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3/9/2026 <br />3 <br />5 <br />City of Pleasanton CalPERS Summary <br />City of Pleasanton has a $239M CalPERS Unfunded Accrued Liability (“UAL”), as of the latest CalPERS valuation for 6/30/2024 (excludes 50% of Fire Plan given share with City of Livermore) <br />Miscellaneous Plan: $133M | Safety Plans: $106M <br />CalPERS FY 2024-25 Preliminary Investment Returns: 12.1% <br />Projected to decrease UAL to $211M (as of 6/30/2025) <br />Projected benefit may be partially offset by CalPERS’ non-investment adjustments resulting from CalPERS’ 2025 Asset Liability Management (ALM) Study <br />City has a Section 115 Pension Trust with a $60M balance as of December 31, 2025 <br />This equates to 203% of FY26 total annual pension costs <br />Pension Strategy Project provides options for leveraging Section 115 Trust to generate General Fund savings and enhance budgetary predictability, while ensuring sufficient funds remain for future economic shocks/UAL volatility <br />Recommended refinements to City Pension Funding Policy based on results <br />6 <br />Market Value of <br />CalPERS Assets: <br />$510 Million <br />Accrued Liability: <br />$749 Million <br />Shortfall (UAL): <br />$239 Million <br />$0 <br />$100 <br />$200 <br />$300 <br />$400 <br />$500 <br />$600 <br />$700 <br />$800 <br />Mi <br />l <br />l <br />i <br />o <br />n <br />s <br />City of Pleasanton <br />CalPERS Pension Funded Status <br />Background on How CalPERS Works <br />Two Payments Made to CalPERS Annually <br />(1) Normal Cost (“NC”):Annual cost for current employees <br />(2) Unfunded Accrued Liability (“UAL”):Annual payment to amortize the “debt” to CalPERS <br />Current UAL comprised of 102 layers, amortized over various terms from 2 - 24 years <br />Causes irregular repayment shape <br />New UAL is created when CalPERS investment returns <6.80% <br />New UAL is amortized over 20 years <br />Source:CalPERSActuarialValuationasof June30, 2024 <br />*Excludes50%ofSafetyFire UAL thatis paidforbyCityofLivermore. <br />5 <br />6 <br />Page 201 of 242