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File Number: 18-349 <br />receiving benefits, and for members entitled to deferred benefits, as of the valuation date. The <br />City's annual NC rate for fiscal year 2018-19 is 9.9% for miscellaneous and 22.3% for safety <br />employees. The total annual UAL payment for fiscal year 2018-19 is $10.4 million if paid monthly <br />or $10 million paid as a prepayment. The City will benefit from paying the UAL portion as a <br />prepayment annually as opposed to monthly by saving nearly $400,000 for fiscal year 2018-19. <br />The Finance Department is recommending the City pay the UAL as a prepayment annually <br />instead of monthly which will result in a total savings amount of $394,826 in interest for the <br />2018-19 contribution year. <br />FISCAL IMPACT <br />CalPERS requires an annual contribution for FY 2018-19 in a total amount of $15.2 million. The <br />pre-payment savings will reduce this contribution to $14.8 million. <br />BUDGET AUTHORITY <br />The FY 2018-19 Budget was adopted by Council on June 4, 2018 and provides the necessary <br />payment to CalPERS. <br />ATTACHMENT <br />None <br />Prepared by: David Baum, Finance Director <br />Page 2 City of San Leandro Printed on 7/10/2018