HomeMy WebLinkAbout- - SEP6-PERS Presentation - 9/6/2011CITY COUNCIL AGENDA REPORT
MEETING DATE: SEPTEMBER 6, 2011 ITEM NUMBER:
SUBJECT: CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS) UPDATE
PRESENTATION
DATE: AUGUST 31, 2011
FROM: FINANCE DEPARTMENT /FINANCIAL PLANNING DIVISION
PRESENTATION BY: BOBBY YOUNG, FINANCE DIRECTOR
FOR FURTHER INFORMATION CONTACT: BOBBY YOUNG, FINANCE DIRECTOR (714) 754-5243
RECOMMENDED ACTION
Receive and comment on presentation.
BACKGROUND
In March 2011, City Council expressed a desire to have an actuarial provide a 3rd party
review of the City's PERS valuation reports and provide multi-year cost projections. After
an informal bid process, the City contracted with Bartel & Associates, LLC to provide the
review.
ANALYSIS
Over the past few months, Mr. John Bartel and his staff at Bartel & Associates, LLC have
compiled their analysis for presentation to City Council. At this meeting on September 6,
2011, Mr. Bartel will present the initial analysis of the City's three PERS plans
(Miscellaneous, Police and Fire). Attached is the most recent draft of the presentation. Mr.
Bartel requested it be presented in draft form in case his staff required any late changes.
Final presentation materials will be distributed at the City Council meeting.
Then at the October 11, 2011 City Council Study Session, Mr. Bartel will present analysis of
alternative plans/options allowed by PERS and how future changes could affect future costs
and liabilities.
ALTERNATIVES CONSIDERED
No other alternatives have been considered.
FISCAL REVIEW
There are no fiscal impacts due to this presentation.
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LEGAL REVIEW
There is no legal review required relative to this item.
CONCLUSION
Mr. John Bartel of Bartel & Associates, LLC has completed his analysis of the City's three
PERS plans — Miscellaneous, Police and Fire. His analysis includes a review of the current
valuation as well as alternative plans/options that could affect future costs and liabilities. Mr.
Bartel is prepared to present the current valuation review and provide general information,
then return on October 11, 2011 to provide a presentation on alternatives.
BOBBY YOUNG
Finance Director
Attachment — CalPERS 6/30/09 Valuation draft presentation by Bartel & Associates, LLC
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