Other Post Employment Benefits (OPEB) includes life insurance, health insurance, and deferred compensation.
Annual Retiree Liabilities
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2025.
Pension (A)
| Net Pension (Asset) / Liability | (115,100,836) |
|---|---|
| Covered Payroll | 246,220,823 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | (46.70)% |
| Actuarial Liability | 2,654,400,000 |
| Actuarial Value of Plan Assets | (2,504,100,000) |
| Unfunded Actuarial Liability (UAL) | (150,300,000) |
| Funded Ratio | 94.30% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2024 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2024 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 288,551,000 |
|---|---|
| Plan Fiduciary Net Position | (190,766,000) |
| Net OPEB Liability | 97,785,000 |
| Funded Status | 66.10% |
| Actuarial Accrued Liability (AAL) | 288,551,000 |
| Actuarial Value of Plan Assets | (190,766,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 97,785,000 |
| Funded Ratio | 66.10% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2023 |
| Underlying OPEB Data - Measurement Date | 6/30/2023 |
| CERBT Trust Balance (D) | 231,225,736 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2024.
Pension (A)
| Net Pension (Asset) / Liability | (151,192,858) |
|---|---|
| Covered Payroll | 228,496,505 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | (66.2)% |
| Actuarial Liability | 2,543,400,000 |
| Actuarial Value of Plan Assets | (2,356,000,000) |
| Unfunded Actuarial Liability (UAL) | (187,400,000) |
| Funded Ratio | 92.60% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2023 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2023 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 283,452,000 |
|---|---|
| Plan Fiduciary Net Position | (165,598,000) |
| Net OPEB Liability | 117,854,000 |
| Funded Status | 58.40% |
| Actuarial Accrued Liability (AAL) | 283,452,000 |
| Actuarial Value of Plan Assets | (165,598,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 117,854,000 |
| Funded Ratio | 58.40% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2021 |
| Underlying OPEB Data - Measurement Date | 6/30/2021 |
| CERBT Trust Balance (D) | 165,941,000 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2023.
Pension (A)
| Net Pension (Asset) / Liability | 167,182,887 |
|---|---|
| Covered Payroll | 212,987,836 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | (78.50)% |
| Actuarial Liability | 2,439,200,000 |
| Actuarial Value of Plan Assets | (2,253,600,000) |
| Unfunded Actuarial Liability (UAL) | 185,600,000 |
| Funded Ratio | 92.40% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2022 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2022 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 276,723,000 |
|---|---|
| Plan Fiduciary Net Position | (147,734,000) |
| Net OPEB Liability | 128,989,000 |
| Funded Status | 53.40% |
| Actuarial Accrued Liability (AAL) | 276,723,000 |
| Actuarial Value of Plan Assets | (147,734,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 128,989,000 |
| Funded Ratio | 53.40% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2021 |
| Underlying OPEB Data - Measurement Date | 6/30/2021 |
| CERBT Trust Balance (D) | 165,583,477 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2022.
Pension (A)
| Net Pension (Asset) / Liability | (90,741,495) |
|---|---|
| Covered Payroll | 209,138,143 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | (43.4)% |
| Actuarial Liability | 2,356,100,000 |
| Actuarial Value of Plan Assets | (2,516,100,000) |
| Unfunded Actuarial Liability (UAL) | (160,000,000) |
| Funded Ratio | 106.8% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2021 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2021 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 273,773,000 |
|---|---|
| Plan Fiduciary Net Position | (165,894,000) |
| Net OPEB Liability | 107,879,000 |
| Funded Status | 60.6% |
| Actuarial Accrued Liability (AAL) | 273,773,000 |
| Actuarial Value of Plan Assets | (165,941,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 107,832,000 |
| Funded Ratio | 60.6% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2021 |
| Underlying OPEB Data - Measurement Date | 6/30/2021 |
| CERBT Trust Balance (D) | 147,748,221 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2021.
Pension: (A)
| Net Pension (Asset) / Liability | 241,808,638 |
|---|---|
| Covered Payroll | 201,982,304 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 119.7% |
| Actuarial Liability | 2,284,700,000 |
| Actuarial Value of Plan Assets | (1,968,400,000) |
| Unfunded Actuarial Liability (UAL) | 316,300,000 |
| Funded Ratio | 86.2% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2020 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2020 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 325,813,000 |
|---|---|
| Plan Fiduciary Net Position | (124,514,000) |
| Net OPEB Liability | 201,299,000 |
| Funded Status | 38.2% |
| Actuarial Accrued Liability (AAL) | 325,813 |
| Actuarial Value of Plan Assets | - |
| Unfunded Actuarial Accrued Liability (UAAL) | 325,813,000 |
| Funded Ratio | 0.0% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2019 |
| Underlying OPEB Data - Measurement Date | 6/30/2020 |
| CERBT Trust Balance (D) | 165,940,732 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2020.
