Oxnard-- The city council, Tuesday, March 1, approved the CalPERS unfunded accrued liability (UAL), and the concept of restructuring the UAL for a lower interest rate, and a recommendation to initiate a validation process.
The body approved a resolution authorizing the initiation of a validation process and forming a Trust Agreement about the concept of restructuring the UAL for a lower interest rate, potentially saving the city money.
Mike Myer and Craig Hill from NHA Advisors made the presentation, along with Norton Rose Fulbright Partner Russ Trice.
Hill said the process started back in 2017.
“In 2018, we started making presentations to both your committees and council about really what the pension liability was in the city and where it was going, and the cost strategies that could potentially be implemented,” he said.
Myer from NHA said the work has centered around rising pension costs associated with CalPERS.
“At the spring workshop, we began to introduce various cost management strategies before the pandemic hit,” he said. “It’s the intent to continue this process this spring with a deeper dive on these cost management strategies.”
He said the City of Oxnard has a $323 million debt with CalPERS, known as…
