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AUDITOR / CONTROLLER - Auditor / Controller Krista Peterson
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Requested Action(s)
recommendation
a) INFORMATIONAL PRESENTATION - PARS 115 Trust
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Financial Impact:
No financial impact
Background Information:
The County is invested in the CalPERS Retirement program investment pool for current and retired employees. CalPERS identified and quantified the County’s Unfunded Accrued Liability (UAL) within that pool. At that time, a PERS Adhoc committee was formed, and they worked with a consultant to develop an Unfunded Accrued Liability Management Policy. The policy was intended to provide a road map for current and future generations of management to inform and guide in the process of considering and choosing options to address the UAL.
Resolution 2022-13, the adoption of the Public Agencies Post-Employment Benefits Trust, administered by Public Agency Retirement Services (PARS) was approved on February 2, 2022.