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CalPERS Board Reviews Actuarial Report, Upcoming Changings May Affect Employer Rates

Register for Jan. 9 Webinar to Learn More

December 20, 2013
The California Public Employees’ Retirement System (CalPERS) Finance and Administration Committee met on Dec. 17 when Chief Actuary Alan Milligan presented the results of the recent “experience study” that examined prior actuarial assumptions compared to actual experience.
 
These economic and demographic assumptions underlie proposed policy changes which may significantly impact employer contribution rates. The staff preliminary recommendations on the discount rate and mortality improvements are available online.

The board will vote on these recommendations at its February meeting. The League is taking two actions to ensure that employers understand these changes and that the employer perspective is heard at CalPERS.
 
Jan. 9 Webinar
 
The League and the California Society of Municipal Finance Officers are co-sponsoring a free webinar with Milligan and League Fiscal Policy Advisor Michael Coleman on Jan. 9 from 2–3:30. Topics will include:
  • Details on CalPERS’ proposal; 
  • The underlying rationale (economic and demographic assumptions) for these proposed changes;
  • The impact of these proposed changes on employer rates; and
  • How to complete the League survey to provide input to the CalPERS board.
 
Register at www.cacities.org/events.
 
Survey
 
Immediately following the webinar, cities will be asked to complete a brief survey estimating the costs of these changes on city budgets. All responses will be compiled and presented to the CalPERS staff and board to help inform their decisions. From reaction to city officials testifying at previous meetings, it is clear that CalPERS is hungry for employer input. Participate in the webinar and survey so that employer’s voices are heard.
 
In previous reports the League released a list of bills requiring swift action from membership and interested stakeholders. The following list has been updated to reflect changed bill standings and provide convenient live ‘Take Action’ links. To act on legislation below, simply follow the links and tailor the veto/signature request sample letters to your city or organization. Officials should send sign/veto request letters immediately to make sure the voice of local control is heard.


 
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