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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 />Total City <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: 4.7% <br /> Current actives under proposal: 4.5% <br /> Future actives under proposal: 4.3% <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 11.8% 11.4% (0.4%) $ 6,777 $ 6,535 $ (242) <br />2018/19 11.8% 11.4% (0.4%) 6,983 6,721 (262) <br />2019/20 11.8% 11.3% (0.5%) 7,191 6,912 (279) <br />2020/21 11.8% 11.3% (0.5%) 7,406 7,109 (297) <br />2021/22 11.8% 11.3% (0.5%) 7,628 7,313 (315) <br />2022/23 11.8% 11.3% (0.5%) 7,857 7,523 (334) <br />2023/24 11.8% 11.3% (0.5%) 8,093 7,739 (354) <br />2024/25 11.8% 11.3% (0.5%) 8,336 7,961 (375) <br />2025/26 11.8% 11.3% (0.5%) 8,586 8,190 (396) <br />2026/27 11.8% 11.3% (0.5%) 8,844 8,427 (417) <br />: : : : : : : <br />2036/37 10.0% 9.6% (0.4%) 10,097 9,701 (396) <br />: : : : : : : <br />2046/47 4.7% 4.3% (0.4%) 6,359 5,764 (595) <br /> <br />8.A. - Page 6