis 25
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 20
Future Investment Return Scenarios
Analysis using the investment return scenarios from the Asset Liability Management process completed in 2021 was performed to determine the effects of various future investment returns on required employer contributions. The projections below refle ct the impact of the CalPERS Funding Risk Mitigation Policy. The projections also assume that all other actuarial assumptions will be realized and that no further changes in assumptions, contributions, benefits, or funding will occur.

The first table shows projected contribution requirements if the fund were to earn either 3.0% or 10.8% annually. These alter nate investment returns were chosen because 90% of long-term average returns are expected to fall between them over the 20-year period ending June 30, 2043.

Assumed Annual Return
FY 2023-24
through FY 2042-43
Projected Employer Contributions
2026-27 2027-28 2028-29 2029-30 2030-31

3.0% (5th percentile)
Discount Rate 6.80% 6.80% 6.80% 6.80% 6.80%
Normal Cost Rate 14.0% 14.0% 14.0% 14.0% 14.0%
UAL Contribution $25,000 $35,000 $46,000 $54,000 $63,000

10.8% (95th percentile)
Discount Rate 6.75% 6.70% 6.65% 6.60% 6.55%
Normal Cost Rate 14.4% 14.2% 14.6% 14.9% 14.8%
UAL Contribution $22,000 $24,000 $25,000 $0 $0
Required contributions outside of this range are also possible. In particular, whereas it is unlikely that investment returns will average less than 3.0% or greater than 10.8% over a 20-year period, the likelihood of a single investment return less than 3.0% or greater than 10.8% in any given year is much greater. The following analysis illustrates the effect of an extreme, single year investment return.

The following table shows the effect of one and two standard deviation investment losses in FY 2023-24 on the FY 2026-27 contribution requirements. Note that a single-year investment gain or loss decreases or increases the required UAL contribution amount incrementally for each of the next five years, not just one, due to the 5-year ramp in the amortization policy. However, the contribution requirements beyond the first year are also impacted by investment returns beyond the first year. Historically, significant downturns in the market are often followed by higher than average returns. Such investment gains would offset the impact of these single year negative returns in years beyond FY 2026-27.

Assumed Annual Return for
Fiscal Year 2023-24
Required
Employer
Contributions
Projected
Employer
Contributions
2025-26 2026-27
(17.2%) (2 standard deviation loss)
Discount Rate 6.80% 6.80%
Normal Cost Rate 13.99% 14.0%
UAL Contribution $17,261 $35,000
(5.2%) (1 standard deviation loss)
Discount Rate 6.80% 6.80%
Normal Cost Rate 13.99% 14.0%
UAL Contribution $17,261 $29,000
• Without investment gains (returns higher than 6.8%) in FY 2024-25 or later, projected contributions rates would continue to rise over the next four years due to the continued phase-in of the impact of the illustrated investment loss in FY 2023-24.
• The Pension Outlook Tool can be used to model projected contributions for these scenarios beyond FY 2026-27 as well as to model other investment return scenarios .

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 21
Discount Rate Sensitivity
The discount rate assumption is calculated as the sum of the assumed real rate of return and the assumed annual price inflation, currently 4.5% and 2.3%, respectively. Changing either the price inflation assumption or the real rate of return assumption will change the discount rate. The sensitivity of the valuation results to the discount rate assumption depends on which component of the discount rate is changed. Shown below are various valuation results as of June 30, 2023, assuming alternate discount rates by changing the two components independently. Results are shown using the current discount rate of

6.8% as well as alternate discount rates of 5.8% and 7.8%. The rates of 5.8% and 7.8% were selected since they illustrate the impact of a 1.0% increase or decrease to the 6.8% assumption.

