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6.G. - Pa§f Red o od 187 <br />City <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2018 <br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED) <br />A. Pension Plan, Continued <br />Pavable to Pension Plan: <br />As of June 30, 2018, the City reported a payable of $0 for the outstanding amount of contributions to <br />the pension plan required for the fiscal year ended June 30, 2018. <br />B. Post Employment Benefits <br />Plan Description <br />Redwood City: <br />The City administers an agent multiple -employer defined benefit post -employment healthcare plan. <br />Permanent employees who retire under the City's retirement plan are, pursuant to their respective <br />collective bargaining agreements, eligible to have their medical insurance premiums reimbursed by the <br />City up to the Kaiser family premium rate. Medical insurance premiums for spouses and other <br />dependents generally are not paid by the City. In the case of public safety disability retirement, the City <br />provides medical insurance for dependents. Currently there are 382 retirees receiving this benefit. <br />The City is not required by law or contractual agreement to provide funding for retiree health costs <br />other than the pay-as-you-go amount necessary to provide current benefits to retirees. The City's <br />retiree health plan is being managed through the California Employer's Retiree Benefits Trust (CERBT), <br />an irrevocable trust fund that allows public employers to prefund the future cost of their retiree health <br />insurance benefits and other post -employment benefits for their covered employees or retirees. <br />The CERBT issues a publicly available financial report that included financial statements and required <br />supplementary information for the City, not individualizing, but in aggregate with the other CERBT <br />participants. That report may be obtained by contacting CalPERS. <br />Employees Covered <br />As of the June 30, 2017 actuarial valuation, the following current and former employees were covered <br />by the benefit terms under the OPEB Plan: <br />Active employees 522 <br />Inactive employees or beneficiaries currently receiving benefits 382 <br />Inactive employees entitled to, but not yet receiving benefits 88 <br />992 <br />Contributions <br />The OPEB Plan and its contribution requirements are established by Memoranda of Understanding with <br />the applicable employee bargaining units and may be amended by agreements between the City and the <br />bargaining units. The annual contribution is based on the actuarially determined contribution. For the <br />fiscal year ended June 30, 2018, the City's cash contributions were $3,590,520 in payments to the trust <br />plus 2,608,884 cash benefit payments and the estimated implied subsidy was $631,000 resulting in total <br />payments of $6,830,404. <br />73 279 <br />