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8.B. - Page 19 <br /> Pension and Other Employee Benefit Costs <br /> The City allocates a portion of its employee expenses to its sewer utility based on <br /> employees allocated to operation of the sewer utility. In fiscal year 2014-15, the City allocated <br /> 2.6% of its total employee costs to the sewer utility. <br /> Pension. Substantially all City employees are eligible to participate in pension plans <br /> offered by California Public Employees' Retirement System ("PERS"), an agent multiple- <br /> employer defined benefit pension plan which acts as a common investment and administrative <br /> agent for its participating member employers. PERS provides retirement and disability benefits, <br /> annual cost of living adjustments, and death benefits to plan members who must be public <br /> employees and beneficiaries. The City's employees participate in the separate safety (police <br /> and fire) and miscellaneous (all other) employee plans. Benefit provisions under both plans are <br /> established by state statute and City resolution. <br /> Benefits are based on years of credited service, equal to one year of full time <br /> employment. Funding contributions for both plans are determined annually on an actuarial basis <br /> as of June 30 by PERS; the City must contribute these amounts. See Note 9 of the City's June <br /> 30, 2014 audited financial report, which is attached to this Official Statement as Appendix I, for <br /> information as of June 30, 2014 related to the City's pension and post-retirement medical <br /> benefit costs. <br /> Three-year trend information for the City's pension plan for both miscellaneous and safety <br /> plans for fiscal years ending June 30 is set forth below: <br /> Three-year Trend of Annual Pension Cost <br /> Miscellaneous <br /> Fiscal year Annual Percentage of <br /> ended pension cost APC Net pension <br /> June 30 (APC) contributed obligations <br /> 2012 $4,964,308 100% -- <br /> 2013 5,362,636 100 -- <br /> 2014 5,677,538 100 -- <br /> Public Safety <br /> Fiscal year Annual Percentage of <br /> ended pension cost APC Net pension <br /> June 30 (APC) contributed obligations <br /> 2012 $7,394,820 100% -- <br /> 2013 7,814,972 100 -- <br /> 2014 8,887,795 100 -- <br />