	A	B	C	D	E	F	G	H	I	J	K	L	M	O	P	Q	R	S	T	U	W	X	Y	Z	AA
1											California 2021 Funding Assumption Survey
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4															Updated April 2021
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7															Assumed	Base	Assumed	Amortization	Valuation	Asset	Trailing Returns
8	RANK												PLAN SPONSOR		Investment	Wage	"Excess"	Period	Asset	Smoothing	5 Year	10 Year	15 Year	20 Year
10															Return	Growth	Return		Corridor	(years)	(market percents)
11	2021	2020	2019	2018	2017	2016	2015	2014	2013	2011	2010	2009			(a)	(b)	(a) - (b)
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13	1	2	3	4	5	5	5	4	7	10	11	15	City of San Diego 5		6.50%	3.05%	3.45%	7-declining and part layered ;G/L layered 15. most level $$	Y: 80-120	4	6.1
14	2	3	2	2	6	6	6	5	3	4	5	5	CalPERS - Judges System II 1, 3		6.50%	2.75%	3.75%	20; G/L 20 layered with some ramping; level $$	N/A (market)	N/A
15	3	4	4	3	4	3	3	3	2	9	9	10	San Mateo County		6.50%	3.00%	3.50%	3 - declining; G/L 15 layered	Y: 80-120	5 with offsets	4.9	8.0
16	4	5	5	5	2	4	4	23	17	3	7	13	City of San Jose (Safety) 9		6.625%	3.00%	3.625%	most G/L 15 layered	Y: 80-120	5
17	5	9	7	7	16	12	12	31	29	33	34	40	City of San Jose (General) 9		6.625%	3.00%	3.625%	most 19 - declining; most G/L layered 20	N	5	3.8	5.5
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19	6	6	8	8	7	8	8	8	5	6	8	7	LA Department of Water & Power		7.00%	3.25%	3.75%	G/L 15 - layered Level $$	N	5	6.38	7.89
20	7	18	16	15	29	29	30	32	30	36	27	8	Mendocino County		6.75%	3.25%	3.50%	19-declining; G/L 18 layered	Y: 75-125	5	5.73	8.27
21	8	17	13	12	31	30	28	29	25	25	24	29	Sacramento County		6.75%	3.00%	3.75%	Most 15 - declining; G/L 20 layered	Y: 70-130	7	6.36	8.43
22	9	7	30	30	30	21	26	20	14	15	6	6	University of California 8		6.75%	3.25%	3.50%	20-declining, G/L 20 layered Level $$	N	5	9.5	8.3
23	10	8	6	6	3	2	2	2	4	5	4	4	Contra Costa County		7.00%	3.25%	3.75%	3 - declining; G/L 18 layered	N	5	6.67	8.11
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25	11	10	9	19	18	17	22	22	31	30	29	30	San Diego County		7.00%	3.25%	3.75%	5-rolling; G/L 20 layered but not less than 5	N	5 10	5.26	7.49
26	12	11	10	11	10	14	14	12	13	14	13	11	Sonoma County		7.00%	3.25%	3.75%	8-declining; G/L 20 layered	N	5	7.32	8.94
27	13	12	11	9	8	11	11	10	22	20	22	24	Fresno County		7.00%	3.25%	3.75%	13-declining; G/L 15 layered	Y: 70-130	5	4.55	7.18
28	14	13	14	13	11	15	15	13	33	32	31	32	City of Fresno (Safety)		7.00%	3.25%	3.75%	G/L 15-layered; (100+% FR); surplus over 110%-30	N	5	5.42	8.94
29	15	14	15	14	12	16	16	14	34	31	32	33	City of Fresno (General) 6		7.00%	3.25%	3.75%	G/L 15 layered (100+% FR); surplus over 110%-30	N	5	5.41	8.94
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31	16	15	12	10	9	20	20	16	18	18	30	31	Santa Barbara County		7.00%	3.00%	4.00%	most 10-declining; G/L 19 layered and ramped	N/A(market)	N/A	5.5	7.3	5.4	5.0
32	17	16	26	24	13	7	7	6	8	11	37	36	Alameda-Contra Costa Transit 4		7.00%	3.00%	4.00%	8-declining; G/L 20 layered	Y: 80-120
33	18	19	17	16	19	18	17	17	12	34	33	35	Orange County		7.00%	3.25%	3.75%	14-declining; G/L 20 layered	N	5	6.82	7.13
34	19	20	18	17	21	24	19	15	9	21	21	14	Marin County 4		6.75%	2.75%	4.00%	10-declining; G/L 24 layered and ramped	N/A (Market)	N/A	6.5	9.2
35	20	21	19	18	15	10	10	9	6	12	12	16	San Bernardino County		7.25%	3.25%	4.00%	2-declining; most G/L layered 20	N	5	4.35	6.61
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37	21	23	21	21	20	19	18	18	23	22	15	17	Imperial County		7.00%	3.25%	3.75%	11 - declining; G/L 15 layered	Y: 70-130	5	5.85	7.87
38	22	22	20	20	24	23	21	25	16	17	16	19	Los Angeles Fire & Police		7.00%	3.25%	3.75%	most 17-declining; most G/L 20 layered;	Y: 60-140	7	6.45	8.78
39	23	25	23	22	28	28	27	28	24	23	17	20	Alameda County		7.00%	3.25%	3.75%	12 - declining ; G/L 20 layered	Y: 60-140	5	9.74	8.32
40	24	24	22	25	14	9	9	7	11	13	10	12	Ventura County		7.25%	3.25%	4.00%	G/L 15 - layered	N	5	6.44	8.26
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42	25	27	25	26	22	22	36	36	37	39	39	38	Stanislaus County		7.00%	3.00%	4.00%	16 - declining	Y: 80-120	5	5.0	8.1	6.1	5.7
