Report: County’s pension liabilities high, but gap gradually closing

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Riverside County’s unfunded pension liabilities fell slightly in 2020, thanks in part to bond issuances that covered long-term obligations, but the county remains shy of the funded status needed to validate robust financial health, prompting the county Board of Supervisors Tuesday, Feb. 9, to authorize ongoing strategies to pare down pension debt. In a 16-page report to the board, the Pension Advisory Review Committee cited many of the same elements contained in the report it issued a year ago, though the latest narrative showed limited gains, despite market turmoil over the last 11 months. According to the report, the county’s retirement apparatus is now 71% funded, compared to 70% in January 2020. Although the unfunded pension gap increased from $3.5 billion to $3.6 billion
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