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<br />REDWOOD CITY <br />IMPACT OF 2ND TIER RETIREE HEALTH PROPOSAL <br />BASED ON THE JUNE 30, 2017 OPEB ACTUARIAL VALUATION <br /> <br /> September 24, 2018 <br />2 <br /> <br />SEIU <br />Impact of Benefit Change for New Hires <br />(Amounts in thousands) <br /> <br /> New hires are not included in the 6/30/17 valuation results <br /> Benefit changes for new hires impact future year normal costs only <br /> Normal Cost: <br /> Current actives in 6/30/17 valuation: 4.3% <br /> Current actives under proposal: 4.1% <br /> Future actives under proposal: 3.7% <br /> Projection below reflects impact of proposal on both current and futures actives <br /> <br /> <br /> <br />Projected Actuarially Determined Contribution (ADC) Comparison <br />(Amounts in thousands) <br /> <br /> ADC - % of Payroll ADC - $ <br />Fiscal <br />Year <br />Current <br />Plan Proposal Impact <br />Current <br />Plan Proposal Impact <br />2017/18 11.5% 10.8% (0.7%) $1,997 $1,879 $(118) <br />2018/19 11.5% 10.8% (0.7%) 2,057 1,930 (127) <br />2019/20 11.5% 10.7% (0.8%) 2,119 1,983 (136) <br />2020/21 11.5% 10.7% (0.8%) 2,183 2,037 (146) <br />2021/22 11.5% 10.7% (0.8%) 2,248 2,094 (154) <br />2022/23 11.5% 10.7% (0.8%) 2,316 2,153 (163) <br />2023/24 11.5% 10.7% (0.8%) 2,385 2,214 (171) <br />2024/25 11.5% 10.6% (0.9%) 2,457 2,277 (180) <br />2025/26 11.5% 10.6% (0.9%) 2,530 2,341 (189) <br />2026/27 11.5% 10.6% (0.9%) 2,606 2,408 (198) <br />: : : : : : : <br />2036/37 9.7% 9.2% (0.5%) 2,956 2,794 (162) <br />: : : : : : : <br />2046/47 4.3% 3.7% (0.6%) 1,768 1,533 (235) <br /> <br />8.A. - Page 18