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Civil grand jury: Vacaville needs to address pension liability risk to city’s stability
VACAVILLE Vacaville needs to overhaul its pension liability model and establish an “annual contribution schedule to retire the unfunded liabilities over a 10- to 15-year period.”
That was among six recommendations attached to five findings by the 2020-21 Solano County civil grand jury, which revisited the issue of Vacaville’s troubled unfunded pension liability issue after a critical report two years earlier.
A 2018-19 civil grand jury concluded that the city’s benefit package “indicates a benefit cost that is not sustainable” and that “failure to address this problem could result in loss of employees and corresponding loss of services to citizens.”