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6.1.D. - Page 94 <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2016 <br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED) <br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions: <br />For the year ended June 30, 2016, the City recognized pension expense of $4,161,249 for the <br />Miscellaneous Plan and $9,096,188 for the Safety Plan. At June 30, 2016, the City reported deferred <br />outflows of resources and deferred inflows of resources related to pensions from the following sources: <br />Deferred Outflows of Deferred Inflows of <br />Resources Resources <br />Pension contributions subsequent to measurement <br />date $ 17,362,779 <br />Changes of Assumptions 7,210,834 <br />Differences between Expected and Actual <br />Experiences 155,127 343,931 <br />Net differences between projected and actual <br />earnings on plan investments 4,408,288 <br />Total $ 17,517,906 $ 11,963,053 <br />$17,362,779 reported as deferred outflows of resources related to contributions subsequent to the <br />measurement date will be recognized as a reduction of the net pension liability in the year ended June 30, <br />2017. Other amounts reported as deferred outflows of resources and deferred inflows of resources <br />related to pensions will be recognized as pension expenses as follows: <br />Fiscal Year Ending <br />June 30: <br />2017 <br />$ (6,348,215) <br />2018 <br />(5,754,489) <br />2019 <br />(4,080,897) <br />2020 <br />4,375,675 <br />B. Post Employment Benefits <br />Redwood Citv: <br />The City administers a single -employer defined benefit post -employment healthcare plan. Permanent <br />employees who retire under the City's retirement plan are, pursuant to their respective collective <br />bargaining agreements, eligible to have their medical insurance premiums reimbursed by the City up to <br />the Kaiser family premium rate. Medical insurance premiums for spouses and other dependents generally <br />are not paid by the City. In the case of public safety disability retirement, the City provides medical <br />insurance for dependents. Currently there are 375 retirees receiving this benefit. <br />The City is not required by law or contractual agreement to provide funding for retiree health costs other <br />than the pay-as-you-go amount necessary to provide current benefits to retirees. The City's retiree health <br />plan is being managed through the California Employer's Retiree Benefits Trust (CERBT), an irrevocable <br />trust fund that allows public employers to prefund the future cost of their retiree health insurance benefits <br />and other post -employment benefits for their covered employees or retirees. <br />67 <br />