HomeMy WebLinkAbout97.Distributed to Board - Letter to OCERS Board 8-28-2013.pdf Servin),i Orange County Sanitation District
101344 Ellis Avenue,Fountain Valley,CA 92708
Anahei (714)962-2411 Nw,v.aoseaeis.cam
Brea August 20, 2013
Buena Park Distributed to Board of
Cypress Directors 8/28/2013 at
Fountain Valley Honorable Board Members Board Meeting
OCERS Board of Retirement
Fullerton 2223 E. Wellington Avenue, Suite 100
Barden,Grove Santa Ana, CA 92701
Huntington Beach RE: OCERS Actuarial Funding and Assumed Earnings Rate Policies
Irvine
La Habrs Members of the Board of Retirement:
La Palma At its July meeting, the Orange County Sanitation District (OCSD) Board of
LOSAI Directors discussed the OCERS Actuarial Funding Policy Amortization
Nmport Periods and the Assumed Earnings Rate Policy.
Beach
Orange OCSD supports the OCERS Actuarial Funding Policy adopted on June 17,
2013 which maintains the current unfunded liability Amortization Period of
Placenta 30-years and sets the future Amortization Period for new unfunded
SantaAna liabilities at 25-years, as recommended by OCERS actuarial consultant,
The Segal Company (Segal).
Stanton OCSD also supports the OCERS December 5, 2012 Assumed Earnings
Tustin Rate Policy of 7.25%, as recommended by Segal.
Villa Park
Yarba Linda OCSD recently established a five-year rate program and set its
expenditures accordingly. Any further reduction of the Amortization
County of Grange Periods or Assumed Earnings Rate would result in additional unbudgeted
r .�
istrict
Mew costs that could negatively affect OCSD's level of service to its customers.
SanitaryMidWay CRY Therefore, OCSD opposes shortening the Amortization Period of 30-years
San ryD for current unfunded liabilities and 25-years for future unfunded liabilities,
Irvine Ranch or reducing the Assumed Earnings Rate of 7.25%.
Water District
Thank you for your consideration.
Respectfully,
ORANGE COUNTY SANITATION DISTRICT
N
Troy Edgak
Chairman
cc: Mr. Steve Delaney, Chief Executive Officer
We protect public health and the environment by providing
etrectNe wastewater collection, treatment, and recycling.