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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2015 <br /> <br /> <br />NOTE 14 – PENSION PLANS (Continued) <br /> <br />Employees Covered – At June 30, 2015, the following employees were covered by the benefit terms for <br />the plans: <br /> <br />Miscellaneous Safety <br />Inactive employees or beneficiaries currently receiving benefits 345 166 <br />Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the <br />employer contribution rates for all public employers be determined on an annual basis by the actuary and <br />shall be effective on the July 1 following notice of a change in the rate. Funding contributions for both <br />Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially <br />determined rate is the estimated amount necessary to finance the costs of benefits earned by employees <br />during the year, with an additional amount to finance any unfunded accrued liability. The City is required <br />to contribute the difference between the actuarially determined rate and the contribution rate of <br />employees. <br /> <br />For the year ended June 30, 2015, the contributions recognized as part of pension expense for each Plan <br />were as follows: <br /> <br />Miscellaneous Safety <br />Contributions - employer $4,570,584 $4,176,203 <br />B. Net Pension Liability <br /> <br />The City’s net pension liability for each Plan is measured as the total pension liability, less the pension <br />plan’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, <br />2014, using an annual actuarial valuation as of June 30, 2013 rolled forward to June 30, 2014 using <br />standard update procedures. A summary of principal assumptions and methods used to determine the net <br />pension liability is shown below. <br /> <br />71