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California 2026 Funding Assumption Survey |
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Updated May 2026 |
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Assumed |
Base |
Assumed |
Amortization |
Valuation |
Asset |
|
Trailing Returns |
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RANK |
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PLAN SPONSOR |
Investment |
Wage |
"Excess" |
Period |
Asset |
Smoothing |
|
5 Year |
10 Year |
15 Year |
20 Year |
|
|
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
2013 |
2011 |
2010 |
2009 |
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Return |
Inflation |
Investment |
(years) |
Corridor |
Period |
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pe |
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Return |
Growth |
Return |
|
Corridor |
(years) |
|
(market percents) |
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|
| 2026 |
2025 |
2024 |
2023 |
2022 |
2021 |
2020 |
2019 |
2018 |
2017 |
2016 |
2015 |
2014 |
2013 |
2011 |
2010 |
2009 |
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(a) |
(b) |
(a) - (b) |
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| 1 |
1 |
1 |
1 |
4 |
2 |
3 |
2 |
2 |
6 |
6 |
6 |
5 |
3 |
4 |
5 |
5 |
CalPERS - Judges System II
1, 3 |
6.00% |
2.80% |
3.20% |
N/A - surplus |
N/A (market) |
N/A |
|
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| 2 |
2 |
2 |
2 |
1 |
3 |
4 |
4 |
3 |
4 |
3 |
3 |
3 |
2 |
9 |
9 |
10 |
San Mateo County |
|
6.25% |
3.25% |
3.00% |
13; G/L 15-layered |
Y: 80-120 |
5 |
|
8.6 |
6.8 |
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|
| 3 |
3 |
3 |
3 |
2 |
1 |
2 |
3 |
4 |
5 |
5 |
5 |
4 |
7 |
10 |
11 |
15 |
City of San Diego 5 |
|
6.50% |
3.25% |
3.25% |
2-declining and part layered ;G/L layered 15 |
Y: 80-120 |
4 |
|
8.6 |
7.4 |
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| 4 |
4 |
4 |
4 |
7 |
6 |
6 |
8 |
8 |
7 |
8 |
8 |
8 |
5 |
6 |
8 |
7 |
LA Department of Water
& Power |
6.50% |
3.00% |
3.50% |
G/L 15 - layered Level $$ but none
due to surplus |
N |
5 |
|
9.33 |
7.85 |
8.68 |
|
|
0 |
|
| 5 |
5 |
5 |
5 |
16 |
11 |
10 |
9 |
19 |
18 |
17 |
22 |
22 |
31 |
30 |
29 |
30 |
San Diego County |
|
6.50% |
3.00% |
3.50% |
G/L 20 layered |
N |
5 |
|
9.07 |
7.15 |
8.02 |
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| 6 |
6 |
6 |
6 |
3 |
13 |
12 |
11 |
9 |
8 |
11 |
11 |
10 |
22 |
20 |
22 |
24 |
Fresno County |
|
6.50% |
3.00% |
3.50% |
8-declining; G/L 15 layered |
Y: 70-130 |
5 |
|
9.14 |
6.82 |
7.83 |
|
|
| 7 |
7 |
7 |
10 |
8 |
7 |
18 |
16 |
15 |
29 |
29 |
30 |
32 |
30 |
36 |
27 |
8 |
Mendocino County |
|
6.50% |
3.00% |
3.50% |
11-declining; G/L 18 layered |
Y: 75-125 |
5 |
|
9.4 |
7.55 |
8.64 |
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| 8 |
8 |
8 |
7 |
5 |
4 |
5 |
5 |
5 |
2 |
4 |
4 |
23 |
17 |
3 |
7 |
13 |
City
of San Jose (Safety) 9 |
6.625% |
3.125% |
3.500% |
most G/L 15 layered |
Y: 80-120 |
5 |
|
9.25 |
6.86 |
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| 9 |
9 |
9 |
8 |
6 |
5 |
9 |
7 |
7 |
16 |
12 |
12 |
31 |
29 |
33 |
34 |
40 |
City of San Jose
(General) 9 |
6.625% |
3.00% |
3.625% |
