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6.C. - Page 103 of 196
<br />CITY OF REDWOOD CITY
<br />NOTES TO THE BASIC FINANCIAL STATEMENTS
<br />For the Fiscal Year Ended June 30, 2020
<br />NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br />A. Pension Plan, Continued
<br />Safety Plan:
<br />Balance at June 30, 2018 (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, 2019 (Measurement Date)
<br />Increase (Decrease)
<br />Total Pension Plan Fiduciary Net Pension
<br />Liability Net Position Liability/(Asset)
<br />$ 395,092,700 $ 252,263,691 $ 142,829,009
<br />8,897,078 - 8,897,078
<br />27,912,442 - 27,912,442
<br />876,561 - 876,561
<br />- 13,102,512
<br />(13,102,512)
<br />- 3,252,531
<br />(3,252,531)
<br />- 16,595,731
<br />(16,595,731)
<br />- (180,021)
<br />180,021
<br />(20,068,009) (20,068,009)
<br />-
<br />- 586
<br />(586)
<br />17,618,072 12,703,330
<br />4,914,742
<br />$ 412,710,772 $ 264,967,021
<br />$ 147,743,751
<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 />71 190
<br />Miscellaneous
<br />Safety
<br />Total
<br />1% Decrease
<br />6.15%
<br />6.15%
<br />6.15%
<br />Net Pension Liability
<br />$ 156,481,200
<br />$ 203,895,622
<br />$ 360,376,822
<br />Current Discount Rate
<br />7.15%
<br />7.15%
<br />7.15%
<br />Net Pension Liability
<br />$ 109,639,107
<br />$ 147,743,751
<br />$ 257,382,858
<br />1%Increase
<br />8.15%
<br />8.15%
<br />8.15%
<br />Net Pension Liability
<br />$ 70,879,100
<br />$ 101,744,450
<br />$ 172,623,550
<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 />71 190
<br />
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