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Pension and OPEB

Mina Martinovich, Department of Finance

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Index

2022

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2022
   
Pension:A  
Net Pension (Asset) / Liability (90,741,495) 
Covered Payroll 209,138,143 
Net Pension (asset) / Liability as a Percentage of Covered Payroll (43.4)% 
   
Actuarial Liability 2,356,100,000
Actuarial Value of Plan Assets (2,516,100,000)
Unfunded Actuarial Liability (UAL) (160,000,000) 
Funded Ratio 106.8%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2021
Underlying Pension Data - GASB 67/68 Measurement Date  6/30/2021 
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability 273,773,000
Plan Fiduciary Net Position (165,894,000)
Net OPEB Liability 107,879,000 
Funded Status 60.6%
   
Actuarial Accrued Liability (AAL) 273,773,000
Actuarial Value of Plan Assets  (165,941,000)
Unfunded Actuarial Accrued Liability (UAAL) 107,832,000
Funded Ratio 60.6%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2021
Underlying OPEB Data - Measurement Date 6/30/2021
   
CERBT Trust BalanceD 147,748,221
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2021

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2021
   
Pension:A  
Net Pension (Asset) / Liability 241,808,638 
Covered Payroll 201,982,304 
Net Pension (asset) / Liability as a Percentage of Covered Payroll 119.7% 
   
Actuarial Liability 2,284,700,000
Actuarial Value of Plan Assets (1,968,400,000)
Unfunded Actuarial Liability (UAL) 316,300,000 
Funded Ratio 86.2%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2020
Underlying Pension Data - GASB 67/68 Measurement Date 6/30/2020
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability 325,813,000
Plan Fiduciary Net Position (124,514,000)
Net OPEB Liability 201,299,000
Funded Status 38.2%
   
Actuarial Accrued Liability (AAL) 325,813 
Actuarial Value of Plan Assets  -
Unfunded Actuarial Accrued Liability (UAAL) 325,813,000
Funded Ratio 0.0%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2019
Underlying OPEB Data - Measurement Date 6/30/2020
   
CERBT Trust BalanceD 165,940,732
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2020

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2020
   
Pension:A  
Net Pension (Asset) / Liability 188,585,487 
Covered Payroll 193,146,939 
Net Pension (asset) / Liability as a Percentage of Covered Payroll 97.6% 
   
Actuarial Liability 2,161,500,000
Actuarial Value of Plan Assets (1,924,000,000)
Unfunded Actuarial Liability (UAL) 237,500,000 
Funded Ratio 89.0%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2019
Underlying Pension Data - GASB 67/68 Measurement Date 6/30/2019 
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability 321,591,000
Plan Fiduciary Net Position (115,277,000)
Net OPEB Liability 206,314,000
Funded Status 35.8%
   
Actuarial Accrued Liability (AAL) 321,591,000 
Actuarial Value of Plan Assets  (115,337,000)
Unfunded Actuarial Accrued Liability (UAAL) 206,254,000
Funded Ratio 35.9%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2019
Underlying OPEB Data - Measurement Date 6/30/2019
   
CERBT Trust BalanceD 124,579,729
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2019

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2019
   
Pension:A  
Net Pension (Asset) / Liability 183,525,363 
Covered Payroll 188,385,322
Net Pension (asset) / Liability as a Percentage of Covered Payroll 97.4% 
   
Actuarial Liability 2,068,100,000
Actuarial Value of Plan Assets (1,856,900,000)
Unfunded Actuarial Liability (UAL) 211,200,000 
Funded Ratio 89.8%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2018
Underlying Pension Data - GASB 67/68 Measurement Date   6/30/2018
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability 383,256,000
Plan Fiduciary Net Position (99,919,000)
Net OPEB Liability 283,337,000
Funded Status 26.1%
   
Actuarial Accrued Liability (AAL) 370,692,000 
Actuarial Value of Plan Assets  (84,626,000)
Unfunded Actuarial Accrued Liability (UAAL) 286,066,000
Funded Ratio 22.8%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2017
Underlying OPEB Data - Measurement Date 6/30/2018
   
CERBT Trust BalanceD 115,336,569
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2018

