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HomeMy WebLinkAbout02/23/2010, B4 - CALPERS RETIREMENT COSTS: WHERE WE'VE BEEN AND WHERE WE'RE HEADED r counat "�q D� 2-23-10 j acEnaa Report '�".bv B CITYOF SAN LUIS O B I S P O FROM: Monica Irons, Director of Human Resources*w Bill Statler, Director of Finance & Information Technology SUBJECT: CALPERS RETIREMENT COSTS: WHERE WE'VE BEEN AND WHERE WE'RE HEADED RECOMMENDATION Review and discuss City retirement costs and trends under its participation in the California Public Employees Retirement System (Ca1PERS). REPORT-IN-BRIEF The purpose of this report is to provide a comprehensive review of the City's retirement benefits under its contract with CalPERS. It discusses the City's history with CalPERS, which goes back to 1952; past and current benefit levels; factors that determine the City's employer contributions to the system; the challenges ahead of the City in funding its pension obligations; what other agencies are considering in light of increasing pension costs; and next steps. Key Observations 1. The City's retirement plans are in the mainstream of other public employers. That said, virtually all local agencies are facing significant fiscal challenges in the future in funding CalPERS pension obligations—and this includes the City. 2. While increasing benefit levels is certainly a factor, major investment losses by CalPERS are the driving factor in recent rate increases as well as those that are likely to occur in the future. 3. For 2009-10, the City's estimated CalPERS cost for employer contributions is $7.6 million. While this is certainly a significant cost, it does not reflect an undue portion of total City expenditures: it accounts for 10.7% of the City's total 2009-10 operating budget of $71 million. 4. That said, while employer contribution rates have been stable for the past six years, this is likely to change at the end of the 2009-11 Financial Plan when the City will begin to see increases in its employer contribution rates. Next Steps As noted above, the purpose of this report is to provide a comprehensive review of the City's participation in CalPERS plans. Accordingly, while this report can serve as a solid base in developing strategies for the future, it would be premature to attempt to do so at this point. For ff7 ' / CaIPERS Retirement.Costs and Trends Page 2 this reason, no action is proposed at this time. However, staff does recommend the following next steps: 1. Continue to actively engage in a dialogue with local city and county managers regarding potential regional pension reform efforts. 2. Continue to participate and support broader reform efforts in keeping with the League of California Cities' guiding principles. 3. Consider Ca1PERS cost trends in the context of upcoming labor negotiations and discussions with unrepresented employee groups. DISCUSSION Background At its December 15, 2009 meeting, the Council discussed the results and key findings of the Comprehensive Annual Financial Report for 2008-09, which included audited financial statements. In that context, Council members asked about the impact of increasing retirement costs on the City's financial outlook. In response to the Council's direction at that time to return to the Council this report provides a comprehensive review of the City's retirement plans and establishes a "baseline" of information for all Council members on where the City's been and where we seem to be headed on this issue in preparation for any strategies the City might pursue in the future. Ca1PERS Pension Benefits: A General Overview Ca1PERS is a separate and distinct legal entity from the City, and serves as an independent fiduciary in managing the City's retirement plan assets. It is an agency in the State of California's executive branch that manages pension and health benefits for more than 1.6 million California public employees, retirees and their families. Along with 2,500 other cities and local agencies, the City contracts with CalPERS for the City's "defined benefit"retirement plan, which covers all of the City's regular employees (except in rare circumstances, temporary employees are not covered by the Ca1PERS plan). As described in further detail below, the City has two plans: one for sworn safety employees (like police officers and firefighters) and another for non-sworn employees (everyone else). The City first contracted with Ca1PERS in 1952 to provide a defined benefit retirement plan to its employees. These defined benefit plans guarantee a benefit amount based upon a "formula" that considers retirement age, years of service credit and final compensation for two groups of employees: sworn fire and police employees ("Safety") and all other employees ("Miscellaneous"). These plans reward a commitment to public service, promote stability and low turnover, and help attract employees to public sector employment. Ca1PERS plans are funded through employee and employer contributions and earnings on those investments. 9 q-�Pz t j CaIPERS Retirement Costs and Trends Page 3 Safety employees include police officers, police lieutenants, police captains, firefighters, fire captains, fire battalion chiefs, and the police and fire chiefs. The City's "sworn" employees are covered under the Safety contract while all other employees, including non-sworn safety employees (such as fire inspectors, communication technicians and police records clerks), general employees, management and appointed officials; are covered under the Miscellaneous contract with CalPERS. Only employees that work more that 1,040 hours per year (half of the hours of a full-time employee) are eligible to participate in CalPERS. Under the City's temporary employee policy, this means this benefit is typically only available to regular employees; Defined Benefit Vs Defined Contribution Plans however, temporary employees are eligible for participation in those limited There are two basic types of retirement plans: defined benefit and defined contribution: circumstances where they work more than half-time. Any such circumstances • Under a defined benefit plan,an employer require approval by the City Manager on promises a specified monthly benefit upon a case-by-case basis. retirement that is predetermined by a formula based on the employee's earnings history, tenure CalPERS retirement benefits are based of service and age. Annual contributions are on three key factors at retirement: made to the plan in an amount actuarially required to fund the plan. The benefit level is 1. Age defined: and contributions will vary as needed to 2. Service credit fund them. 3. Final compensation • On the other hand,defined contribution plans do not commit to a specific benefit,but rather,to a These three factors then determine the specific contribution amount by the employee and pension amount based on the plan in employer. In this case,pension benefits will vary place. For example, under the "2.7% at depending on the contributions made and 55" plan, retired employees will receive investment earnings on them. The contribution 2.7% for each year of service credit, level is defined; and pension benefits will vary times their final compensation if they retire at age 55. Under this plan, an CaIPERS is a defined benefit plan. employee with 25 years of service credit with final compensation of $4,000 per month that retires at age 55 would receive a retirement pension of$2,700 per month (0.027 x 25 x $4,000). The following describes how each of these factors is determined by CalPERS. 1. Age. To be eligible for retirement, a CalPERS member must be at least 50 years of age and have a minimum of at least five years of CaIPERS credited service. The"normal"retirement age is the age indicated in the agency's benefit formula. For example, "2.7% at 55" indicates that 55 is the normal retirement age. Benefits are reduced if an employee retires between age 50 and the normal retirement age. 2. Service Credit. This is determined by the number of years an employee has worked for a CalPERS agency. Some public agencies — counties as well as cities — have other retirement a'/-3 I CaIPERS Retirement Costs and Trends Page 4 programs that may have a reciprocity agreement with CaIPERS, allowing service credit to be transferred or retirement benefits coordinated. In addition, CaIPERS allows members to convert a portion of unused sick leave at retirement; and purchase prior military service credit, prior unvested CaIPERS service or additional years of service not worked for a public agency(referred to as "air time"). 3. Final Compensation. The "PERSable" compensation is defined by Ca1PERS as base pay and special compensation. Special compensation includes pay for performing and maintaining skills for normally required duties. For the City, special compensation includes uniform allowance, paramedic pay, hazardous materials pay, bilingual pay and holiday pay, which are included in final compensation. However, compensation for services outside regular duties such as overtime, standby, call back, court time, automobile allowance, pay in- lieu of vacation or holiday, and leave cash-outs are not included in calculating final compensation. Depending on the plan selected, final compensation may be determined based on the average of the three highest years of"PERSable" earnings or the single highest year. The maximum pension benefit for safety employees is 90% of final compensation. There is currently no maximum benefit for miscellaneous employees. However, under the 2.7% at 55 retirement formula an employee would need to work over 33 years (with all of his or her CaIPERS service under the 2.7% at 55 formula) to attain 90%of final compensation. If portion of the 33 years was under a lower formula, such as 2% at 55, the employee would not attain 90% of final compensation. CaIPERS Pension Benefits: A Brief History Since the inception of CaIPERS, the State legislature has continued to pass laws amending and updating the retirement system and pension benefit formulas. With the adoption of new pension formulas by the State legislature,the "normal' retirement age has decreased over time from 60 to 55 for Miscellaneous employees and from 55 to 50 for Safety employees. The definition of final compensation has also evolved over the.years. In the 1950s and 1960s, using an average of five years compensation was standard. The current options of averaging three years of compensation or using one year final compensation were introduced in the 1970s. The City moved from using a three year average to one year final compensation for all employee groups in the 1980s. The State legislature added the "3% at 50" formula for Safety employees in 2000; and the 2.5% at 55, 2.7% at 55 and 3% at 60 formulas for Miscellaneous employees in 2002. Currently the following retirement formulas are available to agencies contracting with CaIPERS: U v�y CaIPERS Retirement Costs and Trends Page 5 As the chart indicates, some retirement formulas are only available Formula EmployeeGroup for Safety employees, while others are 2%at 50 Safety Only available for only Miscellaneous 3%at 50 Safety Only employees. Very few agencies have 3%at 55 Safety Only the same retirement formula for both 2.2/o 0at 60 Miscellaneous Only at 55 Miscellaneous Only Safety and Miscellaneous employees. 3%at 60 Miscellaneous Only 2%at 55 Safe and Miscellaneous Negotiating Pension Benefit 2.5%at 55 Safety and Miscellaneous Changes at the City Pension changes have taken place in the context of overall contract negotiations within total compensation economic parameters set by the Council. At the time of negotiations, foreseeable cost increases are considered as part of the total cost of the negotiated agreements. In many cases, employee concessions offset the full actuarial costs of improved pension benefits. The City has five formal bargaining groups and two groups of unrepresented employees. The five represented employee groups are: 1. The San Luis Obispo City Employees Association (SLOCEA) represents approximately 152 general employees, including administrative, maintenance workers, utilities workers, planners, engineers, and building inspectors. 