most 14 - declining;
most G/L layered 20 |
N |
5 |
|
9.8 |
6.9 |
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| 10 |
10 |
11 |
12 |
18 |
14 |
13 |
14 |
13 |
11 |
15 |
15 |
13 |
33 |
32 |
31 |
32 |
City
of Fresno (Safety) |
6.75% |
3.00% |
3.75% |
if FR<100%, G/L 15
layered; if FR over 110%-30 |
N |
5 |
|
10.26 |
8.07 |
9.02 |
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| 11 |
11 |
12 |
13 |
19 |
15 |
14 |
15 |
14 |
12 |
16 |
16 |
14 |
34 |
31 |
32 |
33 |
City of Fresno (General) 6 |
6.75% |
3.00% |
3.75% |
if FR<100%, G/L 15
layered; if FR over 110%-30 |
N |
5 |
|
10.26 |
8.07 |
9.01 |
|
|
| 12 |
12 |
24 |
25 |
22 |
24 |
24 |
22 |
25 |
14 |
9 |
9 |
7 |
11 |
13 |
10 |
12 |
Ventura County |
|
6.75% |
3.00% |
3.75% |
G/L 15 - layered |
N |
5 |
|
10.57 |
8.58 |
9.55 |
|
|
| 13 |
13 |
10 |
9 |
12 |
10 |
8 |
6 |
6 |
3 |
2 |
2 |
2 |
4 |
5 |
4 |
4 |
Contra Costa County |
|
6.75% |
3.00% |
3.75% |
G/L 18 layered except 2012-18 bases have 5 years remaining |
N |
5 |
|
5.53 |
6.00 |
7.36 |
|
|
| 14 |
14 |
13 |
15 |
17 |
12 |
11 |
10 |
11 |
10 |
14 |
14 |
12 |
13 |
14 |
13 |
11 |
Sonoma County |
|
6.75% |
3.00% |
3.75% |
3-declining; G/L 20 layered |
N |
5 |
|
7.62 |
7.47 |
8.50 |
|
|
| 15 |
15 |
14 |
24 |
26 |
21 |
23 |
21 |
21 |
20 |
19 |
18 |
18 |
23 |
22 |
15 |
17 |
Imperial County |
|
6.75% |
3.00% |
3.75% |
6- declining; G/L 15 layered |
Y: 70-130 |
5 |
|
9.09 |
7.46 |
8.27 |
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| 16 |
16 |
15 |
11 |
9 |
17 |
16 |
26 |
24 |
13 |
7 |
7 |
6 |
8 |
11 |
37 |
36 |
Alameda-Contra Costa Transit 4 |
6.75% |
3.00% |
3.75% |
2-declining; G/L 20
layered |
Y: 80-120 |
5 |
|
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| 17 |
17 |
16 |
14 |
10 |
8 |
17 |
13 |
12 |
31 |
30 |
28 |
29 |
25 |
25 |
24 |
29 |
Sacramento County |
|
6.75% |
2.75% |
4.00% |
Most 10 - declining; G/L 20 layered |
Y: 70-130 |
7 |
|
9.22 |
7.78 |
8.69 |
|
|
| 18 |
18 |
17 |
17 |
15 |
26 |
29 |
27 |
27 |
25 |
27 |
25 |
27 |
21 |
35 |
35 |
28 |
San Luis Obispo
County |
6.75% |
3.00% |
3.75% |
14- declining; G/L 20 layered |
N |
5 |
|
6.0 |
5.9 |
|
|
|
|
| 19 |
19 |
18 |
18 |
30 |
30 |
33 |
33 |
34 |
32 |
34 |
34 |
35 |
36 |
40 |
40 |
39 |
East Bay Municipal
Utility |
6.75% |
3.00% |
3.75% |
Pre-2012 layered 30; Otherwise G/L-20 layered |
Y: 70-130 |
5 |
|
9.67 |
7.94 |
9.43 |
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| 20 |
20 |
19 |
19 |
33 |
33 |
35 |
35 |
37 |
26 |
26 |
23 |
19 |
28 |
28 |
25 |
23 |
San Joaquin County 7 |
|
6.75% |
3.00% |
3.75% |
8-declining; G/L 15 layered |
Y: 80-120 |
5 |
|
6.1 |
5.7 |
6.4 |
4.8 |
|
| 21 |
21 |
20 |
20 |
13 |
27 |
28 |
29 |
29 |
23 |
31 |
31 |
21 |
15 |
16 |
14 |
9 |
Merced County |
|
6.75% |
3.00% |
3.75% |
8-declining; G/L 24 layered
Most with ramping |
N/A(market) |
N/A |
|
9.7 |
8.1 |
8.8 |
6.7 |
|
| 22 |
22 |
21 |
21 |
14 |
25 |
27 |
25 |
26 |
22 |
22 |
36 |
36 |
37 |
39 |
39 |
38 |
Stanislaus County |
|
6.75% |
2.75% |
4.00% |
11- declining; G/L 20 layered |
Y: 80-120 |
5 |
|
8.6 |
6.8 |
8.3 |
6.7 |
|
|
| 23 |
23 |
22 |
22 |
20 |
16 |
15 |
12 |
10 |
9 |
20 |
20 |
16 |
18 |
18 |
30 |
31 |
Santa Barbara County |
|
7.00% |
3.00% |
4.00% |
most 5-declining; G/L 19 layered and ramped |
