CalPERS Chief Actuary Alan Milligan
reviewed the data and explained the rationale behind the proposed changes. A copy of Mr. Milligan’s slides is available on the League’s Pension Information Center website
CalPERS’ staff emphasized that board members are eager to hear employer feedback before their February Board meeting
. To that end, this week the League distributed a survey
to estimate the potential impact of these changes on city budgets.
Mr. Milligan indicated that board members are particularly interested in employer’s preferences among various phase-in and amortization options. Current CalPERS policy recommends a five year phase-in and a 20 year amortization; several alternative options would reduce costs in the near term, but increase costs both in the long term and in total. After the webinar the League survey was modified so that respondents can indicate their preference on this item.
Survey responses will be compiled by League staff and a summary will be presented by CalPERS staff to the board at its Feb. 19 meeting. All information provided in the survey will remain confidential unless the agency gives permission to publicly identify it and its data.
In order to meet the deadline to submit information for the CalPERS board meeting, responses are due to the League by noon on Tuesday, Jan. 21
. The survey and CalPERS staff report including tables with estimated rates under different options is available on the League’s website at www.cacities.org/pensions