June 30, 2024 Actuarial Valuation Reports

August 14, 2025
Circular Letter: 200-038-25
Topic: Actuarial

To: All Public Agency Employers

Purpose

The purpose of this Circular Letter is to inform you that the 2024 actuarial valuation reports for contracting agencies are now available in myCalPERS. It also highlights the key changes to risk pool plans.

Employer and Member Contribution Requirements

The 2024 valuation reports use demographic data and financial information through June 30, 2024, to set the required contributions for public agency employers and certain members for fiscal year (FY) 2026-27.

As required by the Public Employees’ Pension Reform Act (PEPRA), members hired on or after January 1, 2013 (PEPRA members) are subject to possible increases or decreases to their contribution rate based on the results of the annual actuarial valuations. Some PEPRA member groups may experience a change to their contribution rate for FY 2026-27 as a result of the 2024 valuations. Refer to the cover letter of the report for information on the PEPRA member contribution rate(s) for your rate plan for FY 2026-27.

The recently reported preliminary investment return of 11.6% for FY 2024-25 has no impact on required employer or member contributions for FY 2026-27. The impact of this investment gain will be reflected in the June 30, 2025, valuation reports that set the employer contribution rates for FY 2027-28 and will be available in August 2026.

Risk Pool Plans

For plans within either the Miscellaneous Risk Pool or Safety Risk Pool, valuation reports have been consolidated this year by combining reports for members subject to different benefit tiers, such as classic members and PEPRA members. Consolidated reports will continue to provide different normal cost requirements for each active benefit tier. However, each report will provide a single required payment toward unfunded accrued liability.

You can find additional information on this change inside your report(s) as well as on the California Public Employees’ Retirement System (CalPERS) website under Risk Pooling.

More Information

The June 30, 2024, actuarial valuation reports will also be available on the CalPERS website by the end of September. You can find the Public Agency Valuation Reports on our website.

The updated valuation results will be available for projection purposes in Pension Outlook in early September.

Questions

If you have questions, call our CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377888-225-7377).

Scott Terando, Chief Actuary
Actuarial Office