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6.C. - Page 134 of 196 <br />NOTE — POST -EMPLOYMENT BE%iff TS, CONTINUM <br />B. Schedule of Contributions Last Ten Fiscal Years <br />City of Redwood City <br />Fiscal Year Ended June 30 <br />Actuarially Determined Contribution (ADC) <br />Contributions in relation to the ADC <br />Contribution deficiency (excess) <br />Covered -employee payroll <br />Contributions as a percentage of covered -employee payroll <br />Notes to Schedule: <br />2020 2019 2018 <br />$ 6,504,000 $ 6,983,000 $ 6,777,000 <br />8,091,673 8,553,676 6,830,404 <br />$ (1,587,673) $ (1,570,676) $ 53,404 <br />77,259,985 73,074,208 73,121,435 <br />10.5% 11.7% 9.3% <br />Methods and assumptions used to determine contributions: <br />Actuarial Cost Method Entry Age Normal <br />Amortization Method/Period Straightline Amortization <br />Asset Valuation Method Market value <br />Inflation 2.75% <br />Payroll Growth 3% annual increases <br />Investment Rate of Return 6.75% <br />Healthcare cost -trend rates Non -Medicare -6.25% decreasing to 4.75% <br />Medicare -6.45% decreasing to 4.75% <br />Retirement Age The probabilities of Retirement are based on the 2014 CalPERS <br />Experience Study for the period from 1997 to 2011. <br />Mortality Pre -retirement mortality probability based on 2014 CalPERS <br />1997-2011 Experience Study covering CalPERS participants. <br />Post-retirement mortality probability based on CalPERS <br />Experience Study 2007-2011 covering participants in CalPERS. <br />Historical information is required only for measurement periods for which GASB 75 is applicable. Future years' <br />information will be displayed up to 10 years as information becomes available. <br />102 221 <br />