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Conejo Recreation Park District CRPD GENERAL MANAGER Jim Friedl BOARD OF DIRECTORS George M. Lange, Chair Doug Nickles, Vice -Chair Chuck Huffer, Director Nellie Cusworth, Director Marissa Buss, Director DATE: September 5, 2024 GENERAL MANAGER EMERITUS Tex Ward TO: Board of Directors FROM: Jim Friedl, General Mana SUBJECT: Transfer of Salaries and Benefits Savings to the Pension Stabilization Reserve RECOMMENDATION Authorize the transfer of salary and benefits savings to the Pension Stabilization Reserve. BACKGROUND The District has consistently demonstrated a commitment to responsible retiree liability management by automatically transferring annual salary and benefits savings to the Pension Stabilization Reserve at year-end. This prudent practice has been instrumental in strengthening the reserve and ensuring the long-term stability of the District's retiree plans. As of the close of the last fiscal year (2022-2023), the funding status for projected retiree liabilities reached 100%, The District's Reserve Policy now requires Board approval for such transfers when the year-end funding status exceeds 100%. This policy ensures that the Board can assess whether continuing the transfer remains appropriate. CONSIDERATION In July 2024, CALPERS published its latest actuarial report, with a valuation date of June 30, 2023. The report indicates that the District's pension plan remains well -funded, with a current funding status of 103%. Initial reporting for CALPERS performance for FY 2023-2024 is also positive, with returns exceeding 9%. Reserve Policy Guidelines: Below 85% funded: Transfer annual salary and benefit savings upon adoption of the reserve policy. 85% - 100% funded: Automatically transfer annual salary and benefit savings at year-end. ADMINISTRATIVE OFFICES O 403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 C. 805-495-6471 1, 805-497-3199 1 � parks@crpd.org 1 9 www.crpd.org