From From FB group Orange Talk
Also see LA Times article
http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/
This was from the .PDF document here
http://www.ocgrandjury.org/pdfs/2015_2016_GJreport/2016-06-15_Website_Report.pdf
“Here were the Grand Jury’s findings about how the entire county should deal with pension reform:
RECOMMENDATIONS
In accordance with California Penal Code §933 and §933.05, the 2015-2016 Grand Jury requires
(or as noted, requests) responses from each agency affected by the recommendations presented in
this section. The responses are to be submitted to the Presiding Judge of the Superior Court.
Based on its investigation titled “Orange County’s $4.5 Billion Unfunded Pension Liability &
Retirement Plans”, the 2015-2016 Orange County Grand Jury makes the following seven
recommendations:
R.1. The County should encourage the OCERS Board of Retirement to maintain financially
sound assumptions and to oppose any relaxation of current assumptions. (F1)(F3)
R.2. The County should establish and adopt a plan, working with OCERS, to increase the
pension percent funded liability to 80% from its current level of 70% by making additional
payments to OCERS. This plan should be developed as part of the County Strategic
Financial Plan is being updated in late summer 2016. As the 2017-2018 budget is being
developed, the first advance payment of the Plan should be included. (F1) (F2)
R.3. The County should develop a policy to continue issuing short term Pension Obligation
Bonds, so long as the discount from OCERS is available and there is enough net savings
(which should be defined) after paying for cost of issuance and underwriter’s discount. (F4)
R.4. The County should direct its lobbyists or work through the California State Association to
find support in the legislature for a bill with additional pension reforms, beginning with the
next legislative session that would further reduce the impact of unfunded pension
liabilities. (F6)
R.5. The County should conduct a thorough analysis including the financial impact of
implementing a Defined Contribution Retirement Plan or a hybrid plan, replacing the
current Defined Benefit Plan, before January 2017. (F1) (F7)
Orange County’s $4.5 Billion Unfunded Pension Liability & Retirement Plans
2015-2016 Orange County Grand Jury Page 24
R.6. The County should review the current practice of using taxpayer money to benefit eight
non-County employees through the 401(a) retirement plan by the end of 2016. (Executive
Director LAFCO; Executive Manager- Children & Family Commission and six OCERS
executives). (F8)
R.7. The Board of Supervisors should, by the end of calendar year 2016, publicly revisit and
determine if the Executive Compensation package 401(a) supplemental retirement plan for a County elected officials and top executives is still justifiable. (F8)”