2. The San Luis Obispo Firefighters, Local 3523 (Fire) represents approximately 44 firefighters, fire engineers, captains, and inspectors. 3. The San Luis Obispo City Battalion Chiefs Association (BC) represents four battalion chiefs. 4. The San Luis Obispo Police Officers Association (POA) represents 65 police officers, sergeants, communications technicians (dispatchers), records clerks, and evidence technicians. 5. The San Luis Obispo Police Staff Officers Association (SLOPSOA) represents 17 police lieutenants, captains, communication and records manager, communications supervisors, and records supervisor. The City's management group has been unrepresented since the mid 1990s and includes 71 employees in a variety of senior professional, supervisory and mid-management classifications as well as department heads. Four confidential employees who provide administrative support to the City Manager, City Attorney and Human Resources are also unrepresented. CaIPERS Retirement Costs and Trends Page 6 The following summarizes participation in the two plans by employee group for all funds: Ca1PERS Em !o ee Partici ation Summary Em to ee Group Miseenaneous Safety Total Represented SLOCEA 152 152 Fire 5 39 44 BC 4 4 POA 20 45 65 SLOPSOA 4 13 17 Unrepresented Management 69 2 71 Confidential 4 4 Total 254 103 357 As reflected in this summary, negotiating changes to the pension program can be complex because multiple bargaining groups must agree on potential contract changes. For example, the Miscellaneous contract with CalPERS covers 254 regular employees in four bargaining groups and two unrepresented employee groups. The City must meet and confer with the represented groups prior to making any changes to wages, hours, benefits, or working conditions. While meeting and conferring is not required with unrepresented groups, it is customary to discuss the groups' concerns and goals. The Safety contract with Ca1PERS covers sworn employees in four represented groups and the two chiefs, who are unrepresented employees. Over 80% of employees in the Safety group are also covered by binding arbitration; this represents about 65% of General Fund employer contribution costs. Ca1PERS Pension Benefits: Miscellaneous Employees The "2.7% at 55"retirement formula was implemented for Miscellaneous employees in February 2003, one year after the State legislature approved this benefit formula. At the time, Ca1PERS earnings were healthy and cost estimates low. Many cities moved to the newly-offered benefit formulas. In order to remain competitive with other public sector agencies and negotiate in good faith, the City agreed to implement "2.7% at 55" in exchange for employee salary and benefit concessions. The City's largest group of employees represented by SLOCEA extended their labor agreement, deferred a scheduled 2% salary increase and forfeited a committed one percent contribution to deferred compensation. In turn, unrepresented management employees agreed to a six month, three percent salary reduction and an ongoing one percent salary reduction. These salary and benefit reductions were based on paying the full actuarial cost of the improved benefit as quoted by Ca1PERS at the time. Before implementing this improved benefit, the miscellaneous employees' retirement formula was "2% at 55" from 2000 to 2003; and 2% at 60, prior to 2000. Eq— iD CaIPERS Retirement Costs and Trends Page 7 CAPERS Pension Benefits: Safety Employees The State legislature's approval of the "3% at 50" formula for Safety employees in 2000 coincided with the expiration of the POA contract in June 2000 and the Fire contract in June 2001. The improved formula was ultimately negotiated in long-term contracts with both the POA and Fire. The "3% at 50" Safety benefit formula was implemented in February 2003, the third year of a four-year labor contract with the POA. Fire agreed to an interim step—"3% at 55" upon ratification of the contract - with 113% at 50" becoming effective in December 2005, the final month of the four and a half year labor contract. At the time of negotiations, for these benefits, three factors were in place: 1. There were significant excess assets in the retirement program (referred to as "super funded"), due to high investment returns. Because of this, Ca1PERS predicted the enhanced formula would not require employer contributions for many years (if at all). 2. With the change in State law (2000) creating optional enhancements to the CaIPERS system, the new retirement levels quickly became the statewide public safety standard for cities. Consequently, offering a competitive pension benefit quickly became a recruitment and retention concern. 3. Binding arbitration for swom police and fire employees — which was approved by the voters of San Luis Obispo in November 2000 — created a bargaining environment that made it difficult not to meet the statewide standard. Funding Ca1PERS: Employee and Employer Contributions Employees Contribution Rates. These are set by State statute and vary between five and nine percent of employee earnings depending upon the contracted pension formula and whether the agency participates in Social Security. The City does not participate in Social Security and employee rates are 8% for Miscellaneous employees and 9% for Safety employees. The employee portion of Ca1PERS may be paid either by the employee or employer. In the City, who pays the employee portion varies among employee groups. At one time, if the employee paid the employee portion, the contributions were allowed only on an after-tax basis. Therefore, many employee groups were motivated to negotiate the employer "pick-up" of the employee contribution in-lieu of salary increases. On the other hand, certain groups negotiated salary increases instead of having the City pick-up the employee contribution because the employee contribution paid by the City was not included in final compensation. In the mid-1990s, tax laws were changed allowing employee contributions to be deducted on a pre-tax basis. State law also changed allowing the Employer Paid Member Contributions (employer pick-up) of employee contributions to be included in final compensation. Today, the POA, SLOPSOA and BC groups pay the employee portion while the City pays the employee portion for all other groups. While this may appear inconsistent, salary increases were negotiated to offset the impact. Further, when comparing salaries with other er2 ✓7 _ 7 CaIPERS Retirement Costs and Trends Page.8 agencies, the City always factors in who pays Ca1PERS contributions to ensure an "apples to apples" comparison of compensation. Employer Contribution Rates. These are driven by a number of actuarial factors, including; 1. System participation levels (how many employees will actually retire under the system and receive retirement benefits?) 2. Age of current participants (how close to retirement age are current employees?) 3. Mortality(how long will they live after retirement?) 4. Salary costs and inflation(how will these rise over time from today's levels?) 5. Contractual benefit levels. 6. Status of current funding (are current assets greater or less than accrued liabilities?) 7. Investment returns. While all of these factors affect contribution rates, large swings in investment yields, both up and down, have played the largest role in rate fluctuations that Ca1PERS members have seen over the past 25 years. In evaluating the other actuarial factors and their impact on the City's plans, the City's Safety plan is "pooled" (as required by Ca1PERS) with all other Ca1PERS agencies that have less than 100 employees in the plan. On the other hand, these actuarial factors are evaluated for the City's Miscellaneous plan based solely on the City's specific experience. Current Employer Contribution Rates. Ca1PERS employer contribution rates are comprised of two components: 1. The normal rate is what's required to actuarially ensure that current contributions will meet future benefit requirements, assuming there are currently no excess assets or unfunded liabilities. 2. The unfunded liability rate is what's required to amortize past unfunded liability costs over time. Unfunded liabilities are accrued to an employer when unforeseen circumstances, such as investment losses or changes in benefits, mean that current contributions will not meet the obligations to fund retiree benefits in the future. For 2009-10, the City's employer contribution rates are as follows: Unfunded Plan Normal Liability Total Miscellaneous 10.1% 7.6% 17.7% -Safety 15.6% 20.3% 35.9% Past Ca1PERS Cost and Employer Contribution Rate Trends As noted above, there are a number of factors that determine employer contribution rates. However, as reflected in the chart below, the volatility of investment yield has played the leading role in the roller coaster ride that the City's rates have been on for the past 25 years: compared with a current actuarial assumption of 7.75%, (CalPERS reviews and potentially adjusts this assumption every three years)yields have ranged from a high of 35%to a loss of 24%. . Q 64 '_ CaIPERS Retirement Costs and Trends Page 9 CaIPERS Investment Yields-Last 25 Years 40% 36A% 30% 24.8% 20.1%183% 20% -- 167%8.7% 146% 63% 13B% 123% 12.6% 12.7% --- 103% 12.3% 10% e'. 2.0%3.9% 3.9% U% -3.1% I�IJuIllll . B.9% 4.9% -10% -20% -2"1.b -30% m r, m D) O N M V u1 (7 r` m O O N M O CD CO O Go m CO m m D) D7 O O O 0) D) D) D) W O O O O O O O O O O O O O) O O) O T O O N N N N N N N N N N Fiscal Year Ending June 30 Employer Contribution Rates. As reflected in the changes in the chart below, these volatile yields, along with changes in the other actuarial factors identified above,have resulted in similar swings in employer contribution rates. Employer Contribution Rates: Fiscal Year Ending 1986 to 2011 40% 35% — 30% 25% - � i 20% 15% - — 10% — — 5% - - 0% m r. m rn o r N (h v m m n m rn o N r) v rn co � m rn o m m m m rn m rn rn rn rn rn rn rn rn o 0 0 0 0 0 0 0 0 0 rn rn rn rn rn m rn rn rn rn rn rn rn rn o 0 0 0 0 0 0 0 0 0 0 0 a Safety o Miscellaneous CaIPERS Retirement Costs and Trends Page 10 As reflected in the chart, while rates are higher than in the past, the very low rates in the late 1990's and early 2000's were an exception —not the rule —to employer contribution rates. And beginning in 2006,the City's employer contribution rates have stabilized. Employer Retirement Cost Contributions. These changes in employer contribution rates along with changes in "PERSable" compensation determine the City's annual employer retirement contributions to Ca1PERS. As reflected in Retirement the chart (which reflects employer ' ' yer contributions for all funds), no contributions Fiscal Year Safety Miscellaneous Total for Miscellaneous employees were required 1998-99 $235,800 $0 235,800 for four years (1998-99 through 2001-02); 1999-00 - - and no contributions were required for Safety 2000-01 - - employees for three years. 2001-02 - - 2002-03 498,000 264,100 762,100 This chart also shows the impact of 2003-04 1,660,100 1397,300 3,057,400 compensation changes on employer 2004-05 2,422,500 1,987,700 4,410,200 contribution costs. For example, in 2008-09 2005-06 2,796,100 2,550,200 5,346300 while rates were stable, costs significantly 2006-07 3,159,100 2,747,100 5,906,200 increased due to increases in compensation 2007-08 3,385,800 3,145,200 6,531,000 resulting from the binding arbitration 2008-09 4,484300 3,629,800 8,114,100 decision. 2009-10* 4,403,400 3,243,100 7,646,500 Placing these costs in context, the City's 2010-11* 4,510,400 3347,300 7,857,700 estimated Ca1PERS cost for employer *Budgetfor2009-10 and2010-11. contributions in 2009-10 is $7.6 million. 