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Funding |
Assumed |
Base |
Assumed |
Amortization |
Valuation |
Asset |
|
Rank |
PLAN SPONSOR |
Method |
Investment |
Wage |
"Excess" |
Period |
Asset |
Smoothing |
|
2014 |
2013 |
2011 |
2010 |
2009 |
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Return |
Inflation |
Investment |
(years) |
Corridor |
Period |
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Return |
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(a) |
(b) |
(a) - (b) |
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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 $$ |
Y: 80-120 |
4 |
|
5 |
3 |
4 |
5 |
5 |
CalPERS - Judges 1 |
|
EAN |
7.00% |
3.00% |
4.00% |
20-declining; G/L 30 layered |
Y: 80-120 |
15 |
|
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6 |
8 |
11 |
37 |
36 |
Alameda-Contra Costa
Transit 4 |
EAN |
7.25% |
3.00% |
4.25% |
most 15-declining to 12 then open |
Y: 80-120 |
5 |
|
7 |
11 |
13 |
10 |
12 |
Ventura County |
|
EAN |
7.75% |
4.00% |
3.75% |
6-declining; G/L 15 - layered |
N |
5 |
|
8 |
5 |
6 |
8 |
7 |
LA Department of Water
& Power |
EAN |
7.75% |
4.25% |
3.50% |
15 - layered Level $$ |
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 |
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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 |
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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 |
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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 |
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G/L-most 20 layered. |
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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 |
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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 |
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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 |
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NOTES: |
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Bold indicates change
from previous survey. |
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1: This does not reflect the closed Judges
I system: features include
pay-as-you-go funding and a 4.25% assumed investment return |
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2: Legal agreement determines
contribution level -- pegged to specified funded ratios |
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3: Reflects two-year lag in
valuations |
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4: 50% of "extraordinary" 2008/09
losses amortized over 30 years |
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5 No
pay Increases assumed for near term.
System is closed for non-Police |
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6 Amortization
will revert to average future working lifetime, roughly 10 years, in event FR
becomes < 100% |
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7 Extraordinary
2008 actuarial loss amortized over 30 years |
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8 2008 actuarial losses amortized over 10
years |
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9 Assumed
Investment return will be reduced by 0.05% annually until 7.0% reached |
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Survey and related text
will be posted on roederfinancial.com We
can be contacted at (619) 300-8500 |
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FR =
Funded ratio |
G/L =
actuarial gains/actuarial losses |
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"Layered" means a new amotization base is created each year. |
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POB =
Pension Obligation Bond |
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Effective
with the 2013 survey, the number of entities was reduced from 40 to 37,
eliminating three small closed systems. |
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