News

Status of Public Sector Defined Contribution Plans

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Minimum 2015 Health Benefit Announced 04/07/14 by CalPERS (PEMHCA)

CalPERS Announces PEMHCA Minimum Contribution for 2015.

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New CalPERS Assumptions Will Increase Rates

New demographic actuarial assumptions have significant impacts on contribution rates and may also increase certain Member contributions.

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GASB Publishes Implementation Guides to New Pension Accounting Standards

Details on the new pension accounting standards, GASB Statements 67 and 68, have been published by the GASB.

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GASB Posts Deferred Inflows and Outflows of Resources Article

The GASB has written a very helpful article for understanding Deferred Inflows and Outflows of resources.

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2014 PEPRA Compensation Limits are $115,064 and $138,077

The 2014 PEPRA Compensation limits are $115,064 and $138,077, based on a nonbinding calculation by the California Actuarial Advisory Panel (CAAP).

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IRS Announces 2014 Limits 10/31/13

IRS Annual Compensation Limit increases to $260,000 for 2014.

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Social Security Releases 2014 COLA and Benefit Amounts 10/30/2013

Social Security benefits increase 1.5%, and the taxable Wage Base for 2014 is $117,000.

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Implied Subsidy - What Is It and Why Does It Matter?

This article explains what an Implied Subsidy is, where it comes from, and why upcoming changes in actuarial standards could lead to it causing a large increase in retiree health ("OPEB") obligations.

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Recent Presentations by Bartel Associates

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Pension Funding Guides by the Pension Funding Task Force - 8/12/13

Difference between pension amounts for Books (accounting), Bonds, and Budgets (cash contributions) plus a Guide to Pension Funding for Elected Officials from the Pension Funding Task Force.

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PEMHCA Administration Fee Rate for 2013/14 Published by CalPERS - 6/24/13

The CalPERS Board of Administration set the PEMHCA administration fee, as a percentage of total premiums, to 0.33%

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100/90 Annuitant Contribution Rates for 2014 Published by CalPERS - 6/18/13

At its June 2013 meeting, the CalPERS Board approved the 2014 PEMHCA 100/90 State Annuitant Rates

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PEMHCA Premiums for 2014 Published by CalPERS - 6/19/13

At its June 2013 meeting, the CalPERS Board approved the 2014 PEMHCA medical premiums

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CalPERS Rate Changes Approved and More Expected

CalPERS Rate Changes Approved and More Expected

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CalPERS Recommends Changes to Funding Policy

CalPERS Recommends Changes to Funding Policy

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NEWS RELEASE 03/11/13 by CalPERS

CalPERS Announces PEMHCA Minimum Contribution for 2014.

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Public Plan Funding Policy Document Issued

This report discusses the public policy objectives of pension and OPEB funding and develops a model funding policy consistent with those objectives as well as with actuarial standards of practice. Appropriate plan funding is a major issue for retirement systems, with current funding levels relatively low and recognizing constraints on available resources. With the elimination of the ARC (Actuarial Required Contribution) under GASB Statement 68, which has been used by many plans as the "out of bounds marker" for funding, there is little guidance for setting contribution levels. “Actuarial Funding Policies and Practices for Public Pension and OPEB Plans and Level Cost Allocation Model” was adopted March 1, 2013 by the legislature-created California Actuarial Advisory Panel to advise actuaries and retirement boards both in California and across the U.S when setting funding policies. John Bartel is a member of the California Actuarial Advisory Panel. Please contact John or any of our actuaries to understand the model funding policies and how they might apply to your plan.

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CalPERS Discusses Possible Changes to Funding Policy

Alan Milligan, CalPERS Chief Actuary, made a presentation to CSMFO on February 22nd, preceded by a CalPERS Board workshop on the 21st. The presentation discussed potential changes to the contribution methodology that will likely result in much higher contribution rates and higher volatility in normal years but much less contribution volatility for extreme events. These would likely first impact FY 15/16 contribution rates.

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New Report by the Pew Charitable Trusts

A new report by the Pew Charitable Trusts, “A Widening Gap in Cities: Shortfalls in Funding for Pensions and Retiree Health Care” found a funding shortfall of $217 billion for 61 of the nation’s largest cities in 2009. Of this, $118 billion was for retiree healthcare (“OPEB”) benefits. The report examines plans of the largest city in each state, plus other very large cities. In all, over 45% of U.S. municipal employees are covered by the surveyed plans.

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