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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2014 NOTE 14 - EMPLOYEE RETIREMENT PLANS (Continued) Annual Pension Cost - For fiscal year 2013-14 the City's annual pension costs of $7,295,432 for Ca1PERS was equal to the City's required and actual contribution. The required contribution rate for the fiscal year 2013-14 was determined as a part of the June 30, 2012, actuarial valuation which used the entry age normal actuarial cost method with the contributions determined as a percent of pay. The actuarial assumptions included (a) 7.50% investment rate of return (net of administrative expenses); (b) projected salary increases that range from 3.30% to 14.20% for miscellaneous members, and from 3.30% to 14.20% for safety members; (c) an inflation component of 2.75%, and (d) 3% per year cost -of -living adjustments for retirees. The actuarial values of the Miscellaneous and Safety Plans' assets were determined using a technique that smooths the effect of short-term volatility in the market value of investments over a three-year period. Initial unfunded liabilities are amortized over a closed period that depends on the plan's date of entry into CALPERS. Ca1PERS unfunded actuarial accrued liability is being amortized at a fixed percentage of projected payroll. The remaining amortization period at June 30, 2014 was 15 years. Three -Year Information for City of San Leandro Safety Plan Percentage of APC Contributed 100% 100% 100% Three -Year Information for City of San Leandro Miscellaneous Plan Annual Percentage Pension Cost Fiscal Year (APC) Fiscal Year (APC) 6/30/2012 $ 4,106,138 6/30/2013 2,675,983 6/30/2014 41474,717 Percentage of APC Contributed 100% 100% 100% Three -Year Information for City of San Leandro Miscellaneous Plan Funded Status and Funding Progress — As of June 30, 2012, the most recent actuarial valuation date, the funded status of the plan was as follows: Annual Percentage Unfunded Pension Cost of APC Fiscal Year (APC) Contributed 6/30/2012 $ 3,598,318 100% 6/30/2013 41122,077 100% 6/30/2014 21820,715 100% Funded Status and Funding Progress — As of June 30, 2012, the most recent actuarial valuation date, the funded status of the plan was as follows: rig] Unfunded Entry Age Actuarial Liability Annual UAAL Valuation Actuarial Accrued Value of Unfunded Funded Covered as a% of Date Liability Assets Liability Status Payroll Payroll Miscellaneous: 6/30/2012 $ 232,429,659 $ 189,028,548 $ 43,401,111 81.3% $ 20,167,441 215.2% Safety: 6/30/2012 $ 227,421,062 $ 167,707,671 $ 59,713,391 73.7% $ 10,058,373 593.7% rig]