Sensitivity to the Real Rate of Return Assumption
As of June 30, 2023
1% Lower
Real Return Rate
Current
Assumptions
1% Higher
Real Return Rate
Discount Rate 5.8% 6.8% 7.8%
Price Inflation 2.3% 2.3% 2.3%
Real Rate of Return 3.5% 4.5% 5.5%
a) Total Normal Cost 34.92% 27.74% 22.31%
b) Accrued Liability $2,803,323 $2,302,402 $1,908,862
c) Market Value of Assets $1,987,714 $1,987,714 $1,987,714 d) Unfunded Liability/(Surplus) [(b) - (c)] $815,609 $314,688 ($78,852) e) Funded Ratio 70.9% 86.3% 104.1%
Sensitivity to the Price Inflation Assumption
As of June 30, 2023
1% Lower
Price Inflation
Current
Assumptions
1% Higher
Price Inflation
Discount Rate 5.8% 6.8% 7.8%
Price Inflation 1.3% 2.3% 3.3%
Real Rate of Return 4.5% 4.5% 4.5%
a) Total Normal Cost 29.30% 27.74% 25.06%
b) Accrued Liability $2,417,961 $2,302,402 $2,085,362
c) Market Value of Assets $1,987,714 $1,987,714 $1,987,714 d) Unfunded Liability/(Surplus) [(b) - (c)] $430,247 $314,688 $97,648 e) Funded Ratio 82.2% 86.3% 95.3%
Mortality Rate Sensitivity
The following table looks at the change in the June 30, 2023,plan costs and funded status under two different longevity scenarios, namely assuming rates of post-retirement mortality are 10% lower or 10% higher than our current mortality assumptions adopted in 2021. This type of analysis highlights the impact on the plan of a change in the mortality assumption.

As of June 30, 2023
10% Lower
Mortality Rates
Current
Assumptions
10% Higher
Mortality Rates
a) Total Normal Cost 28.10% 27.74% 27.40%
b) Accrued Liability $2,342,156 $2,302,402 $2,265,471
c) Market Value of Assets $1,987,714 $1,987,714 $1,987,714 d) Unfunded Liability/(Surplus) [(b) - (c)] $354,442 $314,688 $277,757 e) Funded Ratio 84.9% 86.3% 87.7%
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 22
Maturity Measures
As pension plans mature they become more sensitive to risks .Understanding plan maturity and how it affects the ability of a pension plan sponsor to tolerate risk is important in understanding how the pension plan is impacted by investment return volatility, other economic variables and changes in longevity or other demographic assumptions.

Since it is the employer that bears the risk, it is appropriate to perform this analysis on a pension plan level considering all rate plans. The following measures are for one rate plan only. One way to look at the maturity level of CalPERS and its plans is to look at the ratio of a plan’s retiree liability to its total liability. A pension plan in its infancy will have a ve ry low ratio of retiree liability to total liability. As the plan matures, the ratio increases. A mature plan will often have a ratio above 60%-65%.

Ratio of Retiree Accrued Liability to
Total Accrued Liability June 30, 2022 June 30, 2023

1. Retiree Accrued Liability $0 $0

2. Total Accrued Liability $1,734,547 $2,302,402

3. Ratio of Retiree AL to Total AL [(1) ÷ (2)] 0% 0%
Another measure of the maturity level of CalPERS and its plans is the ratio of actives to retirees, also called the support ratio. A pension plan in its infancy will have a very high ratio of active to retired members. As the plan matures and members retire, the ratio declines. A mature plan will often have a ratio near or below one.

To calculate the support ratio for the rate plan, retirees and beneficiaries receiving a continuance are each counted as one, even though they may have only worked a portion of their careers as an active member of this rate plan. For this reason, the support ratio, while intuitive, may be less informative than the ratio of retiree liability to total accrued liability above.

For comparison, the support ratio for all CalPERS public agency plans as of June 30, 2022, was 0.77 and was calculated consistently with how it is for the individual rate plan. Note that to calculate the support ratio for all public agency plan s, a retiree with service from more than one CalPERS agency is counted as a retiree more than once.

Support Ratio June 30, 2022 June 30, 2023

1. Number of Actives 16 18

2. Number of Retirees 0 0

3. Support Ratio [(1) ÷ (2)] N/A N/A
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 23
Maturity Measures (continued)
The actuarial calculations supplied in this communication are based on various assumptions about long -term demographic and economic behavior. Unless these assumptions (e.g., terminations, deaths, disabilities, retirements, salary increases, investment return) are exactly realized each year, there will be differences on a year-to-year basis. The year-to-year differences between actual experience and the assumptions are called actuarial gains and losses and serve to lower or raise re quired employer contributions from one year to the next. Therefore, employer contributions will inevitably fluctuate, especially due to the u ps and downs of investment returns.

