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6.A. - Page 101 of 191 CITY OF REDWOOD CITY NOTES TO THE BASIC FINANCIAL STATEMENTS For the Fiscal Year Ended June 30, 2019 NOTE 9 — EMPLOYEE BENEFITS (CONTINUED) B. Post Employment Benefits Plan Description Redwood City: The City administers an agent multiple -employer defined benefit post -employment healthcare plan. Employees hired before the effective dates reflected below and retire under the City's retirement plan are, pursuant to their respective collective bargaining agreements, eligible to have their medical insurance premiums reimbursed by the City up to the Ca1PERS Bay Area Kaiser family premium rate (Health Benefit Tierl). Beginning in fiscal year 18-19, the City negotiated a new Retiree Health Benefit, Tier II with various bargaining units. Employees hired on or after the effective date reflected below and retire under the City's retirement plan will fall under the Retiree Health Benefit Tier II: The City's contribution shall not exceed ninety percent (90%) of the Ca1PERS Bay Area Kaiser Premium for employee only coverage. Bargaining Unit Effective Date of Retiree Health Tier 2 EXE 9/1/2019 POA 10/29/2019 PSA 9/1/2019 RCMEA 10/1/2019 COA 10/1/2019 IAFF 1/1/2019 SEIU 2/1/2019 The City is not required by law or contractual agreement to provide funding for retiree health costs other than the pay-as-you-go amount necessary to provide current benefits to retirees. The City's retiree health plan is being managed through the California Employer's Retiree Benefits Trust (CERBT), an irrevocable trust fund that allows public employers to prefund the future cost of their retiree health insurance benefits and other post -employment benefits for their covered employees or retirees. The CERBT issues a publicly available financial report that included financial statements and required supplementary information for the City, not individualizing, but in aggregate with the other CERBT participants. That report may be obtained by contacting Ca1PERS. Employees Covered As of the June 30, 2018 actuarial valuation, the following current and former employees were covered by the benefit terms under the OPEB Plan: Active employees 501 Inactive employees or beneficiaries currently receiving benefits 393 Inactive employees entitled to, but not yet receiving benefits 92 986 73 108