|
CITY OF SAN LEANDRO
<br />Notes to Required Supplementary Information
<br />For the year ended June 30, 2021
<br />City of San Leandro
<br />Agent Multiple Employer Defined Benefit Retirement Plan - Miscellaneous Plan
<br />As of June 30,
<br />SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS
<br />Last 10 Years*
<br />Measurement Date 2014 2015 2016 2017 2018 2019 2020
<br />Total Pension Liability
<br />Service Cost 3,921,445$ 3,570,669$ 3,522,248$ 4,044,169$ 4,095,987$ 4,005,467$ 3,874,755$
<br />Differences between expected and actual
<br /> experience - (8,034,544) 593,697 (1,248,019) (596,425) 4,908,580 2,724,076
<br />Changes in assumptions - (4,335,946) - 15,476,760 (1,768,314) - -
<br />Interest 18,796,998 18,867,111 19,495,753 19,808,061 20,204,782 21,089,806 21,804,805
<br />Benefit payments, including refunds of
<br /> employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242) (17,262,935) (18,245,091)
<br />Net change in total pension liability 8,941,155 (4,496,016) 8,595,546 22,460,460 5,626,788 12,740,918 10,158,545
<br />Total pension liability - beginning 255,554,562 264,495,717 259,999,701 268,595,247 291,055,707 296,682,495 309,423,413
<br />Total pension liability - ending (a)264,495,717$ 259,999,701$ 268,595,247$ 291,055,707$ 296,682,495$ 309,423,413$ 319,581,958$
<br />Plan fiduciary net position
<br />Contributions - employer 4,594,523$ 5,043,060$ 5,638,865$ 6,399,288$ 6,873,684$ 7,676,172$ 8,774,417$
<br />Contributions - employee 2,010,061 1,672,356 1,618,186 1,695,139 1,762,858 1,826,595 1,750,192
<br />Net investment income 29,807,971 4,385,312 994,580 20,564,284 16,783,894 13,606,328 10,595,404
<br />Benefit payments, including refunds of
<br /> employee contributions (13,777,288) (14,563,306) (15,016,152) (15,620,511) (16,309,242) (17,262,935) (18,245,091)
<br />Plan to Plan Resource Movement - (572) - - (1,934) - -
<br />Administrative Expense - (217,263) (117,644) (274,840) (309,964) (147,809) (300,030)
<br />Other Miscellaneous Income/(Expense)- -- - (588,627) 483 -
<br />Net change in plan fiduciary net position 22,635,267 (3,680,413) (6,882,165) 12,763,360 8,210,669 5,698,834 2,574,892
<br />Plan fiduciary net position - beginning 174,078,874 196,714,141 193,033,728 186,151,563 198,914,923 207,125,592 212,824,426
<br />Plan fiduciary net position - ending (b)196,714,141$ 193,033,728$ 186,151,563$ 198,914,923$ 207,125,592$ 212,824,426$ 215,399,318$
<br />Net pension liability - ending (a)-(b)67,781,576$ 66,965,973$ 82,443,684$ 92,140,784$ 89,556,903$ 96,598,987$ 104,182,640$
<br />Plan fiduciary net position as a percentage of
<br />the total pension liability 25.63%25.76%30.69%31.66%30.19%31.22%32.60%
<br />Covered payroll 20,167,441$ 19,979,507$ 21,037,041$ 21,903,698$ 22,864,060$ 22,638,587$ 23,100,009$
<br />Plan fiduciary net position as a percentage of covered
<br />payroll 336.09%335.17%391.90%420.66%391.69%426.70%451.01%
<br />Notes to Schedule:
<br />* Fiscal year 2015 was the 1st year of implementation.
<br />Changes in assumptions -Changes in assumptions - In 2017, the accounting discount rate reduced from 7.65 percent to 7.15 percent. In 2016, 2018, 2019, and 2020, there were no
<br />changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan
<br />administrative expense.) In 2014, amounts reported were based on the 7.5 percent discount rate.
<br />Benefit changes - The figures above do not include any liability impact that may have resulted from plan changes which occurred after the June 30. This applies for voluntary
<br />benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
<br />94355
|