City of Long Beach - File #: 09-0943

• File #: 09-0943
• Version: 1
• Name: FM - BA-11 approve CalPERS prepayment
• Type: Agenda Item
• Status: Approved
• File created: 8/31/2009
• In control: City Council
• On agenda: 9/8/2009
• Final action: 9/8/2009
• Title: Recommendation to adopt a motion approving the use of the CalPERS Annual Lump Sum Prepayment Option for the employer portion of the City's CalPERS retirement benefit. The recommended prepayment, in the amout of $46,013,000, should provide a budgetary savings of $1,749,730 to the City. Of this amount, the General Fund should recoup a budgetary savings of $1,049,400.
• Indexes: Budget
• Related files: 09-0942, 09-0941, 09-0940, 09-0938, 09-0930, 09-0931, 09-0932, 09-0933, 09-0934, 09-0936, 09-0937, 09-0935, 09-0926, 09-0927, 09-0928, 09-0929, 10-0052, 09-0923

Date	Ver.	Action By	Action	Result
9/8/2009	1	City Council	approve recommendation	Pass

TITLE

Recommendation to adopt a motion approving the use of the CalPERS Annual Lump Sum Prepayment Option for the employer portion of the City's CalPERS retirement benefit.  The recommended prepayment, in the amout of $46,013,000, should provide a budgetary savings of $1,749,730 to the City.  Of this amount, the General Fund should recoup a budgetary savings of $1,049,400.

SUGGESTED ACTION

Approve recommendation.