Laserfiche WebLink
6.1.C. - Page 14 <br />Table No. 7.2 — Menlo Park's projected increases in pension contribution costs from FY 2016-2017 <br />to FY 2024-2025 and FY 2027-2028.................................................................................................. 22 <br />Table No. 7.3 — City of Pacifica's projected increases in pension contribution costs from FY 2016- <br />2017 to FY 2024-2025 and FY 2027-2028......................................................................................... 23 <br />Pension Information Provided by the Cities Could be Substantially Improved ............................. <br />23 <br />What can the Cities do About Their Rising Pension Costs?............................................................. <br />24 <br />Developa Financial Plan.................................................................................................................... <br />24 <br />Specific Measures for the Cities to Consider...................................................................................... <br />25 <br />(1) Make Supplemental Contributions to Ca1PERS.....................................................................26 <br />(2) Make Contributions to a Reserve............................................................................................ <br />28 <br />(3) Establish IRS Section 115 non -revocable trusts..................................................................... <br />30 <br />(4) Negotiate Cost -Sharing Arrangements with Employees......................................................... <br />31 <br />(5) Pension Obligation Bonds(POBs).......................................................................................... <br />31 <br />(6) Shorten Amortization Periods................................................................................................. <br />32 <br />(7) Keep Salary Increases Within the Rate Assumed by Ca1PERS.............................................. <br />33 <br />(8) Reduce Operating Costs.......................................................................................................... <br />33 <br />(9) Seek New Revenue................................................................................................................. <br />34 <br />Measures That Appear Unavailable at this Time................................................................................ <br />34 <br />(a) Renegotiating employee pension formulas............................................................................. <br />34 <br />(b) Adopting a defined contribution pension plan for new employees ......................................... <br />35 <br />(c) Withdrawing from Ca1PERS................................................................................................... <br />35 <br />Conclusion............................................................................................................................................. <br />35 <br />FINDINGS.............................................................................................................................................. <br />36 <br />RECOMMENDATIONS...................................................................................................................... <br />38 <br />REQUESTFOR RESPONSES............................................................................................................40 <br />METHODOLOGY................................................................................................................................ <br />41 <br />APPENDIX A — CITIES' PENSION DATA.........................................................................................1 <br />APPENDIX B - HOW TO FIND PENSION DATA IN THE CITIES' CAFRS................................1 <br />BIBLIOGRAPHY....................................................................................................................................1 <br />Articles and Reports that are cited in report........................................................................................1 <br />Cities' Annual Financial Reports that are cited in the report or relied upon for the data reflected <br />inAppendix A........................................................................................................................................ <br />11 <br />Supplemental materials not cited in report but that were reviewed in the Grand Jury's <br />investigation...........................................................................................................................................15 <br />2017-18 San Mateo County Civil Grand Jury <br />