Pension: (A)
| Net Pension (Asset) / Liability | 188,585,487 |
|---|---|
| Covered Payroll | 193,146,939 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 97.6% |
| Actuarial Liability | 2,161,500,000 |
| Actuarial Value of Plan Assets | (1,924,000,000) |
| Unfunded Actuarial Liability (UAL) | 237,500,000 |
| Funded Ratio | 89.0% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2019 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2019 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 321,591,000 |
|---|---|
| Plan Fiduciary Net Position | (115,277,000) |
| Net OPEB Liability | 206,314,000 |
| Funded Status | 35.8% |
| Actuarial Accrued Liability (AAL) | 321,591,000 |
| Actuarial Value of Plan Assets | (115,337,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 206,254,000 |
| Funded Ratio | 35.9% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2019 |
| Underlying OPEB Data - Measurement Date | 6/30/2019 |
| CERBT Trust Balance (D) | 124,579,729 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2019.
Pension: (A)
| Net Pension (Asset) / Liability | 183,525,363 |
|---|---|
| Covered Payroll | 188,385,322 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 97.4% |
| Actuarial Liability | 2,068,100,000 |
| Actuarial Value of Plan Assets | (1,856,900,000) |
| Unfunded Actuarial Liability (UAL) | 211,200,000 |
| Funded Ratio | 89.8% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2018 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2018 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 383,256,000 |
|---|---|
| Plan Fiduciary Net Position | (99,919,000) |
| Net OPEB Liability | 283,337,000 |
| Funded Status | 26.1% |
| Actuarial Accrued Liability (AAL) | 370,692,000 |
| Actuarial Value of Plan Assets | (84,626,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 286,066,000 |
| Funded Ratio | 22.8% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2017 |
| Underlying OPEB Data - Measurement Date | 6/30/2018 |
| CERBT Trust Balance (D) | 115,336,569 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2018.
Pension: (A)
| Net Pension (Asset) / Liability | 207,841,379 |
|---|---|
| Covered Payroll | 182,952,561 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 113.6% |
| Actuarial Liability | 1,981,700,000 |
| Actuarial Value of Plan Assets | (1,719,900,000) |
| Unfunded Actuarial Liability (UAL) | 261,800,000 |
| Funded Ratio | 86.8% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2017 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2017 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | 370,692,000 |
|---|---|
| Plan Fiduciary Net Position | (84,658,000) |
| Net OPEB Liability | 286,034,000 |
| Funded Status | 22.8% |
| Actuarial Accrued Liability (AAL) | 370,692,000 |
| Actuarial Value of Plan Assets | (84,626,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 286,066,000 |
| Funded Ratio | 22.8% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2017 |
| Underlying OPEB Data - Measurement Date | 6/30/2017 |
| CERBT Trust Balance (D) | 99,995,179 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/17.
Pension: (A)
| Net Pension (Asset) / Liability | 260,044,342 |
|---|---|
| Covered Payroll | 180,339,571 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 144.2% |
| Actuarial Liability | 1,872,400,000 |
| Actuarial Value of Plan Assets | (1,575,200,000) |
| Unfunded Actuarial Liability (UAL) | 297,200,000 |
| Funded Ratio | 84.1% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2016 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2016 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | n/a |
|---|---|
| Plan Fiduciary Net Position | n/a |
| Net OPEB Liability | n/a |
| Funded Status | n/a |
| Actuarial Accrued Liability (AAL) | 349,063,000 |
| Actuarial Value of Plan Assets | (54,688,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 294,375,000 |
| Funded Ratio | 15.7% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2015 |
| Underlying OPEB Data - Measurement Date | n/a |
| CERBT Trust Balance (D) | 84,625,991 |
County Of Marin Annual Retiree Liabilities as of and for the year ended 6/30/2016
Pension: (A)
| Net Pension (Asset) / Liability | 203,688,484 |
|---|---|
| Covered Payroll | 167,380,610 |
| Net Pension (asset) / Liability as a Percentage of Covered Payroll | 121.7% |
| Actuarial Liability | 1,791,700,000 |
| Actuarial Value of Plan Assets | (1,548,100,000) |
| Unfunded Actuarial Liability (UAL) | 243,600,000 |
| Funded Ratio | 86.4% |
| Underlying Pension Data - Actuarial Valuation Date | 6/30/2015 |
| Underlying Pension Data - GASB 67/68 Measurement Date | 6/30/2015 |
Other Post-Employment Benefits (Retiree Health) (B)
| Total OPEB Liability | n/a |
|---|---|
| Plan Fiduciary Net Position | n/a |
| Net OPEB Liability | n/a |
| Funded Status | n/a |
| Actuarial Accrued Liability (AAL) | 349,063,000 |
| Actuarial Value of Plan Assets | (54,688,000) |
| Unfunded Actuarial Accrued Liability (UAAL) | 294,375,000 |
| Funded Ratio | 15.7% |
| Underlying OPEB Data - Actuarial Valuation Date (C) | 7/1/2015 |
| Underlying OPEB Data - Measurement Date | n/a |
| CERBT Trust Balance (D) | 68,114,387 |
(A) In accordance with Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, the County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by Marin County Employees' Retirement Association[External] (MCERA), and is based on valuations actuarially determined. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined.
