Humboldt Supes Approve Long-Term Pension Funding Strategy
The Humboldt County Board of Supervisors voted 5-0 last week to pursue a long-term pension funding strategy. Supervisors were heeding the recommendations of county staff who said the new strategy would “allow the county to use sustainable methods to fully fund the county’s more than $331 million unfunded liability while maximizing state and federal contributions in order to preserve and protect local programs.”
Before the vote, 3rd District Supervisor Mike Wilson noted that the decision of whether to pursue a short or long-term strategy was “all gambling to a certain degree.” The policy will be reviewed every 5 years to see how things are going.
In the past two decades, annual pension contributions have gone from 18% of total payroll costs for county employees, excluding law enforcement, to over 32%, according to Deputy County Administrative Officer Sean Quincey.
Read more about Humboldt’s new funding strategy at the Times-Standard.