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CITY OF SAN LEANDRO Required Supplemental Information
<br />For the year ended June 30, 2016
<br />94
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<br />City of San Leandro
<br />Agent Multiple Employer Define d Benefit Retirement Plan - Miscellaneous Plan
<br />As of fiscal year ending June 30, 2016
<br />SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
<br />Last 10 Years*
<br />
<br /> 2014 2015
<br />Total Pension Liability Service Cost $ 3,921,445 $ 3,570,669
<br />Differences between expected and actual experience (8,034,544)
<br />Changes in assumptions (4,335,946)
<br />Interest 18,796,998 18,867,111
<br />Benefit payments, including refunds of employee contributions (13,777,288) (14,563,306)
<br /> Net change in total pension liability 8,941,155 (4,496,016)
<br />Total pension liability - beginning 255,554,562 264,495,717
<br />Total pension liability - ending (a) $ 264,495,717 $ 259,999,701
<br /> Plan fiduciary net position
<br />Contributions - employer $ 4,594,523 $ 5,043,060
<br />Contributions - employee 2,010,061 1,672,356
<br />Net investment income 29,807,971 4,385,312
<br />Benefit payments, including refunds of
<br />employee contributions (13,777,288) (14,563,306)
<br />Plan to Plan Resource Movement (572)
<br />Plan to Plan Resource Movement (217,263)
<br />Net change in plan fiduciary net position 22,635,267 (3,680,413)
<br />Plan fiduciary net position - beginning 174,078,874 196,714,141
<br />Plan fiduciary net position - ending (b) $ 196,714,141 $ 193,033,728
<br /> Net pension liability - ending (a)-(b) $ 67,781,576 $ 66,965,973
<br />Plan fiduciary net position as a percentage of
<br />covered-employee payroll 74.37% 74.24%
<br />Covered-employee payroll $ 19,979,507 $ 21,037,041
<br />Plan fiduciary net position as a percentage of the total
<br />pension liability 316.66% 318.32%
<br />Notes to Schedule:
<br /> Benefit changes - The figures above do not include any liability impact that may have resulted from
<br />plan changes which occurred after the actuarial valuation date. This applies for voluntary benefit
<br />changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
<br />Changes in assumptions - GASB 68, paragraph 68 states that the long-term expected rate of return
<br />should be determined net of pension plan investment expense, but without reduction for pension plan
<br />administrative expense. The discount rate of 7.50% used for the June 30, 2014 measurement date was
<br />net of administrative expenses. The discount rate of 7.65% used for the June 30, 2015 measurement
<br />date is without reduction of pension plan administrative expense. All other assumptions for the June
<br />30, 2014 measurement date were the same as those used for the June 30, 2015 measurement date.
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<br />* Fiscal year 2015 was the 1st year of implementation.
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