2008-09 reflects retroactiecostsforbindingarbitradiondecision. This represents 10.7% of the total City operating budget for 2009-10 of$71 million. So, while it's certainly a significant cost, it is not an undue portion of total City costs. That said, while retirement costs have stabilized in 2009-11, this is likely to change. Prospects for the Future As discussed above, employer contribution rates have been stable for the past six years. Based on confirmed rates from Ca1PERS for 2010-11, the City will not incur any unexpected costs for the balance of the 2009-11 Financial Plan period as the actual Ca1PERS rates are very close to Financial Plan assumptions. However, based on rate projections provided by Ca1PERS, the City can expect significant rates increases over the next five years from 2009-10, summarized as follows: CaIPERS Retirement Costs and Trends Page 11 Employer Contribution Rates:Actual 2009-11 Financial Plan and Projected though 2014-15 46.3% 46.9% 42.0°h 40% T.e% 30% 20.8°k 23.1% 23.3°/a 4-6 18.9"h20%10% 0% 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 Fiscal Year Safety M Miscellaneous As reflected above, rates are stable through the end of the 2009-11 Financial Plan; and increase modestly the following year in 2011-12: by 1.3% for Miscellaneous employees and 2.4% for Safety employees. However, the increases are more significant in 2012-13 and 2013-14; approximately 4% for Safety and 2% for Miscellaneous. Ca1PERS then expects rate increases to level-off in 2014-15. Based on 2009 compensation, this would result in added cost to the General Fund of about$2.5 million by 2014-15. City Defined Contribution Programs The City also offers its employees access to programs where employees are allowed to "defer compensation" per Internal Revenue Codes 457(b) or 401(a). Defined contribution plan benefits are dependent upon contributions made by the employee and employer (if applicable) and any investment gains or losses on those contributions. Unlike defined benefit plans, these defined contribution plans offer no predictability of benefits paid upon retirement and are therefore considered"supplemental retirement plans." Deferred compensation plans are the typical vehicle for these programs. Participants authorize the City to withhold a portion of salary to be invested for payment to the participant at a later date. Neither the deferred amount nor earningson the investments are subject to current Federal or State Income Taxes. Taxes become payable when the deferred income plus earnings are distributed to the participant. The City offers "457" deferred_ compensation plans to its employees through three providers: Hartford, ICMA, and Nationwide. A 401(a) plan through Public Agency Retirement System(PARS)is also available for management employees and department heads. Regular employees that are eligible for CalPERS pension benefits may voluntarily contribute to a deferred compensation plan. The City does not make contributions on behalf of employees to these plans. A participant may defer up to $16,500 (or$22,000 if the employee is 50 years of age or older) in 2010. This maximum deferral amount is set by the Internal Revenue System (IRS) and is typically the same limit that applies to 401(k)plans. 3 ` q I � CaIPERS Retirement Costs and Trends Page 12 Temporary, part-time, or seasonal employees of the City who are not participating in Ca1PERS retirement program must defer an amount equal to 7.5% of salary up to the base wage for Social Security during the year of contribution. This mandate satisfies the requirements of Section 218 of the Federal Social Security Act for participation in some form of retirement plan. PARS Plan. Under a 401(a) plan, the employer determines the amount of money to be contributed each year (i.e. by the employee, the employer or both), vesting schedules and eligibility requirements that may be tied to job performance as a way to retain key employees. In 2000, Council approved establishing the PARS defined contribution supplemental retirement plan for department heads and managers. Employees may contribute from zero to 14% to the 401(a) plan. The City contributes one percent of salary for management employees, two percent of salary for department heads, and three and a half percent of salary for appointed officials. The City also pays an annual administration fee of$4,800 while the annual asset fee is paid from participant accounts. Options and Strategies Under Consideration by Others We Are not Alone: What Are Other Agencies Considering? All Ca1PERS agencies are facing the same kinds of rate increases in the future as the City. Many are considering whether current pension benefit levels are sustainable and are beginning to explore options to control or reduce costs now and in the future. This is also true of other government agencies, such as the County of San Luis Obispo, that are non-PERS agencies. Most agree that employee morale, turnover costs and difficulty in recruiting must also be considered when examining options. Further, before an agency can begin to consider negotiating reductions to its retirement benefits, it must also understand its employees' rights to existing retirement. benefits. Specifically, employees have a property right or are `bested" in their right today to a retirement benefit in the future. Stated simply, the City cannot impair the retirement benefits that are currently being received by retired employees. The City potentially could change the retirement benefits current employees will be eligible to receive in the future if-. 1. The changes to those benefits are necessary for the preservation of the retirement system; 2. The changes bear some material relation to the theory of a pension system and its successful operation; and 3. Equivalent benefits to those previously offered are provided in their place. Of course, all potential changes would be subject to negotiations; and with the POA and Fire groups, those negotiations would be subject to binding arbitration and as noted above, this represents about 65%of General Fund employer contribution costs. Regardless, an association or agency does not have the authority to negotiate away vested benefits. At best, an agreement to change benefits with the provision of alternative benefits may e q -1 CaIPERS Retirement Costs and Trends Page 13 be permissible. However, for future employees not yet vested, an agreement may be negotiated to do away with or change retirement benefits for those future employees only. These legal issues may explain why most agencies are exploring two fundamental approaches to pension reform: 1. Two-tier systems that reduce retirement benefits for new employees. From a cost containment perspective, this is a long-term strategy in that no significant savings materialize until the workforce experiences significant turnover; it typically takes at least 10 to 15 years for that turnover to occur. Further, this strategy brings with it morale issues in that it establishes a perceived "class system"within the organization with employees performing the same work receiving different benefit levels. 2. Greater cost sharing: employees go back to paying some or all of the employee contribution and/or the employer contribution. Some agencies have negotiated agreements to have the employee pay a portion of the employer contribution if it goes above a certain rate. This approach could also be negotiated for just new hires. Policy Positions In 2005, the Council adopted Resolution number 9667 (Attachment 1) supporting the League of California Cities (League) task force in pursuing appropriate pension reforms and expressing concern with Assembly Constitutional Amendment (ACA) 5 and other similar initiatives. ACA 5 and other initiatives at the time proposed offering only defined contribution plans to state and local employees newly hired by a public agency after July 1, 2007. The proposals defined "newly hired" as any employee hired by a public agency after July 1, 2007, regardless of whether the public employee had prior public agency experience. This significant disincentive to move from one agency to another would have posed major recruitment problems for public agencies especially when combined with the "brain drain" occurring as baby boomers retire. The proposals also required the defined contribution plans be administered by the private sector, where administrative costs are likely to be higher than those charged by CalPERS. Even with the recent losses reported by CalPERS, it has a better long-term track record than many private sector financial institutions.. In late 2004, the League asked the City Manager's Department standing task force on CalPERS to undertake a study of potential defined benefit reforms. The task force also included representation from appointed and elected officials and public safety unions. Reform efforts under consideration included changes to benefit levels, improved management of rate volatility, and limiting excessive retirement benefits. Since 2004, the League has adopted policies and guiding principles on retirement plans (Attachment 2) and the task force continues to meet. At the heart of the City Managers Department's recommendations lies the belief that pensions should be fiscally sustainable and politically defensible. They recommend that to get there, the League should support regional efforts to address the growing pension problem. B V�6 1 Ca[PERS Retirement Costs and Trends Page 14 Initiative Reform Proposals Currently, three public sector pension reform initiatives have been processed and are entering the signature-gathering stage to potentially qualify for the November 2010 ballot. All three measures exempt current public employees and pertain to individuals hired after July 1, 2011. The first two are very similar and limit retirement formulas for new peace officers and firefighters to 2.3% multiplied by years of service at age 58. Miscellaneous employees' pensions would be limited to social security retirement age and a formula of 1.65% multiplied by years of service. In addition, these proposals use the highest three consecutive years in determining final compensation, establish a cap of 75% of base pay, require a minimum employee contribution of 4% and provide other restrictions. The third measure limits the pension of any new state or local public employee to $100,000 per year with an annual cost of living escalator up to a maximum benefit of$165,000 annually. Regional Strategies There has been significant local and regional activity in the area of pension reform. Groups in San Diego, Marin, Santa Clara/San Mateo, San Joaquin Valley and Gateway/Orange County have been raising awareness regarding the issue and authoring pension reform principles. Common pension reform principles include: 1. Retain defined benefit plans. 2. Implement two-tier systems for new hires including a lower percent of final compensation and an older normal retirement age. Consider formulas such as 1.5% to 2% at 55 or 60 for Miscellaneous employees; and 2% to 2.5% at 50 or 55 for Safety employees. 3. Do not allow enhanced benefits retroactively. Currently, when an agency adopts an enhanced benefit formula Ca1PERS regulations require the formula be adopted for all existing employees for their entire service with the agency. In other words, if an agency adopts 2.7% at 55 six months before an employee is ready to retire after working 29 years with the agency at the "2% at 55" formula, all 29 years are considered under the 2.7% formula. In order to adequately fund this retroactive benefit enhancement, the employer contribution rate must be adjusted to make up the actuarial cost difference. 4. Use the average of the three highest years as the method for determining final compensation instead of single highest year. 5. Establish benefit caps such as 80% or 90%of final compensation. 6. Exclude all special pay and employer paid pick-up from final compensation. 