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37 <br />General Liability and Automobile. The City is a member of the Bay Cities Joint Powers <br />Insurance Authority (the “BCJPIA”), which is an insurance pool consisting of 21 San Francisco <br />Bay Area government agencies, which the City uses for general liability, property insurance, and <br />auto liability coverage. In Fiscal Year 2022-23, the City maintained a $350,000 self-insured <br />retention with coverage from $350,000 to $1,000,000 through the BCJPIA. The purpose of the <br />pool is to provide certain levels of liability coverage, claims administration, and loss control <br />support to member agencies. Annually, each agency pays an actuarially-determined premium <br />based upon a formula which takes into account loss experience, annual payroll, and population. <br />This premium pays for administrative costs and funds liability reserves. The BCJPIA belongs to <br />the California Affiliated Risk Management Authority (“CARMA”) which is an excess liability pool <br />comprised of the BCJPIA and four other local government insurance pools. CARMA provides <br />coverage for an amount in excess of $1,000,000. The City also carries all risk coverage on <br />buildings and their contents at replacement cost value. <br />Employee Retirement Program <br />This caption contains certain information relating to California Public Employees’ <br />Retirement System (“PERS”). The information is primarily derived from information produced by <br />PERS, its independent accountants and actuaries. The City has not independently verified the <br />information provided by PERS and makes no representations and expresses no opinion as to the <br />accuracy of the information provided by PERS. <br />The annual comprehensive financial reports of PERS are available on its Internet website <br />at www.calpers.ca.gov. The PERS website also contains PERS’ most recent actuarial valuation <br />reports and other information concerning benefits and other matters. Such information is not <br />incorporated by reference in this Official Statement. None of the Authority, City or Underwriter <br />can guarantee the accuracy of such information. Actuarial assessments are “forward-looking” <br />statements that reflect the judgment of the fiduciaries of the pension plans, and are based upon <br />a variety of assumptions, one or more of which may not materialize or may be changed in the <br />future. Actuarial assessments will change with the future experience of the pension plans. <br />Plan Description. The City’s defined benefit pension plans (the “Miscellaneous Plan” <br />and “Safety Plan”) provide retirement and disability benefits that include annual cost-of-living <br />adjustments and death benefits to plan members and beneficiaries through PERS. State statutes <br />within the Public Employees’ Retirement Law establish a menu of benefit provisions as well as <br />other requirements. The City selects optional benefit provisions from the benefit menu by contract <br />with PERS and adopts those benefits through local ordinance. Copies of PERS’ annual financial <br />report are available from their Executive Office, 400 P Street, Sacramento, California 95814. <br />City employees assigned to the Enterprise participate in the Miscellaneous Plan. <br />Accordingly, the remainder of this section discusses the Miscellaneous Plan and not the Safety <br />Plan. <br />Employees Covered. At June 30, 2023, the following employees were covered by the <br />benefit terms of the Miscellaneous Plan as of the most recent actuarial valuation date of June 30, <br />2021 and measurement date of June 30, 2022: <br />8.A. - Page 51 of 255 <br />679