| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | AA | AB | AC | AD | AE | AF | |
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1 | Assumed | Base | Assumed | Amortization | Valuation | Asset | Trailing Returns | |||||||||||||||||||||||||
2 | RANK | PLAN SPONSOR | Investment | Wage | "Excess" | Period | Asset | Smoothing | 5 Year | 10 Year | 15 Year | 20 Year | ||||||||||||||||||||
4 | Return | Growth | Return | Corridor | (years) | (market percents) | ||||||||||||||||||||||||||
5 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2011 | 2010 | 2009 | (a) | (b) | (a) - (b) | |||||||||||||
6 | 1 | 1 | 1 | 4 | 2 | 3 | 2 | 2 | 6 | 6 | 6 | 5 | 3 | 4 | 5 | 5 | CalPERS - Judges System II 1, 3 | 6.00% | 2.80% | 3.20% | 9; G/L layered 20, all ramped | N/A (market) | N/A | |||||||||
7 | 2 | 2 | 2 | 1 | 3 | 4 | 4 | 3 | 4 | 3 | 3 | 3 | 2 | 9 | 9 | 10 | San Mateo County | 6.25% | 3.25% | 3.00% | 14; G/L 15-layered | Y: 80-120 | 5 | 6.4 | 6.1 | |||||||
8 | 3 | 3 | 3 | 2 | 1 | 2 | 3 | 4 | 5 | 5 | 5 | 4 | 7 | 10 | 11 | 15 | City of San Diego 5 | 6.50% | 3.25% | 3.25% | 3-declining and part layered ;G/L layered 15 | Y: 80-120 | 4 | 6.93 | 6.68 | |||||||
9 | 4 | 4 | 4 | 7 | 6 | 6 | 8 | 8 | 7 | 8 | 8 | 8 | 5 | 6 | 8 | 7 | LA Department of Water & Power | 6.50% | 3.00% | 3.50% | G/L 15 - layered Level $$ | N | 5 | 7.87 | 7.21 | 8.76 | 0 | |||||
10 | 5 | 5 | 5 | 16 | 11 | 10 | 9 | 19 | 18 | 17 | 22 | 22 | 31 | 30 | 29 | 30 | San Diego County | 6.50% | 3.00% | 3.50% | 1-rolling; G/L 20 layered | N | 5 | 6.96 | 6.24 | 8.15 | ||||||
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12 | 6 | 6 | 6 | 3 | 13 | 12 | 11 | 9 | 8 | 11 | 11 | 10 | 22 | 20 | 22 | 24 | Fresno County | 6.50% | 3.00% | 3.50% | 9-declining; G/L 15 layered | Y: 70-130 | 5 | 6.81 | 5.64 | 8.04 | ||||||
13 | 7 | 7 | 10 | 8 | 7 | 18 | 16 | 15 | 29 | 29 | 30 | 32 | 30 | 36 | 27 | 8 | Mendocino County | 6.50% | 3.00% | 3.50% | 12-declining; G/L 18 layered | Y: 75-125 | 5 | 7.54 | 6.65 | 8.96 | ||||||
14 | 8 | 8 | 7 | 5 | 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 | 7.8 | 5.7 | |||||||
15 | 9 | 9 | 8 | 6 | 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 15 - declining; most G/L layered 20 | N | 5 | 8.6 | 5.7 | |||||||
16 | 10 | 11 | 12 | 18 | 14 | 13 | 14 | 13 | 11 | 15 | 15 | 13 | 33 | 32 | 31 | 32 | City of Fresno (Safety) | 6.75% | 3.00% | 3.75% | if FR<100%, G/L 15 layered; if FR over 110%-30 | N | 5 | 8.29 | 7.25 | 9.23 | ||||||
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18 | 11 | 12 | 13 | 19 | 15 | 14 | 15 | 14 | 12 | 16 | 16 | 14 | 34 | 31 | 32 | 33 | City of Fresno (General) 6 | 6.75% | 3.00% | 3.75% | if FR<100%, G/L 15 layered; if FR over 110%-30 | N | 5 | 8.28 | 7.24 | 9.24 | ||||||