7. Establish a minimum employee contribution. 8. Retain local options and flexibility. Ca1PERS Retirement Costs and Trends Page 15 Long and short-term implications of any proposed changes must be carefully considered and weighed. Most groups begin by establishing clear objectives related to pension reform that may include cost containment, sustainability, competitive recruitment, employee retention, etc. Further, most groups agree a"one size fits all" approach will not adequately address these goals. Next Steps: Where to From Here? As discussed earlier, this report is intended to provide a thorough review of the City's Ca1PERS benefits and costs, and likely costs in the future. While it can serve as a solid base in developing strategies for the future, it would be premature to attempt to do so at this point. Accordingly, no action is proposed at this time. However, staff does suggest the following next steps: 1. Continue to actively engage in a dialogue with local city and county managers regarding potential regional pension reform efforts. 2. Continue to participate and support broader reform efforts in keeping with the League of California Cities' guiding principles. 3. Consider Ca1PERS cost trends in the context of upcoming labor negotiations and discussions with unrepresented employee groups. ATTACHMENTS 1. City resolution on pension reform 2. League of Califomia Cities pension reform framework: March 2005 a.. .+ J-. .i --3177777; w .t. d TABudget Folders\2009-10 Mid-Year Review\CaIPERS Trends\CAR,CaIPERS Costs and Trends,2-23-I O.doc Attachment 1 RESOLUTION NO.9667(2005 Series) A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO SUPPORTING THE LEAGUE OF CALIFORNIA CITIES TASK FORCE IN PURSUING APPROPRIATE PENSION REFORMS AND EXPRESSING CONCERNS WITH ACA 5 AND OTHER SIMILAR INITIATIVES WHEREAS, the League of California Cities welcomes a comprehensive discussion about pension reform,focused on curbing the increased costs of providing public pensions in the context of the critical role that public pension benefits play in the recruitment and retention of a skilled public workforce;and WHEREAS, the defined benefit model used for public employee pensions has been in place for about sixty years in California, and has ensured that California residents receive high quality services from motivated,highly professional public employees;and WHEREAS, the League recognizes that problems exist and must be addressed in the defined retirement benefit plans in California; such concerns are: a) Increased cost to the public employer and ultimately the taxpayer, 2) volatility of employer pension contributions; 3) some excessive benefit formulas; and, 4) permitted abuses due to the lack of proper restraints in retirement law;and WHEREAS, solutions to problems in the defined benefit retirement plans require a wide variety of options and strategic approaches and should avoid one-size-fits-all solutions, which fail to take into account the complexity of the issues,such as ACA 5 and ACA I-lx; and WHEREAS, defined contribution plans as the only alternative raise the immediate costs of public pension plans and seriously erode the ability of public employers, such as the City of San Luis Obispo, to retain and recruit skilled public employees. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. League Task Force Recommendations. The Council hereby supports the League of California Cities' task force in developing recommendations that address the necessary and required reform of the public pension system. SECTION 2. Opposition to ACA 5 and ACA 1-1x. The Council hereby specifically opposes Assembly Constitutional Amendment 5, Special Session Assembly Constitutional Amendment 1, as well as any and all measures proposed for the upcoming special election statewide ballot that would mandate the replacement of the current defined benefit retirement system with a private defined contribution system,whether for new or existing employees. R 9667 // // r _ Attachment 1 Resolution No. 9667 (2005 Series) Page 2 Upon motion of Council Member Settle, seconded by Council Member Mulholland, and on the following roll call vote: AYES: Council Members Brown, Mulholland and Settle, Vice Mayor Ewan and Mayor Romero NOES: None ABSENT: None The foregoing resolution was adopted this 5th day of April 2005. Mayor David F. Romero ATTEST: Audrey Hor City Clerk APPROVED AS TO FORM: P. Lowell City Attorney Attachment 2 PENSION REFORM IN CALIFORNIA League of California Cities March 1,2005 For close to 60 years California state and local governments have offered "defined benefit" retirement plans to their employees which provide a guaranteed annual pension based upon retirement age, years of service, and some period of highest salary (typically the last one or three years of work). These plans generally provide an annual cost-of- living adjustment and additional inflation protection that maintains the purchasing power over time at a specified minimum level. The Public Employee's Retirement System (PERS), the State Teachers' Retirement System (STRS), and a variety of individual cities and counties administer these retirement plans. Over the years local and state government retirement costs have risen and fallen based on two principal factors: (1) the investment returns of the various systems; and (2) the level of benefit payments provided to employees. In the late 1990s the California legislature enacted dramatic benefit enhancements for public employees in the PERS system that were optional for participating local governments. Some local governments adopted these benefit enhancement plans—for a variety of reasons, typically to retain employees and at times at a shared cost with the employees. When the retirement systems suffered serious investment losses in the early part of this decade, these losses combined with the benefit enhancements to cause dramatic increases in employer contribution rates. Defined Contribution Mandate Proposed In the fall of 2004 a proposed constitutional and statutory initiative (File No. SA2005RF0007) was filed that would close all state and local public sector defined benefit plans (including locally administered plans) to new entrants effective July 1, 2007. Employees hired after that date could only enroll in defined contribution retirement plans. Defined contribution plans provide fixed annual employer contributions to employee accounts that are invested, along with employee contributions. Unlike defined benefit plans, the employee has no guaranteed pension benefit and employers never incur any unfunded liabilities. The initiative (which has a legislative counterpart by Assembly Member Richman) would establish maximum employer contributions of 9 percent for police officers and firefighters and 6 percent for other employees, assuming participation in federal Social Security (3 percent higher if no Social Security). Local agencies could exceed these limits with a two-thirds vote of their electorate. The state could do so with a three-fourths vote of both houses of the Legislature in two consecutive sessions. Mr. Richman has informed the League in a letter dated February 17 that he is willing to enter into negotiations to avoid the need for the initiative. In his 2005 State of the State message, Governor Schwarzenegger recommended a defined contribution pension mandate for new state and local employees. In a presentation to the League board of directors on February 25, 2005 Tom Campbell, \ J i Attachment 2 Director of Finance, explained the Governor's proposal contains no caps on employer contribution and would not require lower state or local contributions. It would simply remove the risk of increased costs to the taxpayer due to future stock market declines by requiring that all new state and local employees be provided a defined contribution plan in place of the traditional defined benefit plan. Mr. Campbell indicated that in all other respects (e.g., PERS administration, employer contributions, employer contributions, etc.)the plans would be identical. League Pension Reform Task Force In late 2004 the Executive Director asked the City Manager's Department's standing task force on PERS to undertake a study of the defined contribution proposal and potential other defined benefit reforms. A group of other appointed and elected officials were subsequently added to the task force to provide broader input, and since early December it has met regularly to study the problems with the existing defined benefit retirement systems and to evaluate the defined contribution proposal. The task force is chaired by Bob LaSala, Lancaster City Manager. The League also retained the services of a retirement actuary, John Bartel of Bartel Associates, LLC, who worked with the Task Force to ensure its recommendations for reform of the defined benefit system were actuarially sound. He assisted the Board in its discussions. His report to the Pension Reform Task Force, dated February 26, 2005 and entitled Replacement Ratio Study:Preliminary Results, is available from the League. Review and Comment on Discussion Draft Sought The task force report was reviewed by subcommittee of the Public Employee Relations Policy Committee on Wednesday, February 23, 2005 and forwarded to the League board of directors with a favorable recommendation. On Saturday, February 26, 2005 the board accepted the report, with modifications, and authorized staff to circulate the report as a discussion draft for review and comment. It is important to note the ideas contained in this report represent an initial assessment by the League on pension reform. It is offered for discussion and consideration in the pension reform debate. Comments are requested from League member cities, other local government associations, local government labor organizations, state legislators and the Administration. Comments should be sent to the League of California Cities, c/o Anthony Thomas, Legislative Representative, 1400 K St., Sacramento, CA 95814 athomas�.cacities.ora. 2 Attachment 2 A Framework for Public Pension Reforms March 1,2005 General Pension Reform Princit les Any serious discussion of public pension reform must begin with a set of principles/goals to guide any following recommendations. Until questions about the appropriate role and purpose of public pension benefits in local government compensation packages are answered, it would be at least premature and perhaps self-defeating to make any specific benefit recommendations. In keeping with this philosophy, it is recommended that the following principles precede any benefit recommendations: • The primary goal of a public pension program should be to provide a full-career employee with pension benefits that maintain the employees' standard of living in retirement. • The proper level of public pension benefits should be set with the goal of providing a fair and adequate benefit for employees and fiscally sustainable contributions for employers and the taxpayers. • Public pension benefits should be supported with proper actuarial work to justify pension levels. ,The Legislature should reject any and all attempts to establish pension benefits that bear no relation to proper actuarial assumptions and work. • Pension benefits should be viewed in the context of an overall compensation structure whose goal is the recruitment and retention of employees in public sector jobs. In recognition of competitive market forces, any change in the structure of retirement benefits must be evaluated in concert with other adjustments in compensation necessary to continue to attract and retain an experienced and qualified workforce. • The reciprocity of pension benefits within the public sector should be maintained to ensure recruitment and retention of skilled public employees - particularly in light of the retirement of the post World War II "Baby Boom" generation which will result in unprecedented demand for public sector employees. • Perceived abuses of the current defined benefit retirement programs need to be addressed. Benefit plans which result in retirement benefits which exceed the levels established as appropriate to maintain employees' standard of living should be reformed. It is in the interest of all public employees, employers and taxpayers that retirement programs are fair, economically sustainable and provide for adequate benefits for all career public employees, without providing excessive benefits for a select few. 