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EF" -/%A3"0G The ventuia County
Employees' Retiiement Association (vCERA)
is pooily positioneu to stay piopeily funueu
in the coming yeais, anu local taxpayeis may
be foiceu to pick up a hefty tab of unfunueu
liabilities if substantive changes aie not maue
in the neai futuie.
While the County's payioll has incieaseu just
6.2% fiom 2uu8 to 2u1S, annual taxpayei
contiibutions to the pension system have
giown 26.7% uuiing the same time (fiom
$1u4.4 million to $142.4 million). Bespite this
laige inciease in taxpayei payments, uuiing
this time peiiou vCERA fell fiom having
91.S% of the funuing neeueu to pay futuie
pension benefits to having just 79.2%. Anu
uuiing that time, the uefineu-benefit pension
system's unfunueu liability has moie than
tiipleu to $9SS.4 million.
This funuing uispaiity is a iesult of a few
uiffeient uynamics, incluuing the pension
funu's asset investment inability to meet the
uniealistic assumeu 7.7S% iate of ietuin.
Investment ietuins have aveiageu just S.82%
ovei the last five yeais, anu 6.9S% ovei the
past ten yeais, inuicating that missing the
investment taiget has not been only ielateu to
the financial ciisis anu iecession.
Auuitionally, vCERA has not piopeily
anticipateu that ietiiees aie living longei anu
that moie funus aie neeueu to pay those
pension benefits ovei longei ietiiement
spans. Taken togethei, these aie inuications
of an unsustainable system.
The Califoinia Public Employees' Pension
Refoim Act (PEPRA), which was passeu in
2u1S, attempteu to solve pioblems like these
by changing the iules goveining local
goveinment pension systems statewiue.
PEPRA uoes not solve ventuia County's coie
pioblems, howevei. Foi example, PEPRA has
no affect on the County's unfunueu liability.
Neithei uoes it auuiess shoitfalls in
investment ietuins.
The combination of neeuing to both pay uown
the unfunueu liability anu auopt moie
iealistic investment assumptions will iequiie
an inciease in County taxpayei contiibutions
into the system unless funuamental iefoims
beyonu PEPRA aie implementeu.
EF" 8%3)+,%&G An initiative by county
iesiuents woulu auuiess the iisk of long-teim
liabilities by putting new hiies into a 4u1(k)-
style uefineu-contiibution system anu
phasing out the uefineu-benefit system ovei
time. Befineu-contiibution systems have no
investment ietuin assumptions, anu
eliminate taxpayei investment iisk.
The uefineu-contiibution system foi all new
ventuia County employees will have
contiibution iates fiom the County of 11% foi
#
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-"&$,%& !".%/0 12+)#/,#3 1&#34$,$

public safety employees not eniolleu in social
secuiity, anu 4% foi geneial employees
eniolleu in social secuiity. The uefineu
contiibution system woulu cieate no long-
teim liabilities foi the County. All cuiient
employees woulu continue acciuing benefits
as noimal, subject to PEPRA.
The initiative also incluues a piovision that
holus pensionable pay constant foi S yeais foi
all ueneial Tiei 1, ueneial Tiei 1-PEPRA, anu
public safety employees. This woulu cieate
immeuiate cash flow savings that woulu
enable the County to pay foi incieaseu
noimal costs in phasing out the uefineu-
benefit system.
EF" 8#9,&H$G Shoulu all elements of this
initiative be auopteu, ventuia County woulu
see cash flow savings of:
$Su8,uuu in the fiist yeai of
implementation, anu $4.9 million in
the seconu yeai of implementation;
$S1.6 million in cumulative savings
ovei the fiist five yeais;
$217.1 million in cumulative savings
ovei ten yeais;
$46u.4 million in cumulative savings
ovei fifteen yeais.
1


1
The County will be voting on the pioposeu initiative aftei
the stait of fiscal yeai 2u1S; as a iesult, the changes woulu be
implementeu in fiscal yeai 2u16. Theiefoie, inuepenuent
vCERA cuiiently amoitizes the unfunueu
liability ovei fifteen yeais, which is why the
inuepenuent actuaiial analysis pioviues
piojecteu savings ovei that time fiame.
Impoitantly, these piojecteu savings woulu
be 32 $++3.3,2 to any savings that might occui
as a iesult of implementing PEPRA.
Figuie 1 above shows the annual net savings
to ventuia County foi both geneial employees
anu public safety employees. Figuie 2 below
shows the cumulative savings ovei fifteen-
yeais foi geneial anu public safety employees.