Liability Volatility Ratio
Also shown in the table below is the liability volatility ratio (LVR), which is the ratio of accrued liability to payroll. Pl ans that have a higher LVR experience more volatile employer contributions (as a percentage of payroll) due to changes i n liability. For example, a plan with an LVR of 8 is expected to have twice the contribution volatility of a plan with an LVR of 4 when there is a change in accrued liability, such as when there is a change in actuarial assumptions. It should be noted that this ratio indicates a longer-term potential for contribution volatility, since the AVR, described above, will tend to move closer to the LVR as the funded ratio approaches 100%.

Contribution Volatility June 30, 2022 June 30, 2023

1. Market Value of Assets $1,494,606 $1,987,714

2. Payroll $1,162,904 $1,390,683

3. Asset Volatility Ratio (AVR) [(1) ÷ (2)] 1.3 1.4

4. Accrued Liability $1,734,547 $2,302,402

5. Liability Volatility Ratio (LVR) [(4) ÷ (2)] 1.5 1.7 Maturity Measures History
Valuation Date
Ratio of
Retiree Accrued Liability
to
Total Accrued Liability Support Ratio
Asset
Volatility
Ratio
Liability
Volatility
Ratio
06/30/2017 0% N/A 0.5 0.6
06/30/2018 0% N/A 0.8 0.9
06/30/2019 0% N/A 0.9 1.0
06/30/2020 0% N/A 1.0 1.2
06/30/2021 0% N/A 1.3 1.3
06/30/2022 0% N/A 1.3 1.5
06/30/2023 0% N/A 1.4 1.7
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 24
Funded Status – Termination Basis
The funded status measured on a termination basis is an estimate of the financial position of the plan had the contract with CalPERS been terminated as of June 30, 2023. The accrued liability on a termination basis (termination liability) is calculated differently from the plan’s ongoing funding liability. For the termination liability calculation, both compensation and servi ce are frozen as of the valuation date and no future pay increases or service accruals are assumed. This measure of funded status is not appropriate for assessing the need for future employer contributions in the case of an ongoing plan, that is, for an empl oyer that continues to provide CalPERS retirement benefits to active employees. Unlike the actuarial cost method used for ongoing plans, the termination liability is the present value of the benefits earned through the valuation date.

A more conservative investment policy and asset allocation strategy was adopted by the board for the Terminated Agency Pool.

The discount rate used for actual termination valuations is a weighted average of the 10-year and 30-year Treasury yields where the weights are based on matching asset and liability durations as of the term ination date. The discount rates used in the following analysis is based on 20-year Treasury bonds, which is a good proxy for most plans. The discount rate upon contract termination will depend on actual Treasury rates on the date of termination, which varies over time, as shown below.

Discount Rate: 3.06%
Price Inflation: 2.50%
Discount Rate: 5.06%
Price Inflation: 2.50%

1. Termination Liability1 $3,459,057 $2,114,127

2. Market Value of Assets (MVA) 1,987,714 1,987,714

3. Unfunded Termination Liability [(1) – (2)] $1,471,343 $126,413

4. Funded Ratio [(2) ÷ (1)] 57.5% 94.0%
1 The termination liabilities calculated above include a 5% contingency load. The contingency load and other actuarial assumptions can be found in Appendix A of the Section 2 report.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 25
Funded Status – Low-Default-Risk Basis
Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, requires the disclosure of a low-default-risk obligation measure (LDROM) of benefit costs accrued as of the valuation date using a discount rate based on the yields of high quality fixed income securities with cash flo ws that replicate expected benefit payments. Conceptually, this measure represents the level at which financial markets would value the accrued plan costs, and would be approximately equal to the cost of a portfolio of low-default-risk bonds with similar financial characteristics to accrued plan costs.

