Laserfiche WebLink
<br />45 <br />projected contributions of all participating employers, actuarially determined. The City’s <br />proportionate share of the net pension liability for the Safety Plan as of June 30, 2014 was <br />0.77754%. As of June 30, 2015, the Safety Plan reported net pension liabilities for its <br />proportionate share of the net pension liability at $48,381,880. <br /> <br />Funded Ratios. Based on information provided to the City from CalPERS, the funded <br />ratio (which is equal to the plan’s market value of assets divided by the entry-age normal <br />accrued liability) for each of the Miscellaneous Plan and the Safety Plan was as set forth in the <br />following table. The following information was provided to the City from CalPERS and has not <br />been reviewed for accuracy or audited by the Auditor. CalPERS is responsible for the assumptions, estimates and data that are used to create the funded ratios. <br /> <br /> Miscellaneous Safety <br />June 30, 2014 76.6% 79.9% <br />June 30, 2015 72.7 75.2 <br /> Source: CalPERS Actuarial Valuation as of June 30, 2015 for the San Leandro Miscellaneous Plan and San Leandro Safety Plan. <br /> <br />The City is also part of a second Safety Plan applicable to PEPRA employees (i.e., <br />those hired on or after January 1, 2013); however, given the limited number of employees in this <br />plan, the fiscal impact of this plan on the City’s finances is de minimis. <br /> <br />Contributions. Section 20814(c) of the California public Employees’ Retirement Law <br />(“PERL”) requires that the employer contribution rates for all public employers be determined on <br />an annual basis by the actuary and shall be effective on the July 1 following notice of a change <br />in the rate. The total plan contributions are determined through the CalPERS annual actuarial <br />valuation process. The actuarially determined rate is the estimated amount necessary to <br />finance the costs of benefits earned by employees during the year, with an additional amount to <br />finance any unfunded accrued liability. The employer is required to contribute the difference <br />between the actuarially determined rate and the contribution rate of the employees. <br /> <br /> For the year ended June 30, 2015, the contributions recognized as part of <br />pension expense for each Plan were as follows: <br /> <br /> Miscellaneous Safety <br />Contributions – employer $4,570,584 $4,176,203 <br /> <br />Implementation of GASB Nos. 68. Commencing with fiscal year ended June 30, 2015, <br />the City implemented the provisions of GASB Statement Nos. 68 which require certain new <br />pension disclosures in the notes to its audited financial statements commencing with the audit <br />for Fiscal Year 2014–15. Statement No. 68 generally requires the City to recognize its <br />proportionate share of the unfunded pension obligation by recognizing a net pension liability <br />measured as of a date (the measurement date) no earlier than the end of its prior fiscal year. <br />As a result of the implementation of GASB Statement Nos. 68, the City may have to reflect a <br />restatement of its beginning net position as of July 1, 2014. <br /> <br />