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<br />43 <br />STATEMENTS OF THE CITY FOR THE FISCAL YEAR ENDED JUNE 30, 2017, Note 11” for additional information about the City’s risk management practices. <br /> Employee Retirement System <br />This caption contains certain information relating to CalPERS. The information is <br />primarily derived from information produced by CalPERS, its independent accountants and <br />actuaries. The City has not independently verified the information provided by CalPERS and makes no representations and expresses no opinion as to the accuracy of the information <br />provided by CalPERS. <br />The comprehensive annual financial reports of CalPERS are available on its Internet website at www.calpers.ca.gov. The CalPERS website also contains CalPERS’ most recent <br />actuarial valuation reports and other information concerning benefits and other matters. Such information is not incorporated by reference in this Official Statement. None of the Authority, <br />City or Underwriter can guarantee the accuracy of such information. Actuarial assessments are <br />“forward-looking” statements that reflect the judgment of the fiduciaries of the pension plans, and are based upon a variety of assumptions, one or more of which may not materialize or may <br />be changed in the future. Actuarial assessments will change with the future experience of the <br />pension plans. <br />CalPERS Plan Description. All qualified permanent employees are eligible to <br />participate in the City’s defined benefit pension plans (collectively, the “Plans”), which consist of a Miscellaneous plan (all other agent multiple–employer plan) (the “Miscellaneous Plan”) and a <br />a Safety cost–sharing multiple–employer plan (the “Safety Plan”) <br /> CalPERS Benefits Provided. CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be <br />public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non–duty disability after <br />10 years of service. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. <br /> <br />The provisions and benefits of the Miscellaneous Plan in effect at June 30, 2017, are summarized on the following page. <br />