Laserfiche WebLink
HOW WE GOT HERE—OLD CONTRIBUTION POLICY <br /> • Around the State <br /> • Large retiree liability compared to actives <br /> • Declining active population <br /> • City percentage of liability belonging to retirees: <br /> • Miscellaneous 64% <br /> • Police Safety 68% <br /> • Fire Safety 68% <br /> December 19,2017 7 <br /> CALPERS CHANGES <br /> • Contribution policy changes: <br /> • No asset smoothing <br /> • No rolling amortization <br /> • 5-year ramp up <br /> • Included in 6/30/13 valuation(first impact 15/16 rates; full impact 19/20) <br /> • Assumption changes: <br /> • Anticipate future mortality improvement <br /> • Other, less significant, changes <br /> • Included in 6/30/14 valuation(first impact 16/17 rates; full impact 20/21) <br /> • Ca1PERS Board will change their discount rate: <br /> Rate Initial Full <br /> • 6/30/16 valuation 7.375% 18/19 22/23 <br /> • 6/30/17 valuation 7.25% 19/20 23/24 <br /> • 6/30/18 valuation 7.00% 20/21 24/25 <br /> • Risk mitigation suspended until 6/30/18 valuation <br /> rThDecember 19,2017 8 `` <br />