August 9, 2023
Circular Letter: 200-041-23
Topic: Actuarial

To: All Public Agency Employers


The purpose of this Circular Letter is to inform you the 2022 actuarial valuation reports for contracting agencies are now available and uploaded in myCalPERS to view.

Employer and Member Contribution Requirements

The 2022 valuation reports use demographic data and financial information through June 30, 2022 to set the required contributions for public agency employers and certain members for fiscal year (FY) 2024-25.

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 will experience an increase to their contribution rate for FY 2024-25 as a result of the 2022 valuations. Refer to the cover letter of the report for information on the PEPRA member contribution rate(s) for your rate plan for FY 2024-25.

The recently reported preliminary investment return of 5.8% for FY 2022-23 has no impact on required employer or member contributions for FY 2024-25. The impact of this investment loss, due to its being less than the assumed discount rate of 6.8% will be reflected in the June 30, 2023 valuation reports, available in August 2024, and will not impact employer contribution requirements until FY 2025-26.

More Information

The June 30, 2022 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.


If you have questions, contact the CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377 888-225-7377).


Scott Terando, Chief Actuary
Actuarial Office