Presentation of options to address Public Safety Personnel Retirement System (PSPRS) unfunded liability.
Background Information
Finance engaged Mark Reader from Stifel to identify cost saving opportunities and options for an annual level payment for PSPRS unfunded actuarial accrued liability (UAAL). Actuarial estimates the UAAL growth year over year to be 7.3%. Option to discuss will be using a debt instrument at a lower interest rate to pay off the UAAL. Options and risks will be discussed during the work session.
Evaluation
Board to determine viability of options and provide direction to staff.
Conclusion
N/A
Recommendation
Information only
Suggested Motion
Information/Discussion regarding funding options for Public Safety Personnel Retirement System (PSPRS) liability. (Mary Springer)