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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2022 <br />NOTE 14 – PENSIONS PLAN (Continued) <br />The Plans’ provisions and benefits in effect at June 30, 2022, are summarized as follows: <br />Miscellaneous <br />Hire date <br />Prior to <br />May 6, 2010 <br />On or after May 6, <br />2010 to <br />January 1, 2013 <br />On or after <br />January 1, 2013 <br />Benefit formula 2.5% @ 55 2% @ 55 2% @ 62 <br />Benefit vesting schedule 5 years service 5 years service 5 years service <br />Benefit payments monthly for life monthly for life monthly for life <br />Retirement age 50 to 55 50 to 55 52 to 62 <br />Monthly benefits, as a % of eligible compensation 2.000% - 2.700% 1.092% - 2.418% 1.000% - 2.500% <br />Required employee contribution rates 8.00%7.00%6.75% <br />Required employer contribution rates, (blended)10.23%10.23%10.23% <br />Hire date <br />Prior to <br />January 1, 2013 <br />On or after <br />January 1, 2013 <br />Benefit formula 3% @ 50 2.7% @ 57 <br />Benefit vesting schedule 5 years service 5 years service <br />Benefit payments monthly for life monthly for life <br />Retirement age 50 50 to 57 <br />Monthly benefits, as a % of eligible compensation 3.00% 2.000% - 2.700% <br />Required employee contribution rates 9.00%13.75% <br />Required employer contribution rates 25.59%13.98% <br />Safety <br />Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan as a percentage of <br />payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions <br />toward the unfunded accrued liability (UAL). The dollar amounts are billed on a monthly basis. The <br />City’s required contribution for the UAL in the Miscellaneous and Safety Plans were for the fiscal year <br />ended June 30, 2022, $8,130,380 and $7,217,291 respectively. <br />Employees Covered – The following employees were covered by the benefit terms for the Miscellaneous <br />Plan as of the most recent actuarial valuation date of June 30, 2020 and measurement date of June 30, <br />2021: <br />Miscellaneous <br />Active employees 253 <br />Inactive employees entitled <br />but not yet receiving benefits 346 <br />Inactive employees or beneficiaries <br /> currently receiving benefits 667 <br /> Total 1,266 <br />* All Tiers of the Miscellaneous plan were combined together on GASB 68 <br />report by CalPERS <br />79