Laserfiche WebLink
6.G. - Page 127 of 187 <br />NOTE 3 — POST -EMPLOYMENT BENEFITS <br />A. Schedule of Changes in the Net OPEB liability and Related Ratios <br />City of Redwood City <br />Measurement Period 2017 <br />Total OPEB Liability <br />Service Cost $ 2,431,405 <br />Interest on the total OPEB liability 5,420,908 <br />Differences between expected and actual experience <br />Changes of assumptions <br />Benefit paymens, including refunds of employee contributions (3,117,523) <br />Net change in total OPEB liability 4,734,790 <br />Total OPEB liability - beginning 79,437,089 <br />Total OPEB liability - ending (a) $ 84,171,879 <br />Plan Fiduciary Net Position <br />Contributions - employer <br />$ 6,163,000 <br />Net investment income <br />2,270,291 <br />Benefit payments, including refunds of employee contributions <br />(3,117,523) <br />Administrative expense <br />(11,547) <br />Net change in plan fiduciary net position <br />5,304,221 <br />Plan fiduciary net position - beginning <br />21,529,949 <br />Plan fiduciary net position - ending (b) <br />$ 26,834,170 <br />Net OPEB liability/(asset) - ending (a) - (b) $ 57,337,709 <br />Plan fiduciary net position as a percentage of the total OPEB liability 31.9% <br />Covered -employee payroll 71,831,235 <br />Net OPEB liability as a percentage of covered -employee payroll 79.8% <br />Notes to Schedule: <br />Changes in assumptions. Average per capita claims cost was updated to reflect actual 2017 premiums, the health care cost trend <br />rate was updated to reflect 2018 industry survey data, and the mortality table was updated to relfect the most recent CalPERS <br />studies. <br />Historical information is required only for measurement periods for which GASB 75 is applicable. Future years' information will be <br />displayed up to 10 years as information becomes avialable. <br />100 306 <br />