'This report constitutes the recommendations of the League Pension Reform Task Force that was accepted by the League of California Cities Board of Directors for distribution as a discussion draft. 3 B�-av Attachment 2 • The obligation to properly manage public pension systems is a fiduciary responsibility that is shared by PERS, employers and employees. This joint responsibility is necessary to provide quality services while ensuring long-term fiscal stability. These parties need to be held responsible to ensure a high level of protection against mismanagement of public resources that could jeopardize a community's ability to maintain services and provide fair compensation for its workforce. • Charter cites with independent pension systems should retain the constitutional discretion to manage and fund such pension plans. Reform Recommendations Public employee defined benefit programs have been appropriately criticized in a number of areas. The following reform recommendations address short-comings within some defined benefit retirement programs, while preserving the aspects of the program that have served the employees, employers and taxpayers of California well for over 60 years. Pension Benefit Levels Principles: Public pension benefit plans should: ➢ Allow career-employees to maintain standard of living post-retirement. ➢ Be designed with consideration of age at retirement, length of service; compensation level and applicability of Social Security. ➢ Be supported with proper actuarial work to justify pension levels. The Legislature should reject any and all attempts to establish pension benefits that bear no relation to proper actuarial assumptions and work. ➢ Promote career public service without creating incentives to work past retirement age, nor disincentive to early retirement. Employees who voluntarily choose to either work beyond retirement age or retire early should not be penalized or rewarded. Recommendations • Maintain the defined benefit plan as the central pension plan for public employees in California. • Rollback/repeal public retirement plans that provide benefits in excess of levels required to maintain a fair, standard of living that are not financially sustainable and may have no actuarial justification. The new and exclusive benefit formulas to achieve these goals should be: z This should be determined in accordance with a Cal PERS 2001 target replacement benefit study and/or the Aon Georgia State Replacement Ration Study(6h update since 1988). 4 [� I Attachment 2 1. Safety Employees: 3% @ 55 formula, offset by 50% of anticipated social security benefit for safety employees with social security coverage. Safety employees retain the current cap on retirement at 90%of final compensation. 2. Miscellaneous Employees(Non-safety): 2% @ 55 formula, offset by 50%of anticipated social security benefit for miscellaneous employees with social security coverage. A cap of 100% of final compensation is placed on newly- hired, miscellaneous(non-safety)employees. • The above formulas would incorporate "Three-Year-Average" for "final compensation' calculation. All "Highest Final Year" compensation calculations would be repealed for newly-hired employees. • Provide alternatives to a defined benefit plan for job classifications not intended for career public service employment. • Give employers greater flexibility to determine when a part-time employee is entitled to public pension benefits. The current hourly threshold in PERS is too low. Rate Volatility Principles Responsible fiscal planning suggests the need to "manage" volatility in defined benefit plan contribution rates. ➢ Rates have historically been relatively constant and comparable to rates currently paid by most public agency employers. ➢ Recent rate volatility is primarily due to large fluctuations in annual investment returns for the retirement plan investment portfolios, causing significant changes in plan funding status. ➢ Normal Costs for defined benefit plans have remained relatively constant over time. Recommendations • Public Agency retirement contribution rates, over time, should be constructed to stay within reasonable ranges around the historical "normal cost" of public pension plans in California. Sound actuarial methods should be adopted to limit contribution volatility while maintaining a sound funding policy. • Establish "reserve" funding for public pension systems that will help smooth the volatility of pension benefit costs. Plan surpluses are to be retained within plan 5 Attachment 2 assets, but should be reserved for amortization of future unfunded liabilities, and should not be used to offset plans' normal cost contribution rates. Shared Risk Principles ➢ Currently, in most local jurisdictions, employers shoulder the burden of rate volatility risk — both positive and negative. This principle should be carefully examined with the intent of better spreading the risk of rate volatility among both employers and employees. ➢ Negotiated labor agreements containing language whereby employers `-`pick-up" employees' retirement contributions are assumed to be part and parcel of a "total compensation" package; this implies that agencies with Employer Paid Member Contributions would also typically reflect correspondingly lower base salaries. Recommendations • When employer contribution rates exceed the "normal costs" threshold, employees should be expected to take some of the financial responsibility for those excessive increases. Disability Retirement Principles ➢ Retirement-eligible employees who are injured in the workplace should be entitled to full disability retirement benefits; disability retirement benefits should, however, be tied to individual's employability and be structured so as to encourage return to work, where applicable. ➢ Larger disability reform measures should be considered outside of the scope of general pension reform. Recommendations • Full tax-exempt disability retirement should be retained for employees who are injured and can not work in any capacity • Reform the disability pension provisions of public retirement systems to restrict benefits when a public employee can continue to work at the same or similar job after sustaining a work-related injury. 6 Attachment 2 • Employees eligible for disability retirement should be first afforded applicable service retirement benefits, and THEN provided disability retirement benefits up to applicable"cap"on total retirement benefits. Portability of Plan Benefits Principles ➢ Reciprocity of public agency retirement benefits is critical to recruitment of qualified, experienced public sector employees. ➢ Limiting portability of retirement plan benefits to non-public sector employment helps in the retention of senior and management level employees. Recommendation ■ Any pension reform package should retain transferability of retirement benefits across public sector employers. No employee currently in a defined benefit plan should be required to involuntarily give up a defined benefit formula before retirement. Tiered Plans Principles ➢ Agencies should strive to avoid multi-tiered compensation structures where there are large discrepancies in benefits accruing to employees. In addition to having adverse impacts on recruitment and employee morale, multi-tiered approaches can raise issues of comparable worth and equity. Recommendations • Any pension reform measures should seek to minimize disparity between current and prospective public agency employees. • Any reduction(s) or change(s) to current Defined Benefit plans should be considered in context of other compensation issues that will tend, over time, to "equate" compensation plans within and across public agency employers. Management Oversight Principles > The obligation to properly manage public pension systems is a fiduciary responsibility that is shared by PERS, employers and employees. This joint responsibility is necessary to provide quality services while ensuring long-term fiscal stability. These parties need to be held responsible to ensure a high level of protection 7 gq'aX 1 Attachment 2 against mismanagement of public resources that could jeopardize a community's ability to maintain services and provide fair compensation for its workforce. Recommendations • Public agencies that do not make the Annual Required Contribution under GASB 27 should be made subject to appropriate oversight. • The membership of the Public Employees and Retirement System Board should be changed to achieve both a better balance of employer and employee representatives as well as a better balance of public agency representatives. Conclusion Defined benefit retirement plans have been the traditional approach for close to 60 years in California and have produced fair and sustainable retirement benefits that have been central to recruiting and retaining quality public employees. Defined benefit plans should be retained as the central component of public pension systems in California. 8 e Li u COUNCIL U CDD DIR From:Michael T. Boudreau[SMTP:MIKEB@MTBARCHITECTURE.COM] i Q�"�AOr CTFIN DIA SW Se nt: CHIEF Sent: Tuesday, February 23, 2010 12:15:51 PM �'ATTOANEY W DIRTo: Council, SloCity ? -CLERK/ORIa OLICE CHF Subject: Tonight-Defined benefit pension ❑ DEPT HEADS C'J"REC DIR Auto forwarded by a Rule P—� CTUTIL DIR -- — ENR DIA Hello Members of the San Luis Obispo City Council, I am a father of two and a San Luis Obispo resident, I believe that entitlements are of importance to our children's future, not only fiscally, but as a matter of fairness and mutual respect. I have read the report, much I don't understand. I have a few questions and comments; • Reconsidering the "mainstream" approach to city employee retention is wise. We must resist the tendency to follow others down a road of uncertainty. City reports raised red flags in 2005. Why the delay? Which begs the next question. Why do we participate in CaIPERS, a separate and distinct legal entity? How does our City retain control in such an arrangement? • Do we have to participate in CalPERS? Does the $7.6 million (10.7%) of budget include employee contributions and any and all additional City payments to CaIPERS including shortfalls? It's not clear to me. Given that all monies come from the general fund it would be helpful to identify and clearly understand the total amounts. Can that number be found in this report? How does city staff remain unbiased in this matter? Can members of the general public be invited to participate in upcoming negotiations? Can the City provide actual pension amounts for the last 25 city retirees? Actual samples would be more helpful than citing state averages. To make my point, the $48,000 annual income example within the report is at the bottom of SLO salary levels. Many full-time city employees receive higher base pay amounts. • What does it mean that the "Current Employer Contribution Rate" for Safety employees is 35.9%? Am I right to understand it as an annual contribution? Based on a percentage of base pay? If so, does that mean an officer making $100,000 base pay enjoys an annual contribution of $35,900 into CalPERS? • If I understand these numbers, why should we support such disparity between those not employed by government and those that are? • The recent compensation survey reveled that City Employee compensation is generally competitive with the private sector and in several positions more lucrative than their employee peers in the private sector. Why then the need for such a generous pension.benefit? RECEIVE® RED FILE FEB 2 3 2010 MEETING AGENDA SLO CITY CLERK DATE/o/o ITEM #?J� In previous city reports, private pensions, stock options and partnership payouts were cited as common in the private sector. As a business owner of a professional organization and as an employer, I've found such opportunities to be rare, even in larger firms. Does the city have proof of such things in San Luis Obispo? Thank you so much for all of your hard work, Michael Boudreau - 1009 Mono Street, Suite 205, San Luis Obispo, CA 93401 I From: FredVemacchia[SMTP:FREDV@SLDIAGNOSTIC.COM] RECEIVED Sent: Tuesday, February 23, 2010 9:26:57 AM FEB 2 3 2010 To: Council, SloCity Subject: Retirement Plans SLO CITY CLERK Auto forwarded by a Rule Dear Council: I know no action is to be taken on the Retirement Plan item tonight, but I would like to comment. 