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6.G. - Pagf Redwood Ci87 <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 />B. Post Employment Benefits, Continued <br />The $6,830,405 reported as deferred outflows of resources related to contributions subsequent to the <br />June 30, 2017 measurement date will be recognized as a reduction of the net OPEB liability during the <br />fiscal year ending June 30, 2019. Other amounts reported as deferred outflows of resources related to <br />OPEB will be recognized as expense as follows: <br />Deferred <br />Fiscal Year Ending Outflows/Inflows <br />June 30: of Resources <br />2019 <br />$ (142,925) <br />2020 <br />(142,925) <br />2021 <br />(142,925) <br />2022 <br />(142, 924) <br />Port of Redwood City: <br />Plan Description <br />The other post -employment benefits (other than pension) offered by the Port are limited to <br />reimbursement of medical premiums only. Eligibility extends to those employees hired before January 1, <br />2011 who, prior to retirement, have (a) worked ten or more consecutive years at the Port on a full time <br />basis, and (b) are enrolled in the Port's medical plan, and (c) age 55 or older, and (d) have not been <br />voluntarily or involuntarily terminated from employment at the Port. Spouses and/or dependents are <br />ineligible. <br />The reimbursement of medical premiums is limited to the lesser of (a) the medical insurance premium <br />paid by the eligible retiree, or (b) the Port's cost to provide medical coverage for an active employee of <br />the same age as the retiree, or (c) the insurance premium for a Medicare supplement plan at the <br />retiree's earliest Medicare eligibility age, whether or not the retiree enrolls in Medicare. <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 6 <br />Inactive employees or beneficiaries currently receiving benefits 2 <br />Inactive employees entitled to, but not yet receiving benefits - <br />8 <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 Authority <br />and the bargaining units. The annual contribution is based on the actuarially determined contribution. <br />For the fiscal year ended June 30, 2018, the Port's cash contributions were $6,300 in payments to the <br />trust resulting in total payments of $6,300. <br />77 283 <br />