19 | 12 | 24 | 25 | 22 | 24 | 24 | 22 | 25 | 14 | 9 | 9 | 7 | 11 | 13 | 10 | 12 | Ventura County | 6.75% | 3.00% | 3.75% | G/L 15 - layered | N | 5 | 8.97 | 7.54 | 9.74 | ||||||
20 | 13 | 10 | 9 | 12 | 10 | 8 | 6 | 6 | 3 | 2 | 2 | 2 | 4 | 5 | 4 | 4 | Contra Costa County | 6.75% | 3.00% | 3.75% | G/L 18 layered except 2012-18 bases reset to 6 years remaining | N | 5 | 6.63 | 5.88 | 8.06 | ||||||
21 | 14 | 13 | 15 | 17 | 12 | 11 | 10 | 11 | 10 | 14 | 14 | 12 | 13 | 14 | 13 | 11 | Sonoma County | 6.75% | 3.00% | 3.75% | 4-declining; G/L 20 layered | N | 5 | 8.76 | 6.96 | 9.19 | ||||||
22 | 15 | 14 | 24 | 26 | 21 | 23 | 21 | 21 | 20 | 19 | 18 | 18 | 23 | 22 | 15 | 17 | Imperial County | 6.75% | 3.00% | 3.75% | 7- declining; G/L 15 layered | Y: 70-130 | 5 | 7.57 | 6.58 | 8.43 | ||||||
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24 | 16 | 15 | 11 | 9 | 17 | 16 | 26 | 24 | 13 | 7 | 7 | 6 | 8 | 11 | 37 | 36 | Alameda-Contra Costa Transit 4 | 6.75% | 3.00% | 3.75% | 4-declining; G/L 20 layered | Y: 80-120 | 5 | |||||||||
25 | 17 | 16 | 14 | 10 | 8 | 17 | 13 | 12 | 31 | 30 | 28 | 29 | 25 | 25 | 24 | 29 | Sacramento County | 6.75% | 2.75% | 4.00% | Most 11 - declining; G/L 20 layered | Y: 70-130 | 7 | 7.59 | 6.87 | 8.87 | ||||||
26 | 18 | 17 | 17 | 15 | 26 | 29 | 27 | 27 | 25 | 27 | 25 | 27 | 21 | 35 | 35 | 28 | San Luis Obispo County | 6.75% | 3.00% | 3.75% | 15- declining; G/L 20 layered | N | 5 | 7.6 | 5.7 | 8.1 | ||||||
27 | 19 | 18 | 18 | 30 | 30 | 33 | 33 | 34 | 32 | 34 | 34 | 35 | 36 | 40 | 40 | 39 | East Bay Municipal Utility | 6.75% | 3.00% | 3.75% | Pre-2012 layered 30; Otherwise G/L-20 layered | Y: 70-130 | 5 | 7.46 | 7.07 | 9.51 | ||||||
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29 | 20 | 19 | 19 | 33 | 33 | 35 | 35 | 37 | 26 | 26 | 23 | 19 | 28 | 28 | 25 | 23 | San Joaquin County 7 | 6.75% | 3.00% | 3.75% | 9-declining; G/L 15 layered | Y: 80-120 | 5 | 7.0 | 5.3 | 6.6 | 4.9 | |||||
30 | 21 | 20 | 20 | 13 | 27 | 28 | 29 | 29 | 23 | 31 | 31 | 21 | 15 | 16 | 14 | 9 | Merced County | 6.75% | 2.75% | 4.00% | 9-declining; G/L 24 layered Most with ramping | N/A(market) | N/A | 8.7 | 7.3 | 8.9 | 6.5 | |||||
31 | 22 | 21 | 21 | 14 | 25 | 27 | 25 | 26 | 22 | 22 | 36 | 36 | 37 | 39 | 39 | 38 | Stanislaus County | 6.75% | 2.75% | 4.00% | 12 - declining; G/L 20 layered | Y: 80-120 | 5 | 6.7 | 6.2 | 8.6 | 6.6 | |||||
32 | 23 | 22 | 22 | 20 | 16 | 15 | 12 | 10 | 9 | 20 | 20 | 16 | 18 | 18 | 30 | 31 | Santa Barbara County | 7.00% | 3.00% | 4.00% | most 6-declining; G/L 19 layered and ramped | N/A(market) | N/A | 7.7 | 6.6 | 8.3 | 6.5 | |||||