As shown below, the discount rate used for the LDROM is 4.82%, which is the Standard FTSE Pension Liability Index1 discount rate as of June 30, 2023, net of assumed administrative expenses.

Selected Measures on a Low-Default-Risk Basis June 30, 2023 Discount Rate 4.82%

1. Accrued Liability2 – Low-Default-Risk Basis (LDROM)
a) Active Members $3,019,741
b) Transferred Members 404,488
c) Separated Members 7,860
d) Members and Beneficiaries Receiving Payments 0
e) Total $3,432,089

2. Market Value of Assets (MVA) 1,987,714

3. Unfunded Accrued Liability – Low-Default-Risk Basis [(1e) – (2)] $1,444,375

4. Unfunded Accrued Liability – Funding Policy Basis 314,688

5. Present Value of Unearned Investment Risk Premium [(3) – (4)] $1,129,687 The difference between the unfunded liabilities on a low-default-risk basis and on the funding policy basis represents the present value of the investment risk premium that must be earned in future years to keep future contributions for currently accrued p lan costs at the levels anticipated by the funding policy.

CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 26
Summary of Valuation Data
The table below shows a summary of the plan’s member data upon which this valuation is based:

June 30, 2022 June 30, 2023
Active Members
Counts 16 18
Average Attained Age 34.9 35.3
Average Entry Age to Rate Plan 31.0 30.6
Average Years of Credited Service 4.0 4.7
Average Annual Covered Pay $72,682 $77,260
Annual Covered Payroll $1,162,904 $1,390,683
Present Value of Future Payroll $14,869,832 $17,686,007 Transferred Members 4 3
Separated Members 1 3
Retired Members and Beneficiaries*
Counts 0 0
Average Annual Benefits $0 $0
Total Annual Benefits $0 $0
Counts of members included in the valuation are counts of the records processed by the valuation. Multiple records may exist for those who have service in more than one valuation group. This does not result in double counting of liabilities. * Values include community property settlements.

List of Class 1 Benefit Provisions
This plan has the following Class 1 Benefit Provisions:
• None
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769

Page 27 ends

Benefit Group
Member Category Police
Demographics
Actives Yes
Transfers/Separated Yes
Receiving No
Benefit Group Key 111994
Benefit Provision
Benefit Formula 2.7% @ 57
Social Security Coverage Yes
Full/Modified Full
Employee Contribution Rate 13.75%
Final Average Compensation Period Three Year
Sick Leave Credit Yes
Non-Industrial Disability Standard
Industrial Disability Standard
Pre-Retirement Death Benefits
Optional Settlement 2 Yes
1959 Survivor Benefit Level No
Special Yes
Alternate (firefighters) No
Post-Retirement Death Benefits
Lump Sum $2,000
Survivor Allowance (PRSA) No
COLA 2%
CalPERS Actuarial Valuation - June 30, 2023
PEPRA Safety Police Plan of the City of Kingsburg
CalPERS ID: 1210886769
Rate Plan belonging to the Safety Risk Pool Page 28
Section 2
California Public Employees’ Retirement System
Risk Pool Actuarial Valuation Information
Section 2 may be found on the
CalPERS website (www.calpers.ca.gov)
in the Forms & Publications section

CITY COUNCIL MEETING STAFF REPORT
REPORT TO: Mayor Pursell, Jr. & City Council
REPORT FROM: Christina Windover, Assistant City Manager REVIEWED BY: AJH AGENDA ITEM: Status of the City of Kingsburg’s Vacancies and Recruitment and Retention Efforts in Calendar 2024
ACTION REQUESTED: ___Ordinance ___Resolution ____Motion ____Receive/File

EXECUTIVE SUMMARY
AB 2561 requires public agencies to hold at least one (1) public hearing per fiscal year to discuss vacancies and recruitment and retention efforts. This report discusses the City of Kingsburg's legal obligations under the new law, which took effect January 1, 2025. This report recommends the adoption of measures intended to ensure compliance with such legal obligations.

