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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2024
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<br />NOTE 15 – PENSIONS PLAN (Continued)
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<br />The $11,660,763 and $10,523,532 for Miscellaneous and Safety, respectively, will be reported as deferred
<br />outflows of resources related to contributions subsequent to the measurement date and will be recognized
<br />as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts reported as
<br />deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as
<br />pension expense as follows:
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<br />Miscellaneous Safety
<br />Plan Plan Total
<br />Year Ended Annual Annual Annual
<br />June 30 Amortization Amortization Amortization
<br />2025 3,970,441$ 8,839,224$ 12,809,665$
<br />2026 1,293,045 6,406,861 7,699,906
<br />2027 7,607,861 13,315,293 20,923,154
<br />2028 268,111 461,925 730,036
<br />13,139,458$ 29,023,303$ 42,162,761$
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<br />F. Section 115 Pension Trust Fund
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<br />In June 2021, the City established a Section 115 irrevocable trust with the Public Agency Retirement
<br />Services (PARS). During fiscal year ended June 30, 2024, the City contributed $14,210,000 into the
<br />trust.
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<br />NOTE 16 – OTHER POST EMPLOYMENT BENEFITS
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<br />OPEB Liabilities, OPEB Expenses and Deferred Outflows/Inflows of Resources Related to OPEB - For
<br />purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
<br />resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s
<br />OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been
<br />determined on the same basis as they are reported by PARS. For this purpose, benefit payments are
<br />recognized when currently due and payable in accordance with the benefit terms. Investments are
<br />reported at fair value.
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<br />A. Plan Description
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<br />The City administers a multiple-employer defined-benefit post-employment healthcare plan. Dependents
<br />are eligible to enroll, and benefits continue to surviving spouses. The plan was established by City
<br />Council in fiscal year 2009-10 and provides reimbursements to retirees for qualified expenses. Retirees
<br />who have between five and fifteen years of service and meet certain criterion based upon retirement date,
<br />household income in the most recent calendar year, and age are entitled to reimbursements for qualified
<br />expenses.
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<br />Benefits Provided - Eligibility for retiree health benefits requires retirement from the City. Retirees may
<br />receive up to $360 monthly medical and $115.74 monthly dental reimbursement prior to age 65. Some
<br />retirees may receive $200 monthly medical reimbursement from age 65 to age 70. With the exception of
<br />certain retirees who are eligible for the $200 payment as discussed, after age 65, the retirees receive the
<br />PEMHCA minimum amount only.
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