actuaiial analysis assumes that acciueu liability woulu
change staiting in fiscal yeai 2u16, anu ieuuctions to noimal
cost woulu stait in fiscal yeai 2u17. The fifteen-yeai
cumulative savings peiiou is fiom fiscal yeais 2u17 to 2uS1.
"
!"#$%& (%)&*#+,%&
-"&$,%& !".%/0 12+)#/,#3 1&#34$,$


The pioposeu initiative woulu also ieuuce the
long-teim liabilities of the uefineu-benefit
funu, both by phasing it out it ovei time anu
as a iesult of holuing pensionable pay
constant. By the enu of the 1S-yeai
amoitization peiiou, vCERA's liabilities
woulu be $1.771 billion lowei than without
iefoim (see Table 1 on the next page). This is
sepaiate fiom the annual cash-flow savings.
As also shown in Table 1, the pioposeu
initiative woulu leau to $2Su million in
ieuuceu unfunueu liabilities ovei the fiist five
yeais. By fiscal yeai 2u24, the uefineu-benefit
funu woulu be fully funueu.
EF" @"+#,3$G These savings weie ueteimineu
thiough an inuepenuent actuaiial analysis
peifoimeu foi ventuia County Taxpayeis
Association.
2
The actuaiy moueleu the

2
The inuepenuent actuaiy was William }. Shefflei, FCA, EA,
NSPA, ASA of Shefflei Consulting Actuaiies, Inc. The actuaiy
iepoits that theii moueling appioach was inheiently
conseivative.
anticipateu changes pioposeu in the iefoim
initiative veisus the piojecteu giowth in
liabilities of the cuiient pension system.
The actuaiy auopteu all of the assumptions
useu in the most iecent valuation foi vCERA,
except employment giowth.
S
Thus, the
baseline that the pioposeu initiative was
compaieu to incoipoiateu changes uue to
PEPRA. The costs anu savings weie amoitizeu
ovei 1S yeais, consistent with cuiient policy.
The actuaiy also assumeu that the County
woulu continue to make 1uu% of its annual
contiibutions.
The official vCERA actuaiy has been making
the uniealistic assumption that the County
woulu not expanu the woikfoice by even one
peison ovei the next 1S yeais.
4
That has not
been tiue ovei the last 1S yeais anu is not
likely to be tiue in the futuie.

S
The actuaiy useu the most iecent Segal Co. valuation foi
vCERA, Fiscal Yeai Enueu }une Su, 2u1S.
4
This actuaiial valuation was completeu by Segal Co.
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The inuepenuent actuaiy assumes theie will
be mouest employment giowth in County
goveinment, which makes the estimate of
savings fiom the pioposeu initiative moie
conseivative.
S
If the County actuaiy tuins out
to be iight anu ventuia County uoes not hiie
moie woikeis ovei the next 1S yeais, savings
fiom the initiative will be even gieatei than
those pieuicteu heie.
The inuepenuent actuaiy hau to assume no
auuitional changes to the existing vCERA
uefineu-benefit pension plan ovei the next 1S
yeais, but shoulu any futuie iefoims be
implementeu, they coulu iesult in costs oi
savings not incluueu in this analysis.
Auuitionally, any futuie unueifunueu
contiibutions oi misseu investment ietuin
taigets woulu affect the net position of
vCERA's financial conuition.
Finally, the savings piojection assumes that
pensionable pay will inciease on a noimal
basis aftei the five-yeai holuing peiiou.
Bowevei, if County leaueis ueciue in the
futuie to ietioactively auu the five-yeai of
pay incieases into pensionable pay (known as
"catching up" pensionable pay)that is, if all
pay incieases ovei the next five yeais aie
iolleu back into pensionable paythat woulu
be costly to County taxpayeis as employee
contiibutions coulu not be incieaseu to covei
the suuuen inciease in liabilities.
I"/% JE/#&$,+,%& 6%$+$KG The pioposeu
initiative iequiies K/%, $++3.3,2$9 A,6.6 foi
ventuia County taxpayeis. The County coulu
make sepaiate policy choices that mean costs
inciease beyonu the status quo, such as
incieasing the uebt payments foi vCERA. But
any costs ielateu to these policy choices
woulu be "2%/9$./+ to tiansitioning fiom
uefineu-benefit to uefineu-contiibution.

