City Council

11. Approve Prepayment for the City’s Contribution to Both the CalPERS Miscellaneous and Safety Employee Pension Unfunded Liability for Fiscal Year (FY) 2023-24 Department(s): Finance and Management Services Recommended Action: 1. Approve a $9,568,651 pre-payment for the City’s annual Unfunded Actuarial Liability to California Public Employees Retirement System (CalPERS) – Miscellaneous Plan for Fiscal Year 2023-24, to save $319,984. 2. Approve a $12,780,268 pre-payment for the City’s annual Unfunded Actuarial Liability to California Public Employees Retirement System (CalPERS) – Safety Plan for Fiscal Year 2023-24, to save $427,383.