Approval of Minutes for the Special Meeting of May 13 2013 and the Regular Meetings of May 13 2013 and May 28 2013. THESE MINUTES ARE NOT OFFICIAL UNTIL APPROVED BY THE CITY COUNCIL SPECIAL MEETING OF THE CITY COUNCIL CULVER CITY CALIFORNIA Call to Order & Roll Call Mayor Cooper called the Special Meeting of the City Council to order at 4:03 p.m. Present: Jeffrey Cooper Mayor May 13 2013 4:00 p.m. Meghan Sahli Wells Vice Mayor Jim B. Clarke Councilmember Miche l O Leary Councilmember* Andrew Weissman Councilmember o0o *Councilmember O Leary arrived at 4:15 p.m. Invocation/Pledge of Allegiance The Invocation was given by John Nachbar City Manager and the Pledge of Allegiance was led by Paul Ehrlich. Joint Public Comment Items Not on the Agenda None. Receipt of Correspondence None. Order of the Agenda No changes were made. o0o o0o 1 o0o Item A 1 May 13 2013 Special Meeting Action Items Presentation of an Analysis of the Impacts of CalPERS Actuarial Changes on the City s Retirement Plans for Miscellaneous and Safety Employees John Nachbar City Manager introduced the item noting that the City had engaged an actuary to prepare an actuarial evaluation of the City s retirement programs specific for the City. Jeff Muir Chief Financial Officer introduced John Bartel who made the presentation. John Bartel Bartel Associates encouraged Councilmembers to ask questions at any time during the presentation; he provided background on the item; an analysis of the impacts of CalPERS; and actuarial changes on the City s retirement plans for miscellaneous and safety employees. *Councilmember O Leary joined the meeting at 4:15 p.m. Discussion ensued between Councilmembers and the Mr. Bartel regarding investment returns compared with prior years; CalPERS Smooth Rate of Return; market value vs. actuarial; calculations and delayed impact; the unpredictability of market value; multiple five year layers; volatile contributions in the short run as a byproduct of reflected market value unfunded...
Click here for full text