N/A(market) |
N/A |
|
9.5 |
7.5 |
8.0 |
6.5 |
|
| 24 |
24 |
23 |
23 |
21 |
19 |
20 |
18 |
17 |
21 |
24 |
19 |
15 |
9 |
21 |
21 |
14 |
Marin County 4 |
|
6.75% |
2.75% |
4.00% |
6-declining; G/L 24 layered and ramped |
N/A (Market) |
N/A |
|
9.3 |
7.9 |
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|
| 25 |
25 |
25 |
29 |
28 |
23 |
25 |
23 |
22 |
28 |
28 |
27 |
28 |
24 |
23 |
17 |
20 |
Alameda County |
|
7.00% |
3.00% |
4.00% |
7- declining ; G/L 20 layered |
Y: 60-140 |
5 |
|
7.02 |
7.16 |
8.03 |
|
|
| 26 |
26 |
27 |
26 |
23 |
29 |
32 |
32 |
32 |
37 |
37 |
29 |
24 |
19 |
19 |
19 |
21 |
Tulare County |
|
7.00% |
3.00% |
4.00% |
9-declining; G/L 19 layered |
Y: 70-130 |
10 |
|
8.5 |
6.4 |
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|
| 27 |
27 |
28 |
27 |
24 |
18 |
19 |
17 |
16 |
19 |
18 |
17 |
17 |
12 |
34 |
33 |
35 |
Orange County |
|
7.00% |
3.00% |
4.00% |
8-declining; G/L 20 layered |
N |
5 |
|
8.00 |
7.41 |
7.42 |
|
|
| 28 |
28 |
29 |
31 |
31 |
31 |
26 |
24 |
23 |
27 |
25 |
24 |
26 |
20 |
24 |
23 |
25 |
Kern County |
|
7.00% |
3.00% |
4.00% |
10.5 - declining; G/L 18 layered |
Y: 50-150 |
5 |
|
8.76 |
6.93 |
7.95 |
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| 29 |
29 |
30 |
32 |
34 |
34 |
36 |
37 |
36 |
35 |
35 |
35 |
34 |
27 |
27 |
26 |
27 |
Los Angeles County |
|
7.00% |
3.25% |
3.75% |
most 14-declining; G/L
20 layered |
N |
5 |
|
9.8 |
7.9 |
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|
| 30 |
30 |
31 |
28 |
27 |
22 |
22 |
20 |
20 |
24 |
23 |
21 |
25 |
16 |
17 |
16 |
19 |
Los Angeles Fire &
Police |
7.00% |
3.00% |
4.00% |
surplus - non-decreasing 30 |
Y: 60-140 |
7 |
|
10.02 |
8.22 |
9.2 |
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|
| 31 |
31 |
32 |
30 |
29 |
28 |
31 |
31 |
31 |
33 |
32 |
32 |
30 |
26 |
26 |
20 |
22 |
City of Los Angeles |
|
7.00% |
3.00% |
4.00% |
most 17-declining ; G/L 15-layered |
Y: 60-140 |
7 |
|
8.85 |
7.35 |
8.56 |
|
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| 32 |
32 |
26 |
16 |
11 |
9 |
7 |
30 |
30 |
30 |
21 |
26 |
20 |
14 |
15 |
6 |
6 |
University of California 8 |
6.75% |
3.25% |
3.50% |
15-declining,Post-2015 G/L 20 layered, Pre-2015 30 layered Level $$ |
N |
5 |
|
10.15 |
7.78 |
8.79 |
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| 33 |
33 |
33 |
33 |
36 |
35 |
37 |
36 |
35 |
34 |
33 |
33 |
33 |
32 |
37 |
38 |
37 |
CalPERS 3 |
|
6.80% |
2.80% |
4.00% |
pre-2019 G/L 30+; G/L
20 level $$ with certain ramping |
N/A(market) |
N/A |
|
6.6 |
6.2 |
8.3 |
6.7 |
|
| 34 |
34 |
34 |
35 |
32 |
32 |
34 |
34 |
33 |
36 |
36 |
37 |
37 |
35 |
29 |
28 |
26 |
CalSTRS |
|
|
7.00% |
3.25% |
3.75% |
19 years with specified supplemental contributions |
N |
3 |
|
8.27 |
7.51 |
9.52 |
7.46 |
|
|
| 35 |
35 |
35 |
36 |
35 |
36 |
30 |
28 |
28 |
17 |
13 |
13 |
11 |
10 |
8 |
3 |
3 |
City & County of San
Francisco |
7.20% |
3.25% |
3.95% |
most 3 or 7-declining;
G/L 20 layered; rolling 20-year if FR > 100% |
N |
5 |
|
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|
|
| 36 |
36 |
36 |
34 |
25 |
20 |
21 |
19 |
18 |
15 |
10 |
10 |
9 |
6 |
12 |
12 |
16 |
San Bernardino County |
7.25% |
3.00% |
4.25% |
G/L layered 20 |
N |
5 |
|
10.04 |
7.22 |
8.24 |
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NOTES: |
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Bold indicates change
from previous survey. |
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1: This does not reflect the Judges I system
closed in 1994: features include
pay-as-you-go funding and a 3% assumed investment return |
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2: Legal agreement determines contribution
level -- pegged to specified funded ratios |
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3 Ramping up applies
only to the investment portion of the gain/loss for first 5 years; not to the
non-investment component>Some additional statutory contributions to pay
UAL |
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4: 50% of
"extraordinary" 2008/09 losses amortized over 30 years |
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5 System has been reopened for non-Police
pursuant to overturn of Proposition B |
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6 Amortization will
revert to average future working lifetime, roughly 10 years, in event FR
becomes > 100% |
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7 Extraordinary
2008 actuarial loss amortized over 30 years.
Equivalent overall amortization period of all UAL is 9.5 years. |
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8 Post-7/1/16 hires have option to elect to
be in defined contribution ("DC") plan; to date, roughly 35% have
elected DC |
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7.0% contribution now, eventually increasing to 10% over time,
will be made toward UAL for those in DC plan. |
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Additional state contributions
may be required as phased employer
rate increases to 18% |
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Only 90% of actuarial policy
contributions made for 2024-25 plan year |
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9 Amortization payments increase at less than
wage inflation; for San Jose General-2.75%; for San Jose Safety-2.5% |
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Survey and related
text will be posted on roederfinancial.com We can be contacted at (619) 300-8500 |
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FR
= Funded ratio |
G/L
= actuarial gains/actuarial
losses |
"Layered" means a new amotization base is created each year. |
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POB
= Pension Obligation Bond |
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DC = Defined Contribution |
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Effective with the 2013
survey, the number of entities was reduced from 40 to 37, eliminating three
small closed systems. Effective with the 2021 survey, the number of entities
reduced to 36 to reflect omission of another closed system. |
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The amortization periods
for assumption changes are often longer than for G/L and are not shown
here. Often, there is a separate
amortization policy applicable to benefit changes. |
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