|
CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2022
<br />NOTE 14 – PENSION PLAN (Continued)
<br />C.Miscellaneous (All Other) Agents Multiple-Employer Plan
<br />The changes in the Net Pension Liability for the City’s Miscellaneous Plan are as follows:
<br />Increase (Decrease)
<br />Total Pension
<br />Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2021 319,581,958$ 215,399,318$ 104,182,640$
<br />Changes in the year:
<br />Service cost 3,844,792 - 3,844,792
<br />Interest on the total pension liability 22,444,027 - 22,444,027
<br />Changes of benefit terms - - -
<br />Changes of assumptions - - -
<br />Differences between expected and actual
<br /> experience 1,977,496 - 1,977,496
<br />Plan to plan resource movement - - -
<br />Contributions - employer - 9,720,658 (9,720,658)
<br />Contributions - employees - 1,724,547 (1,724,547)
<br />Net investment income - 48,506,294 (48,506,294)
<br />Benefit payments, including refunds of employee
<br />contributions (19,158,743) (19,158,743)-
<br />Administrative expense - (215,171) 215,171
<br />Other Miscellaneous Income/(Expense)- --
<br />Net changes 9,107,572 40,577,585 (31,470,013)
<br />Balance at June 30, 2022 328,689,530$ 255,976,903$ 72,712,627$
<br />D.Safety Cost-Sharing Multiple-Employer Plan
<br />As of June 30, 2022, the Safety cost-sharing plan reported net pension liabilities for its proportionate
<br />shares of the net pension liability at $68,504,096.
<br />The Safety Plan net pension liability is measured as the proportionate share of the net pension liability in
<br />the State-wide pool. The City’s proportion of the net pension liability was based on a projection of the
<br />City’s long-term share of contributions to the pension plan relative to the projected contributions of all
<br />participating employers, actuarially determined. The City’s proportionate share of the net pension
<br />liability for the Safety Plan as of June 30, 2020 and 2021 was as follows:
<br />Safety
<br />Proportion - June 30, 2020 0.917952%
<br />Proportion - June 30, 2021 1.266650%
<br />Change - Increase (Decrease)0.348698%
<br />82
|