Understanding City’s Pension Obligations

We’ve spent a lot of time examining the city’s pension benefits in light of the difficult budget situation of the past few years, the varying performance levels of CalPERS, and just as part of the long-term budget planning that we do as a matter of practice.  There have been some questions raised about exactly how the city plans for its long-term obligations and what those obligations mean.  That’s not an easy question to answer, since we have career actuarials on staff and under contract to us that we rely upon to advise us.  Certain issues we face can be explained in sound bites, but pensions and the actuarial calculations that form the basis of our long-term planning can’t be easily or quickly explained.

So the City is holding an outreach meeting this Tuesday, July 24th at 5:00 p.m. in Council Chambers, to be run by the actuarial we use to calculate the city’s obligations.  I’m not positive, but I believe it will be recorded and rebroadcast for people who cannot attend.  If you are concerned about where we stand and what challenges we face, I encourage you to attend.

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