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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2019 <br />NOTE 13 – PENSIONS PLAN (Continued) <br />A.Plan Descriptions and Summary of Balances by Plan <br />All qualified permanent employees are eligible to participate in the City’s defined benefit pension <br />plans: <br />Miscellaneous (all other) agent multiple-employer plan <br />Safety cost-sharing multiple-employer plan <br />These plans are administered by the California Public Employees’ Retirement System (CalPERS), which <br />acts as a common investment and administrative agent for its participating member employers. Benefit <br />provisions under the Plans are established by State statute and City resolution. CalPERS issues publicly <br />available reports that include a full description of the pension plans regarding benefit provisions, <br />assumptions and membership information that can be found on the CalPERS website. <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 30, 2019: <br />Deferred Deferred <br />Outflows Net Pension Inflows <br />of Resources Liability of Resources <br />Miscellaneous 9,677,160$ 89,556,903$1,450,049$ <br />Safety 20,735,112 85,739,175 5,462,510 <br />Total 30,412,272$ 175,296,078$6,912,559$ <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 <br />with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All <br />members are eligible for non-duty disability benefits after 10 years of service. The cost of living <br />adjustments for each plan are applied as specified by the Public Employees’ Retirement Law. The <br />Pension Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS <br />and hired after December 31, 2012. The Plans’ provisions and benefits in effect at June 30, 2019, are <br />summarized as follows: <br />Miscellaneous <br />Hire date <br />Prior to <br />May 6, 2010 <br />On or after May 6, <br />2010 to <br />January 1, 2013 <br />On or after <br />January 1, 2013 <br />Benefit formula 2.5% @ 55 2% @ 55 2% @ 62 <br />Benefit vesting schedule 5 years service 5 years service 5 years service <br />Benefit payments monthly for life monthly for life monthly for life <br />Retirement age 50 to 55 50 to 55 52 to 62 <br />Monthly benefits, as a % of eligible compensation 2.000% - 2.500% 1.426% - 2.418% 1.000% - 2.500% <br />Required employee contribution rates 8.000%7.000%6.750% <br />Required employer contribution rates, (blended)9.877%9.877%9.877% <br />76223