California
Pension Tracker

Joe Nation, Ph.D.

Project Director
Stanford Institute for
Economic Policy Research

The Bottom 25% (Lowest quartile) indicates relatively lower unfunded liabilities. The Top 25% (Highest quartile) indicates relatively higher unfunded liabilities. Metrics reflect the Fiscal Year selected. Agencies reported as NA or agencies for which we do not have geographic locations are excluded from calculations. See Glossary for additional information.

Data reflect Fiscal Year (FY) 2015, the most recent available.

City of Palo Alto, All Plans, Including POB

PDF Excel Excel
Plan : From year: to
Detailed Table

Assets, Liabilities and Unfunded Liabilities

Variable 2013 2014 2015
POB Liability NA NA NA
Market Liability $1,510,565,854 $1,598,205,698 $1,791,242,266
Actuarial Liability $941,206,677 $1,034,457,261 $1,074,633,744
Value of Assets $645,645,147 $739,711,994 $736,200,690
Market Pension Debt $864,920,707 $858,493,704 $1,055,041,576
Actuarial Pension Debt $295,561,530 $294,745,267 $338,433,054
Discount Rate for Market Liability 3.723% 3.750% 3.250%
  • Variable

    Market Liability


    • 2015

      $1,791,242,266

    • 2014

      $1,598,205,698

    • 2013

      $1,510,565,854

    • 2012

      $1,628,812,685

    • 2011

      $1,228,918,816

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Actuarial Liability


    • 2015

      $1,074,633,744

    • 2014

      $1,034,457,261

    • 2013

      $941,206,677

    • 2012

      $903,790,313

    • 2011

      $865,899,321

    • 2010

      $815,164,921

    • 2009

      $779,492,769

    • 2008

      $702,300,812

  • Variable

    Value of Assets


    • 2015

      $736,200,690

    • 2014

      $739,711,994

    • 2013

      $645,645,147

    • 2012

      $589,198,383

    • 2011

      $609,071,793

    • 2010

      $514,498,743

    • 2009

      $460,602,801

    • 2008

      $620,358,704

  • Variable

    Market Pension Debt


    • 2015

      $1,055,041,576

    • 2014

      $858,493,704

    • 2013

      $864,920,707

    • 2012

      $1,039,614,302

    • 2011

      $619,847,023

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Actuarial Pension Debt


    • 2015

      $338,433,054

    • 2014

      $294,745,267

    • 2013

      $295,561,530

    • 2012

      $314,591,930

    • 2011

      $256,827,528

    • 2010

      $300,666,178

    • 2009

      $318,889,968

    • 2008

      $81,942,108

  • Variable

    Discount Rate for Market Liability


    • 2015

      3.250%

    • 2014

      3.750%

    • 2013

      3.723%

    • 2012

      2.980%

    • 2011

      4.820%

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

*Recommended not to combine dollar and other categories.

Funded Ratios

Variable 2013 2014 2015
Market Funded Ratio 42.7% 46.3% 41.1%
Actuarial Funded Ratio 68.6% 71.5% 68.5%
  • Variable

    Market Funded Ratio


    • 2015

      41.1%

    • 2014

      46.3%

    • 2013

      42.7%

    • 2012

      36.2%

    • 2011

      49.6%

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Actuarial Funded Ratio


    • 2015

      68.5%

    • 2014

      71.5%

    • 2013

      68.6%

    • 2012

      65.2%

    • 2011

      70.3%

    • 2010

      63.1%

    • 2009

      59.1%

    • 2008

      88.3%

*Recommended not to combine dollar and other categories.

