By Todd R. Hansen
Solano County has been diligent, even innovative, in its effort to reach a policy goal of funding 90 percent of its pension costs, county officials said.
However, a decision in December by the state Public Employees’ Retirement System’s board of administration to lower the discount rate from 7.5 percent to 7 percent over three years – an impact that will first be felt by the county in the 2018-19 fiscal year – could ultimately mean a reduction in programs, services and workforce.
The county, which had funded 76 percent of its pension liabilities, is going to slip to 72 percent and its annual costs will go up higher and faster than had been projected, officials said Tuesday at the Board of Supervisors meeting.