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2018
   
Pension:A  
Net Pension (Asset) / Liability 207,841,379
Covered Payroll 182,952,561
Net Pension (asset) / Liability as a Percentage of Covered Payroll 113.6% 
   
Actuarial Liability 1,981,700,000
Actuarial Value of Plan Assets (1,719,900,000)
Unfunded Actuarial Liability (UAL) 261,800,000 
Funded Ratio 86.8%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2017
Underlying Pension Data - GASB 67/68 Measurement Date  6/30/2017
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability 370,692,000
Plan Fiduciary Net Position (84,658,000)
Net OPEB Liability 286,034,000
Funded Status 22.8%
   
Actuarial Accrued Liability (AAL) 370,692,000 
Actuarial Value of Plan Assets  (84,626,000)
Unfunded Actuarial Accrued Liability (UAAL) 286,066,000
Funded Ratio 22.8%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2017
Underlying OPEB Data - Measurement Date 6/30/2017
   
CERBT Trust BalanceD 99,995,179
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2017

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2017
   
Pension:A  
Net Pension (Asset) / Liability 260,044,342
Covered Payroll 180,339,571
Net Pension (asset) / Liability as a Percentage of Covered Payroll 144.2% 
   
Actuarial Liability 1,872,400,000
Actuarial Value of Plan Assets (1,575,200,000)
Unfunded Actuarial Liability (UAL) 297,200,000 
Funded Ratio 84.1%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2016
Underlying Pension Data - GASB 67/68 Measurement Date 6/30/2016
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability n/a
Plan Fiduciary Net Position n/a
Net OPEB Liability n/a
Funded Status n/a
   
Actuarial Accrued Liability (AAL) 349,063,000 
Actuarial Value of Plan Assets  (54,688,000)
Unfunded Actuarial Accrued Liability (UAAL) 294,375,000
Funded Ratio 15.7%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2015
Underlying OPEB Data - Measurement Date n/a
   
CERBT Trust BalanceD 84,625,991
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2016

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2016
   
Pension:A  
Net Pension (Asset) / Liability 203,688,484
Covered Payroll 167,380,610
Net Pension (asset) / Liability as a Percentage of Covered Payroll 121.7% 
   
Actuarial Liability 1,791,700,000
Actuarial Value of Plan Assets (1,548,100,000)
Unfunded Actuarial Liability (UAL) 243,600,000 
Funded Ratio 86.4%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2015
Underlying Pension Data - GASB 67/68 Measurement Date  6/30/2015
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability n/a
Plan Fiduciary Net Position n/a
Net OPEB Liability n/a
Funded Status n/a
   
Actuarial Accrued Liability (AAL) 349,063,000 
Actuarial Value of Plan Assets  (54,688,000)
Unfunded Actuarial Accrued Liability (UAAL) 294,375,000
Funded Ratio 15.7%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2015
Underlying OPEB Data - Measurement Date n/a
   
CERBT Trust BalanceD 68,114,387
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2015

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2015
   
Pension:A  
Net Pension (Asset) / Liability 142,013,491
Covered Payroll 160,513,845
Net Pension (asset) / Liability as a Percentage of Covered Payroll 88.5% 
   
Actuarial Liability 1,712,200,000
Actuarial Value of Plan Assets (1,494,400,000)
Unfunded Actuarial Liability (UAL) 217,800,000 
Funded Ratio 87.3%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2014
Underlying Pension Data - GASB 67/68 Measurement Date   6/30/2014
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability n/a
Plan Fiduciary Net Position n/a
Net OPEB Liability n/a
Funded Status n/a
   
Actuarial Accrued Liability (AAL) 361,711,000 
Actuarial Value of Plan Assets  (26,366,000)
Unfunded Actuarial Accrued Liability (UAAL) 335,345,000
Funded Ratio 7.3%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2013
Underlying OPEB Data - Measurement Date n/a
   
CERBT Trust BalanceD 53,959,791
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2014

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2014
   
Pension:A  
Net Pension (Asset) / Liability n/a
Covered Payroll n/a
Net Pension (asset) / Liability as a Percentage of Covered Payroll  n/a
   
