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Old Mendocino County Courthouse Around 1915

California County Pension Debt

 

Mendocino County's Pension Debt



The Pension Debt:

Profound Funding Failure



Mendocino County's Unfunded Pension Debt


Choices -

Growth & Amount of Debt

Pension Related Payments

County Payments

$700 Million to Pay Debt!

Profound Funding Failure

 
How Well Has Mendocino County's Pension Fund Achieved It's Funding Plan?
How Well Did Mendocino County's
Pension Fund Achieve
It's Funding Goals?

MendoCERA's Retirement Board set a self-proclaimed goal in every pension funding plan they ever adopted - the only money they would need to pay all pensions are the Normal Contributions paid by the County and its employees and investment profits earned on those contributions.

As we saw in the real world a successful Pension Fund would sometimes be over-funded, sometimes under-funded. But on average - over the long run - it would average very close to being fully funded.

Mendocino County's Pension Fund should have had $585 million as of June 30, 2014 to be "fully funded". The Market Value of Pension Fund Assets was $442 million - about 25% short of what it was supposed to have. Only the County is obligated to make additional payments to eliminate this deficit - employees and retirees have no such obligation.

But - the County also still owed $72 million on its Pension Obligation Bonds - and had paid a total of $28 million of Unfunded Pension Amortization Payments to the Pension Fund since 2010. The Pension Fund got the money - but the County kept the debt.

So - the actual funding performance of the Pension Fund was over 40% less than the Retirement Board's goal.

If the independent Retirement Board had achieved its own self-proclaimed funding plans the County wouldn't have had to borrow money by selling Pension Bonds nor would it have to pay additional Unfunded Pension Amortization payments to the Pension Fund.

Major Point!

Mendocino County's independent Pension Fund has achieved only about 58% of its self-proclaimed funding goals. The rest is debt imposed on the County and its People - debt that isn't supposed to exist.

 
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