City of Long Beach - File #: 10-0974

• File #: 10-0974
• Version: 1
• Name: A-12 Budget - CalPERS lump sum option
• Type: Agenda Item
• Status: Approved
• File created: 8/27/2010
• In control: City Council
• On agenda: 9/7/2010
• Final action: 9/7/2010
• 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 amount of $52,063,000 should provide a budgetary savings of $1,937,000 to the City. Of this amount, the General Fund should recoup a budgetary savings of $1,225,000. (A-12)
• Indexes: Budget

Date	Ver.	Action By	Action	Result
9/7/2010	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 amount of $52,063,000 should provide a budgetary savings of $1,937,000 to the City.  Of this amount, the General Fund should recoup a budgetary savings of $1,225,000.  (A-12)

SUGGESTED ACTION

Approve recommendation.