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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 />C. Miscellaneous (All Other) Agents Multiple-Employer Plan
<br />
<br />The changes in the Net Pension Liability for the City’s Miscellaneous Plan are as follows:
<br />
<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, 2023 339,768,188$ 229,302,261$ 110,465,927$
<br />Changes in the year:
<br />Service cost 4,445,333 - 4,445,333
<br />Interest on the total pension liability 23,185,168 - 23,185,168
<br />Changes of benefit terms 408,557 - 408,557
<br />Changes of assumptions - - -
<br />Differences between expected and actual
<br /> experience 4,016,101 - 4,016,101
<br />Plan to plan resource movement - - -
<br />Contributions - employer - 11,737,463 (11,737,463)
<br />Contributions - employees - 1,984,145 (1,984,145)
<br />Net investment income - 14,222,702 (14,222,702)
<br />Benefit payments, including refunds of employee
<br />contributions (20,797,167) (20,797,167)-
<br />Administrative expense - (168,618) 168,618
<br />Other Miscellaneous Income/(Expense)- - -
<br />Net changes 11,257,992 6,978,525 4,279,467
<br />Balance at June 30, 2024 351,026,180$ 236,280,786$ 114,745,394$
<br />
<br />D. Safety Cost-Sharing Multiple-Employer Plan
<br />
<br />As of June 30, 2024, the Safety cost-sharing plan reported net pension liabilities for its proportionate
<br />shares of the net pension liability at $120,931,460.
<br />
<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, 2022 and 2023 was as follows:
<br />
<br />Safety
<br />Proportion - June 30, 2022 0.985780%
<br />Proportion - June 30, 2023 1.617827%
<br />Change - Increase (Decrease) 0.632047%
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