City Council

11.\nApprove Prepayment for the City’s Contribution to Both the CalPERS Miscellaneous and\nSafety Employee Pension Unfunded Liability for Fiscal Year (FY) 2023-24\nDepartment(s): Finance and Management Services\nRecommended Action: 1. Approve a $9,568,651 pre-payment for the City’s annual\nUnfunded Actuarial Liability to California Public Employees Retirement System (CalPERS)\n– Miscellaneous Plan for Fiscal Year 2023-24, to save $319,984.\n2. Approve a $12,780,268 pre-payment for the City’s annual Unfunded Actuarial Liability\nto California Public Employees Retirement System (CalPERS) – Safety Plan for Fiscal\nYear 2023-24, to save $427,383.