Contributions

Variable 2013 2014 2015
Employer Total Contribution (%) 24.974% 26.712% 29.184%
Employer Normal Cost Contribution (%) 12.117% 12.342% 12.245%
Employer Other Contribution (%) 12.858% 14.370% 16.939%
Employer Total Pension Contribution ($) $21,402,429 $23,794,407 $27,071,286
Employer Normal Cost Contribution ($) $10,383,803 $10,993,692 $11,358,737
Employer Other Contribution ($) $11,018,626 $12,800,716 $15,712,549
Employee Contribution (%) 8.247% 8.197% 8.127%
Employee Contribution ($) $7,067,757 $7,301,606 $7,538,272
Payroll $85,697,762 $89,076,963 $92,761,098
  • Variable

    Employer Total Contribution (%)


    • 2015

      29.184%

    • 2014

      26.712%

    • 2013

      24.974%

    • 2012

      23.821%

    • 2011

      19.512%

    • 2010

      18.914%

    • 2009

      18.896%

    • 2008

      14.602%

  • Variable

    Employer Normal Cost Contribution (%)


    • 2015

      12.245%

    • 2014

      12.342%

    • 2013

      12.117%

    • 2012

      12.025%

    • 2011

      11.981%

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Employer Other Contribution (%)


    • 2015

      16.939%

    • 2014

      14.370%

    • 2013

      12.858%

    • 2012

      11.796%

    • 2011

      7.531%

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Employer Total Pension Contribution ($)


    • 2015

      $27,071,286

    • 2014

      $23,794,407

    • 2013

      $21,402,429

    • 2012

      $19,969,477

    • 2011

      $16,209,429

    • 2010

      $16,176,716

    • 2009

      $16,569,598

    • 2008

      $12,574,242

  • Variable

    Employer Normal Cost Contribution ($)


    • 2015

      $11,358,737

    • 2014

      $10,993,692

    • 2013

      $10,383,803

    • 2012

      $10,080,444

    • 2011

      $9,952,985

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Employer Other Contribution ($)


    • 2015

      $15,712,549

    • 2014

      $12,800,716

    • 2013

      $11,018,626

    • 2012

      $9,889,033

    • 2011

      $6,256,444

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Employee Contribution (%)


    • 2015

      8.127%

    • 2014

      8.197%

    • 2013

      8.247%

    • 2012

      8.248%

    • 2011

      8.273%

    • 2010

      8.269%

    • 2009

      8.252%

    • 2008

      7.515%

  • Variable

    Employee Contribution ($)


    • 2015

      $7,538,272

    • 2014

      $7,301,606

    • 2013

      $7,067,757

    • 2012

      $6,914,393

    • 2011

      $6,872,921

    • 2010

      $7,072,419

    • 2009

      $7,235,996

    • 2008

      $6,471,665

  • Variable

    Payroll


    • 2015

      $92,761,098

    • 2014

      $89,076,963

    • 2013

      $85,697,762

    • 2012

      $83,830,656

    • 2011

      $83,072,245

    • 2010

      $85,526,437

    • 2009

      $87,689,075

    • 2008

      $86,114,830

*Recommended not to combine dollar and other categories.

Benefit Levels

Variable 2013 2014 2015  
Benefit Formula 2% @ 55; 2.7% @ 55; 2% @ 60; 3% @ 50 2% @ 55; 2.7% @ 55; 2% @ 60; 2% @ 62; 3% @ 50; 3% @ 55; 2% @ 50; 2.7% @ 57 2% @ 62 PEPRA Misc; 2.7% @ 57 PEPRA Sfty  
Final Compensation Period 1; 1 1; 3; 1; 3 3; 3  
COLA (%) 2; 2 NA NA  
Sick Leave Credit NA NA NA  
  • Variable

    Benefit Formula


    • 2015

      2% @ 62 PEPRA Misc; 2.7% @ 57 PEPRA Sfty

    • 2014

      2% @ 55; 2.7% @ 55; 2% @ 60; 2% @ 62; 3% @ 50; 3% @ 55; 2% @ 50; 2.7% @ 57

    • 2013

      2% @ 55; 2.7% @ 55; 2% @ 60; 3% @ 50

    • 2012

      2% @ 55; 2.7% @ 55; 3% @ 50

    • 2011

      2% @ 55; 2.7% @ 55; 3% @ 50

    • 2010

      2% @ 55; 2.7% @ 55; 3% @ 50

    • 2009

      2% @ 55; 2.7% @ 55; 3% @ 50

    • 2008

      2% @ 55; 3% @ 50

  • Variable

    Final Compensation Period


    • 2015

      3; 3

    • 2014

      1; 3; 1; 3

    • 2013

      1; 1

    • 2012

      1; 1

    • 2011

      1; 1

    • 2010

      1; 1

    • 2009

      1; 1

    • 2008

      1; 1

  • Variable

    COLA (%)


