DATE: October 21, 2026
TO: Council Budget and Finance Committee
FROM: Director of Finance
SUBJECT
Receive an Oral Presentation on CalPERS Unfunded Accrued Liability
RECOMMENDATION
Receive an oral presentation regarding CalPERS Unfunded Accrued Liability (UAL), and provide comments and recommendations.
SUMMARY
Each year, CalPERS provides an updated pension cost including the “normal cost” paid for by current employes and a cost for UAL. This annual update includes the firm cost for the following fiscal year as well as a projection for the next five fiscal years. The most recent report which includes the final amounts for Fiscal Year 2027-28 incorporates a significant increase in the UAL from the amount forecasted for Fiscal Year 2027-28 in the previous year’s report. Staff will review the updated amounts and provide additional background including actions taken to better understand this change.
ATTACHMENTS
None