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�6.4.A. - Page 23 <br /> There are some important facts to note. <br /> 1. These liabilities are as of 6/30/2011. This is the date of our most recent valuation. In March of <br /> 2012, the CaIPERS board voted to lower their assumed discount rate used in the valuations. The <br /> increase in the liabilities due to the change of discount rate was reflected in this calculation. <br /> 2. The stated asset amounts for your plan are as of 6/30/2011. They are provided on a market <br /> value and actuarial value basis. The market value of assets represents the value one could expect <br /> to receive for the City's assets in the open market. The actuarial value of assets is the asset <br /> number the actuarial office uses to set the City's employer contribution rate. <br /> If you have questions, feel free to call me at (916)795-3427. <br /> � �� <br /> DAVID DU BOIS, FSA <br /> Senior Pension Actuary, CaIPERS <br />