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Arcadia adopts comprehensive pension management plan, saving $85 million. It addresses the City's $154 million in unfunded pension liabilities. It focuses on: -use of reserves to prepay existing liabilities -refinancing existing debt to lower interest rates to free up cash flow -prepaying costs with surplus funds from voter-approved Measure A sales tax increase -financing long-term capital improvements -using pension obligation bonds to lower the overall costs of pensions -negotiating for more employee cost-sharing. See also Arcadia Weekly, p. 3, February 27, 2020

https://arcadiahistory.andornot.com/en/permalink/newspaper35680
Newspaper
Mountain Views News
Date
February 29, 2020
Pages
p. 6
More detail
Newspaper
Mountain Views News
Date
February 29, 2020
Pages
p. 6
Subjects
City of Arcadia employees
Pensions
Collection
Newspaper Index
Less detail

Local city governments in the San Gabriel Valley and Whittier are realizing the future costs of pensions and retirement benefits for their employees. The costs will be enormous and city governments need to save money for their future obligations. Arcadia's retiree medical cost is $375,062 this year and its unfunded health liabilities for current employees and retirees is $10.3 million. Unfunded health liability is the amount that would be needed to pay for all health obligations to current employees if they were to retire today, and for all retirees. Other cities' obligations are shown in a chart.

https://arcadiahistory.andornot.com/en/permalink/newspaper31422
Newspaper
Pasadena Star News
Date
March 29, 2009
Pages
p. A1
More detail
Newspaper
Pasadena Star News
Date
March 29, 2009
Pages
p. A1
Subjects
City Employees
City governments
Local governments
Municipalities
Pensions
Retirement benefits
Item ID
31615AN
Collection
Newspaper Index
Less detail

Pension reform is happening with Arcadia city employees. Arcadia City Council approved an ordinance last week whereby police officers and firefighters hired by the city are now required to pay their full employee share, or 9 percent, of their pension costs--an amount previously covered by the city. In addition, tentative agreements are in place with 4 out of 5 employee unions, to have members pay their full share by the next 3 years. Annual increases in employee costs during that period would be offset by equivalent annual raises. Other San Gabriel cities may follow suit.

https://arcadiahistory.andornot.com/en/permalink/newspaper32480
Newspaper
Pasadena Star News
Date
August 7, 2011
Pages
p. A1, A7
More detail
Newspaper
Pasadena Star News
Date
August 7, 2011
Pages
p. A1, A7
Subjects
City of Arcadia employees--benefits
Pensions
Public Employees Retirement System (PERS)
Item ID
32676AN
Collection
Newspaper Index
Less detail

Public employees' retirement and pensions are costing cities up to 25% of the city budget. In March, CalPERS announced its stock portfolio had lost 39.8%. Costs for retirees are ballooning and El Monte and West Covina budgets have been hit hard from the recession. Arcadia, which had the fourth highest pension costs of the 24 cities surveyed, spent $6.7 million last year for its 357 current employees and retirees. The city's general fund budget is $46 million.

https://arcadiahistory.andornot.com/en/permalink/newspaper31472
Newspaper
Pasadena Star News
Date
May 18, 2009
Pages
p. A1, A4
More detail
Newspaper
Pasadena Star News
Date
May 18, 2009
Pages
p. A1, A4
Subjects
City budgets
Pensions
Recession
Retirement benefits
Item ID
31665AN
Collection
Newspaper Index
Less detail