Mendocino County Employees Retirement Association

Balance of Pension-Related Debt
County of Mendocino

Annual Payments - Pension Debt
County of Mendocino

In 1993 the Unfunded Pension Obligation (UAAL) was $34 million; that was the County’s only Pension related debt. As of 6/08 the County’s UAAL was only $20.4 million but the balance of Pension Obligation Bonds was $92.2 million - for a total of $112.6 million - nearly 4 times greater. The balance reached its peak in 2005 at nearly $136 million.

We have County payment data for 1996 through 2007. The County’s only payment for pensions in 1993 was its yearly contribution - probably from $1 to $2 million. In 1998 (after the first POB in 12/06) the County paid $5.8 million for its annual pension contributions and debt service on the Pension Obligation Bonds. Total payments were $15.5 million in 2007 - nearly 3 times greater than 10 years before, and probably 6 times more than in 1993.