Pension information

Actuarial valuation misc. 2008-2009 Actuarial valuation safety. 2008-2009 Highlights of Dec 17, 2004 meeting - CAO and Auditor CAO Discloses Retirement Liability—quotes from Larry Combs, CAO letter (page 3 of 4 page attachment) to Robert Stark, Auditor-Controller, dated December 2, 2004: “It is possible that PERS will recommend that the $16 million UAAL [Unfunded Actuarially Accrued Liability] due to the plan amendments be paid off over 20 years, and that the separate $10 million UAAL created due to new PERS assumptions be paid off over a separate and different number of years.” Auditor-Controller’s comment: $16 million + $10 million = $26 million The Auditor-Controller estimated $27.3 million. Mr. Combs wrote, “we believed [your report] to be in error.” The difference from the CAO’s estimate is due to rounding. We’ll have to sharpen our pencils when we actually get down to the nitty-gritty of financing this with pension obligation bonds, but in any case, either calculation is at least as precise as the county’s annual budget.