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CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2021 NOTE 13 – PENSIONS PLAN (Continued) Miscellaneous Hire date Prior to May 6, 2010 On or after May 6, 2010 to January 1, 2013 On or after January 1, 2013 Benefit formula 2.5% @ 55 2% @ 55 2% @ 62 Benefit vesting schedule 5 years service 5 years service 5 years service Benefit payments monthly for life monthly for life monthly for life Retirement age 50 to 55 50 to 55 52 to 62 Monthly benefits, as a % of eligible compensation 2.000% - 2.500% 1.426% - 2.418% 1.000% - 2.500% Required employee contribution rates 8.000% 7.000% 6.750% Required employer contribution rates, (blended) 10.967% 10.967% 10.967% Hire date Prior to January 1, 2013 On or after January 1, 2013 Benefit formula 3% @ 50 2.7% @ 57 Benefit vesting schedule 5 years service 5 years service Benefit payments monthly for life monthly for life Retirement age 50 50 to 57 Monthly benefits, as a % of eligible compensation 3.000% 2.000% - 2.700% Required employee contribution rates 9.000% 13.750% Required employer contribution rates 25.540% 13.884% Safety Beginning in fiscal year 2016, CalPERS 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 for the fiscal year ended June 30, 2021, $7,226,133 and $6,423,608 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, 2019 and measurement date of June 30, 2020: Miscellaneous Active employees 254 Inactive employees entitled but not yet receiving benefits 336 Inactive employees or beneficiaries currently receiving benefits 652 Total 1,242 *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 CalPERS. 78339