In compliance with the new legal obligations, the City of Kingsburg is required to do the following:

1. Public Hearing: At least once each fiscal year, at a public hearing before the City Council, the City of Kingsburg shall present information regarding the status of vacancies and recruitment and retention efforts (Gov. Code § 3502.3(a)(1)) and identify any necessary changes to policies, procedures, and recruitment activities that may lead to obstacles in the hiring process (Gov. Code § 3502.3(a)(3)).

This presentation must occur prior to the City Council’s adoption of the final budget for the City of Kingsburg. (Gov. Code § 3502.3(a)(2).)

2. Employee Organization Participation: Allow the recognized employee organizations for each bargaining unit in the City of Kingsburg to make presentations during the public hearing concerning vacancies and recruitment and retention efforts. There are three (3) bargaining units in the City of Kingsburg. (Gov. Code § 3502.3(b). Kingsburg Police Officers Association, Kingsburg Professional Firefighters Association, and Kingsburg Public Service Employees Association.

3. Additional Reporting for High Vacancy Rates: If vacancies within a single bargaining unit meet or exceed 20% of authorized full-time positions in that bargaining unit, upon request of the recognized employee organization for that bargaining unit, the City of Kingsburg must provide additional information during the public hearing, including the following: (1) the total number of vacancies; (2) the number of applicants; (3) the average time to fill positions; and (4) opportunities to improve compensation and working conditions for employees in the bargaining unit. (Gov. Code § 3502.3(c).)

RECOMMENDED ACTION BY CITY COUNCIL

1. Staff recommends that the City Council adopt the City of Kingsburg’s AB 2561 Compliance Policy, which establishes the framework and requirements for holding public hearings and reporting on the City of Kingsburg's workforce vacancies, and recruitment and retention efforts in compliance with Assembly Bill (“AB”) 2561. (Gov. Code § 3502.3.) The City of Kingsburg’s AB 2561 Compliance Policy is attached.

Meeting Date: 03/19/2025
Agenda Item: 14

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Options:

1. Approve the Recommendation: Adopt the City of Kingsburg’s AB 2561 Compliance Policy.

2. Modify the Recommendation: Adjust the City of Kingsburg’s AB 2561 Compliance Policy.

3. Decline the Recommendation: Reject the City of Kingsburg’s AB 2561 Compliance Policy, which may result in non-compliance with Government Code section 3502.3 and could have legal and operational repercussions for the City of Kingsburg.

FINANCIAL INFORMATION

PRIOR ACTION/REVIEW
N/A.

BACKGROUND INFORMATION
AB 2561 was introduced to address the issue of job vacancies in local government, which adversely affects the delivery of public services and employee workload. Among other requirements, the bill mandates that public agencies present the status of vacancies and recruitment and retention efforts during a public hearing before the agency’s governing body at least once per fiscal year. The bill was enacted into law and is codified at Government Code section 3502.3. The new law is effective January 1, 2025.

ATTACHED INFORMATION

1. City of Kingsburg AB 2561 Compliance Policy.

2. AB 2561 Presentation
FISCAL IMPACT:

1. Is There A Fiscal Impact? No

2. Is it Currently Budgeted? No

3. If Budgeted, Which Line? N/A

The City of Kingsburg’s AB 2561 Compliance Policy:

Public Hearing and Reporting on City of Kingsburg Vacancies, and Recruitment and Retention Efforts
Effective Date: 3/19/2025
Purpose:

This policy establishes the framework and requirements for holding public hearings and reporting on the City of Kingsburg's workforce vacancies, recruitment, and retention efforts in compliance with Assembly Bill (“AB”) 2561. (Gov. Code § 3502.3.) The purpose is to ensure transparency, accountability, and responsiveness to community needs regarding the City of Kingsburg 's staffing and employment practices.

Definitions:

Public Hearing: A formal meeting that is open to the public, where City of Kingsburg’s representatives present information and accept public comments on specific topics, as required by law.

Vacancies: Unfilled positions within the City of Kingsburg's workforce that require recruitment efforts to be adequately staffed.

Recruitment: The process of attracting, screening, and selecting qualified candidates for employment with the City of Kingsburg.

Retention: Efforts to maintain a stable and satisfied workforce by addressing the factors that contribute to stability in the workforce.

