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California 2009 Funding Assumption Survey






Roeder Financial





Updated July 16, 2009



Funding Assumed Base Assumed Amortization Valuation
Rank PLAN SPONSOR Method Investment Wage "Excess" Period Asset



Return Inflation Investment (years) Corridor





Return




(a) (b) (a) - (b)











1 Oakland Police & Fire - Closed N/A 8.00% 4.75% 3.25% N/A - 1997 POB Y: 90-110
2 CalPERS - Legislative Aggregate 7% 3.25% 3.75% N/A Y: 80-120
3 City & County of San Francisco EAN 7.75% 4.50% 3.25% 15 or 20 open N
4 Contra Costa County (2007) EAN 7.80% 4.25% 3.55% 14-declining; 18-G/L layered N
5 CalPERS - Judges Aggregate 7%/7.25% 3.25% 3.75%/4% N/A N








6 City of San Jose (Safety) EAN 8.00% 4.50% 3.50% 16 - declining Y: 80-120
7 University of California EAN 7.50% 3.50% 4.00% 15 - layered Level $$ N
8 LA Department of Water & Power EAN 8.00% 4.25% 3.75% 15 - layered Level $$ N
9 Mendocino County EAN 8.00% 4.00% 4.00% 9-declining; Y: 80-120





No amortization if FR>91%
10 Merced County EAN 8.16% 4.50% 3.66% 16- declining Y: 80-120
11 San Mateo County EAN 7.75% 4.00% 3.75% 15 - layered Y: 80-120
12 Sonoma County EAN 8.00% 4.25% 3.75% 15-declining N
13 Ventura County EAN 8.00% 4.25% 3.75% 15 - layered N
14 Marin County (2007) EAN 8.00% 4.00% 4.00% 18-declining; 16 or 10 open Y: 80-120








15 City of San Diego EAN 7.75% 4.00% 3.75% 19-declining;15-G/L layered Y: 80-120
16 San Bernardino County EAN 8.00% 4.25% 3.75% 20 - layered N
17 Imperial County EAN 7.90% 4% 3.90% 23 - declining Y: 80-120
18 Alameda County EAN 8% 4% 4.00% 25 - declining Y: 80-120
19 Los Angeles Fire & Police EAN 8% 4.25% 3.75% Most 29 declining; Y: 80-120






G/L - most layered 15
20 City of Oakland - Closed Aggregate 8.00% 3.25% 4.75% N/A - Well Overfunded N
21 Tulare CountyEAN 7.90% 4.00% 3.90% 15 - open N
22 City of Los Angeles PUC 8% 4.25% 3.75% 27-declining G/L 15-layered Y: 80-120
23 San Joaquin County EAN 8.16% 3.75% 4.41% 10 - open Y: 80-120








24 Fresno County EAN 8% 4% 4.00% 25; new G/L 15 layered Y: 80-120
25 Kern County EAN 7.75% 4.00% 3.75% 27.5 - declining Y: 50-150
26 CalSTRS EAN 8% 4.25% 3.75% Small fixed rate (< 1%) N
27 Los Angeles County EAN 7.75% 4.00% 3.75% 30 - rolling: NOTE 1 N
28 San Luis Obispo County EAN 7.75% 3.75% 4.00% 26 - declining N








29 Sacramento County EAN 7.875% 3.75% 4.125% 25 - declining Y: 80-120
30 San Diego County EAN 8.25% 4.25% 4.00% 20 - layered N
31 Santa Barbara County EAN 8.16% 4.00% 4.16% 15 - layered Y: 80-120
32 City of Fresno (Safety) EAN 8.25% 4% 4.25% 15 rolling (100+% FR) N








33 City of Fresno (General) PUC 8.25% 4% 4.25% 15 rolling (100+% FR) N
34 Pasadena Fire & Police - Closed NOTE 2 8.00% 3.80% 4.20% NOTE 2 N
35 Orange County EAN 7.75% 3.50% 4.25% 26-declining; G/L 15 layered N
36 Alameda-Contra Costa Transit PUC 7.70% 3.20% 4.50% 19 - declining Y: 80-120








37 CalPERS EAN 7.75% 3.25% 4.50% G/L - open 30 Y: 80-120
38 Stanislaus County EAN 8.16% 4.00% 4.16% 30 - declining Y: 80-120
39 East Bay Municipal Utility EAN 8.25% 4.00% 4.25% 30 - layered Y: 80-120
40 City of San Jose (General) (2007) EAN 8.25% 4.00% 4.25% 30 - open N









NOTES:



COLOR CODE:






Most Optimistic

1: Administrator shortly anticipates reduction in amortization period policy.

Most Conservative

2: Legal agreement determines contribution level.




3: For contract agencies, corridor temporarily widened with possible "special" amortization bases




FR = Funded ratio
G/L = actuarial gains/actuarial losses






POB = Pension Obligation Bond


















Survey by roederfinancial.com