The Marin Post

The Voice of the Community

Notice Post

Marin Coalition

Public Employee Post Employment Costs, A Slow Motion Disaster

The Club at McInnis Park Golf Center
350 Smith Ranch Road
San Rafael, California
December 4, 2019
11:30 am - 1:30 pm

Speakers

John McCauley was elected to the Mill Valley City Council in 2013 and currently serves as Councilmember. He served as Mayor in 2015-16. Previously, Mr. McCauley spent six years on the City's Planning Commission, serving as Chair in 2010 and 2013. He is a retired CPA and retired Partner with PricewaterhouseCoopers, serving financial services clients throughout his career. He teaches a course on financial services at the Haas School of Business, U.C Berkeley.

Larry Chu has served in the Larkspur City Council since 2003. He has served multiple terms as both Mayor and Vice Mayor and served as President of the Marin County Council of Mayors & Councilmembers where he organized and chaired the MCCMC committee on pension reform and post-employment benefits. He has authored two report on the topic. Mr. Chu has been with financial services firms since 1979 in a wide swath of operational roles including accounting, finance, tax, information security, business continuity, venture capital due diligence, and pension administration and reporting.

For years, CalPERS has failed to meet its pension investment goals, creating an ever-growing funding shortfall. They are now taking steps to increase required contributions from participating government agencies. Pension costs are expected to double as a percentage of city general fund budgets by 2024. These cost increases threaten Marin cities ability to provide services.

To discuss this funding dilemma at our December luncheon, we are pleased to present Larry Chu, Larkspur City Council, and John McCauley, Mill Valley City Council, authors of the paper “Marin County Local Government Reform of Pensions and Other Post-Employment Benefits. Revisiting the Problem & Scope of Solutions.” The authors suggest that there are no easy answers here, but there are some steps cities can take to prepare for this challenge


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Organization: Marin Coalition

Website: https://marincoalition.org