FINANCIAL_SERVICESRECOMMENDED

City of Pismo Beach Staff Report California Public Employees' Retirement System (CalPERS) Additional Discretionary Payment of $1.0 Million to Reduce the City’s Unfunded Pension Liability 2026-04-07

Pismo Beach Plans $1M CalPERS Pension Prepayment

$1,000,000 ($500,000 to Miscellaneous Plan and $500,000 to Safety Police Plan)City of Pismo BeachCALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CALPERS)April 7, 2026

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Description

The City of Pismo Beach proposes a $1.0 million additional discretionary payment to the California Public Employees' Retirement System (CalPERS) to reduce unfunded pension liabilities in its Miscellaneous and Safety Police plans. The one-time FY 2026 payment is projected to cut UAL payments by about $1.37 million over 10 years and save roughly $370,000 in interest through FY 2044.

Contract Details

Contract Amount

$1,000,000 ($500,000 to Miscellaneous Plan and $500,000 to Safety Police Plan)

Vendor

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM (CALPERS)

Agency

City of Pismo Beach, CA

Contract Type

FINANCIAL_SERVICES

Document Date

April 7, 2026

Contract Term

One-time additional discretionary payment in Fiscal Year 2026; projected savings evaluated FY 2027–FY 2044

Renewal Info

One-time lump-sum additional discretionary contribution; no renewal or continuation terms specified. Future additional discretionary payments would require separate Council action.

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