    • 2015

      NA

    • 2014

      NA

    • 2013

      2; 2

    • 2012

      2; 2

    • 2011

      2; 2

    • 2010

      2; 2

    • 2009

      0; 0

    • 2008

      2; 2

  • Variable

    Sick Leave Credit


    • 2015

      NA

    • 2014

      NA

    • 2013

      NA

    • 2012

      NA

    • 2011

      NA

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

Employee and Retiree Demographics

Variable 2013 2014 2015
Active Members 973 989 975
Retired Members 1,393 1,422 1,441
Retired/Active Ratio 1.43 1.44 1.48
Average Annual Pay, Active Members $88,076 $90,067 $95,139
Average Annual Benefits, Retired Members and Beneficiaries $36,050 $37,157 $38,109
Average Attained Age, Retired Members and Beneficiaries 68.1 68.5 68.9
  • Variable

    Active Members


    • 2015

      975

    • 2014

      989

    • 2013

      973

    • 2012

      974

    • 2011

      950

    • 2010

      981

    • 2009

      1,012

    • 2008

      1,041

  • Variable

    Retired Members


    • 2015

      1,441

    • 2014

      1,422

    • 2013

      1,393

    • 2012

      1,358

    • 2011

      1,331

    • 2010

      1,278

    • 2009

      1,179

    • 2008

      1,103

  • Variable

    Retired/Active Ratio


    • 2015

      1.48

    • 2014

      1.44

    • 2013

      1.43

    • 2012

      1.39

    • 2011

      1.40

    • 2010

      1.30

    • 2009

      1.17

    • 2008

      1.06

  • Variable

    Average Annual Pay, Active Members


    • 2015

      $95,139

    • 2014

      $90,067

    • 2013

      $88,076

    • 2012

      $86,069

    • 2011

      $87,445

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Average Annual Benefits, Retired Members and Beneficiaries


    • 2015

      $38,109

    • 2014

      $37,157

    • 2013

      $36,050

    • 2012

      $35,065

    • 2011

      $32,959

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Average Attained Age, Retired Members and Beneficiaries


    • 2015

      68.9

    • 2014

      68.5

    • 2013

      68.1

    • 2012

      67.8

    • 2011

      67.5

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

*Recommended not to combine dollar and other categories.

Agency Expenditure & Revenue

Variable 2013 2014 2015
Total Expenditures $386,289,480 $420,059,996 $417,981,079
Operating Expenditures $345,644,600 $365,196,564 $378,610,434
Total Revenues $471,680,558 $454,722,108 $469,159,452
Tax Revenues $96,619,713 $98,475,257 $107,688,086
  • Variable

    Total Expenditures


    • 2015

      $417,981,079

    • 2014

      $420,059,996

    • 2013

      $386,289,480

    • 2012

      $412,717,000

    • 2011

      $385,113,000

    • 2010

      $401,226,000

    • 2009

      $417,657,000

    • 2008

      $404,701,000

  • Variable

    Operating Expenditures


    • 2015

      $378,610,434

    • 2014

      $365,196,564

    • 2013

      $345,644,600

    • 2012

      $342,243,000

    • 2011

      $329,988,000

    • 2010

      $330,233,000

    • 2009

      $357,793,000

    • 2008

      $342,216,000

  • Variable

    Total Revenues


    • 2015

      $469,159,452

    • 2014

      $454,722,108

    • 2013

      $471,680,558

    • 2012

      $469,550,000

    • 2011

      $412,252,000

    • 2010

      $491,995,000

    • 2009

      $418,839,000

    • 2008

      $402,989,000

  • Variable

    Tax Revenues


    • 2015

      $107,688,086

    • 2014

      $98,475,257

    • 2013

      $96,619,713

    • 2012

      $78,472,000

    • 2011

      $74,658,000

    • 2010

      $67,184,000

    • 2009

      $67,853,000

    • 2008

      $69,750,000

*Recommended not to combine dollar and other categories.

