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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 />IAFF <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: 5.1% <br /> Current actives under proposal: 5.0% <br /> Future actives under proposal: 4.7% <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 11.1% 10.9% (0.2%) $ 1,193 $ 1,165 $ (28) <br />2018/19 11.1% 10.9% (0.2%) 1,229 1,199 (30) <br />2019/20 11.1% 10.9% (0.2%) 1,266 1,234 (32) <br />2020/21 11.1% 10.8% (0.3%) 1,304 1,270 (34) <br />2021/22 11.1% 10.8% (0.3%) 1,343 1,307 (36) <br />2022/23 11.1% 10.8% (0.3%) 1,383 1,345 (38) <br />2023/24 11.1% 10.8% (0.3%) 1,425 1,384 (41) <br />2024/25 11.1% 10.8% (0.3%) 1,468 1,424 (44) <br />2025/26 11.1% 10.8% (0.3%) 1,512 1,465 (47) <br />2026/27 11.1% 10.8% (0.3%) 1,557 1,507 (50) <br />: : : : : : : <br />2036/37 9.6% 9.3% (0.3%) 1,809 1,754 (55) <br />: : : : : : : <br />2046/47 5.1% 4.7% (0.4%) 1,287 1,191 (96) <br /> <br />8.A. - Page 14