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City of Redwood City
<br />Notes to the Basic Financial Statements
<br />For the fiscal year ended June 30, 2017
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<br />NOTE 9 – EMPLOYEE BENEFITS (CONTINUED)
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<br />Safety Plan:
<br />Total Pension Plan Fiduciary Net Pension
<br />Liability Net Position Liability/(Asset)
<br />Balance at June 30, 2016 (1)$ 319,829,844 $ 218,060,352 $ 101,769,492
<br />Changes in the year:
<br />Service cost 7,609,467 7,609,467
<br />Interest on the total pension liability 24,274,395 24,274,395
<br />Differences between actual and expected
<br />experience 2,056,832 2,056,832
<br />Contribution ‐ employer 11,288,655 (11,288,655)
<br />Contribution ‐ employee 2,375,511 (2,375,511)
<br />Net investment income 1,179,363 (1,179,363)
<br />Administrative expenses (132,896) 132,896
<br />Benefit payments , including refunds of
<br />employee contributions (16,758,122) (16,758,122)
<br />Net changes 17,182,572 (2,047,489) 19,230,061
<br />Balance at June 30, 2017 $ 337,012,416 $ 216,012,863 $ 120,999,553
<br />Increase (Decrease)
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<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:
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<br />1% Decrease 6.65% 6.65% 6.65%
<br />Net Pension Liability $ 132,245,473 $ 166,407,092 298,652,565
<br />Current Discount Rate 7.65% 7.65% 7.65%
<br />Net Pension Liability $ 94,202,638 $ 120,999,553 215,202,191
<br />1% Increase 8.65% 8.65% 8.65%
<br />Net Pension Liability $ 62,690,949 $ 83,758,605 146,449,554
<br />Miscellaneous Safety Total
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<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.
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<br />6.1.E. - Page 91
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