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6.C. - Page 114 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 $15,869 reported as deferred outflows of resources related to contributions subsequent to the June 30, <br />2019 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year <br />ending June 30, 2021. Other amounts reported as deferred outflows of resources related to OPEB will be <br />recognized as expense as follows: <br />Fiscal Year Ending <br />June30: <br />Deferred <br />Outflows/Inflows <br />of Resources <br />2021 <br />$ (26,730) <br />2022 <br />(26,730) <br />2023 <br />(26,730) <br />2024 <br />(17,907) <br />2025 <br />(14,936) <br />Thereafter <br />(1,476) <br />Total <br />$ (114,509) <br />C. Cafeteria Benefit Plan <br />The City has a cafeteria benefit plan established pursuant to section 125 of the IRS code. Under this plan <br />eligible employees may direct a contribution, made by the City or elect to contribute pre-tax dollars, into any <br />combination of the following three benefit categories: <br />1. Medical Insurance Premium Account <br />2. Out of Pocket Medical Spending Account <br />3. Dependent Care Spending Account <br />Under no circumstances may an employee direct more than $5,000 annually into the Dependent Care <br />Spending Account and $2,550 annually into the Medical Spending Account. This cap applies to both City <br />contributions and employee pre-tax contributions. There are no legal limits on contributions to the Health <br />Premium Account. <br />All regular full-time and part-time employees employed on a regular and continuous basis, including certain <br />contractual employees, are eligible to participate in this plan. Temporary and casual employees are not <br />eligible. The plan year adopted by the City begins on January 1 and ends December 31. <br />To obtain reimbursement of expenses incurred within a plan year within the spending accounts (items 2 or 3), <br />employees must submit claims within 90 days of the end of the plan year or separation of service from the <br />City, whichever occurs first. Funds unclaimed after 90 days of the close of the plan year are then remitted to <br />the City. <br />82 201 <br />