S
The actuaiy useu heaucount changes fiom 2u11-2u1S to
estimate new hiies into the futuie anu then applieu the
salaiy change assumptions fiom the Segal valuation.
Theie aie two components to pension
funuing: the annual cost to pie-funu pension
liabilities (known as "noimal cost"), anu the
cost to pay off unfunueu pension uebt. Theie
is no legal ieason that vCERA woulu have to
change its uefineu-benefit uebt payment plan
uue to the tiansition towaius a uefineu-
contiibution system. It is impoitant to claiify
that employee contiibutions 2/4/% subsiuize
uebt payments. So theie aie no tiansition
costs ielateu to uebt iepayment.
Noie impoitantly, the actuaiy's mouel shows
that the County woulu save $S18,uuu fiom its
noimal, annual pension cost in the fiist yeai,
anu woulu spenu $SS2 million less ovei 1S
yeais because of the change to a uefineu-
contiibution plan (see Table 2, next page).
Boluing pensionable pay constant saves the
County $19u,uuu in the fiist yeai of iefoim
anu $128.6 million aftei 1S yeais ,2 .,- ,*
2,%#$9 -/263,2 A,6. 6$432D6 (see Table 2).
These savings coulu be passeu fiom vCERA to
the County. 0i it might be necessaiy to
ieinvest the money into the uefineu-benefit
funu to offset futuie losses that the uefineu-
benefit system may still expeiience uue to its
uniealistic actuaiial assumptions.
Impoitantly, theie may be incieaseu costs in
the futuie foi the County uue to missing
investment taigets in the uefineu-benefit
system as it is phaseu outthe pioposeu
initiative uoes not change County investment
ietuin assumptions foi the uefineu-benefit
plan. But any incieaseu costs woulu be
because of faulty assumptions piesently in
the system, anu thus woulu be incuiieu even
without the tiansition to uefineu-contiibution
system.
Bowevei, aftei those on the uefineu-benefit
payioll have completely ietiieu, theie woulu
be no fuithei acciueu liabilities foi vCERA,
eliminating all noimal annual pension costs.
!
!"#$%& (%)&*#+,%&
-"&$,%& !".%/0 12+)#/,#3 1&#34$,$

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'?@A !"#$%&&& !#(&%&&& !)&$%&&&
'?@B !*%)+$%&&& !*%"&*%&&& !+%$)&%&&&
'?@C !)%"*"%&&& !+%+#)%&&& !(%,"$%&&&
'?'? !$%--*%&&& !-%)))%&&& !#)%*#,%&&&
'?'@ !#"%#,(%&&& !$%&$*%&&& !*#%*-#%&&&
'?'' !#$%$+#%&&& !$%($"%&&& !*,%$*+%&&&
'?'D !*&%(#+%&&& !(%"++%&&& !"&%*)$%&&&
'?'E !*"%#(*%&&& !(%,&$%&&& !"*%(&&%&&&
'?'F !*)%),-%&&& !#&%#"&%&&& !")%,&-%&&&
'?'G !*$%"*"%&&& !#&%+-+%&&& !"$%,$,%&&&
'?'A !"#%&$$%&&& !#&%$)$%&&& !+#%(+-%&&&
'?'B !""%,*+%&&& !##%")+%&&& !+)%&,$%&&&
'?'C !"-%-$*%&&& !##%,#&%&&& !+$%"(*%&&&
'?D? !"(%$+#%&&& !#*%#",%&&& !)#%(,$%&&&
'?D@ !+"%)-"%&&& !#*%"($%&&& !))%(-#%&&&

'?@AH'?'@ ID?J?D?J??? I'@JFEEJ??? IF@JFAEJ???
'?@AH'?'G I@EGJBAGJ??? IA?J@ADJ??? I'@AJ?ECJ???
'?@AH'?D@ IDD@JAAEJ??? I@'BJGD?J??? IEG?JE?EJ???

Foi a moie uetaileu bieakuown of the savings numbeis see Table S at the enu of this uocument.
Theie may still be uebt payments iequiieu foi
the uefineu-benefit system because the
actuaiial assumptions uiu not leau the County
to completely pie-funu piomiseu benefits. But,
again, these uebt payments woulu be
iequiieu whethei oi not the County
tiansitioneu to a uefineu-contiibution system.
The uynamic effects of the pioposeu initiative
mean that the County woulu not only ieuuce
liabilities in the long-teim, but also save
money on a cash flow basis in the shoit-teim,
shoiing up pension obligations it has foi
cuiient employees anu ietiiees.


6%&23)$,%&G The pioposeu iefoim to vCERA
saves $46u million ovei 1S yeais, eventually
eliminates unfunueu liabilities by closing the
cuiient uefineu-benefit plan, anu puts new
hiies into a uefineu-contiibution system.
Boluing pensionable pay constant woulu pay
foi the tiansition fiom uefineu-benefit to
uefineu-contiibution anu pioviue cash flow
savings in the fiist fiscal yeai it is auopteu foi
ventuia County, as well as eveiy subsequent
yeai.

L2.1,2& M$2+$KK, 36 +3%/A.,% ,* /A,2,#3A %/6/$%A1 $.
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$2.1,2&?%$2+$KK,O%/$6,2?,%D?
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A,##"23A$.3,26 $. M/$6,2 7,"2+$.3,2' (S1u) S67-61u9
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