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<br />44
<br /> Miscellaneous
<br /> Tier 1 – Classic PERS
<br />Members
<br />Tier 2 – Classic PERS
<br />Members
<br />Tier 3 – New PERS
<br />Members
<br />
<br />Hire Date
<br />Prior to May 6, 2010 On or after May 6, 2010 to
<br />January 1, 2013 On or after January 1, 2013
<br />Benefit formula 2.5% @ 55 2% @ 55 2% @ 62
<br />Benefit vesting schedule 5 years of service 5 years of service 5 years of service
<br />Benefit payments Monthly for life Monthly for life Monthly for life
<br />Retirement age 55 55 62
<br />Monthly benefits, as a % of eligible
<br />compensation
<br />2.000% – 2.500% 1.426% – 2.366% 1.000% – 2.000%
<br />Required employee contribution rates 8.000% 7.000% 6.750%
<br />Required employer contribution rates 24.998% 24.998% 24.998%
<br />
<br /> Safety
<br />
<br />Hire Date Prior to January 1, 2013 On or after January 1, 2013
<br />Benefit formula 3% @ 50 2.7% @ 57
<br />Benefit vesting schedule 5 years of service 5 years of service
<br />Benefit payments Monthly for life Monthly for life
<br />Retirement age 50 50
<br />Monthly benefits, as a % of eligible
<br />compensation
<br />3% 2% – 2.7%
<br />Required employee contribution rates 9% 14.778%
<br />Required employer contribution rates 29.556% 29.556%
<br />
<br />Net Pension Liability. The City’s net pension liability for each of its Miscellaneous Plan
<br />and Safety Plan is measured as the total pension liability, less the pension plan’s fiduciary net
<br />position. The net position liability of each of the plans is measured as of June 30, 2014, using
<br />an annual actuarial valuation as of June 30, 2013 rolled forward to June 30, 2014 using
<br />standard updated procedures. A summary of principal assumptions and methods used to
<br />determine the net pension liability is shown in Note 14 to the City’s audited financial statements.
<br />See APPENDIX B.
<br />
<br />The changes in Net Pension Liability for the City’s Miscellaneous Plan are as follows:
<br />
<br /> Increase (Decrease)
<br />
<br />Miscellaneous Plan:
<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 />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 (2,010,0610
<br />Net investment income -- 29,807,971 (29,807,9710
<br />Administrative expenses -- -- --
<br />Benefit payments, including refunds
<br />of employee contributions
<br />
<br />(13,777,288)
<br />
<br />(13,777,288)
<br />
<br />--
<br />Net Changes 8,941,155 22,635,267 (13,694,11)
<br />Balance at June 30, 2015 $264,495,717 $196,714,141 $67,781,576
<br />
<br />The Safety Plan net pension liability is measured as the proportionate share of the net
<br />pension liability in the State-wide pool. The City’s proportion of the net pension liability is based
<br />on a projection of the City’s long-term share of contributions to the pension plans relative to the
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