1. These"defined benefit" plans are unsustainable. With the 03% at 50" plans, we as tax payers are paying the equivalent of 2.5 FTE's to have one FTE actually working. 2. The concept that without these benefits, the City cannot recruit and retain employees is just plain ludicrous and self-serving. Private industry has all but eliminated these plans over the last 20 years, and they do not have trouble recruiting or retaining employees. And to be honest, if government had some trouble hiring, it might not be all bad. That would just keep the size of government in check. In addition, you are better off paying a higher or lower salary that floats with supply and demand and meets the competitive needs of the current time than to encumber tax payers with these lifetime benefits that are unsustainable. 3. Not changing the plans because of the fear of having a "two class"system is also ridiculous. The grocery stores have done it. They had to because the wage structure was unsustainable,just like these retirement plans. 4. So what if it will take 10-15 years for a change in structure to show up. You need to start somewhere. 5. The return on investment that CalPERS has enjoyed is going to be very difficult to reproduce over the next 20-25 years. This just places more burden for retirement costs on the backs of taxpayers because these funds will have to come out of the general fund. Solutions: 1. Greater cost sharing. 2. Capping the annual maximum benefit 3. ELIMINATE THE DEFINED BENEFIT PLANS ALL TOGETHER! Fred S. Vernacchia HAfW CoPY 4.n1 L. E- COUNCIL 2r=) DIR RED FILE Errrm ^t&p- 13'1=I1SI DIR O'AG.AG4WA rllrmqj:?'FIRE CHIEF - MEETING AGENDA 127 T7ORNEY CrPw DIR DA� ITEM # _ O CLERIVG)RIG �aLICE CHF t DF,QT�HEADS CLEC DIR Yrft _ reUTIL DIR `V-4A &f ICHR 011 - Nad -r7#tES �J'014 C4cL GrM MCP— i Coir-�c- RECEIVE® From: ryukelson@aol.com[SMTP:RYUKELSON@AOL.COM] FEB 2 3 2010 Sent: Tuesday, February 23, 2010 11:37:16 AM To: Council, SloCity SLO CITY CLERK Subject: Council Agenda— Feb. 23 Auto forwarded by a Rule I'm highly disappointed the Agenda for tonight's City Council Meeting is addressing the most important issue at the end of the meeting.The CalPERS retirement benefits issue is critical to our local citizens as our current economically unsustainable model will be heard when there is most likely the least amount of attendance and thus the least amount of opportunity for public comment. Please consider restructuring tonight's Agenda. Thank you, Ron Yukelson San Luis Obispo RED FILE t e-eOUNCIL f<TCDD DIR — MEETING AGENDA O'�GAOr, CrFIN DIR grATTORNEY FIRE CHIEF DA a o ITEM #-5-1 C�'CLERK/0pIQ DPW DIR 0 DEPT Egpg �'OLICE CHF �8 ©!Ft %('iZ.. �rEdTIL DIR R DIR N)�1�7Ttn1E� A)CcL . _ A*AP eOPY din 1' [?COUNCIL 2-CDD DIR ��� : ` I T9'BPeEYFa�iAeGt Za FIN DIR FEb 'L a ld BO AGAe4 remaac2'FIRE CHIEF TrATTORNEY Ca rw DIR February 22, 2010 SLO C i I Y CLERKQ-CLERK/ORIG 131POLICE CHF i ❑ DEPT HEADS ZI EC VA a FUQ� �U1TIL DIR City Council Members 4►Li�uy� ta"HR 0I8' City of San Luis Obispo A*Q!-nntEs ��ols�k cL 990 Palm Street San Luis Obispo,CA 93401 RED FILE RE: City Council Meeting of Feb. 23,2010-Agenda Item#4 — MEETING AGENDA DATIL ITEM # 1 Dear City Council Members: As you prepare to discuss our City's current and projected pension costs for city employees at this week's council meeting, I'd like to share my thoughts with you as well as bring to your attention two recent articles that deal with public pensions in our state and in our county. I believe it is past time that you take a serious and detailed look at the costs of our public pensions and their sustainability and impact upon our future economic vitality. I believe that significant changes need to be made to our public pension systems now. The first article enclosed appeared in the Wall Street Journal (WSJ)on January 22,2010. It addresses the problems our state is facing(and will face)with regards to pension issues. I imagine the problems our City faces are likely quite similar in nature. The article cites that"over the past decade pension costs for public employees increased by 2000%! State revenues increased only 24%over this same period." I think we can all agree that this is a recipe for disaster and that something needs to be done now to address this imbalance. I submit that one of the major problems with our current pension system for public employees is a combination of both the size of the benefits and the young age at which one can begin drawing their lifetime pension income. As you know,police officers, firemen, and prison guards may be eligible to draw 90%of their salary as early as age 50. This is a.3%at age 50 formula_ Why was this age set so low and this percentage set so high? I have in my office some PERS booklets from 1995 at which time both the State Patrol and Local Safety PERS formulas were 2%at age 50. So we have both lowered the minimum retirement age and increased the maximum percentage of pay for every year of service, all at a time when people are living longer and at a time when government revenue at all levels is shrinking(as are returns on pension fund investments). I grant you that these occupations are dangerous ones,but at the same time no one is forcing people to accept these positions. I would also submit to you that these positions are well compensated,pension issues aside. I believe our police officers are paid higher wages than those of an LAPD officer while at the same time facing less risk in their occupation than that of their counterpart in Los Angeles. Have we had trouble recruiting officers when an opening occurs? .i The Wall Street.Journal article goes on to quote former Assembly Speaker Willie Brown (regarded as a well know liberal)as saying"The deal used to be that civil servants were paid less than private sector workers in exchange for an understanding that they had job security for life. But we politicians—pushed by our friends in labor-gradually expanded pay and benefits...while keeping the job protections and layering on incredibly generous retirement packages...At some point, someone is going to have to get honest about the fact." This, I believe, is the major problem we all face today with regards to this issue. Public servants,particularly in our city and county, are among the highest compensated employees in our workforce,have incredible job security,lucrative benefits packages and paid holidays,and have the richest pension plans when compared with their counterparts in the private sector. I think you would be hard pressed to find many private sector employees in our city who have the pay scale,job security,benefits packages, and generous pension plan that our city employees enjoy. In fact,the trend over the past couple of decades is for private sector employers to do away with their pension plans and replace them with defined contribution plans,typically known as 401(k)plans. To continue citing the WSJ article, even our State Treasurer Bill Lockyer(a Democrat) recently told a legislative hearing in October,2009 that public employee pensions would "bankrupt"the state. And the chief actuary for the Public Employees Retirement System has called the current pension system"unsustainable. What more evidence does one need to realize we face a significant crisis which only worsens with time? The second article enclosed is taken from Cal Coast News,a local investigative reporter's website. It details how our local Under Sheriff, Steve Bolts, retired and then returned to active payroll, and is expected to take home between$640,000 to $772,000 this year alone! Something is terribly wrong(in my opinion)with salaries and pensions(occurring simultaneously)at this inflated level. How can one justify his income at this level for one year? Imagine the number of uniformed officers who could be patrolling our streets if this money were made available for their salaries? And Sheriff Pat Hedges is taking home an estimated$340,000 this year alone. I realize these are county employees and out of your jurisdiction, but they do illustrate a problem inherent with the public pension system at all levels, including our city. In conclusion,the time is now to take some decisive action to address the pension crisis we face and which our children will face if we(you)don't act responsibly. Perhaps it can be solved by raising the retirement age and decreasing the percent paid for every year of service(say 2%at age 60?). Or,perhaps it can be solved by scrapping the pension system altogether for new hires (as private industry has done), while continuing the current pension system for those already in the system, although perhaps some reductions may still need to made to the current level of promised benefits? These are issues for the actuaries to address and assess. Regardless of the solution,the fact is that the current system is broken and unsustainable. Something needs to be done very soon as the situation will only deteriorate all the more rapidly as the current baby boomer generation nears and enters retirement. Whatever you do,please seriously address this issue despite the political costs you may incur. This is your responsibility as our city's leaders; that is why you have been granted the public's trust. We look to you and count on you to make these tough choices to keep our city solvent both now and in the future. Thank you. Very truly yours, be-pv� John Grady 4490 Poinsettia Street San Luis Obispo,CA 93401 Steven Greenhut: Public Employee Unions Are Sinking California- WSJ.com Page 1 of 3 wvnm.djreprints.mm See a sample reprnt in PDF tormar. Order a.eprim of this amde nov: THEW-ALL STREETJOMAL., OPINION:CROSS COUNTR` Public Employee Unions Are Sinking California Months after closing its last budget gap, the Golden State is$2o billion in the red. STEVEN GREENHLiT Sacramento An old friend of mine has a saying,"Even the worm learns."Prod one several hundred times,he says,and it will learn to avoid the prodder.As California enters its annual budget drama,I can't help but wonder if the wisdom of the elected politicians here in the state capital equals that of the earthworm. The state is in a precarious position,with a 12.3%unemployment rate(more than two points higher than the national average)and a budget$2o billion in the red(only months after the last budget fix closed a large deficit).Productive Californians are leaving for states with less punishing regulatory and tax regimes.Yet so far there isn't a broad consensus to do much about those who have prodded the state into its current position:public employee unions that drive costs up and fight to block spending cuts. Earlier this month,Gov.Arnold Schwaizenegger proposed a budget that calls for a$6.9 billion handout from Washington(unlikely to be forthcoming)and vows to protect current education funding,40%of the state's budget.He does want to eliminate the Calworks welfare-to-work program and enact a 5%pay cut for state employees.These are reasonable ideas,but also politically unlikely. As the Sacramento Bee's veteran columnist Dan Walters recently put it,the governor's budget is "disconnected from economic and political reality."Mr.Walters suspects what will happen next: "Most likely, [the governor)and lawmakers will,to use his own phrase,'kick the can down the road'with some more accounting tricks and other gimmicks,and dump the mess on whoever is ill-fated to become governor a year hence." Mr:Walters'Jan.10 column was fittingly titled,"Schwarzenegger Reverts to Fantasy with Budget Proposal."Shortly before releasing his budget,the governor and Democratic state Senate President.Pro Tem Darrell Steinberg held a self-congratulatory news conference.Mr.Steinberg used the spotlight to bemoan what he deemed to be unfair attacks on California.Mr. Schwarzenegger told a hokey story about his pet pig and pony working together to break into the http://oniine.wsj.com/article email/SBI0001424052748703699204575017192296077118-1:.. 