Receive presentation on using Chevron settlement funds to pay pension debts early
In Plain English
Richmond owes $392 million in pension debts and currently pays $32.6 million per year for 20 years. The city receives $550 million from Chevron tax settlements over 10 years. If approved, staff studies using settlement funds to pay pension debts faster and potentially save $117 million in interest payments.
Auto-generated summary. Source: official agenda documents.
Votes
Direct staff to work with IFPTE Local 21 researcher and the sponsors of this item to bring an update of the following issues to Council within 45 days: potential early amortization of unfunded liabilities for the city's two CalPERS retirement plans using general funds, potential early amortization of the city's OPEB unfunded liability using general funds, and possible use of bond financing for early amortization
6 to 0
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