CalPERS Legislation Sample Clauses

CalPERS Legislation. To help ensure the sustained funding and solvency of the retirement system and payment of future retirement benefits for this bargaining unit, the union agrees that it will not oppose legislation that requires CalPERS use supportable assumptions and data and that those should be evaluated by another party agreeable to DPA and the union. The Governor proposes legislation to: (1) require the CalPERS Chief Actuary to submit a report that in plain language describes (i) the investment return it assumes for projecting contributions and liabilities, (ii) the market value of its assets and how that value differs from its chosen actuarial value for those assets, and (iii) contributions and liabilities based on investment return assumptions both lower and higher than the actual investment return assumption; (2) require a third party (to be determined) to evaluate this report and provide its opinion of the report to the Legislature; and (3) require the Legislature to review these reports. The above legislative shall not be part of this “MOU ▇▇▇▇.”