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CITY OF SAN LEANDRO <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />For The Year Ended June 30, 2024 <br /> <br /> <br />NOTE 15 – PENSIONS PLAN (Continued) <br /> <br />The Plans’ provisions and benefits in effect at June 30, 2024, are summarized as follows: <br /> <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 63 52 to 62 <br />Monthly benefits, as a % of eligible compensation 2.00% - 2.50% 1.426% - 2.418% 1.00% - 2.50% <br />Required employee contribution rates 8.00% 7.00% 7.50% <br />Required employer contribution rates, (blended) 11.37% 11.37% 11.37% <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% 2.00% - 2.70% <br />Required employee contribution rates 9.00% 14.50% <br />Required employer contribution rates 29.09% 14.50% <br />Safety <br /> <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 for the fiscal year ended <br />June 30, 2024, were $8,413,646 and $8,092,505 respectively. <br /> <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, 2022 and measurement date of June 30, <br />2023: <br /> <br />Miscellaneous <br />Active employees 254 <br />Inactive employees entitled <br />but not yet receiving benefits 372 <br />Inactive employees or beneficiaries <br /> currently receiving benefits 680 <br /> Total 1,306 <br />* All Tiers of the Miscellaneous plan were combined together on GASB 68 <br /> report by CalPERS <br /> <br />80