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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2016
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />Safety Plan:
<br />6.1.D. - Page 93
<br />Increase (Decrease)
<br />Total Pension Plan Fiduciary
<br />Net Pension
<br />Liability Net Position
<br />Liability/(Asset)
<br />Balance at June 30, 2015 (1) $ 309,747,565 $ 215,992,153
<br />$ 93,755,412
<br />Changes in the year:
<br />Service cost 7,620,719
<br />7,620,719
<br />Interest on the total pension liability 22,992,406
<br />22,992,406
<br />Differences between actual and expected
<br />experience 210,529
<br />210,529
<br />Changes in assumptions (5,686,859)
<br />(5,686,859)
<br />Changes in benefit terms
<br />Contribution - employer 9,993,967
<br />(9,993,967)
<br />Contribution - employee 2,420,787
<br />(2,420,787)
<br />Net investment income 4,953,411
<br />(4,953,411)
<br />Administrative expenses (245,450)
<br />245,450
<br />Benefit payments , including refunds of
<br />employee contributions (15,054,516) (15,054,516)
<br />-
<br />Net changes 10,082,279 2,068,199
<br />8,014,080
<br />Balance at June 30, 2016 $ 319,829,844 $ 218,060,352
<br />$ 101,769,492
<br />Sensitivity of Net Pension Liability to Changes in the Discount Rate — The following
<br />presents the net
<br />pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what
<br />the City's net pension liability would be if it were calculated using a discount rate that is 1- percentage
<br />point lower or 1 -percentage point higher than the current rate:
<br />Miscellaneous Safety
<br />Total
<br />1% Decrease 6.65% 6.65%
<br />6.65%
<br />Net Pension Liability $ 112,512,641 $ 145,285,502
<br />257,798,143
<br />Current Discount Rate 7.65% 7.65%
<br />7.65%
<br />Net Pension Liability $ 76,167,370 $ 101,769,492
<br />177,936,862
<br />1% Increase 8.65% 8.65%
<br />8.65%
<br />Net Pension Liability $ 46,099,757 $ 66,101,346
<br />112,201,103
<br />Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net
<br />position is available in the separately issued CalPERS financial reports.
<br />.:
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