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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2016
<br />
<br />
<br />NOTE 13 – PENSION PLAN (Continued)
<br />
<br />Asset Class
<br />New
<br />Strategic
<br />Allocation
<br />Real Return
<br />Years 1 - 10(a)
<br />Real Return
<br />Years 11+(b)
<br />Global Equity 51.0% 5.25% 5.71%
<br />Global Fixed Income 19.0% 0.99% 2.43%
<br />Inflation Sensitive 6.0% 0.45% 3.36%
<br />Private Equity 10.0% 6.83% 6.95%
<br />Real Estate 10.0% 4.50% 5.13%
<br />Infrastructure and Forestland 2.0% 4.50% 5.09%
<br />Liquidity 2.0% -0.55% -1.05%
<br />Total 100%
<br />(a) An expected inflation of 2.5% used for this period.
<br />(b) An expected inflation of 3.0% used for this period.
<br />C. Changes in the Net Pension Liability
<br />
<br />The changes in the Net Pension Liability for the City’s Miscellaneous Plan are as follows:
<br />
<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 264,495,717$ 196,714,141$ 67,781,576$
<br />Changes in the year:
<br />Service cost 3,570,669 3,570,669
<br />Interest on the total pension liability 18,867,111 18,867,111
<br />Changes of benefit terms
<br />Changes of assumptions (4,335,946) (4,335,946)
<br />Differences between expected and actual
<br /> experience (8,034,544) (8,034,544)
<br />Plan to plan resource movement (572) 572
<br />Contributions - employer 5,043,060 (5,043,060)
<br />Contributions - employees 1,672,356 (1,672,356)
<br />Net investment income 4,385,312 (4,385,312)
<br />Benefit payments, including refunds of employee
<br />contributions (14,563,306) (14,563,306)
<br />Administrative expense (217,263) 217,263
<br />Net changes (4,496,016) (3,680,413) (815,603)
<br />Balance at June 30, 2015 259,999,701$ 193,033,728$ 66,965,973$
<br /> As of June 30, 2016, the Safety cost-sharing plan reported net pension liabilities for its proportionate
<br />shares of the net pension liability at $57,751,630.
<br />
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