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ATTACHMENT 1 <br />Memorandum <br />February 25, 2025 <br />411 Borel Avenue, Suite 620 San Mateo, CA 94402 · (650) 377-1600 · www.foster-foster.com <br />To:Susan Hsieh, CPA <br />Director of Finance <br />City of Pleasanton <br />From:Doug Pryor <br />Senior Consulting Actuary <br />Foster & Foster <br />Re: City of Pleasanton <br />Actuarial Analysis <br />The City engaged Foster & Foster to make funding recommendations on the City’s CalPERS and OPEB1 retirement <br />plans. Our full analysis of the City CalPERS plans is enclosed. <br />Background <br />Our analysis covers the City’s 5 retirement plans (3 CalPERS plans and 2 OPEB plans): <br />CalPERS Pension Plans <br />Miscellaneous <br />Covers non-Safety City employees. <br />Police Safety <br />Covers Police City employees. <br />Technically, these are 3 separate CalPERS plans (for the 3 pension tiers) with separate trust assets, but are <br />combined into one for purposes of this document. <br />Fire Safety <br />Covers Pleasanton-Livermore Fire Department JPA employees. <br />Amounts in this document include only the City of Pleasanton’s portion of liabilities and assets (assumed to <br />be 50% of the total plan). <br />In addition to assets held by CalPERS for these plans, the City also has a Section 115 Supplemental Pension Trust <br />(Supplemental Trust) with PARS (Public Agency Retirement Services). This trust represents additional funds the <br />City has set aside above the amounts required by CalPERS. <br />OPEB Plans <br />Non-Fire <br />Covers Miscellaneous and Police City employees. <br />Fire (Pleasanton-Livermore Fire Department) <br />Covers Pleasanton-Livermore Fire Department JPA employees <br />Similar to the CalPERS Fire Safety Plan, this document includes only the City of Pleasanton’s portion of <br />liabilities and assets (assumed to be 50% of the total plan) <br />These OPEB plans are separately funded with assets in CalPERS’ OPEB trust. There is no supplemental trust for <br />OPEB. <br />1 Other (than pension) Post-Employment Benefits <br />Page 46 of 56