Pension Tension Relieved?

Additional Recommendations 6

These recommendations are not explicitly linked to specific findings.

• R3
  The annual report should contain a section listing the dollar amounts that the Chief Administrative Officer’s office recommends that the County contribute in the current fiscal year to the CalPERS Unfunded Accrued Liability account and the Section 115 trust. It should include a brief discussion of the strategy behind contributing these amounts.
• R4
  The annual report should contain a section with a running historical account updated each fiscal year in the form of a table, showing the amount of money deposited into the Section 115 Trust each fiscal year, the rate of return earned in the trust (both as percentage and a dollar amount), and the rate of return that the funds would have earned had they been deposited with CalPERS (again as a percentage and dollar amount), along with a total of the dollar amounts at the bottom of each column.
• R5
  The annual report should contain a section with a running historical account updated each year in the form of a graph showing the actual interest earned during each fiscal year in the Section 115 Trust vs. the estimated interest that would have been earned had the money been invested with CalPERS in the Unfunded Accrued Liabilities account.
• R6
  The annual report should contain a section with a brief discussion of the management fees charged by Public Agency Retirement Services and those charged by CalPERS (if any), as well as the impact of all fees on the fund’s returns.
• R7
  The annual report should contain a brief discussion of the County’s long-term strategy for paying into the Unfunded Accrued Liability account and an assessment of the County’s progress in implementing that strategy, including a projection of when the Unfunded Accrued Liability will be funded at 100% based on the County’s current strategy.
• R8
  The annual report should contain any other information the County thinks would be useful in helping the citizens of Humboldt County understand the scope of the County’s Unfunded Accrued Liability obligations and how the County is working to mitigate them. RESPONSES Pursuant to California Penal Code sections 933 and 933.05, the Grand Jury requests each entity or individual named below to respond to the enumerated Finding and Recommendations within specific statutory guidelines. Responses to Findings shall be either: ● The respondent agrees with the finding; ● The respondent disagrees wholly or partially with the finding, in which case the response shall specify the portion of the finding that is disputed and shall include an explanation of the reasons therefore. Responses to Recommendations shall be one of the following: ● The recommendation has been implemented, with a summary regarding the implemented action. ● The recommendation has not yet been implemented, but will be implemented in the future, with a timeframe for implementation. ● The recommendation requires further analysis, with an explanation and the scope and parameters of an analysis or study, and a time frame for the matter to be prepared for discussion by the officer or head of the agency or department being investigated or reviewed, including the governing body of the public agency where applicable. This time frame shall not exceed six months from the date of the Grand Jury report. ● The recommendation will not be implemented because it is not warranted or is not reasonable, with an explanation therefore. REQUIRED RESPONSE – WITHIN 90 DAYS The Humboldt County Board of Supervisors (All findings, all recommendations) Invited Responses The Humboldt County Chief Administrative Officer (All findings, all recommendations) The Humboldt County Auditor Controller (All findings, all recommendations) Responses are to be sent to: The Honorable Judge Kelly L. Neel Humboldt County Superior Court 825 5th Street Eureka, CA 95501 The Humboldt County Civil Grand Jury P.O. Box 657 Eureka, CA 95502 A Reports issued by the Grand Jury do not identify individuals interviewed. Penal Code section 929 requires that reports of the Grand Jury not contain the name of any person or facts leading to the identity of any person who provides information to the Grand Jury.