The Mayor and City Council have established the following objectives for the Pension Reform Committee per Resolution 298359:
- Report back to the City Council no later than 120 days from the date appointments are confirmed. [The Committee was appointed on September 29, 2003; the Committee report to City Council in January 2004 is anticipated to be an interim report.]
- After reviewing and considering the scope and depth of audit activity currently conducted by CERS, conduct any additional or supplemental independent audits, studies, or investigations deemed necessary and appropriate.
- Provide recommendations to address any unfunded liability problems of the system.
- Examine how the existing pension system has performed compared to other similar systems, including examinations of action other systems have taken to address funding shortfall problems, such as issuance of pension obligation bonds.
- Examine whether changes should be made to the existing pension system.
- Examine whether the make-up and representative constitution of the Retirement Board should be restructured.
- Examine whether the system should be changed from a defined benefit plan to a defined contribution plan for new employees.
- Examine whether the City should join the California Public Employees Retirement System or any other retirement system.
- Make any other recommendations as appropriate.
Contact the Committee
Comments may be submitted to the committee via E-mail at firstname.lastname@example.org While we are unable to respond to each comment, your input is appreciated.