City Council

4. Consideration and possible action to review Additional Discretionary Payments\n(ADPs) toward the City’s Unfunded Accrued Liability (UAL) and revisions to\nthe Pension Plan Guidelines (Loya) (15 mins)\nRecommendation: (1) Review and, if acceptable, adopt the Finance\nAdvisory Committee’s (FAC) recommendation to:\na. Implement ADP Scenario 5 as a funding strategy with all conditions\nas specified by the FAC to mitigate costs associated with the City’s\nUAL; and\nb. Direct Staff to return to the City Council following the year-end\nclosing process with a recommended ADP amount limited to 50%\nof the FY 2022-23 General Fund unallocated balance.\n(2) Review and, if acceptable, approve the FAC’s following recommended\nrevisions to the Pension Plan Guidelines:\na. Updating the employee contribution rate for Tier 3;\nb. Adding “schedule of amortization bases” to definitions;\nc. Clarifying the ending fiscal year for the 10-year goal;\nd. Incorporating ADP contributions and usage options; and\n7/28/23, 12:53 PM rpv.granicus.com/GeneratedAgendaViewer.php?view_id=5&event_id=2423\ne. Updating the term for Annual Comprehensive Financial Report\n(ACFR).\nAgenda Report