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6.A. - Page 99 of 191
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2019
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />A. Pension Plan, Continued
<br />Safety Plan:
<br />Balance at June 30, 2017 (Measurement Date)
<br />Changes in the year:
<br />Service cost
<br />Interest on the total pension liability
<br />Differences between actual and expected
<br />experience
<br />Changes in assumptions
<br />Changes in benefit terms
<br />Net Plan to Plan Resource Movement
<br />Contribution - employer
<br />Contribution - employees
<br />Net investment income
<br />Administrative expenses
<br />Benefit payments , including refunds of
<br />employee contributions
<br />Other Miscellaneous Income/(expense)
<br />Net changes
<br />Balance at June 30, 2018 (Measurement Date)
<br />Increase (Decrease)
<br />Total Pension Plan Fiduciary Net Pension
<br />Liability Net Position Liability/(Asset)
<br />$ 375,727,999 $ 237,257,823 $ 138,470,176
<br />8,929,972
<br />-
<br />8,929,972
<br />26,705,230
<br />-
<br />26,705,230
<br />4,400,726
<br />-
<br />4,400,726
<br />(1,516,741)
<br />-
<br />(1,516,741)
<br />-
<br />(586)
<br />586
<br />-
<br />12,005,986
<br />(12,005,986)
<br />-
<br />3,179,855
<br />(3,179,855)
<br />-
<br />20,046,903
<br />(20,046,903)
<br />-
<br />(369,713)
<br />369,713
<br />(19,154,486)
<br />(19,154,486)
<br />-
<br />-
<br />(702,091)
<br />702,091
<br />19,364,701
<br />15,005,868
<br />4,358,833
<br />$ 395,092,700
<br />$ 252,263,691
<br />$ 142,829,009
<br />Sensitivity of Net Pension Liability to Changes in the Discount Rate — The following presents the net
<br />pension liability of the City for each Plan, calculated using the discount rate for each Plan, as well as what
<br />the City's net pension liability would be if it were calculated using a discount rate that is 1- percentage point
<br />lower or 1 -percentage point higher than the current rate:
<br />Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net
<br />position is available in the separately issued Ca1PERS financial reports.
<br />71 106
<br />Miscellaneous
<br />Safety
<br />Total
<br />1% Decrease
<br />6.15%
<br />6.15%
<br />6.15%
<br />Net Pension Liability
<br />$ 150,468,370 $
<br />197,216,401 $
<br />347,684,771
<br />Current Discount Rate
<br />7.15%
<br />7.15%
<br />7.15%
<br />Net Pension Liability
<br />$ 105,602,421 $
<br />142,829,009 $
<br />248,431,430
<br />1% Increase
<br />8.15%
<br />8.15%
<br />8.15%
<br />Net Pension Liability
<br />$ 68,470,454 $
<br />98,414,597 $
<br />166,885,051
<br />Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net
<br />position is available in the separately issued Ca1PERS financial reports.
<br />71 106
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