8D Consent Calendar 2019 0603 - Laserfiche WebLink

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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2018 I NOTE 13 -PENSIONS PLAN (Continued) I Employees Covered -As of the June 30, 2016 actuarial valuation date and the June 30, 2017 measurement date, the following employees were covered by the benefit terms for the plan: Miscellaneous Safety Active employees 176 81 Inactive employees entitled but not yet receiving benefits 291 41 Inactive employees or beneficiaries currently receiving benefits 599 293 Total 1,066 415 Contributions -Section 20814( c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended June 30, 2018, the contributions recognized as part of pension expense for the Plan were as follows: Miscellaneous Safety Total Contributions -employer $ 6,873,205 $ 6,062,560 $ 12,935,765 B. Information Common to the Miscellaneous and Safety Plans The City's net pension liability for each Plan is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability of each of the Plan is measured as of June 30, 2017, using an annual actuarial valuation as of June 3 0, 2016 rolled forward to June 3 0, 2017 using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is shown below. 76 541