pages: SpecialFinanceAndManagementCommittee/2010-03-23.pdf, 6
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SpecialFinanceAndManagementCommittee | 2010-03-23 | *Special Finance & Management Meeting Minutes March 23,2010 Committee 8 Subject: City's Long-Term Pension Liabilities From: Finance and Management Agency Recommendation: Receive An Informational Report On Long-Term Liabilities And Possible Solutions Related To The City's Obligation For Retirement Benefits Including: California Public Employees Retirement System (CalPERS), Oakland Municipal Employees Retirement System (OMERS), And Police And Fire Retirement System (PFRS), And Other Post Employment Benefits (OPEB) 09-1096 Play Video A motion was made by Member Nadel, seconded by Member De La Fuente, that this matter be Continued to the *Finance & Management Committee, due back on April 27, 2010 No Specific Date The motion carried by the following vote: Votes: Councilmember Aye: Member Kernighan, Member Nadel, Member De La Fuente and Chair Quan The committee directed staff to return with additional information and a recommendation. Staff should include in response more detailed information on how to proceed on alternative options (CALPERS) and include in staff report: 1. Two-tiered retirement system 2. Employer paid contribution 3. What is included in final year calculation A list of the last 50-100 pensions (Police and Fire) paid by the city. Staff was further directed to bring back options on how to resolve the PFERS issue and provide additional information on using excess revenues from the tax override The committee also directed staff to schedule to a Special Budget Meeting a more in-depth discussion regarding pensions. The following individual spoke on this item: - Sanjiv Handa - Sanjiv Handa - Jeff Levin View Report.pdf View Report.pdf City of Oakland Page 6 Printed on 4/29/10 | 6 | SpecialFinanceAndManagementCommittee/2010-03-23.pdf |