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City of San Leandro <br />Notes to Basic Financial Statements <br />For the year ended June 30, 2010 <br />NOTE 14 - EMPLOYEE RETIREMENT PLANS, Continued <br />A. California Public Employees' Retirement System <br />Annual Pension Cost - For fiscal year 2009-10 the City's annual pension costs of $7,339,843 for PERS was equal to <br />the City's required and actual contribution. The required contribution rate for the fiscal year 2009-10 was determined <br />as a part of the June 30, 2007, actuarial valuation which used the entry age normal actuarial cost method with the <br />contributions determined as a percent of pay. The actuarial assumptions included (a) 7.75% investment rate of return <br />(net of administrative expenses); (b) projected salary increases that range from 3.25% to 14.45% for miscellaneous <br />members, and from 3.25% to 13.15% for safety members; (c) an inflation component of 3%, and (d) 2% per year cost - <br />of -living adjustments for retirees. The actuarial values of the Miscellaneous and Safety Plans' assets were determined <br />using a technique that smoothes the effect of short-term volatility in the market value of investments over a three-year <br />period. <br />Three -Year Information for City of San Leandro Safetv Plan <br />Annual Percentage <br />Pension Cost of APC <br />Fiscal Year <br />(APC) Contributed <br />6/30/2008 <br />$ 4,097,795 100% <br />6/30/2009 <br />4,374,571 100% <br />6/30/2010 <br />4,254,064 100% <br />Three -Year Information for City of San Leandro Miscellaneous Plan <br />Annual Percentage <br />Pension Cost <br />Fiscal Year <br />(APQ <br />6/30/2008 <br />$ 3,244,159 <br />6/30/2009 <br />3,306,405 <br />6/30/2010 <br />3,085,779 <br />of APC <br />Contributed <br />100% <br />100% <br />100% <br />78 <br />