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6.1.C. - Page 54 <br />R4: The Grand Jury recommends that, by June 30, 2019, each City develop and publish a <br />long-term financial plan to deal with rising pension costs, and update that plan annually. <br />Such a plan should include: <br />• Specific objectives, such as identifying a target Funded Percentage, eliminating <br />the Unfunded Liabilities over "n" years and maintaining the City's share of <br />Normal Costs at "n" percentage of payroll. <br />• Policies to achieve these objectives. <br />• Specific measures to implement the policies. <br />• A process to monitor progress in implementing the measures and in achieving the <br />objectives. <br />• Consideration of alternative policies and measures, or a "Plan B," that may be <br />used in the event that Ca1PERS's actuarial assumptions, especially the Discount <br />Rate, are not met in future years. <br />REQUEST FOR RESPONSES <br />Pursuant to Penal Code Section 933.05, the Grand Jury requests that the City Councils of each of <br />the following respond to the foregoing Findings and Recommendations referring in each instance <br />to the number thereof: <br />• The Town of Atherton <br />• The City of Belmont <br />• The City of Brisbane <br />• The City of Burlingame <br />• The Town of Colma <br />• The City of Daly City <br />• The City of East Palo Alto <br />• The City of Foster City <br />• The City of Half Moon Bay <br />• The Town of Hillsborough <br />• The City of Menlo Park <br />• The City of Millbrae <br />• The City of Pacifica <br />• The Town of Portola Valley <br />• The City of Redwood City <br />• The City of San Bruno <br />• The City of San Carlos <br />• The City of San Mateo <br />• The City of South San Francisco <br />• The Town of Woodside <br />2017-2018 San Mateo County Civil Grand Jury 40 <br />