Laserfiche WebLink
CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2019 <br /> <br /> <br />NOTE 13 – PENSIONS PLAN (Continued) <br /> <br />Hire date <br />Prior to <br />January 1, 2013 <br />On or after <br />January 1, 2013 <br />Benefit formula 3% @ 50 2.7% @ 57 <br />Benefit vesting schedule 5 years service 5 years service <br />Benefit payments monthly for life monthly for life <br />Retirement age 50 50 to 57 <br />Monthly benefits, as a % of eligible compensation 3.000% 2.000% - 2.700% <br />Required employee contribution rates 9.000%12.750% <br />Required employer contribution rates 22.346%12.965% <br />Safety <br /> <br /> <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 in the Miscellaneous and Safety Plans were $5,517,433 and <br />$4,483,300, respectively. <br /> <br />Employees Covered – The following employees were covered by the benefit terms for the Miscellaneous <br />Plan as of the most recent actuarial valuation date of June 30, 2017 and measurement date of June 30, <br />2018: <br /> <br />Miscellaneous <br />Active employees 268 <br />Inactive employees entitled <br />but not yet receiving benefits 300 <br />Inactive employees or beneficiaries <br /> currently receiving benefits 613 <br /> Total 1,181 <br />* All Tiers of the Miscellaneous plan were combined together on GASB 68 <br /> report by CalPERS <br /> <br />Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the <br />employer contribution rates for all public employers be determined on an annual basis by the actuary and <br />shall be effective on July 1 following notice of a change in the rate. Funding contributions for both Plans <br />are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is <br />the estimated amount necessary to finance the costs of benefits earned by employees during the year, with <br />an additional amount to finance any unfunded accrued liability. The City is required to contribute the <br />difference between the actuarially determined rate and the contribution rate of employees. <br /> <br />For the year ended June 30, 2019, the contributions recognized as part of pension expense for the Plan <br />were as follows: <br /> <br />Miscellaneous Safety Total <br />Contributions - employer 7,668,583$ 7,027,678$ 14,696,261$ <br /> <br /> <br />77224