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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2015
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<br />NOTE 14 – PENSION PLANS (Continued)
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<br />C. Changes in the Net Pension Liability
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<br />The changes in the Net Pension Liability for the City’s Miscellaneous Plan are as follows:
<br />
<br />Miscellaneous Plan:
<br />Increase (Decrease)
<br />Total Pension
<br />Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2014 $255,554,562 $174,078,874 $81,475,688
<br />Changes in the year:
<br />Service cost 3,921,445 3,921,445
<br />Interest on the total pension liability 18,796,998 18,796,998
<br />Differences between actual and expected experience
<br />Changes in assumptions
<br />Changes in benefit terms
<br />Contribution - employer 4,594,523 (4,594,523)
<br />Contribution - employee (paid by employer)
<br />Contribution - employee 2,010,061 (2,010,061)
<br />Net investment income 29,807,971 (29,807,971)
<br />Administrative expenses
<br />Benefit payments, including refunds of employee
<br />contributions (13,777,288) (13,777,288)
<br />Net changes 8,941,155 22,635,267 (13,694,112)
<br />Balance at June 30, 2015 $264,495,717 $196,714,141 $67,781,576
<br /> As of June 30, 2015, the Safety cost-sharing plan reported net pension liabilities for its proportionate
<br />shares of the net pension liability at $48,381,880.
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