unfunded pension gap widening again, but outlook positive

By City News Service

Riverside County supervisors Tuesday signed off on a report indicating that county government's unfunded pension liabilities are growing again, largely due to poor investment returns at the state level, meaning higher near-term costs to the county.

"We're still making progress, albeit slowly," county Chief Financial Officer Don Kent told the Board of Supervisors during a hearing on the 2023 Pension Advisory Review Committee report. "Pension costs will continue to increase ... for at least the next decade."

The report said that the county's retirement apparatus is now 86.6% funded, compared to 76.4% a year ago. The key metric that reflects a sound pension system is considered 80% funded status.

The county's unfunded pension gap is $1.88 billion, compared to $3.08 billion estimated in the 2022 report, according to PARC. The figures are based on calculations that end in fiscal year 2020-21, the most recent period for which confirmed data is available from the California Public Employees' Retirement System.

PARC estimated liabilities going forward, indicating the pension deficit will expand to

See P ension gap Page 15 in court case number ES016728 City of Burbank, County of Los Angeles, State of California.

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