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RFP No. 21-025
<br />EXHIBIT B
<br />I AN
<br />3AFTTY
<br />COMBINED
<br />f,.ra r"q .l I I.YIV11 ry (Al
<br />w / I oI J
<br />762,i5i,002
<br />$
<br />2,079,148.456
<br />PA'I(k¢, I v"11, Aw '.w!n;, 4 A%rAlj
<br />o ' 1!), a,/ St
<br />77.1,J.28,328
<br />1,398,052,116
<br />H) I = A[ n V/)
<br />1M 'fin :,a.',r 1,k G6 $
<br />388,022,614
<br />$
<br />681,096,340
<br />f'1'S
<br />6I'll
<br />67%
<br />Unfunded
<br />1 2019
<br />INN '.R"'LL.69. _A'_6tJ'il
<br />15A11:ETY
<br />COMBINED
<br />Pq.,:�:�,.¢all of�ail�ylBily
<br />^IFlYt,�,l"✓1;%nj $1,9y1,40%941
<br />$
<br />2,139,894,186
<br />787,086,636
<br />1,432,988,981
<br />[JAI --Al iVIVA
<br />'10 ,1Vt YVYA $
<br />404,723,2IlIl.
<br />$
<br />706,905,205
<br />q 11
<br />GG
<br />670/
<br />CaIPERS' actuarial reports are drafted with a 2-year delay. In practical terms, the June 30, 2019
<br />report provides information about the FY 21-22 UAL and required UAL payment. As a result, the
<br />corresponding UAL balance of $706.9 million (reported on June 30, 2019), is adjusted upward for
<br />the upcoming fiscal year (FY21-22) to a projected amount of $709.9 Million. The change in value
<br />reflects payments made and interest accrued toward the UAL from June 30, 2019 until June 30,
<br />2021 (FY 2021-22).
<br />CaIPERS uses the FY 21-22 figure to calculate pay-off amounts on PCBs or pre -payments (ADPs).
<br />Consequently, we will use the more current projected $709.9 million figure for the UAL for the
<br />remainder of our analysis.
<br />PENSION PLAN FUNDING AND FORECASTING
<br />Amortization Bases
<br />In January 2013, afterthe adoption of PEPRA pension reform legislation, CaIPERS began requiring
<br />members to make fixed dollar payments toward their UAL (as opposed to payments based on
<br />of payroll). The City's UAL is comprised of a series of amortization bases. Each amortization
<br />base operates like a loan to CaIPERS, with 7.0% interest rate; and has a different repayment terrn
<br />(maturity), ranging from 5 to 20 years. CalPERS shortened the repayment term from 30 to 20
<br />years in 2019.
<br />The City',; projected $709.9 million (JAI is comprised of 46 amortization hases, each with a
<br />distinct repayment schedule:
<br />• Miscellaneous Plan: 24 Amortization Bases in the totaling $298,799,264
<br />• Safety Plan: 22 Amortization Bases in the totaling $411,056,199
<br />City Council 23 — 43 5/18/2021
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