Agency Demographics

Variable 2013 2014 2015
Population 66,911 67,015 66,853
Households NA 26,739 26,903
  • Variable

    Population


    • 2015

      66,853

    • 2014

      67,015

    • 2013

      66,911

    • 2012

      66,522

    • 2011

      65,842

    • 2010

      65,017

    • 2009

      64,112

    • 2008

      63,090

  • Variable

    Households


    • 2015

      26,903

    • 2014

      26,739

    • 2013

      NA

    • 2012

      NA

    • 2011

      NA

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

*Recommended not to combine dollar and other categories.

Unfunded Liability Metrics

Variable 2013 2014 2015
Market Pension Debt
Market Pension Debt/Household NA $32,106 $39,217
Market Pension Debt/Capita $12,926 $12,810 $15,782
Market Pension Debt/Total Expenditures 2.24 2.04 2.52
Market Pension Debt/Operating Expenditures 2.50 2.35 2.79
Market Pension Debt/Payroll 10.09 9.64 11.37
Market Pension Debt/Employer Total Pension Contributions 40.41 36.08 38.97
Market Pension Debt/Total Revenues 1.83 1.89 2.25
Market Pension Debt/Tax Revenues 8.95 8.72 9.80
Actuarial Pension Debt
Actuarial Pension Debt/Household NA $11,023 $12,580
Actuarial Pension Debt/Capita $4,417 $4,398 $5,062
Actuarial Pension Debt/Total Expenditures 0.77 0.70 0.81
Actuarial Pension Debt/Operating Expenditures 0.86 0.81 0.89
Actuarial Pension Debt/Payroll 3.45 3.31 3.65
Actuarial Pension Debt/Employer Total Pension Contribution 13.81 12.39 12.50
Actuarial Pension Debt/Total Revenues 0.63 0.65 0.72
Actuarial Pension Debt/Tax Revenues 3.06 2.99 3.14
Employer Total Pension Contribution
Employer Total Pension Contribution ($)/Total Expenditures 5.5% 5.7% 6.5%
Employer Total Pension Contribution ($)/Operating Expenditures 6.2% 6.5% 7.2%
Employer Total Pension Contribution ($)/Total Revenues 4.5% 5.2% 5.8%
Employer Total Pension Contribution ($)/Tax Revenues 22.2% 24.2% 25.1%
  • Variable

    Market Pension Debt/Household


    • 2015

      $39,217

    • 2014

      $32,106

    • 2013

      NA

    • 2012

      NA

    • 2011

      NA

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Capita


    • 2015

      $15,782

    • 2014

      $12,810

    • 2013

      $12,926

    • 2012

      $15,628

    • 2011

      $9,414

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Total Expenditures


    • 2015

      2.52

    • 2014

      2.04

    • 2013

      2.24

    • 2012

      2.52

    • 2011

      1.61

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Operating Expenditures


    • 2015

      2.79

    • 2014

      2.35

    • 2013

      2.50

    • 2012

      3.04

    • 2011

      1.88

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Payroll


    • 2015

      11.37

    • 2014

      9.64

    • 2013

      10.09

    • 2012

      12.40

    • 2011

      7.46

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Employer Total Pension Contributions


    • 2015

      38.97

    • 2014

      36.08

    • 2013

      40.41

    • 2012

      52.06

    • 2011

      38.24

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Total Revenues


    • 2015

      2.25

    • 2014

      1.89

    • 2013

      1.83

    • 2012

      2.21

    • 2011

      1.50

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Market Pension Debt/Tax Revenues


