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6.1.C. - Page 17 <br />• Comprehensive Annual Financial Report or CAFR: An annual financial report issued by <br />government entities, such as the Cities. <br />• Ca1PERS: The California Public Employees Retirement System, which administers <br />pension plans for all of the Cities. <br />• County: The government of San Mateo County. The geographic area of San Mateo <br />County is referred to as the "county." <br />• Discount Rate: The interest rate used in calculating the present value of future cash flows. <br />Ca1PERS determines the Discount Rate it will use to calculate each pension plan's Total <br />Plan Liabilities and Unfunded Liabilities. Under public pension plan accounting rules, the <br />Discount Rate is the same as the annual Return on Investment that Ca1PERS projects it <br />will earn on plan assets. <br />• Funded Ratio or Funded Percentage: Measures the extent to which a pension plan's assets <br />match the present value of its projected future pension obligations. It is the ratio that <br />results from dividing Total Plan Assets by Total Plan Liabilities. <br />• GASB: The Government Accounting Standards Board. Among other things, it sets <br />financial accounting standards for public service employee pension plans. <br />• Members: Current and vested former employees of the Cities, or their beneficiaries, who <br />participate in one of the Cities' Ca1PERS pension plans. <br />• Miscellaneous Plans: Pension plans for public service employees who do not provide <br />safety services such as police and fire protection. Miscellaneous Plans are generally less <br />expensive to maintain than Safety Plans. <br />• Normal Cost: The contribution payments Agencies and their employees make to <br />Ca1PERS in order to fund the projected lifetime cost (discounted to present value) of <br />Benefits that accrue to current employee Members during that year. It does not include <br />Amortization Costs. <br />• Return on Investment or Rate of Return: The annual gain or loss on invested pension plan <br />assets. In public pension plans, this is the same as the Discount Rate. <br />• Safety Plans: Pension plans for public service employees who provide safety services, <br />such as police and fire protection. <br />• Cities: The 20 cities located within the San Mateo County. <br />2017-2018 San Mateo County Civil Grand Jury <br />