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California 2009 Funding Assumption Survey |
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Roeder Financial |
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Updated July 16, 2009 |
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Funding |
Assumed |
Base |
Assumed |
Amortization |
Valuation |
Rank |
PLAN SPONSOR |
Method |
Investment |
Wage |
"Excess" |
Period |
Asset |
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Return |
Inflation |
Investment |
(years) |
Corridor |
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Return |
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(a) |
(b) |
(a) - (b) |
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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 |
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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 |
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No amortization if FR>91% |
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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 |
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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 |
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G/L - most layered 15 |
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20 |
City of Oakland - Closed |
Aggregate |
8.00% |
3.25% |
4.75% |
N/A - Well Overfunded |
N |
21 |
Tulare County |
>
EAN |
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 |
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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 |
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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 |
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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 |
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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 |
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NOTES: |
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COLOR CODE: |
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Most Optimistic |
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1: Administrator shortly anticipates reduction in amortization period policy. |
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Most Conservative |
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2: Legal agreement determines contribution level. |
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3: For contract agencies, corridor temporarily widened with possible "special" amortization bases |
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FR = Funded ratio |
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G/L = actuarial gains/actuarial losses |
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POB = Pension Obligation Bond |
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Survey by roederfinancial.com |
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