California Public Employees’ Retirement System
Actuarial Office
400 Q Street, Sacramento, CA 95811 | Phone: (916) 795-3000 | Fax: (916) 795-2744 888 CalPERS (or 888-225-7377) | TTY: (877) 249-7442 | www.calpers.ca.gov May 14, 2026
CalPERS ID: 5472028534
Employer Name: City of Santa Rosa
Rate Plan: Miscellaneous Plan
Rate Plan ID: 387
Re: Proposal to Fresh Start Amortization Schedule
Dear Requestor:
This letter is in response to your request to modify the amortization schedule of the unfunded accrued liability (UAL) for the rate plan indicated above. This request will result in a “Fresh Start” in which all amortization bases from your June 30, 2024, valuation will be combined into a single Fresh Start base and amortized over a period of 15 year(s).
Payments will be determined using the level dollar amortization.
If you are aware of others interested in this information (e.g., payroll staff, county court employees, port districts), please inform them.
The change to your UAL payment resulting from this action is shown on the next page. The information displayed in this letter is based on the UAL shown in the Schedule of Amortization Bases section of your June 30, 2024, valuation report.
The information contained in the June 30, 2024, annual valuation report reflects the benefit provisions and member data as of June 30, 2024. The valuation report is appropriate for reporting and disclosure purposes.
The request to Fresh Start is irrevocable. Once implemented, the Fresh Start cannot be undone. However, there are no restrictions against requesting future modifications to the amortization schedule, including another Fresh Start, so long as the request does not result in a deferral of funding.
If your agency wishes to proceed with the Fresh Start, we require that this document be signed by a qualified individual and a copy returned to us.
Request to Implement a 15-year Fresh Start
By signing this document and returning it to CalPERS, I authorize CalPERS to implement a 15-year Fresh Start of the unfunded accrued liability for the City of Santa Rosa Miscellaneous Plan, Rate Plan [387]. I attest that I have informed and/or consulted with all relevant parties. I understand that this action is irrevocable.
Name: Position/Title:
_____________________________ ____________________________ Signature:
______________________________
Attachment 2
Please note that there will be no changes to your required 2025-26 UAL payment.
1) Projected June 30, 2026 UAL $224,593,557
2) Payment on April 23, 2026 0
3) Interest on Payment through June 30, 2026 0
4) Revised June 30, 2026 UAL [(1) – (2) – (3)] 224,593,557
Valuation as of June 30, 2024 Before Fresh Start After Fresh Start Projected 6/30/2026 Total Unfunded Liability $224,593,557 $224,593,557
FY 2026-27 Employer Contributions
Total Normal Cost 19.05% 19.05%
Offset Due to Employee Contributions 8.00% 8.00%
Employer Normal Cost 11.05% 11.05%
Employer Unfunded Liability Payment $22,933,217 $23,560,688
If you have questions, please call 888 CalPERS (or 888-225-7377).
Yang Yang, FSA, CFA, MAAA
Actuary, CalPERS
Fiscal Year
Required Employer Contributions 2026-27
Employer Normal Cost Rate 11.05%
Plus
Unfunded Accrued Liability (UAL) Contribution Amount
Paid either as
1) Monthly Payment $1,963,391.00
Or
2) Annual Prepayment Option* $22,798,294
The total minimum required employer contribution is the sum of the Plan’s Employer Normal Cost Rate (expressed as a percentage of payroll) plus the Employer 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 ).