43	26	29	27	27	25	27	25	27	21	35	35	28	San Luis Obispo County		6.875%	2.75%	4.125%	20- declining; G/L 20 layered	N	5	4.4	5.1			(Note: SLO Based on Actuarial value)
44	27	28	29	29	23	31	31	21	15	16	14	9	Merced County		7.00%	2.75%	4.25%	13- declining; G/L 24 layered Both with ramping	N/A(market)	N/A	6.5	8.4	5.7	5.0
45	28	31	31	31	33	32	32	30	26	26	20	22	City of Los Angeles		7.00%	3.25%	3.75%	most 22-declining ; G/L 15-layered	Y: 60-140	most 7	5.87	8.41
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47	29	32	32	32	37	37	29	24	19	19	19	21	Tulare County		7.00%	3.00%	4.00%	14-declining; G/L 19 layered	Y: 70-130	10	4.4	6.9
48	30	33	33	34	32	34	34	35	36	40	40	39	East Bay Municipal Utility		7.00%	3.25%	3.75%	Pre-2012 layered 30; Otherwise G/L-20 layered	Y: 70-130	5	6.24	9.31
49	31	26	24	23	27	25	24	26	20	24	23	25	Kern County		7.25%	3.25%	4.00%	15.5 - declining; G/L 18 layered	Y: 50-150	5	5.14	7.04
50	32	34	34	33	36	36	37	37	35	29	28	26	CalSTRS		7.00%	3.50%	3.50%	26 years with some laddered increases of 0.5%	N	3	6.82	9.31		5.77
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52	33	35	35	37	26	26	23	19	28	28	25	23	San Joaquin County 7		7.00%	3.00%	4.00%	13-declining; G/L 15 layered	Y: 80-120	5	5.3	6.5	4.3	4.8
53	34	36	37	36	35	35	35	34	27	27	26	27	Los Angeles County		7.00%	3.25%	3.75%	most 18- declining; G/L 20 layered	N	5	6.05	8.14
54	35	37	36	35	34	33	33	33	32	37	38	37	CalPERS 3		7.00%	2.75%	4.25%	pre-2019 G/L 30; G/L 20 level $$ with certain ramping	N/A(market)	N/A	5.8	9.1		5.8
55	36	30	28	28	17	13	13	11	10	8	3	3	City & County of San Francisco		7.40%	3.25%	4.15%	most 13-declining; G/L 20 layered	N	5
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59													NOTES:					Bold indicates change from previous survey.
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61													1: This does not reflect the Judges I system closed in 1994: features include pay-as-you-go funding and a 3% assumed investment return
62													2: Legal agreement determines contribution level -- pegged to specified funded ratios
63													3 Ramping up applies only to the investment portion of the gain/loss for first 5 years; not to the non-investment component
64													4: 50% of "extraordinary" 2008/09 losses amortized over 30 years
65													5 System is now closed for non-Police but subject to ongoing litigation and court challenges; $275,495,017 is minimum UAL amortization payment
66													6 Amortization will revert to average future working lifetime, roughly 10 years, in event FR becomes < 100%
67													7 Extraordinary 2008 actuarial loss amortized over 30 years
68													8 Post-7/1/16 hires have option to elect to be in defined contribution ("DC") plan; to date, roughly 35% have elected DC
69													6.5% contribution (increasing 0.5% per year until 9% is reached) will be made toward UAL for those in DC plan.
70													Additional state contributions may be required as phased employer rate up to 17% and 8% (approximate) employee rate are significantly below actuarial funding policy rate.
71													9 Amortization payments increase at less than wage inflation; for San Jose General-2.75%; for San Jose Safety-2.25%
72													10 Unrecognized losses as of June 30, 2019 combined into one layer of amortization over 4.5 years
73													Survey and related text will be posted on roederfinancial.com We can be contacted at (619) 300-8500
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75													FR = Funded ratio	G/L = actuarial gains/actuarial losses			"Layered" means a new amotization base is created each year.
76													POB = Pension Obligation Bond					DC = Defined Contribution
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78								Effective with the 2013 survey, the number of entities was reduced from 40 to 37, eliminating three small closed systems. Effective with the 2021 survey, the number of entities reduced to 36 to reflect omission of another closed system.
79								The amortization periods for assumption changes are often longer than for G/L and are not shown here. Often, there is a separate amortization policy applicable to benefit changes.