| Funding | Assumed | Base | Assumed | Amortization | Valuation | Asset | |||||||||||||||
| Rank | PLAN SPONSOR | Method | Investment | Wage | "Excess" | Period | Asset | Smoothing | |||||||||||||
| 2014 | 2013 | 2011 | 2010 | 2009 | Return | Inflation | Investment | (years) | Corridor | Period | |||||||||||
| Return | |||||||||||||||||||||
| (a) | (b) | (a) - (b) | |||||||||||||||||||
| 1 | 1 | 1 | 2 | 2 | CalPERS - Legislative | EAN | 5.75% | 3.00% | 2.75% | 30-declining but FR > 100% | Y: 80-120 | 15 | |||||||||
| 2 | 4 | 5 | 4 | 4 | Contra Costa County | EAN | 7.25% | 4.00% | 3.25% | 9 - declining; G/L 18 layered | N | 5 | |||||||||
| 3 | 2 | 9 | 9 | 10 | San Mateo County | EAN | 7.50% | 3.75% | 3.75% | 10 - declining; G/L 15 layered | Y: 80-120 | 5 | |||||||||
| 4 | 7 | 10 | 11 | 15 | City of San Diego 5 | EAN | 7.25% | 3.30% | 3.95% | 14-declining;G/L layered 15. most level $$ | Y: 80-120 | 4 | |||||||||
| 5 | 3 | 4 | 5 | 5 | CalPERS - Judges 1 | EAN | 7.00% | 3.00% | 4.00% | 20-declining; G/L 30 layered | Y: 80-120 | 15 | |||||||||
| 6 | 8 | 11 | 37 | 36 | Alameda-Contra Costa Transit 4 | EAN | 7.25% | 3.00% | 4.25% | most 15-declining to 12 then open | Y: 80-120 | 5 | |||||||||
| 7 | 11 | 13 | 10 | 12 | Ventura County | EAN | 7.75% | 4.00% | 3.75% | 6-declining; G/L 15 - layered | N | 5 | |||||||||
| 8 | 5 | 6 | 8 | 7 | LA Department of Water & Power | EAN | 7.75% | 4.25% | 3.50% | 15 - layered Level $$ | N | 5 | |||||||||
| 9 | 6 | 12 | 12 | 16 | San Bernardino County | EAN | 7.75% | 4.00% | 3.75% | 9-declining; G/L layered 20 | N | 5 | |||||||||
| 10 | 22 | 20 | 22 | 24 | Fresno County | EAN | 7.25% | 3.75% | 3.50% | 20-declining; G/L 15 layered | Y: 70-130 | 5 | |||||||||
| 11 | 10 | 8 | 3 | 3 | City & County of San Francisco | EAN | 7.50% | 3.75% | 3.75% | 20-layered; G/L 15 layered | N | 5 | |||||||||
| 12 | 13 | 14 | 13 | 11 | Sonoma County | EAN | 7.50% | 4.00% | 3.50% | 14-declining; G/L 20 layered | N | 5 | |||||||||
| 13 | 33 | 32 | 31 | 32 | City of Fresno (Safety) | EAN | 7.50% | 3.75% | 3.75% | 15 rolling (100+% FR) | N | 5 | |||||||||
| 14 | 34 | 31 | 32 | 33 | City of Fresno (General) 6 | EAN | 7.50% | 3.75% | 3.75% | G/L 15 layered | N | 5 | |||||||||
| 15 | 9 | 21 | 21 | 14 | Marin County 4 | EAN | 7.50% | 3.50% | 4.00% | most 17-rolling thru 2013, then declining | Y: 80-120 | 5 | |||||||||
| 16 | 18 | 18 | 30 | 31 | Santa Barbara County | EAN | 7.50% | 3.50% | 4.00% | most 17-rolling | Y: 80-120 | 5 | |||||||||
| 17 | 12 | 34 | 33 | 35 | Orange County | EAN | 7.25% | 3.75% | 3.50% | 21-declining; G/L 15 layered | N | 5 | |||||||||
| 18 | 23 | 22 | 15 | 17 | Imperial County | EAN | 7.50% | 3.75% | 3.75% | 18 - declining; G/L 15 layered | Y: 70-130 | 5 | |||||||||
| 19 | 28 | 28 | 25 | 23 | San Joaquin County 7 | EAN | 7.50% | 3.25% | 4.25% | 19-declining | Y: 80-120 | 5 | |||||||||
| 20 | 14 | 15 | 6 | 6 | University of California | EAN | 7.50% | 4.00% | 3.50% | 27-declining, G/L 30 layered Level $$ | N | 5 | |||||||||
| 21 | 15 | 16 | 14 | 9 | Merced County | EAN | 7.75% | 3.75% | 4.00% | 17- declining | Y: 70-130 | 5 | |||||||||
| 22 | 31 | 30 | 29 | 30 | San Diego County | EAN | 7.75% | 4.00% | 3.75% | 11-declining; G/L 20 layered | N | 5 | |||||||||
