Pension Board Minutes 10.23.18 - Laserfiche WebLink

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importance of funding at l and going backwards. He thinks non-uniformed funding is probably okay. do we address the challenges actuary so he can make a sound recommendation to work on getting us to fully funded at some point. t see any conflict with the City Manager requesting the data from the actuary. Ms. Krawzik discussed open versus closed amortization period and that the City is under an open period which means the unfunded liability is spread out over 30 years. A closed period would mean the unfunded liability would have to be paid off in 30 years; whereas an open period is refinanced each year for another 30 year period so the funding amounts decrease. Council Liaison Remarks Council Liaison Steve McMahon commented that when he was on the Pension Board it was position to pay the bill and if not in full, be able to explain why. He thinks Mr. Rose is saying when we have the explanation of why, we still want to have a plan that moves us in a direction and lessens the impact across the board with all of the things they have to accomplish. Consensus on the Council is to get to fully funded, whether they can and how is Member McCarthy commented on the increased pension liabilities coming in the future due in part to the compensation study to get employees up to market, yet extra funds have not been put into the pension plan for the existing liabilities. He been in front of Council two- three times to ask for more money to decrease the liability and then the City put in only $918,000 when the actuary says we need to put in $1.6 million; we need to get closer to the number and putting in another $100,000 or $200,000 would help move in the right direction because the numbers are not moving now. Member McCarthy further commented that the City is receiving the Prop P funds and he realizes there are other demands for that money such as a police station, but we need to meet current obligations. Council Member McMahon commented that he gets what Member McCarthy is saying and as soon as Prop P passed everyone came and asked for a of the slice Prop P pie in the name of public safety, but he agrees we need to figure out what we can pay towards the pension with Prop P funds and move the needle in the right direction. He further stated that when he was the Pension Board Chair, he went before Council to ask for more pension funding and it happened We do need to pay our bill Pension Board members commented that the plan would be in worse condition if that contribution had not been made.