9L Consent - Laserfiche WebLink

Home

CITY OF SAN LEANDRO NOTES TO BASIC FINANCIAL STATEMENTS For The Year Ended June 30, 2021 NOTE 13 – PENSION PLAN (Continued) The $9,717,634 and $9,219,375 for Miscellaneous and Safety, respectively, will be reported as deferred outflows of resources related to contributions subsequent to the measurement date and will be recognized as a reduction of the net pension liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense as follows: Miscellaneous Safety Plan Plan Total Year Ended Annual Annual Annual June 30 Amortization Amortization Amortization 2022 641,334$ 1,140,764$ 1,782,098$ 2023 715,341 2,883,541 3,598,882 2024 1,045,101 2,194,365 3,239,466 2025 864,344 1,087,668 1,952,012 3,266,120$ 7,306,338$ 10,572,458$ NOTE 14 – OTHER POST EMPLOYMENT BENEFITS OPEB Liabilities, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB - For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by PARS. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value. A. Plan Description The City administers a multiple-employer defined-benefit post-employment healthcare plan. Dependents are eligible to enroll, and benefits continue to surviving spouses. The plan was established by City Council in fiscal year 2009-10 and provides reimbursements to retirees for qualified expenses. Retirees who have between five and fifteen years of service and meet certain criterion based upon retirement date, household income in the most recent calendar year, and age are entitled to reimbursements for qualified expenses. Benefits Provided - Eligibility for retiree health benefits requires retirement from the City. Retirees may receive up to $360 monthly medical and $115.74 monthly dental reimbursement prior to age 65. Some retirees may receive $200 monthly medical reimbursement from age 65 to age 70. With the exception of certain retirees who are eligible for the $200 payment as discussed, after age 65, the retirees receive the PEMHCA minimum amount only. Amendments to benefit provisions are negotiated by various bargaining units at the City and must be approved by Council. In fiscal year 2008-09, the City established an irrevocable exclusive agent multi- employer benefit trust which is administered by Public Agency Retirement Services (PARS). The trust will be used to accumulate and invest assets necessary to reimburse retirees. No separate financial reports are issued by PARS for the OPEB plan. 83344