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) Hire date Benefit formula Benefit vesting schedule Benefit payments Retirement age Prior to On or after January 1, 2013 January 1, 2013 3% @ 50 2.7% @ 57 5 years service 5 years service monthly for life monthly for life 50 50 to 57 Monthly benefits, as a % of eligible compensation 3.000% 2.000% - 2.700% Required employee contribution rates 9.0000/0 12.750% Required employer contribution rates 22.346% 12.965% Beginning in fiscal year 2016, Ca1PERS collects employer contributions for the Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded accrued liability (UAL). The dollar amounts are billed on a monthly basis. The City's required contribution for the UAL in the Miscellaneous and Safety Plans were $5,517,433 and $4,483,300, respectively. Employees Covered — The following employees were covered by the benefit terms for the Miscellaneous Plan as of the most recent actuarial valuation date of June 30, 2017 and measurement date of June 30, 2018: Miscellaneous Active employees 268 Inactive employees entitled but not yet receiving benefits 300 Inactive employees or beneficiaries currently receiving benefits 613 Total 1,181 * All Tiers of the Miscellaneous plan were combined together on GASB 68 report by CalPERS Contributions — Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on July 1 following notice of a change in the rate. Funding contributions for both Plans are determined annually on an actuarial basis as of June 30 by Ca1PERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. For the year ended June 30, 2019, the contributions recognized as part of pension expense for the Plan were as follows: Miscellaneous Safety Total Contributions - employer $ 7,668,583 $ 7,027,678 $ 14,696,261 full