2/1/2010 Steven Greenhut: Public Employee Unions Are Sinking California- W SJ.com Page 2 of 3 dog's food.It was an example,he said,of how"last year,we here in this room did some great things working together." Meanwhile,activists are fast at work For example,the Bay Area Council,a moderate business organization,is pushing for a constitutional convention to reshape California's textbook-sized constitution.The council's aim is to ditch a constitutional provision that requires a two-thirds vote in the legislature to pass budgets.Other reforms being proposed include a plan to institute a part-time legislature and another plan to require legislators to pass drug tests.None of these ideas will ratchet down state spending. To do that California needs to take on its public employee unions. Approximately 85%of the states 235,000 employees(not including higher education employees) are unionized.As the governor noted during his$83 billion budget roll-out,over the past decade pension costs for public employees increased 2,000%.State revenues increased only 24%over the same period.A Schwarzenegger adviser wrote in the San Jose Mercury News in the past few days that,"This year alone, $3 billion was diverted to pension costs from other programs."There are now more than 15,000 government retirees statewide who receive pensions that exceed $1oo,000 a year,according to the California Foundation for Fiscal Responsibility. .Many of these retirees are former police officers,firefighters,and prison guards who can retire at age 50 with a pension that equals 9o%of their final year's pay.The pensions for these(and all other retirees)increase each year with inflation and are guaranteed by taxpayers forever— regardless of what happens in the economy or whether the state's pensions funds have been fully funded(which they haven't been). A 2oo8 state commission pegged California's unfunded pension liability at;$63.5 billion,which will be amortized over several decades.That liability,released before the precipitous drop in stock-market and real-estate values,certainly will soar. One idea gaining traction is to create a two-tier pension system to offer lesser benefits to new employees.That's a good start,but it would still leave tens of thousands of state employees in line to receive lucrative benefits that the state must find future revenues to pay for.Another is to enact paycheck protections that require union officials to get permission from their members before spending union dues on politics(something that would undercut union power). My hope is that these and other reforms find support in unlikely places.Former Assembly Speaker Willie Brown,a well-known liberal voice,recently wrote this in the San Francisco Chronicle:"The deal used to be that civil servants were paid less than private sector workers in exchange for an understanding that they had job security for life.But we politicians—pushed by our friends in labor—gradually expanded pay and benefits...while keeping the job protections and layering on incredibly generous retirement packages. .. . [Alt some point,someone is going to have to get honest about the fact.". State Treasurer Bill Lockyer,another prominent liberal Democrat,told a legislative hearing in October that public employee pensions would"bankrupt"the state.And the chief actuary for the. California Public Employees Retirement-System has called the current pension situation "unsustainable." http://onHne.wsj.com/article email/SB10001424052748703699204575017182296077118-1... 2/1/2010 Steven Greenhut: Public Employee Unions Are Sinking Calitbrma- W SJ.com Page 3 of 3 As the state careens toward insolvency,these remarks are the first sign.that some people are learning the lesson of the earthworm: Mr.Greenhut is director of the Pacfc Research Institute's journalism center and author of the new book"Plunder!How Public Employee Unions Are Raiding Treasuries,Controlling Our Lives and Bankrupting the Nation"(The Forum Press). Copyright 2009 Dow Jones&Company,Inc All Rights Reserved This copy is for your personal,noncommercial use only.Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.For non-personal use or to order multiple copies,please contact Dow Jones Reprints at 1-800- 843.0008 or visit i,ww.aireunms.com hq://online.wsj.com/atticle email/SB10001424052748703699204575017182296077118-1... 2/1/2010 I Top two sheriff officials double and triple dipping January 24,2010 10:39 pm By KAREN VELIE Though highly unusual, the methods San Lui's Obispo County's two top sheriff officials have adopted to double and even triple their incomes are entirely legal. In an interesting twist, San Luis Obispo County Under Sheriff Steve Bolts is taking home between $640,000 and $772,000 this year in retirement benefits and an hourly salary, while his boss, Sheriff Pat Hedges, takes home$340,000, according to calculations based on dates provided by Bolts. "I can see people saying this is double or triple dipping,"Bolts said. `But this is the pension plan and I am not hiding anything. All of that money is mine anyhow." The principal reason for Bolts' hefty income is the Deferred Retirement Option Program (DROP). Adopted by the board of supervisors in October 2006, DROP allows county employees to simultaneously collect both their full wages and benefits along with their full retirement for a period of no more than five years. According to Tony Petruzzi, executive secretary of the San Luis Obispo County Pension Trust, actuaries looked into DROP and determined the program does not increase county pension costs. While an employee is in DROP, the county no longer pays into the employee's pension account. "DROP allows them(county employees)to build up a nest egg for their retirement," Petruzzi said. "It's their own money." The primary goal of the DROP program is to retain experienced employees even after they make their full contributions to their retirement programs. Currently, sheriff's department personnel retire under a pension formula that allows members to retire at age 50 with 90 percent of their salaries. Opponents of DROP contend that allowing top tier employees, who have already reached their maximum pension contributions, to simultaneously receive retirement and wages results in increased costs to the taxpayers. In addition, opponents question the financial repercussions of allowing law enforcement employees to retire at 50 with 90 percent of their income. "We are losing positions with the people that work the bottom end," according to a sheriffs department employee who asked to remain anonymous. "If Hedges did away with Bolts, his salary could save two to three positions." In San Diego, a community with a rising unfunded public pension liability, the sheriff deputies' union recently agreed to increase their retirement age to 55. In addition, San Diego city officials are currently discussing DROP reform. There are 24 SLO County employees currently in DROP. DROP monies are stored in an investment account and paid in their entirety to employees when they retire. After three years in the program, Bolts retired on Jan. I and was immediately rehired as a temporary hourly employee. In addition to collecting his DROP account monies and his retirement, Bolts is currently 1 being paid between$70 and $82 an hour by the county. According to the county's temporary hire rules, Bolts can put in no more than 960 hours a fiscal year.However, because he was re-hired on Jan. I. the next 12 months fall into two separate fiscal years. Bolts said he plans to get paid for 1,920 hours before he steps'down from his second-in- command position at the end of 2010. Bolts regularly works more than 50 hours a week in his under sheriff position, sources said. In Jan. 2007, Hedges began to draw both his pension and his sheriff/coroner's salary. Earlier this year, he announced he would not run for re-election in June. Meanwhile, battered by a plunging financial market, SLO County is facing a$299 million deficit of unfunded pension liability. Public employee pension promises may be one of the most crippling fiscal disasters facing county taxpayers. SLO County is one oftwo California counties with independent employee retirement systems. The trustees who administer the local system have no authority to negotiate for, or to advocate for or against, any benefit adjustment. Only the SLO County Board of Supervisors has the power to determine whether future county employees will participate in a compensation package that is now far more generous than what most of their employers, the taxpayers of the county, receive. i (C X77 k,6—iz,6td T From: John D. Grady, CFP [mailto:jgradyslo@earthlink.net] Sent: Wednesday, February 24, 2010 2:30 PM To: Council ALL a ��L Subject: Pension Problems) ctrl� Aawe Dear City Council Members, 4�_Gf k I watched the Cal PERS pension presentation and the Council's follow up discussion last night on TV. The presentation pointed out many of the current pension concerns that you need to deal with very soon, as well as the likelihood of much greater city contributions that will be required into these plans in the very near future. It appears that as the actuaries do their number crunching that the city may be mandated more than one contribution increase in the very near future (Le., within the next two or three years). In as little as three years, the projected city contributioninto the Safety pension fund is over 46% of compensation (and could be higher) while the expected contribution into the Miscellaneous group's pension fund exceeds 23%. This is a huge sum of money, particularly in light of the salaries many of these individuals already receive and given that this is only a portion of their overall benefits package! The projected increased cost to the city (you and me) is over $2.5 million - a substantial sum of money to be found, particularly as we find ourselves cutting so much from our budget- items that we would never have imagined cutting just a few years ago. And as Mr. Carter correctly pointed out last night, don't be assured that the Measure Y tax revenue will be extended by the public when it is due to sunset unless you exhibit fiscal discipline in this matter. Many residents likely feel betrayed that the police officers have taken such a huge amount of this tax revenue and that these tax dollars are not being spent as promised. While I realize there was no action you were called upon to take last night, I was surprised and dismayed that there was not more discussion of the severity of this problem, its likely mounting costs to the city for years to come, and how you may begin to deal with the issue. The report cited a number of approaches other cities are taking to address their similar budget shortfalls as a result of this pension problem, including modifications to the pension formulas, two-tier pension systems and greater cost sharing by the employees. Only Councilmember Carter expressed any serious concern about this issue; the rest of you seemed to simply acknowledge the figures but expressed no sense of urgency. I believe serious and more public discussions need to begin now to make the public aware of this critical problem and to help lay the framework for upcoming union negotiations when current contracts , 1 i come to an end (I believe this was said to be at the end of 2010?). You can be certain the employee unions will muster public support for their cause when contract negotiations heat up, so now is the time to get the public's attention and educate them on this matter so they will better understand the position the City finds itself in, A couple of items particularly struck my attention. First is that the city (in all of its labor contracts) is at or near the high end of the benefits typically afforded to similar employees from cities throughout our state. For example, PERS allows 2% at 60 for Miscellaneous employees and we offer 2.7% at 55? PERS allows 2% at 55 for Safety and we offer 3% at 50? 