Santa Monica is about to shell out $45 million toward tackling its biggest threat to long-term fiscal sustainability: its long-term unfunded pension obligations for staff members under CalPERS. The money will add up to about an 11 percent decrease in the City’s unfunded liability, according to estimates from PERS cited by the City.

The City Council approved the decision Tuesday to pay down a chunk of the City’s more than $380 million unfunded liability in order to save costs overtime. 

Read More: http://smdp.com/city-leaders-put-45-million-toward-employee-pensions/161385