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38 <br />Miscellaneous <br />Plan <br />Inactive employees or beneficiaries currently receiving benefits 583 <br />Inactive employees entitled to but not yet receiving benefits 535 <br />Active employees 383 <br />Total 1,501 <br />PERS Contributions and Funding Policy. The City now has two tiers of retirement for <br />Miscellaneous employees. The second tier resulted from the Public Employees’ Pension Reform <br />Act (PEPRA) effective January 1, 2013. The retirement received by employees is dependent on <br />their date of hire and previous employment with PERS’ reciprocal agencies, as shown in the table <br />below. <br />Miscellaneous Plan <br />Tier 1 Tier 2 Tier 3 (PEPRA) <br />Hire Date Before 10/13/2011 <br />10/13/2011 – <br />12/31/2012 <br />On or after <br />1/1/2013 <br />Benefit Formula 2.7% at 55 2% at 60 2% at 62 <br />Vesting Schedule 5 years of service 5 years of service 5 years of service <br />Benefit Payments Monthly for life Monthly for life Monthly for life <br />Retirement Age 50-67+50-67+52-67+ <br />Monthly Benefit, as % of Eligible Compensation 2%-2.7%1.092%-2.418%1%-2.5% <br />Required Employee Contribution 8%7%6.25% <br />Required Employer Contribution (normal cost)9.83%9.83%9.83% <br />The City is required to contribute at an actuarially determined rate of annual covered <br />payroll for normal cost and an actuarially determined dollar amount to amortize the unfunded <br />liability. The Enterprise is allocated its portion of the required contributions. Approximately <br />11.11% of the City’s Miscellaneous Plan obligations are allocated to the Enterprise. The <br />actuarially determined rates and contribution amounts for the Miscellaneous Plan for the fiscal <br />years ending June 30, 2023, through June 30, 2025, are as follows: <br />Miscellaneous Plan <br />Fiscal Year 2022-23 Fiscal Year 2023-24 Fiscal Year 2024-25 <br />Employer <br />Normal <br />Cost Rate <br />Employer <br />Payment of <br />Unfunded <br />Liability <br />Employer <br />Normal <br />Cost Rate <br />Employer <br />Payment of <br />Unfunded <br />Liability <br />Employer <br />Normal <br />Cost Rate <br />Employer <br />Payment of <br />Unfunded <br />Liability <br />9.83% $11,239,309 10.94%$10,674,281 10.92% $12,066,463 <br />Source: PERS Actuarial Reports Dated July 2021, July 2022, and July 2023. <br />8.A. - Page 52 of 255 <br />680