City Council Resolutions
3/5/2020 1:27:27 PM
3/5/2020 1:27:27 PM
CC - Resolutions
Adopting an Unfunded Accrued Liability Funding Policy.
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RESOLUTION NO. 7294 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> ARCADIA, CALIFORNIA, ADOPTING AN UNFUNDED <br /> ACCRUED LIABILITY FUNDING POLICY. <br /> WHEREAS, CaIPERS has instituted a series of pension cost increases that have <br /> dramatically altered the public pension cost structure in California; and <br /> WHEREAS, the changes instituted by CaIPERS will require all California <br /> governmental agencies to reevaluate their operations or risk facing insolvency; and <br /> WHEREAS, the City of Arcadia's Citizen's Financial Advisory Committee ("CFAC") <br /> has made recommendations within the Comprehensive Pension Management Plan to <br /> address increasing pension costs; and <br /> WHEREAS, the CFAC identified multiple strategies needed to effectively address <br /> rising pension costs; and <br /> WHEREAS, the Unfunded Accrued Liability ("UAL") is the difference between (a) <br /> the total value of pension benefits owed to current and retired employees or dependents <br /> and, (b) the total assets on hand; and <br /> WHEREAS, an identified expenditure control strategy to address increasing <br /> pension costs it to accelerate current and future UAL payments to CaIPERS to reduce <br /> the City's total pension liability; and <br /> WHEREAS, on an annualized basis, it is possible that the City will incur new UAL <br /> costs that may arise in the future, with the objective of funding the CaIPERS pension plan <br /> at a level of 100 percent of the total accrued liability, whenever possible; and <br /> WHEREAS, to facilitate payment of future UAL costs in a timely manner and to <br /> reduce the risk that future UAL costs pose to the City's financial position, the City Council <br />
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