Nevada County Grand Jury
• 2023-2024
Nevada County’s Ability to Meet Future Pension Obligations
⚠️ Translation Notice: This content has been automatically translated. The original English text is the official version. Translation may contain errors.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings and Recommendations 5 findings
F1
The county pension plan currently lacks the funds to meet foreseeable pension- payment obligations, having only about 68% of the necessary funds.
Related Recommendations (1)
R1
The county should consider offering voters the opportunity to approve a special tax to resolve the unfunded-liabilities problem.
F2
If unfunded liabilities continue to rise, the county will have to increase revenues by increasing taxes, reduce expenses and the operations they fund (or a combina- tion of the two), or become unable to make pension payments.
Related Recommendations (1)
R2
If the county decides not to approach the problem through a special tax, it should, , produce a comprehensive plan to eliminate the unfunded pension lia- bilities.
F3
Because of economic fluctuations and existing unfunded liabilities, the county has decided that issuing bonds is not a good way to address the problem.
Related Recommendations (1)
R3
The county should consider withdrawing from CalPERS and employing an insti- tutional investment advisor with a better performance record than CalPERS achieves. Request for Responses Pursuant to California Penal Code § 933.05, the Nevada County Civil Grand Jury re- quires from the Nevada County Board of Supervisors, of publication of this report, responses to the following:
F4
The constant rise in CalPERS’s-required annual amortization payments shows that CalPERS predictions of financial recovery are highly questionable.
No recommendations for this finding
F5
The county does not appear to have any realistic plan to address the steady in- creases in the total amount of unfunded debt the county and its taxpayers will owe its retirees.
No recommendations for this finding
Agency Responses 1
Government agencies' official responses to this report's findings and recommendations. Click on a response to see the structured breakdown.
No Responses Found 1
Government entities assigned to respond to this report. No response documents have been linked in our database.
Nevada County Board of Supervisors
Elected County Office