1 don't know about you, but most of the people I know who live and work here in San Luis Obispo are here because they wont to be here, because our community has so much to offer. They did not come here for the money or the benefits! Many have come here (myself included) from Los Angeles, Orange County, or the San Francisco Bay Area and in so doing took tremendous pay cuts with no cuts in their cost of living or housing. They came here despite our low salaries and high housing costs because they want to live here and raise their families here. They did not need. rich paying jobs or pensions to attract them. People are here because they choose to be here. I find the argument specious when I hear that we need to offer the benefits and pensions we do to our public employees in order to attract and retain good, qualified employees, Have we had trouble in the past (when pensions were lower) attracting qualified, dedicated employees? Did we have high job turnover a few years ago when pension benefits were lower? I'm sure you could check this out if you believe this to be the case. How many applications are normally received when there is a public job opening of any kind in our city? If you lowered pension benefits to a more reasonable (and sustainable) level, we would have no lack of dedicated, well educated, and well qualified employees to fill the jobs available here. The second (and even more egregious) item that was brought to light at last night's meeting is the fact that instead of most employees paying in their normal (PERS mandated) 8%to 9% share of their pension costs, that the City of San Luis Obispo is picking up this cost, in addition to the City's employer cost. This obviously makes matters even worse and more costly than it need be. It's time the employees pay their own share of their pension costs, and even a portion of the City's share, unless or until these benefits are modified to a more realistic level. As the two speakers from the private sector pointed out, most people in this city have nothing even close to being comparable or even imaginable to the generous pensions that exist for our public employees. I was pleased to hear that the public is finally catching on to this serious issue and that three ballot initiatives are currently in the signature gathering stage. I hope the Council will be more pro-active on this matter and take the lead, studying the city's options, and making the public aware of ways in which you are addressing this issue. It is time now to begin serious planning as to how you will negotiate a more realistic and sustainable pension system for the greater good of all of the citizens of the city of San Luis Obispo. Thank you. Regards, John Grady San Luis Obispo RECEIVE® MAR 11 2010 March 8,2010 ������L' SLO CITY CLERK City Council Members City of San Luis Obispo 990 Palm St. San Luis Obispo,CA 93401 {�Gr—fA Re:Follow-up to pension discussion at Feb.23,2010 Council Meeting �C" )?nr� grt�u�••-a^{s Dear Council Members, Crr� hdcs 2 6-�L(c— I have addressed you in the past regarding the City's unfunded pension liabilitiesior all of its various employees who are covered by pension plans administered by Calpers. At your meeting of February 23,2010 a presentation was made to the Council by city staff as well as a Calpers representative regarding this situation. One of the charts included in that presentation projected within the next two or three years the cost to the city could increase to 46.9%of salaries for safety employees and to 23.3%of salaries for miscellaneous employees. I submit to you that these levels of city payments are unsustainable and will draw precious tax revenues away from basic city needs and public services. This is on top of the city's"pick up"of the employees' share of their pension contributions for many of the unions involved. Were the taxpayers of this city to be aware of these numbers, I do not believe you would find much support for continuing this practice. At the same time that social security has been raising the retirement age(and lessening the benefits paid),the city has been lowering the retirement age (and increasing the benefits paid). I am attaching two articles on this vital topic that I believe should be of special interest to you. One is from the Wall Street Journal dated March 1,2010;the other is from our local Tribune newspaper dated March 4,2010. Both articles point to the fact that the situation is only worsening,with Calpers considering lowering of their projected investment return going forward. This,of course,will only serve to exacerbate the problem and cost the city even more in pension obligations for many years to come. I urge you to consider and discuss means now to deal with this problem,particularly if labor union negotiations will be coming up later this year. I believe the current levels of city contributions to the Calpers pension fund are not sustainable,nor can the city afford the projected increases in the next two or three years. I believe you need to seriously study all alternatives to deal with this issue now, including raising the retirement age and/or lowering the percentage of salary paid for each year of service. If you are not able to adjust the pension formula for current employees,then I believe a two tiered system providing a different benefit schedule for new hires is in order. I also believe the city needs to stop its"pick up"of the employee pension contribution and have the employees shoulder their own pension contribution as part of any new labor negotiations. I was disappointed at your seeming lack of concern and sense of urgency at the February 23 meeting regarding this topic. Only Councilmember Andrew Carter expressed concern over this situation and indicated the need to deal with this issue in a timely manner.. I hope you find these two articles useful in generating some productive dialogue among all the council members. Very ytruly yours, lJ L,� e4 John Grady 4490 Poinsettia Street San Luis Obispo,CA 93401 Tel. 544-2242 J' (�+,^�N Al V O.< (A.'.y• .ill• Cy . (ry ,5•„m,�,n ,,, r . °cN �,�w.mCa .���•»7fA� � w_��. 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Bx1�ers asFEri ;;ealillg aoic ear t 0, }�r'q%tions, ]fir ilsell lry . loses AR fin 4�ss the earn,the #hey geed t�el�t.s e�here else peFr! 3Year on its '4 y > l7Ce }gi{es -iruf is now aF d T i.r 1 urged by consultants andat'Y bf oink �8 retitretnent sys T-5 ts'i�ehrg�s} $ys to:Beate ack a ,figure: '&ahead,Ca rnia—two huge irnphcations#or twit port#ti t t;$ ry b e sweat lirg;piibhc ension,`ftiuds "payers atTd-public employ tem§; c Y are s r m: eXieYe-tth�Y Il egrh Ec ees.A reduction in thein aotix eirxnvestinentsth•vestmentprnilkianswould lens: of#1an�Publia :xpQ�e eY Kaye f� �iegenfl "`lfvv��mleskthan�P�pr..iIIvestment resales Pot ►Pre preisygq on tax • jtRetii'entedt,Sya {n otherlsou ccs, Such change,would have payers and workers to sup-, te��t,,Ga7lfernia'-State t: or msi�►noe, CAIS" R See fiE1 SIGNS,A5: r - implications. ° Those forecasts were 'forte fitrSds,wlhic�Ih caintrol a IISIOIIS "We need to dp,some phi Qwn seri OV ,out of .ct tihi i 1 billion'an a Fiam Page Ai thing,"board mem' blir avd ack,.when.the financial ":setsar d b�lions df dflf state thing," John.phi markets cullagseii in late ..hare' p anion obGgatwns dudes'iiit6 the '.chit,we're going toanake-it•,ang"said "l;also don't want '2008 CaiPER.S dost 23 up where?"board member to overreacts" -centofzt"'portfolio in the fis•" future Bothh system is are sig Kathy Brugger asked her About M percent of Cal- cnlye4tbat.ended7astJune;. tiificaritly,. tinderfundod, colleagues at a meeting last 'SIRS'"mpneycomes:from its land"CalS11tS lost 25 P%Mt ; yeti j leans their liabilities month.The board plans to 'investment returns,with the With markets as volatile outweigh•theii assets by decide in September:':if'it rest coming#tnm school dis- as they.are, some exper=ts tens—.,of billions of dollars. should lower the estimatetricts,thestate and teachers.'sap it's silly for pension Chit g f 'ar investment Thousands�ofstate em- Although results m any giv f mils••to agonize over guar- predi pias makes that`out ployees and retirees in san enyearovarywidelyfrom 'tergioiat or half point look'ttvoise.. Luis Obispo County.rely on whaYs predicted,.the fors .-changes`in their forecasts. . If the;forecasts are re- the two systems"for their re- casts haite;an almost sacred 'There's no way we can duced, '`your liabilities are tirements, quality tathem They repte- •'estimatie expected rates of. goingto look bigger," said Even if the two funds sent a pension fund's funda- return with that degree of Alicia Munnell, director of don't lower their investment mental long-term expecta- precision," said Brad Bar- Boston College's Center for forecasts,they're still look tion of its financial health. ber, a professor of firtance ,Retirement Research. "It in to>taxpayet s to help They change ina'reanen nc}'petisioia eirpert at fie mati6ii a lot them recover from recent tally and hardly ever. " t Graduate"School'of Man Wh$e Ca MS expects to investment losses Ca1S1 RS hasn't altered its agement at UC Davis, d de itsorecast,.this fall, Ca1PEPS,wliicb has the forecast sinde 1,996;°`The %', tit even mmar`elianges ` �y is itist begihlning . authority to.set its contribu: CaIPERS estimate•has,held -n investment assumptions, :to ei� ine the issue and tion rates, is imposing in- steady at 9.75 percent Since could_eade enormous bon- 'doesftb'n a board-vote un- creases of about 6 percent 2003sequence§for,the•twq'Can-• til next February, . to 10 percent on the state as well as the local govern- ments that use it for pen- sions. CaISTRS, ,which needs the Legislature's ap- proval to raise rates;.plans to petition lawmakers for an in- crease som_etime'nest year. Employee 'contributions might go upas well. . .� 'elinitifCb.YrelcYaIAsW%�the-two hsnl^�d+�s-^4 are responding to;tne.olgnr bioedtlOQbiMO6tk*W.M- the fisbalyear that ended last June. Althdugh they've-re- some of hey've re- someof thciilosses; the prospect pfa.tepid:eco notnicrecovery is proinpti[ig pension funsis acrdss.the count=y to,lower their'p;e- diciions. In Ca1PERS',.caae; sgme of the pressure_is coin- iog from th" hbvaizeneg- ger administration,which ac- cpsed:the.l nd of:06t.beui9 4.1oats problem. `Consultant NimCollier,of morlinan Inc.;said Ga15`.. I currentforeras f:8pe ceent is reasonabkbat"Wo iewl*. aggressive:";<.1Vlost o�.'�is clients assume annual*,re- turns of 7.75;percent,and. several are cutting•tl a fore-. cast.by ao ggar po#t— Wb le he said there's no one right answer,he suggested CaISTRS reduc¢ is fore5ast, Several board m e.inbers indicated they wo}i[il bewiJ iog to reduce the forecast but openly.fretted about the N m _U m •� •� m 1: fA cc C O A 0 0 CD U o 0 o c 0 g A R Z O rML Al r � a 0 N c w C = c _ E 0 c 00 o0 O 's V m o V V l0 3 L U N W O c U W 0 o � N a � o ■ ■ �[ CL W O w ca w .. U c > o z H y o Vona w Uiz «: �. 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