Actuarial Liability 1,560,672,000
Actuarial Value of Plan Assets (1,217,739,000)
Unfunded Actuarial Liability (UAL) 342,933,000 
Funded Ratio 78.0%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2013
Underlying Pension Data - GASB 67/68 Measurement Date  n/a
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability n/a
Plan Fiduciary Net Position n/a
Net OPEB Liability n/a
Funded Status n/a
   
Actuarial Accrued Liability (AAL) 361,711,000 
Actuarial Value of Plan Assets  (26,366,000)
Unfunded Actuarial Accrued Liability (UAAL) 335,345,000
Funded Ratio 7.3%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2013
Underlying OPEB Data - Measurement Date n/a
   
CERBT Trust BalanceD 42,465,727
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

2013

Annual Retiree Liabilities
County Of Marin As of and for the year ended 6/30/2013
   
Pension:A  
Net Pension (Asset) / Liability n/a
Covered Payroll n/a
Net Pension (asset) / Liability as a Percentage of Covered Payroll  n/a
   
Actuarial Liability 1,491,924,000
Actuarial Value of Plan Assets (1,101,390,000)
Unfunded Actuarial Liability (UAL) 390,534,000 
Funded Ratio 73.8%
   
Underlying Pension Data - Actuarial Valuation Date 6/30/2012
Underlying Pension Data - GASB 67/68 Measurement Date  n/a
   
Other Post-Employment Benefits (Retiree Health)B  
Total OPEB Liability n/a
Plan Fiduciary Net Position n/a
Net OPEB Liability n/a
Funded Status n/a
   
Actuarial Accrued Liability (AAL) 382,720,000 
Actuarial Value of Plan Assets  -
Unfunded Actuarial Accrued Liability (UAAL) 382,720,000
Funded Ratio 0.00%
   
Underlying OPEB Data - Actuarial Valuation DateC 7/1/2011
Underlying OPEB Data - Measurement Date n/a
   
CERBT Trust BalanceD 25,519,529
   

A In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.

B In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.

C Actuarial valuations are required at least biennially for OPEB plans.  As such, the County conducts an actuarial valuation on OPEB every two fiscal years.  If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll foward amounts from an earlier actuarial valuation.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

Related Finance/Budget Information

We invite governmental agencies throughout Marin to collaborate with the Marin Department of Finance to provide agency specific reporting for this site. Our goal is to create a resource that will be informative and convenient and that will provide greater transparency in local government finance.

Related Forum / Reform Information

Statewide Pension Reform

The California Legislature passed statewide pension reform on August 31, 2012 – known as The California Public Employees' Pension Reform Act of 2013 (PEPRA).  PEPRA was enacted with passage of AB 340 (Furutani) and AB 197 (Buchanan).  The Governor signed Assembly Bill 340 September 12 and Assembly Bill 197 September 13, 2012.  The new law affects Marin County and most public agencies in the state.

County staff presented an initial, high level pension reform overview to the Board September 11, 2012.  Marin County Employees’ Retirement Association (MCERA) staff presented a PowerPoint presentation on pension reform legislation on September 12, 2012 summarizing the main components of the new law to the retirement board. 

In December 2012, the Board of Supervisors adopted a policy dedicating new Public Employees' Pension Reform Act (PEPRA) tier normal cost savings over the next five years toward further paying down the County’s unfunded pension liability, which will further increase the County’s funded ratio. See the full staff report on PEPRA.

In December 2011, the Board of Supervisors adopted pension reform guidelines.  An overview of Marin County government’s system is available in the publication Marin County Government Basic Facts about Pensions.

County Pension Forums and Background Information

Pension Forum (April 3, 2012)

The Marin County Board of Supervisors convened an educational forum on the evening of April 3, 2012 on the topic of sustainable pensions for Marin County government. As the Governor’s plan was debated in the Legislature, the community gathered to develop a shared understanding of the facts that could be agreed upon and also identified key differences in opinion among various audiences in the county.

Information provided at the forum included the following: 

Pension Forum (May 16, 2011)

Following is information presented in a public forum in the Board of Supervisors Chambers on Monday, May 16, 2011. This information provided an overview of 1937 Act public pension systems, and specific information relating to the Marin County pension program and related funding issues.

Information provided at the forum included panelist presentations from the following: