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File Number: 19-401 <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 2019-20 is 10.4% of payroll for miscellaneous and 22.3% <br />of payroll for safety employees. The total annual UAL payment for Fiscal Year 2019-20 is $12.3 <br />million if paid monthly or $11.9 million paid as a prepayment. The City will benefit from paying <br />the UAL portion as a prepayment annually as opposed to monthly by saving nearly $425,000 <br />for Fiscal Year 2019-20. <br /> <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 $423,182 in interest for the <br />2019-20 contribution year. <br />FISCAL IMPACT <br />CalPERS requires an annual contribution for FY 2019-20 in a total amount of $17.6 million. The <br />pre-payment savings will reduce this contribution to $17.2 million. <br /> <br />BUDGET AUTHORITY <br />The FY 2019-20 Budget was adopted by Council on June 3, 2019 and provides the necessary <br />payment to CalPERS. <br /> <br />ATTACHMENT <br />None <br /> <br />Prepared by: David Baum, Finance Director <br />Page 2 City of San Leandro Printed on 7/9/2019 <br />481