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CITY OF SAN LEANDRO
<br />Notes to Required Supplementary Information
<br />For the year ended June 30, 2019
<br />City of San Leandro
<br />Agent Multiple Employer Defined Benefit Retirement Plan - Miscellaneous Plan
<br />As of fiscal year ending June 30, 2019
<br />SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
<br />Last 10 Years*
<br />2014 2015 2016 2017 2018
<br />Total Pension Liability
<br />Service Cost 3,921,445$ 3,570,669$ 3,522,248$ 4,044,169$ 4,095,987$
<br />Differences between expected and actual
<br /> experience (8,034,544) 593,697 (1,248,019) (596,425)
<br />Changes in assumptions (4,335,946) 15,476,760 (1,768,314)
<br />Interest 18,796,998 18,867,111 19,495,753 19,808,061 20,204,782
<br />Benefit payments, including refunds of
<br /> employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242)
<br />Net change in total pension liability 8,941,155 (4,496,016) 8,595,546 22,460,460 5,626,788
<br />Total pension liability - beginning 255,554,562 264,495,717 259,999,701 268,595,247 291,055,707
<br />Total pension liability - ending (a)264,495,717$ 259,999,701$ 268,595,247$ 291,055,707$ 296,682,495$
<br />Plan fiduciary net position
<br />Contributions - employer 4,594,523$ 5,043,060$ 5,638,865$ 6,399,288$ 6,873,684$
<br />Contributions - employee 2,010,061 1,672,356 1,618,186 1,695,139 1,762,858
<br />Net investment income 29,807,971 4,385,312 994,580 20,564,284 16,783,894
<br />Benefit payments, including refunds of
<br /> employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242)
<br />Plan to Plan Resource Movement (572) (1,934)
<br />Administrative Expense (217,263)(117,644) (274,840) (309,964)
<br />Other Miscellaneous Income/(Expense)(588,627)
<br />Net change in plan fiduciary net position 22,635,267 (3,680,413) (6,882,165) 12,763,360 8,210,669
<br />Plan fiduciary net position - beginning 174,078,874 196,714,141 193,033,728 186,151,563 198,914,923
<br />Plan fiduciary net position - ending (b)196,714,141$ 193,033,728$ 186,151,563$ 198,914,923$ 207,125,592$
<br />Net pension liability - ending (a)-(b)67,781,576$ 66,965,973$ 82,443,684$ 92,140,784$ 89,556,903$
<br />Plan fiduciary net position as a percentage of
<br />the total pension liability 25.63%25.76%30.69%31.66%30.19%
<br />Covered payroll 20,167,441$ 19,979,507$ 21,037,041$ 21,903,698$ 18,965,111$
<br />Plan fiduciary net position as a percentage of covered
<br />payroll 336.09%335.17%391.90%420.66%472.22%
<br />Notes to Schedule:
<br />* Fiscal year 2015 was the 1st year of implementation.
<br />Changes in assumptions - In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016 and 2018, there were no changes. In 2015, amounts
<br />reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative
<br />expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.
<br />Benefit changes - The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30, 2016actuarial
<br />valuation date. This applies for voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
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