Policy Statement:

In accordance with AB 2561 (Gov. Code § 3502.3), the City of Kingsburg is committed to holding a public hearing on vacancies at the City of Kingsburg, the City of Kingsburg’s recruitment, and retention efforts and any issues with the City of Kingsburg’s policies, procedures, and recruitment activities that may lead to obstacles in the hiring process.

The City of Kingsburg will hold a public hearing at least once each fiscal year and provide reports on vacancies, recruitment, and retention efforts.

Policy Provisions:

1. Public Hearing Requirements:

The City of Kingsburg shall conduct public hearings at least on an annual basis (once each fiscal year) to present information on vacancies, recruitment and retention efforts and issues with the policies, procedures, and recruitment activities that may lead to obstacles in the hiring process.

Public hearings shall be announced in advance and provide an opportunity for members of the public to make comments.

Recognized employee organizations shall have the right to present information, concerns, and recommendations at the public hearing.

City of Kingsburg
1401 Draper Street, Kingsburg, CA 93631-1908
(559)897-5821 Fax: (559)897-5568
Mayor Brandon Pursell, Jr.

Mayor Pro Tem Vince Palomar
Council Member Laura North
Council Member Staci Smith
Council Member David M. Silva
City Manager Alexander J. Henderson
2 Separate public hearings may be scheduled to address individual bargaining units or bargaining unit groupings.

The City Council shall ensure that each public hearing is adequately documented, with minutes and recordings made publicly available within 30 days of the hearing.

2. Reporting Requirements:

The City of Kingsburg shall present information on the following at the public hearing:

1. The status of vacancies at the City of Kingsburg.

2. Information on the City of Kingsburg's recruitment and retention efforts.

3. Identification of any obstacles in the City of Kingsburg's policies, procedures, and recruitment activities that may create challenges in the hiring process.

If the City of Kingsburg prepares a report that includes the information described above, the City of Kingsburg may elect to make the report available to the public via the City of Kingsburg's website or in print form prior to each public hearing.

3. Special Reporting Requirements for High Vacancy Rates:

If the number of job vacancies within a single bargaining unit meets or exceeds 20% of the total number of authorized full-time positions, the City of Kingsburg shall, upon request of the recognized employee organization, include the following information during the public hearing:

1. The total number of job vacancies within the bargaining unit.

2. The total number of applicants for vacant positions within the bargaining unit.

3. The average number of days to complete the hiring process from when a position is posted.

4. Opportunities to improve compensation and other working conditions.

4. Responsibilities:

City Council: The City Council is responsible for overseeing compliance with this policy and ensuring public hearings and reports meet the requirements outlined in AB 2561.

The City of Kingsburg Management: The City of Kingsburg’s management shall gather necessary data and ensure accurate reporting.

Human Resources Department: The Human Resources Department is responsible for compiling vacancy, recruitment, and retention data, and preparing reports in collaboration with the City of Kingsburg’s management.

5. Monitoring and Review:

The City Council shall review the effectiveness of this policy on an annual basis and make revisions as necessary to ensure ongoing compliance with AB 2561 and alignment with best practices in public transparency.

6. Compliance and Enforcement:

The City of Kingsburg will maintain records of all public hearings, reports, and related documents for a minimum of five years, in compliance with public records requirements.

AB 2561 Presentation:

Status of the City of Kingsburg’s
Vacancies and
Kingsburg’s Recruitment and Retention
Efforts in Calendar 2024
Presented by Christina Windover
Agenda
Kingsburg Wide Information
• Workforce Information
• Vacancy Information
• Recruitment Information
• Hiring Issues
• Retention Information
Bargaining Unit Specific
Information
• Vacancy Information
Workforce
Information
– General
Total Budgeted Full-Time Positions in
Bargaining Units: 56
Total Budgeted Full-Time Positions: 74
Services Rendered to Public by
Budgeted/Authorized Workforce:
• Kingsburg Police Officers Association
• Kingsburg Professional Firefighters Association
• Kingsburg Public Service Employee Association
Vacancy
Information –
General
Average % of Vacancies at the
End of Each Month: 0.50%
Highest % of Vacancies at the
End of a Month: 3%
Lowest % of Vacancies at the
End of a Month: Zero (0)
FY [Year] Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec # of
Vacancies
Created
0101002
00001
# of
Vacancies
Filled
010
00 02
00 10
1 # of
Remaining
Vacancies
000000000000
# of
Budgeted
FTEs
56 56 56 56 56 56 56 56 56 56 56 56
% of
Vacancies 0% 0.01% 0% 0.01% 0% 0% 0.03% 0% 0% 0% 0% 0.01% Recruitment
& Hiring
Process &
Terms
Recruitment/Hiring Process
Step Description
Vacancy Created Voluntary Separation, Retirement, Involuntary Separation, Internal Movement, Newly Budgeted Position
Recruitment Requisition Manager submits recruitment requisition to fill vacancy, Executive approves recruitment requisition for HR to process
Determine Recruitment Activity Type Utilize existing eligibility list/ongoing recruitment, recruit external & internal, or recruit internal only
Job Posting Advertise job opening and recruitment on websites and agency social media
Application Screening Pass applicants that meet minimum qualifications Candidate Written/Practical Exam Pass candidate that score x% on written/practical exam Candidate External Panel Oral Exam Pass candidates that score in the top x on the external panel oral exam Candidate Internal Panel Oral Exam Approve candidates to eligibility list that score x% on internal panel oral exam
Select Candidate from Eligibility List HR recommends hire of top candidate on eligibility list to Manager, Manager approves recommendation
Conditional Job Offer Executive authorizes HR to make conditional job offer to selected candidate
Pre-Employment Process Selected candidate accepts conditional job offer, HR processes background check and physical
Final Job Offer Selected candidate passes background check and physical, selected candidate is given an employment start date
Recruitment Information – General
• Total Number of Vacancies Filled During 2024: 5 Vacancies • # of Vacancies Filled by Existing Eligibility List/Ongoing Recruitment: 0 • Average # of Calendar Days to Fill Vacancies: N/A
• # of Vacancies Filled by New External: 1 Vacancy
• Average # of Calendar Days to Fill Vacancies: 73
• # of Vacancies Filled by New Internal Recruitment: 4 Vacancies • Average # of Calendar Days to Fill Vacancies: 81 Days Recruitment Statistics:

Hiring Issues
– General
The City of Kingsburg reviewed applicable policies,
procedures, and recruitment activities to identify any
potential obstacles in the City of Kingsburg ’s hiring process.

Kingsburg identified the following potential obstacles:
•Finding qualified candidates
•Failing pre-employment exams and
•Anti-nepotism policy
Kingsburg will make the following changes to address these obstacles:
•Clarify any job descriptions that may cause confusion and update as needed to reflect current duties
•Consider changes to policy or procedures
Retention
Information
– General
Retention Statistics:
• Total # of Vacancies Created During
2024: Five (5)
• # of Vacancies Created by Newly
Budgeted Positions: 0
• % of Vacancies Resulting From
Staffing Growth: 0.0%
• # of Vacancies Created by Internal
Promotion/Transfer: Four 4
• % of Vacancies Resulting From
Internal Opportunity: 80%
Retention Information – General (cont.)
Retention Statistics:

Total # of Vacancies Created During 2024: Five (5)
• # of Vacancies Created by Retirement: One (1)
• # of Vacancies Created by Involuntary Separation: One (1) • % of Vacancies Resulting From Attrition: None.
• # of Vacancies Created by Voluntary Separation: [3]
Annual Staffing Turnover Rate: [8%]
Vacancy
Information –
Bargaining Units
Bargaining Units at or
exceeding 20% vacancy rate:

None
12/31/2024 # of
Vacancies
# of Budgeted
FTEs
% of
Vacancies
Kingsburg Police Officers
Association
2 24 8%
Kingsburg Professional
Firefighters Association
1 18 0.05%
Kingsburg Public Service
Employee Association
2 14 14%
Questions?

Kingsburg City CouncilMarch 19, 2025

Kingsburg City Council
March 19, 2025