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6.C. - Page 110 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 />B. Post Employment Benefits, Continued <br />The contributions made after the measurement date of the OPEB liability but before the end of the City's <br />reporting period will be recognized as a reduction of the OPEB liability in the subsequent fiscal year rather <br />than in the current fiscal year. Therefore, the $4,021,200 related to contributions subsequent to the June 30, <br />2019 measurement date was reported as deferred outflows of resources and will be recognized as a reduction <br />of the net OPEB liability during the fiscal year ending June 30, 2021. <br />Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as <br />follows: <br />Deferred <br />Fiscal Year Ening Outflows/Inflows <br />June 30: of Resources <br />2021 <br />$ (1,019,916) <br />2022 <br />(1,019,915) <br />2023 <br />(876,993) <br />2024 <br />(817,950) <br />2025 <br />(816,230) <br />Total <br />$ (4,551,004) <br />Port of Redwood City: <br />Plan Description <br />The other post -employment benefits (other than pension) offered by the Port are limited to reimbursement of <br />medical premiums only. Eligibility extends to those employees hired before January 1, 2011 who, prior to <br />retirement, have (a) worked ten or more consecutive years at the Port on a full time basis, and (b) are <br />enrolled in the Port's medical plan, and (c) age 55 or older, and (d) have not been voluntarily or involuntarily <br />terminated from employment at the Port. Spouses and/or dependents are ineligible. <br />The reimbursement of medical premiums is limited to the lesser of (a) the medical insurance premium paid <br />by the eligible retiree, or (b) the Port's cost to provide medical coverage for an active employee of the same <br />age as the retiree, or (c) the insurance premium for a Medicare supplement plan at the retiree's earliest <br />Medicare eligibility age, whether or not the retiree enrolls in Medicare. <br />Employees Covered <br />As of the June 30, 2019 actuarial valuation, the following current and former employees were covered by the <br />benefit terms under the OPEB Plan: <br />Active employees 5 <br />Inactive employees or beneficiaries currently receiving benefits 3 <br />Inactive employees entitled to, but not yet receiving benefits - <br />8 <br />78 197 <br />