33 | 24 | 23 | 23 | 21 | 19 | 20 | 18 | 17 | 21 | 24 | 19 | 15 | 9 | 21 | 21 | 14 | Marin County 4 | 6.75% | 2.75% | 4.00% | 6-declining; G/L 24 layered and ramped | N/A (Market) | N/A | 7.7 | 7.2 | 9.0 | ||||||
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35 | 25 | 25 | 29 | 28 | 23 | 25 | 23 | 22 | 28 | 28 | 27 | 28 | 24 | 23 | 17 | 20 | Alameda County | 7.00% | 3.00% | 4.00% | 8- declining ; G/L 20 layered | Y: 60-140 | 5 | 8.7 | 6.67 | 9.04 | ||||||
36 | 26 | 27 | 26 | 23 | 29 | 32 | 32 | 32 | 37 | 37 | 29 | 24 | 19 | 19 | 19 | 21 | Tulare County | 7.00% | 3.00% | 4.00% | 10-declining; G/L 19 layered | Y: 70-130 | 10 | 6.4 | 5.5 | |||||||
37 | 27 | 28 | 27 | 24 | 18 | 19 | 17 | 16 | 19 | 18 | 17 | 17 | 12 | 34 | 33 | 35 | Orange County | 7.00% | 3.00% | 4.00% | 9-declining; G/L 20 layered | N | 5 | 8.81 | 6.81 | 7.84 | ||||||
38 | 28 | 29 | 31 | 31 | 31 | 26 | 24 | 23 | 27 | 25 | 24 | 26 | 20 | 24 | 23 | 25 | Kern County | 7.00% | 3.00% | 4.00% | 11.5 - declining; G/L 18 layered | Y: 50-150 | 5 | 7.09 | 6.19 | 8.18 | ||||||
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40 | 29 | 30 | 32 | 34 | 34 | 36 | 37 | 36 | 35 | 35 | 35 | 34 | 27 | 27 | 26 | 27 | Los Angeles County | 7.00% | 3.25% | 3.75% | most 15-declining; G/L 20 layered | N | 5 | 8.2 | 7.3 | |||||||
41 | 30 | 31 | 28 | 27 | 22 | 22 | 20 | 20 | 24 | 23 | 21 | 25 | 16 | 17 | 16 | 19 | Los Angeles Fire & Police | 7.00% | 3.00% | 4.00% | most 13-declining; most G/L 20 layered; | Y: 60-140 | 7 | 8.33 | 7.51 | 9.43 | ||||||
42 | 31 | 32 | 30 | 29 | 28 | 31 | 31 | 31 | 33 | 32 | 32 | 30 | 26 | 26 | 20 | 22 | City of Los Angeles | 7.00% | 3.00% | 4.00% | most 18-declining ; G/L 15-layered | Y: 60-140 | 7 | 6.94 | 6.46 | 8.65 | ||||||
43 | 32 | 26 | 16 | 11 | 9 | 7 | 30 | 30 | 30 | 21 | 26 | 20 | 14 | 15 | 6 | 6 | University of California 8 | 6.75% | 3.25% | 3.50% | 16-declining,Post-2015 G/L 20 layered, Pre-2015 30 layered Level $$ | N | 5 | 7.91 | 6.9 | 8.83 | ||||||
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45 | 33 | 33 | 33 | 36 | 35 | 37 | 36 | 35 | 34 | 33 | 33 | 33 | 32 | 37 | 38 | 37 | CalPERS 3 | 6.80% | 2.80% | 4.00% | pre-2019 G/L 30+; G/L 20 level $$ with certain ramping | N/A(market) | N/A | 6.1 | 7.1 | 5.8 | 7.1 | |||||
46 | 34 | 34 | 35 | 32 | 32 | 34 | 34 | 33 | 36 | 36 | 37 | 37 | 35 | 29 | 28 | 26 | CalSTRS | 7.00% | 3.25% | 3.75% | 23 years with specified supplemental contributions | N | 3 | 7.95 | 8.99 | 6.84 | 7.86 | |||||
47 | 35 | 35 | 36 | 35 | 36 | 30 | 28 | 28 | 17 | 13 | 13 | 11 | 10 | 8 | 3 | 3 | City & County of San Francisco | 7.20% | 3.25% | 3.95% | most 4 or 8-declining; G/L 20 layered; rolling 20-year if FR > 100% | N | 5 | 9.8 | ||||||||
48 | 36 | 36 | 34 | 25 | 20 | 21 | 19 | 18 | 15 | 10 | 10 | 9 | 6 | 12 | 12 | 16 | San Bernardino County | 7.25% | 3.00% | 4.25% | G/L layered 20 | N | 5 | 7.69 | 6.74 | 8.39 | ||||||
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53 | NOTES: | Bold indicates change from previous survey. | ||||||||||||||||||||||||||||||
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55 | 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 | |||||||||||||||||||||||||||||||
56 | 2: Legal agreement determines contribution level -- pegged to specified funded ratios | |||||||||||||||||||||||||||||||
57 | 3 Ramping up applies only to the investment portion of the gain/loss for first 5 years; not to the non-investment component>Some additional statutory contributions to pay UAL | |||||||||||||||||||||||||||||||
58 | 4: 50% of "extraordinary" 2008/09 losses amortized over 30 years | |||||||||||||||||||||||||||||||
59 | 5 System has been reopened for non-Police pursuant to overturn of Proposition B | |||||||||||||||||||||||||||||||
60 | 6 Amortization will revert to average future working lifetime, roughly 10 years, in event FR becomes > 100% | |||||||||||||||||||||||||||||||
61 | 7 Extraordinary 2008 actuarial loss amortized over 30 years. Equivalent overall amortization period of all UAL is 10.5 years. | |||||||||||||||||||||||||||||||
62 | 8 Post-7/1/16 hires have option to elect to be in defined contribution ("DC") plan; to date, roughly 35% have elected DC | |||||||||||||||||||||||||||||||
63 | 6.5% contribution now, eventually increasing to 10% over time, will be made toward UAL for those in DC plan. | |||||||||||||||||||||||||||||||
64 | Additional state contributions may be required as phased employer rate increases to 18% | |||||||||||||||||||||||||||||||
65 | Only 85% of actuarial policy contributions made for 2022-23 plan year | |||||||||||||||||||||||||||||||
66 | 9 Amortization payments increase at less than wage inflation; for San Jose General-2.75%; for San Jose Safety-2.5% | |||||||||||||||||||||||||||||||
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69 | Survey and related text will be posted on roederfinancial.com We can be contacted at (619) 300-8500 | |||||||||||||||||||||||||||||||
70 | ||||||||||||||||||||||||||||||||
71 | FR = Funded ratio | G/L = actuarial gains/actuarial losses | "Layered" means a new amotization base is created each year. | |||||||||||||||||||||||||||||
72 | POB = Pension Obligation Bond | DC = Defined Contribution | ||||||||||||||||||||||||||||||
73 | ||||||||||||||||||||||||||||||||
74 | 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. | |||||||||||||||||||||||||||||||
75 | 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. | |||||||||||||||||||||||||||||||