    • 2015

      9.80

    • 2014

      8.72

    • 2013

      8.95

    • 2012

      13.25

    • 2011

      8.30

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Actuarial Pension Debt/Household


    • 2015

      $12,580

    • 2014

      $11,023

    • 2013

      NA

    • 2012

      NA

    • 2011

      NA

    • 2010

      NA

    • 2009

      NA

    • 2008

      NA

  • Variable

    Actuarial Pension Debt/Capita


    • 2015

      $5,062

    • 2014

      $4,398

    • 2013

      $4,417

    • 2012

      $4,729

    • 2011

      $3,901

    • 2010

      $4,624

    • 2009

      $4,974

    • 2008

      $1,299

  • Variable

    Actuarial Pension Debt/Total Expenditures


    • 2015

      0.81

    • 2014

      0.70

    • 2013

      0.77

    • 2012

      0.76

    • 2011

      0.67

    • 2010

      0.75

    • 2009

      0.76

    • 2008

      0.20

  • Variable

    Actuarial Pension Debt/Operating Expenditures


    • 2015

      0.89

    • 2014

      0.81

    • 2013

      0.86

    • 2012

      0.92

    • 2011

      0.78

    • 2010

      0.91

    • 2009

      0.89

    • 2008

      0.24

  • Variable

    Actuarial Pension Debt/Payroll


    • 2015

      3.65

    • 2014

      3.31

    • 2013

      3.45

    • 2012

      3.75

    • 2011

      3.09

    • 2010

      3.52

    • 2009

      3.64

    • 2008

      0.95

  • Variable

    Actuarial Pension Debt/Employer Total Pension Contribution


    • 2015

      12.50

    • 2014

      12.39

    • 2013

      13.81

    • 2012

      15.75

    • 2011

      15.84

    • 2010

      18.59

    • 2009

      19.25

    • 2008

      6.52

  • Variable

    Actuarial Pension Debt/Total Revenues


    • 2015

      0.72

    • 2014

      0.65

    • 2013

      0.63

    • 2012

      0.67

    • 2011

      0.62

    • 2010

      0.61

    • 2009

      0.76

    • 2008

      0.20

  • Variable

    Actuarial Pension Debt/Tax Revenues


    • 2015

      3.14

    • 2014

      2.99

    • 2013

      3.06

    • 2012

      4.01

    • 2011

      3.44

    • 2010

      4.48

    • 2009

      4.70

    • 2008

      1.17

  • Variable

    Employer Total Pension Contribution ($)/Total Expenditures


    • 2015

      6.5%

    • 2014

      5.7%

    • 2013

      5.5%

    • 2012

      4.8%

    • 2011

      4.2%

    • 2010

      4.0%

    • 2009

      4.0%

    • 2008

      3.1%

  • Variable

    Employer Total Pension Contribution ($)/Operating Expenditures


    • 2015

      7.2%

    • 2014

      6.5%

    • 2013

      6.2%

    • 2012

      5.8%

    • 2011

      4.9%

    • 2010

      4.9%

    • 2009

      4.6%

    • 2008

      3.7%

  • Variable

    Employer Total Pension Contribution ($)/Total Revenues


    • 2015

      5.8%

    • 2014

      5.2%

    • 2013

      4.5%

    • 2012

      4.3%

    • 2011

      3.9%

    • 2010

      3.3%

    • 2009

      4.0%

    • 2008

      3.1%

  • Variable

    Employer Total Pension Contribution ($)/Tax Revenues


    • 2015

      25.1%

    • 2014

      24.2%

    • 2013

      22.2%

    • 2012

      25.4%

    • 2011

      21.7%

    • 2010

      24.1%

    • 2009

      24.4%

    • 2008

      18.0%

*Recommended not to combine dollar and other categories.

Pension Tracker

Stanford Institute for Economic Policy Research
366 Galvez Street
Stanford, CA  94305-6050
admin@pensiontracker.org