8E Consent 2017 0221 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2016 NOTE 13 – PENSIONS PLAN For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the City’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. A. Plan Descriptions and Summary of Balances by Plan All qualified permanent employees are eligible to participate in the City’s defined benefit pension plans:  Miscellaneous (all other) agent multiple-employer plan  Safety cost-sharing multiple-employer plan These plans are administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating member employers. Benefit provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plans regarding benefit provisions, assumptions and membership information that can be found on the CalPERS website. Below is a summary of the deferred outflows of resources, net pension liabilities, and deferred inflows of resources by Plan for the year ended June 30, 2016: Deferred Deferred Outflows Net Pension Inflows of Resources Liability of Resources Miscellaneous 4,860,237$ 66,965,973$ 8,716,532$ Safety 5,482,854 57,751,630 6,689,378 Total 10,343,091$ 124,717,603$ 15,405,910$ 73