(B) In accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions, the County's OPEB liability is based on valuations actuarially determined.
(C) Actuarial valuations are required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years. If an actuarial valuation is not performed as of the measurement date, the total OPEB liability is required to be based on update procedures to roll forward amounts from an earlier actuarial valuation.
(D) In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.
Related Finance/Budget Information
- Marin County Government Basic Facts about Pensions
- Actuarial Reports
- Annual Comprehensive Financial Reports (ACFR)
- General Obligation Bond Rates
- State Controller's Government Compensation database on salary and other compensation
We invite governmental agencies throughout Marin to collaborate with the Marin Department of Finance to provide agency specific reporting for this site. Our goal is to create a resource that will be informative and convenient and that will provide greater transparency in local government finance.
Related Forum / Reform Information
Statewide Pension Reform
The California Legislature passed statewide pension reform on August 31, 2012 – known as The California Public Employees' Pension Reform Act of 2013 (PEPRA). PEPRA was enacted with passage of AB 340 (Furutani) and AB 197 (Buchanan). The Governor signed Assembly Bill 340 September 12 and Assembly Bill 197 September 13, 2012. The new law affects Marin County and most public agencies in the state.
County staff presented an initial, high level pension reform overview to the Board September 11, 2012. Marin County Employees’ Retirement Association (MCERA) staff presented a PowerPoint presentation on pension reform legislation on September 12, 2012 summarizing the main components of the new law to the retirement board.
In December 2012, the Board of Supervisors adopted a policy dedicating new Public Employees' Pension Reform Act (PEPRA) tier normal cost savings over the next five years toward further paying down the County’s unfunded pension liability, which will further increase the County’s funded ratio. See the full staff report on PEPRA.
In December 2011, the Board of Supervisors adopted pension reform guidelines. An overview of Marin County government’s system is available in the publication Marin County Government Basic Facts about Pensions.
County Pension Forums and Background Information
Pension Forum (April 3, 2012)
The Marin County Board of Supervisors convened an educational forum on the evening of April 3, 2012 on the topic of sustainable pensions for Marin County government. As the Governor’s plan was debated in the Legislature, the community gathered to develop a shared understanding of the facts that could be agreed upon and also identified key differences in opinion among various audiences in the county.
Information provided at the forum included the following:
- Overview Presentation - Sustainable Public Employee Pensions
- Basic Facts about Pensions publication
- Panelists Presentations
- Richard Gillihan, California Department of Finance
- Marin County’s Retirement Plan, a presentation given by Denis Rice, Former member Marin County Board of Supervisors
- MCCMC Pension & OPEB Reform Committee, a presentation given by Larry Chu, Larkspur City Council
- Phillip Thomas, Marin Association of Public Employees (no presentation)
- Concept of Vested Pension Rights, a presentation given by Gregg Adam, Carroll, Burdick, McDonough, LLP
- Past Marin Actions/Agreements, a presentation given by Matthew Hymel, Marin County Administrator
- Report of Participant Feedback – Board letter and Forum Post-Event Report
Pension Forum (May 16, 2011)
Following is information presented in a public forum in the Board of Supervisors Chambers on Monday, May 16, 2011. This information provided an overview of 1937 Act public pension systems, and specific information relating to the Marin County pension program and related funding issues.
Information provided at the forum included panelist presentations from the following:
- Jeff Wickman, Retirement Administrator of MCERA
- John Bartel, Actuary and President of Bartel Associates LLP
- Gregg Adam, Carroll, Burdick, McDonough, LLP (no presentation)
- Mathew Hymel, Marin County Administrator