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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2018 <br />I NOTE 13 -PENSIONS PLAN (Continued) I <br />Below is a summary of the deferred outflows of resources, net pension liabilities, and deferred inflows of <br />resources by Plan for the year ended June 3 0, 2018: <br />Deferred Deferred <br />Outflows Net Pension Inflows <br />of Resources Liability ofResources <br />Miscellaneous $ 18,113,881 $ 92,140,784 $ 680,738 <br />Safety 26,674,418 84,462,824 6,146,707 <br />Total $ 44,788,299 $ 176,603,608 $ 6,827,445 <br />Benefits Provided -CalPERS provides service retirement and disability benefits, annual cost of living <br />adjustments and death benefits to plan members, who must be public employees and beneficiaries. <br />Benefits are based on years of credited service, equal to one year of full time employment. Members with <br />five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members <br />are eligible for non-duty disability benefits after 10 years of service. The cost of living adjustments for <br />each plan are applied as specified by the Public Employees' Retirement Law. The Pension Reform Act of <br />2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after December <br />31, 2012. The Plans' provisions and benefits in effect at June 30, 2018, are summarized as follows: <br />Hire date <br />Benefit formula <br />Benefit vesting schedule <br />Benefit payments <br />Retirement age <br />Monthly benefits, as a % of eligible compensation <br />Required employee contribution rates <br />Required employer contribution rates, (blended) <br />Hire date <br />Benefit formula <br />Benefit vesting schedule <br />Benefit payments <br />Retirement age <br />Monthly benefits, as a% of eligible compensation <br />Required employee contnbution rates <br />Required employer contnbution rates <br />Prior to <br />May 6, 2010 <br />2.5%@55 <br />5 years service <br />monthly for life <br />50 to 55 <br />2.000% -2.500% <br />8.000% <br />29.404% <br />Safety <br />Prior to <br />January 1, 2013 <br />3%@50 <br />5 years service <br />monthly for life <br />50 <br />3% <br />9.000% <br />55.802% <br />Miscellaneous <br />On or after May 6, <br />2010 to On or after <br />January 1, 2013 January 1, 2013 <br />2%@55 2%@62 <br />5 years service 5 years service <br />monthly for life monthly for life <br />50 to 63 52 to 67 <br />1.426%-2.418% 1.000% -2.500% <br />7.000% 6.750% <br />29.404% 29.404% <br />On or after <br />January 1, 2013 <br />2.7@57 <br />5 years service <br />monthly for life <br />50to 57 <br />2%-2.7% <br />12.250% <br />12.861% <br />Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan as a percentage of <br />payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions <br />toward the unfunded accrued liability (UAL). The dollar amounts are billed on a monthly basis. The <br />City's required contribution for the UAL was $3,580,957 in fiscal year 2018, as shown in the table above. <br />75 540