| 23 | 17 | 3 | 7 | 13 | City of San Jose (Safety) | EAN | 7.25% | 3.50% | 3.75% | 25(Police) 27(Fire) - declining ; G/L 16 layered | Y: 80-120 | 5 | |||||||||
| 24 | 19 | 19 | 19 | 21 | Tulare County 9 | EAN | 7.90% | 4.00% | 3.90% | 15 - rolling | N | 10 | |||||||||
| 25 | 16 | 17 | 16 | 19 | Los Angeles Fire & Police | EAN | 7.75% | 4.25% | 3.50% | Non- G/L most 24 declining; | Y: 60-140 | 7 | |||||||||
| G/L-most 20 layered. | |||||||||||||||||||||
| 26 | 20 | 24 | 23 | 25 | Kern County | EAN | 7.75% | 4.00% | 3.75% | 22.5 - declining; G/L 18 layered | Y: 50-150 | 5 | |||||||||
| 27 | 21 | 35 | 35 | 28 | San Luis Obispo County 8 | EAN | 7.25% | 3.25% | 4.00% | 27 - declining | N | 5 | |||||||||
| 28 | 24 | 23 | 17 | 20 | Alameda County | EAN | 7.80% | 4% | 3.80% | 20 - declining ; G/L 20 layered | Y: 60-140 | 5 | |||||||||
| 29 | 25 | 25 | 24 | 29 | Sacramento County | EAN | 7.50% | 3.50% | 4.00% | Most 22 - declining; G/L 20 layered | Y: 70-130 | 7 | |||||||||
| 30 | 26 | 26 | 20 | 22 | City of Los Angeles | EAN | 7.75% | 4.25% | 3.50% | most 29-declining ; G/L 15-layered | Y: 60-140 | 7 | |||||||||
| 31 | 29 | 33 | 34 | 40 | City of San Jose (General) | EAN | 7.50% | 3.25% | 4.25% | 26 - declining; G/L layered 20 | N | 5 | |||||||||
| 32 | 30 | 36 | 27 | 8 | Mendocino County | EAN | 7.75% | 4.00% | 3.75% | 26-declining; G/L 18 layered | Y: 75-125 | 5 | |||||||||
| 33 | 32 | 37 | 38 | 37 | CalPERS 3 | EAN | 7.50% | 3.00% | 4.50% | most-layered 20; G/L 30-layered | N | N/A | |||||||||
| 34 | 27 | 27 | 26 | 27 | Los Angeles County | EAN | 7.50% | 3.50% | 4.00% | 26 - declining; G/L 30 layered | N | 5 | |||||||||
| 35 | 36 | 40 | 40 | 39 | East Bay Municipal Utility | EAN | 7.75% | 3.75% | 4.00% | 30 - layered; Future G/L-20 layered | Y: 70-130 | 5 | |||||||||
| 36 | 37 | 39 | 39 | 38 | Stanislaus County 5 | EAN | 7.75% | 3.50% | 4.25% | 24 - declining | Y: 80-120 | 5 | |||||||||
| 37 | 35 | 29 | 28 | 26 | CalSTRS | EAN | 7.50% | 3.75% | 3.75% | 1.2%.15%< than 30-year amortization | N | 3 | |||||||||
| NOTES: | Bold indicates change from previous survey. | ||||||||||||||||||||
| 1: This does not reflect the closed Judges I system: features include pay-as-you-go funding and a 4.25% assumed investment return | |||||||||||||||||||||
| 2: Legal agreement determines contribution level -- pegged to specified funded ratios | |||||||||||||||||||||
| 3: Reflects two-year lag in valuations | |||||||||||||||||||||
| 4: 50% of "extraordinary" 2008/09 losses amortized over 30 years | |||||||||||||||||||||
| 5 No pay Increases assumed for near term. System is closed for non-Police | |||||||||||||||||||||
| 6 Amortization will revert to average future working lifetime, roughly 10 years, in event FR becomes < 100% | |||||||||||||||||||||
| 7 Extraordinary 2008 actuarial loss amortized over 30 years | |||||||||||||||||||||
| 8 2008 actuarial losses amortized over 10 years | |||||||||||||||||||||
| 9 Assumed Investment return will be reduced by 0.05% annually until 7.0% reached | |||||||||||||||||||||
| 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 | |||||||||||||||||||||
| Effective with the 2013 survey, the number of entities was reduced from 40 to 37, eliminating three small closed systems. | |||||||||||||||||||||