June 30, 2025 Actuarial Valuation Reports

August 26, 2026
Circular Letter: 200-038-26
Topic: Actuarial

To: All Public Agency Employers

Purpose

The purpose of this Circular Letter is to inform you that the 2025 actuarial valuation reports for contracting agencies are now available in myCalPERS.

Employer and Member Contribution Requirements

The 2025 valuation reports use demographic data and financial information through June 30, 2025 to set the required contributions for public agency employers and certain members for fiscal year (FY) 2027-28.

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 2027-28 as a result of the 2025 valuations. Refer to the cover letter of the actuarial valuation report for information on the PEPRA member contribution rate(s) for your rate plan for FY 2027-28.

Investment Return Impacts

The recently reported preliminary investment return of 14.8% for FY 2025-26 has no impact on required employer or member contributions for FY 2027-28. The impact of this investment gain will be reflected in the June 30, 2026 valuation reports that set the employer contribution rates for FY 2028-29 and will be available in August 2027.

Risk Pool Plans

For plans within either the Miscellaneous Risk Pool or Safety Risk Pool, valuation reports were consolidated last 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 our Risk Pooling webpage in the June 30, 2024 section.

More Information

The new June 30, 2025 actuarial valuation reports will be available on the CalPERS website by the end of September. You can find the Public Agency Actuarial 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