The City Council held a study session on Monday, December 4, to discuss the growing retirements costs that are facing the City of La Verne. The City’s retirement plan is funded through CalPERS (California Public Employees Retirement System). The City’s retirement costs over the last five years have grown from $2.6 million a year to $3.9 million a year. This is a 10% increase each of the last five years.
Over the last three years, CalPERS has revised multiple cost factors that will affect the future annual payments that cities are obligated to pay. In CalPERS latest retirement report to the City, the City of La Verne’s annual retirement costs are expected to increase from $3.9 million to $8.2 million a year.
The study session with the City Council was held to discuss the overall CalPERS system and how it works, and the current status of La Verne’s retirement plan. The accompanying PowerPoint presentation is a summary of the key points discussed during the study session.
View the presentation slides: pdf Understanding of CalPERS Presentation (336 KB)