Reso 2020-033 CAFR for Fiscal Year Ended June 30, 2019

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