Background and Analysis:

The District contracted with Total Compensation Systems, Inc. to prepare an Actuarial Study of Retiree Health Liabilities in compliance with the Governmental Accounting Standards Board (GASB) Statements 74 and 75. The actuarial report is dated April 15, 2024, with a measurement and valuation date of June 30, 2023. The net Other Post-Employment Benefits (OPEB) Liability decreased by $6.2 million since the last measurement date in June 30, 2022 from $71.4 million to $65.2 million.

Summary of Actuarial Study's General Findings:

Total OPEB Liability (TOL) $96,351,823.

Fiduciary Net Position (FNP) is $33,840,790.

Net OPEB Liability (NOL) is $62,511,033.

Pay-as-you-go cost paid by the District is estimated at $7,269,344.

Additional Information:

The Fair Market Value of investments held at the California Employers’ Retiree Benefit Trust (CERBT) as of June 30, 2023, was $33,831,730 which includes a $1,500,000 contribution for fiscal year 2022-23.

The actuarial report is presented to the Audit & Finance Committee for review and acceptance.

Submitted by:

Susan Cheu, Vice Chancellor, Business Services

Additional contact names:

Raquel Puentes-Griffith, Executive Director, Fiscal Services

Will Kane, Total Compensation Systems, Inc.

Is backup provided?

Yes

Regular Meeting of the Audit and Finance Committee

Meeting Information

Supporting Documents