California 2010 Funding Assumption Survey


























Roeder Financial












Updated May 4, 2010




























Funding Assumed Base Assumed Amortization Valuation Asset



Rank PLAN SPONSOR Method Investment Wage "Excess" Period Asset Smoothing



2010 2009



Return Inflation Investment (years) Corridor Period











Return
2010 2009









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

(if change)





















1 1 Oakland Police & Fire - Closed

N/A 7.50% 4.50% 3.00% N/A - 1997 POB Y: 90-110
5



2 2 CalPERS - Legislative 3

Aggregate 7% 3.25% 3.75% N/A Y: 60-140 Y: 80-120 15



3 3 City & County of San Francisco

EAN 7.75% 4.50% 3.25% 20-layered; G/L 15 layered N
5



4 4 Contra Costa County (2008)

EAN 7.75% 4.25% 3.50% 14 - declining; G/L 18 layered N
5




















5 5 CalPERS - Judges 3

Agg. EAN 7% 3.25% 3.75% N/A Y: 60-140 Y: 80-120 15



6 6 University of California

EAN 7.50% 3.50% 4.00% 15 - declining G/L 15 layer Level $$ N
5



7 13 City of San Jose (Safety)

EAN 8.00% 4.25% 3.75% 8 - declining ; G/L 16 layered Y: 70-130 Y: 80-120 5



8 7 LA Department of Water & Power5

EAN 8.00% 4.25% 3.75% 15 - layered Level $$ N
5




















9 10 San Mateo County

EAN 7.75% 4.00% 3.75% 14 - declining; G/L 15 layered Y: 80-120
5



10 12 Ventura County

EAN 8.00% 4.25% 3.75% 15 - layered N
5



11 15 City of San Diego

EAN 7.75% 4.00% 3.75% 18-declining;G/L mostly layered 15 Y: 80-120
4



12 16 San Bernardino County

EAN 8.00% 4.25% 3.75% 13-declining; G/L layered 20 N
5




















13 11 Sonoma County

EAN 8.00% 4.25% 3.75% 18-declining; G/L 20 layered N
5



14 9 Merced County

EAN 8.16% 4.50% 3.66% 18- declining Y: 70-130 Y: 80-120 5



15 17 Imperial County

EAN 7.90% 4% 3.90% 22 - declining Y: 70-130 Y: 80-120 5



16 19 Los Angeles Fire & Police

EAN 8% 4.25% 3.75% Non- G/L most 28 declining; Y: 60-140 Y:80-120 7 (5 in 2008)











G/L - most layered 15; Total equivalent to 17.5 years






17 18 Alameda County (2008)

EAN 8% 4% 4.00% 24 - declining Y: 60-140 Y: 80-120 5



18 20 City of Oakland - Closed (2007)

Aggregate 8.00% 3.25% 4.75% N/A - Overfunded N
1



19 21 Tulare County

EAN 7.90% 4.00% 3.90% 15 - rolling N Y:80-120 10(5 in 2008)



20 22 City of Los Angeles

PUC 8% 4.25% 3.75% 26-declining G/L 15-layered Y: 50-150 Y: 80-120 5




















21 14 Marin County 4

EAN 7.75% 3.50% 4.25% most 16-declining; 16 or 10 rolling Y: 80-120
5



22 24 Fresno County

EAN 8% 4% 4.00% 24-declining; G/L 15 layered Y: 70-130 Y: 80-120 5



23 25 Kern County

EAN 7.75% 4.00% 3.75% 26.5 - declining Y: 50-150
5



24 29 Sacramento County

EAN 7.875% 3.75% 4.125% 24 - declining Y: 70-130 Y: 80-120 7 (5 in 2008)



25 23 San Joaquin County

EAN 8.16% 3.75% 4.41% 20-rolling for next 3 years Y: 80-120
5




















26 27 Los Angeles County
EAN 7.75% 4.00% 3.75% 30 - declining; G/L 30 layered N
5 (3 in 2008)



27 8 Mendocino County

EAN 8.00% 4.00% 4.00% 30-declining Y: 80-120
5



28 26 CalSTRS (2008)

EAN 8% 4.25% 3.75% <1% fixed rate: = to 30+ year amort N
3



29 30 San Diego County

EAN 8.25% 4.25% 4.00% 20 - layered N
5



30 31 Santa Barbara County

EAN 8.16% 4.00% 4.16% 17-rolling Y: 80-120
5




















31 32 City of Fresno (Safety)

EAN 8.25% 4% 4.25% 15 rolling (100+% FR) N
5



32 33 City of Fresno (General)

PUC 8.25% 4% 4.25% 15 rolling (100+% FR) N
5

33 35 Orange County (2008)

EAN 7.75% 3.50% 4.25% 26-declining; G/L 15 layered N
5



34 40 City of San Jose (General) 1

EAN 7.75% 3.83% 3.92% 30 - declining; G/L layered 20 N
5



35 28 San Luis Obispo County

EAN 7.75% 3.75% 4.00% 30 - declining N
Normally 5















(10 for 2008)



36 34 Pasadena Fire & Police - Closed

NOTE 2 8.00% 3.80% 4.20% NOTE 2 N
5



37 36 Alameda-Contra Costa Transit 4

PUC 7.70% 3.20% 4.50% most 18-declining to 12 then open Y: 80-120
5



38 37 CalPERS 3

EAN 7.75% 3.25% 4.50% most-layered 20; some 30-declining Y:60-140 Y: 80-120 15



39 38 Stanislaus County

EAN 8.16% 4.00% 4.16% 25 - rolling Y: 80-120
5



40 39 East Bay Municipal Utility

EAN 8.25% 4.00% 4.25% 30 - layered Y: 70-130 Y: 80-120 5





















NOTES:





Bold indicates change from previous survey.

























1: Contribution impact of new economic assumptions phased in over 5 years















2: Legal agreement determines contribution level -- pegged to specified funded ratios















3: Corridor temporarily widened with possible "special" amortization bases















4: 50% of "extraordinary" 2008/09 losses amortized over 30 years















5: May 12 meeting will consider reduction in assumption to either 7.5% or 7.75%
































Survey and related text will be posted on roederfinancial.com We can be contacted at (619) 300-8500
































FR = Funded ratio G/L = actuarial gains/actuarial losses
"Layered" means a new amotization base is created each year.









POB = Pension Obligation Bond