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<br />REDWOOD CITY <br />IMPACT OF 2ND TIER RETIREE HEALTH PROPOSAL <br />BASED ON JUNE 30, 2017 OPEB ACTUARIAL VALUATION <br /> <br /> September 24, 2018 <br />2 <br /> <br />PSA Group <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: 5.4% <br /> Current actives under proposal: 5.3% <br /> Future actives under proposal: 5.1% <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 16.8% 16.5% (0.3%) $ 500 $ 492 $ (8) <br />2018/19 16.8% 16.5% (0.3%) 515 506 (9) <br />2019/20 16.8% 16.5% (0.3%) 530 521 (9) <br />2020/21 16.8% 16.5% (0.3%) 546 536 (10) <br />2021/22 16.8% 16.4% (0.4%) 563 552 (11) <br />2022/23 16.8% 16.4% (0.4%) 579 568 (11) <br />2023/24 16.8% 16.4% (0.4%) 597 584 (13) <br />2024/25 16.8% 16.4% (0.4%) 615 600 (15) <br />2025/26 16.8% 16.3% (0.5%) 633 618 (15) <br />2026/27 16.8% 16.3% (0.5%) 652 636 (16) <br />: : : : : : : <br />2036/37 13.9% 13.6% (0.3%) 728 711 (17) <br />: : : : : : : <br />2046/47 5.4% 5.1% (0.3%) 379 356 (23) <br /> <br />8.A. - Page 8