Thursday, March 9, 2023

City of Ventura lowers pension debt with $10.5 million payment

The City of Ventura has allocated $10.5 million from its general fund for a one-time payment to lower its pension debt. 

This payment will save $2.2 million in fiscal year 2024 and will be used to fund City Council initiatives and priorities. The unfunded liability for Ventura's 1,722 employees and retirees, managed by the California Public Employees’ Retirement System, is $190.2 million. 

Ventura's two plans with CalPERS, the safety plan, and the miscellaneous plan, have unfunded liabilities of $137.4 million and $52.8 million, respectively. 

The one-time payment was approved by the City Council in October 2022, and David Grau, president of the Ventura County Taxpayers Association, approves of the decision.

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