January 16, 2018 – Unfunded pension liabilities for the City of Santa Monica jumped 20 percent in the last fiscal year, rising from $387 million to $461 million, according to a new report.
The rise is “primarily due to the actual returns on the investment portfolio being less than CalPERS’ (the California Public Employees' Retirement System) projected returns,” said Gigi Decavalles-Hughes, the City’s finance director.
The 20 percent leap in unfunded pension costs is detailed in the City’s newest Comprehensive Annual Financial Report, conducted by independent auditors. It goes to the City’s Audit Subcommittee tonight at a 6 p.m. meeting in the Ken Edwards Center, 1527 4th Street, Room 104.
The report covers the fiscal year that ended June 30
Read More: https://www.surfsantamonica.com/ssm_site/the_lookout/news/News-2018/January-2018/01_16_2018_City_of_Santa_Monicas_Unfunded_Pension_Costs_Jump_20_Percent.html
