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8.A. - Page 42 of 73
<br />Fiscalyear
<br />ended
<br />June 30
<br />2016
<br />2017
<br />2018
<br />Attachment D
<br />Public Safety
<br />Annual
<br />Percentage of
<br />pension cost
<br />APC Net pension
<br />(APC)
<br />contributed obligations
<br />$10,439,692
<br />100% $ --
<br />10,292,946
<br />100 --
<br />10,880,756
<br />100 --
<br />Source: City of Redwood City 2018 Comprehensive Annual Financial Report.
<br />Three -Year Trend of Funded Status of the Plan
<br />Miscellaneous
<br />Public Safety
<br />Plan Net
<br />Pension
<br />Measurement
<br />Plan Fiduciary
<br />Annual
<br />Liability as a
<br />Period
<br />Plan Fiduciary
<br />Total Pension
<br />Net Position
<br />Funded
<br />Covered
<br />Percentage
<br />June 30
<br />Net Position
<br />Liabili
<br />Liabili
<br />Ratio
<br />Payroll
<br />o Pa roll
<br />2014
<br />$197,591,985
<br />$267,985,557
<br />$70,393,572
<br />73.7%
<br />$28,592,551
<br />246.2%
<br />2015
<br />198,433,873
<br />274,601,243
<br />76,167,370
<br />72.3
<br />28,944,841
<br />263.2
<br />2016
<br />195,859,694
<br />290,062,332
<br />94,202,638
<br />67.5
<br />31,484,407
<br />299.2
<br />2017
<br />215,735,914
<br />322,844,472
<br />107,108,558
<br />66.8
<br />34,756,799
<br />308.2
<br />Public Safety
<br />The tables below show PERS' projected normal cost employer contribution rates (before employee
<br />cost sharing) for the next five fiscal years. The tables does not include the City's cost for the unfunded
<br />actuarial liability. Projected results reflect PERS' adopted changes to the discount rate. The projections
<br />also assume a 7.25% return for fiscal year 2016-17, that all actuarial assumptions will be realized, and that
<br />no further changes to assumptions, contributions, benefits, or funding will occur during the projection
<br />period. The projected normal cost percentages in the projections below do not reflect that the normal cost
<br />will decline over time as new employees are hired under the California Public Employees' Pension Reform
<br />Act (PEPRA) or other lower cost benefit tiers.
<br />Contribution Rates
<br />Miscellaneous
<br />Safety
<br />Required
<br />Contribution Proiected Future Employer Contributions
<br />2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br />9.699% 10.4% 10.4% 10.4% 10.4% 10.4%
<br />22.818 24.2 24.2 24.2 24.2 24.2
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<br />Plan Net
<br />Pension
<br />Measurement
<br />Plan Fiduciary
<br />Annual
<br />Liability as a
<br />Period
<br />Plan Fiduciary
<br />Total Pension
<br />Net Position
<br />Funded
<br />Covered
<br />Percentage
<br />June 30
<br />Net Position
<br />Liabili
<br />Liabili
<br />Ratio
<br />Payroll
<br />o Pa roll
<br />2014
<br />$215,992,153
<br />$309,747,565
<br />$93,755,412
<br />69.7%
<br />$21,679,799
<br />432.5%
<br />2015
<br />218,060,352
<br />319,829,844
<br />101,769,492
<br />68.2
<br />25,330,626
<br />401.8
<br />2016
<br />216,012,863
<br />337,012,416
<br />120,999,553
<br />64.1
<br />25,867,584
<br />467.8
<br />2017
<br />237,257,823
<br />375,727,999
<br />138,470,176
<br />63.2
<br />27,341,479
<br />506.5
<br />Source: California Public Employee Retirement System ("PERS') GASB 68 Accounting Valuation
<br />Report July 2017.
<br />The tables below show PERS' projected normal cost employer contribution rates (before employee
<br />cost sharing) for the next five fiscal years. The tables does not include the City's cost for the unfunded
<br />actuarial liability. Projected results reflect PERS' adopted changes to the discount rate. The projections
<br />also assume a 7.25% return for fiscal year 2016-17, that all actuarial assumptions will be realized, and that
<br />no further changes to assumptions, contributions, benefits, or funding will occur during the projection
<br />period. The projected normal cost percentages in the projections below do not reflect that the normal cost
<br />will decline over time as new employees are hired under the California Public Employees' Pension Reform
<br />Act (PEPRA) or other lower cost benefit tiers.
<br />Contribution Rates
<br />Miscellaneous
<br />Safety
<br />Required
<br />Contribution Proiected Future Employer Contributions
<br />2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
<br />9.699% 10.4% 10.4% 10.4% 10.4% 10.4%
<br />22.818 24.2 24.2 24.2 24.2 24.2
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