|
City of Redwood City 6.1.E. - Page 92
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2015
<br /> NOTE 9—EMPLOYEE BENEFITS(CONTINUED)
<br /> Safety Plan:
<br /> Increase(Decrease)
<br /> Total Pension Plan Fiduciary Net Net Pension
<br /> Liability Position Liability/(Asset)
<br /> $ $ $
<br /> Balance at June 30,2014 295,599,213 187,363,869 108,235,344
<br /> Changes in the year:
<br /> Service Cost 6,630,333 6,630,333
<br /> Interest on the total pension liability 21,880,004 21,880,004
<br /> Difference between actual and expected experience
<br /> Changes in assumptions
<br /> Changes in benefit terms
<br /> Contribution-employer 7,791,669 (7,791,669)
<br /> Contribution-employee 2,230,065 (2,230,065)
<br /> Net investment income 32,968,535 (32,968,535)
<br /> Benefit payments,including refunds of employee contributions (14,361,985) (14,361,985)
<br /> Net changes 14,148,352 28,628,284 (14,479,932)
<br /> Balance at June 30,2015 309,747,565 215,992,153 93,755,412
<br /> Sensitivity of Net Pension Liability to Changes in the Discount Rate — The following presents the net
<br /> pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as
<br /> what the City's net pension liability would be if it were calculated using a discount rate that is 1-
<br /> percentage point lower or 1-percentage point higher than the current rate:
<br /> Miscellaneous Safety
<br /> $ $
<br /> 1% Decrease 6.50% 6.50%
<br /> Net Pension Liability 105,275,195 134,835,706
<br /> Current Discount Rate 7.50% 7.50%
<br /> Net Pension Liability 70,393,572 93,755,412
<br /> 1% Increase 8.50% 8.50%
<br /> Net Pension Liability 41,405,682 59,897,456
<br /> Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net
<br /> position is available in the separately issued CaIPERS financial reports.
<br /> Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions:
<br /> For the year ended June 30, 2015, the City recognized pension expense of $13,866,540. At June 30,
<br /> 2015, the City reported deferred outflows of resources and deferred inflows of resources related to
<br /> pensions from the following sources:
<br /> Deferred Outflows Deferred Inflows
<br /> of Resources of Resources
<br /> $ $
<br /> Pension contributions subsequent to
<br /> measurement date 16,467,117
<br /> Net difference between projected and
<br /> actual earnings on plan investments (29,214,646)
<br /> Total 16,467,117 (29,214,646)
<br /> 63
<br />
|