City Council

4. Consideration and possible action to review Additional Discretionary Payments (ADPs) toward the City’s Unfunded Accrued Liability (UAL) and revisions to the Pension Plan Guidelines (Loya) (15 mins) Recommendation: (1) Review and, if acceptable, adopt the Finance Advisory Committee’s (FAC) recommendation to: a. Implement ADP Scenario 5 as a funding strategy with all conditions as specified by the FAC to mitigate costs associated with the City’s UAL; and b. Direct Staff to return to the City Council following the year-end closing process with a recommended ADP amount limited to 50% of the FY 2022-23 General Fund unallocated balance. (2) Review and, if acceptable, approve the FAC’s following recommended revisions to the Pension Plan Guidelines: a. Updating the employee contribution rate for Tier 3; b. Adding “schedule of amortization bases” to definitions; c. Clarifying the ending fiscal year for the 10-year goal; d. Incorporating ADP contributions and usage options; and 7/28/23, 12:53 PM rpv.granicus.com/GeneratedAgendaViewer.php?view_id=5&event_id=2423 e. Updating the term for Annual Comprehensive Financial Report (ACFR). Agenda Report