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Last modified
2/23/2018 9:37:31 AM
Creation date
2/6/2018 8:43:20 AM
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Resolutions
Number
2-18
Date
2018-01-18
Description
Authorizing the Transfer of $1.37 Million to California Public Employees' Retirement System (CALPERS) to Reduce the Town's Unfunded Pension Liabilility
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RESOLUTION 02-18 <br /> RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS ALTOS HILLS <br /> AUTHORIZING THE TRANSFER OF$1.37 MILLION TO CALIFORNIA PUBLIC <br /> EMPLOYEES' RETIREMENT SYSTEM (CALPERS) TO REDUCE THE TOWN'S <br /> UNFUNDED PENSION LIABILITY <br /> WHEREAS the Town provides a defined-benefit pension to its employees through California <br /> Public Employees' Retirement System (CaIPERS); and <br /> WHEREAS the funding of CaIPERS pensions relies on employee contribution, employer <br /> contribution, and investment returns; and <br /> WHEREAS employer contribution consists of current active employee pension benefits <br /> (normal cost) and unfunded past employee pension benefits (unfunded pension liability); and <br /> WHEREAS CaIPERS Board voted to reduce the discount rates which effectively reduces <br /> investment returns and increases employer contribution; and <br /> WHEREAS the Finance and Investment Committee recommended to the City Council on <br /> November 16, 2017 to pay $1.2 million to CAPERS to directly reduce unfunded liabilities; and <br /> WHEREAS the $1.2 million is based on the June 30, 2016 pension valuation report and the <br /> current balance is $1.36 million if paid by January 31, 2018 and $1.37 million if paid by <br /> February 28, 2018. <br /> NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby authorize <br /> the City Manager and his designee to transfer up to $1.37 million to CaIPERS to reduce the <br /> Town's unfunded pension liability. <br /> The above and foregoing Resolution was passed and adopted by the City Council of the Town of <br /> Los Altos Hills at a regular meeting held on 18th day of January, 2018 by the following vote: <br /> AYES: Radford, Spreen, Corrigan, Waldeck, Wu <br /> NOES: None <br /> ABSTAIN: None <br /> ABSENT: None <br /> BY: <br /> n Radford, Mayor <br /> A TEST: <br /> Deborah Padovan, City Clerk <br /> Resolution 02-I8 Page 1 <br />
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