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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 offiscal year ending June 30, 2019
<br />SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
<br />Last 10 Years*
<br />2014
<br />2015
<br />2016
<br />2017
<br />2018
<br />Total Pension Liability
<br />Service Cost
<br />$ 3,921,445
<br />$ 3,570,669
<br />$ 3,522,248
<br />$ 4,044,169
<br />$ 4,095,987
<br />Differences between expected and actual
<br />experience
<br />(8,034,544)
<br />593,697
<br />(1,248,019)
<br />(596,425)
<br />Changes in assumptions
<br />(4,335,946)
<br />15,476,760
<br />(1,768,314)
<br />Interest
<br />18,796,998
<br />18,867,111
<br />19,495,753
<br />19,808,061
<br />20,204,782
<br />Benefit payments, including refunds of
<br />employee contributions
<br />(13,777,288)
<br />(14,563,306)
<br />(15,016,152)
<br />(15,620,511)
<br />(16,309,242)
<br />Net change in total pension liability
<br />8,941,155
<br />(4,496,016)
<br />8,595,546
<br />22,460,460
<br />5,626,788
<br />Total pension liability - beginning
<br />255,554,562
<br />264,495,717
<br />259,999,701
<br />268,595,247
<br />291,055,707
<br />Total pension liability -ending (a)
<br />$ 264,495,717
<br />$ 259,999,701
<br />$ 268,595,247
<br />$ 291,055,707
<br />$ 296,682,495
<br />Plan fiduciary net position
<br />Contributions - employer
<br />$ 4,594,523
<br />$ 5,043,060
<br />$ 5,638,865
<br />$ 6,399,288
<br />$ 6,873,684
<br />Contributions - employee
<br />2,010,061
<br />1,672,356
<br />1,618,186
<br />1,695,139
<br />1,762,858
<br />Net investment income
<br />29,807,971
<br />4,385,312
<br />994,580
<br />20,564,284
<br />16,783,894
<br />Benefit payments, including refunds of
<br />employee contributions
<br />(13,777,288)
<br />(14,563,306)
<br />(15,016,152)
<br />(15,620,511)
<br />(16,309,242)
<br />Plan to Plan Resource Movement
<br />(572)
<br />(1,934)
<br />Administrative Expense
<br />(217,263)
<br />(117,644)
<br />(274,840)
<br />(309,964)
<br />Other Miscellaneous Income/(Expense)
<br />(588,627)
<br />Netchange in plan fiduciary net position
<br />22,635,267
<br />(3,680,413)
<br />(6,882,165)
<br />12,763,360
<br />8,210,669
<br />Plan fiduciary net position -beginning
<br />174,078,874
<br />196,714,141
<br />193,033,728
<br />186,151,563
<br />198,914,923
<br />Plan fiduciary net position - ending(b)
<br />$ 196,714,141
<br />$ 193,033,728
<br />$ 186,151,563
<br />$ 198,914,923
<br />$ 207,125,592
<br />Net pension liability -ending (a) -(b)
<br />$ 67,781,576
<br />$ 66,965,973
<br />$ 82,443,684
<br />$ 92,140,784
<br />$ 89,556,903
<br />Plan fiduciary net position as a percentage of
<br />the total pension liability
<br />25.63%
<br />25.76%
<br />30.69%
<br />31.66%
<br />30.19%
<br />Covered payroll
<br />$ 20,167,441
<br />$ 19,979,507
<br />$ 21,037,041
<br />$ 21,903,698
<br />$ 18,965,111
<br />Plan fiduciary net position as a percentage of covered
<br />payroll
<br />336.09%
<br />335.17%
<br />391.90%
<br />420.66%
<br />472.22%
<br />Notes to Schedule:
<br />Benefit chanties - The figures above do not include any
<br />liability impact that
<br />may have resulted from plan changes which occurred after the June 30, 2016 actuarial
<br />valuation date. This applies for voluntary benefit changes
<br />as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
<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.
<br />In 2015, amounts
<br />reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to
<br />7.65 percent (without a reduction for pension plan administrative
<br />expense.) In 2014, amounts reported were based on the
<br />7.5 percent discount rate.
<br />* Fiscal year 2015 was the 1st year of implementation.
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