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City of Redwood City
<br />Notes to the Basic Financial Statements (Continued)
<br />For the Year Ended June 30, 2025
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<br />Note 12 – Pension Plans
<br />
<br />A. Summary
<br />
<br />Governmental Business-Type
<br /> Activities Activities Total
<br />Deferred outflows of resources:
<br />Pension contribution made after measurement date:
<br />CalPERS Miscellaneous 13,522,227$ 3,594,516$ 17,116,743$
<br />CalPERS Safety 21,034,871 274,896 21,309,767
<br />Total pension contribution made after measurement date 34,557,098 3,869,412 38,426,510
<br />Change in assumptions
<br />CalPERS Safety 1,261,072 16,480 1,277,552
<br />Total change in assumptions 1,261,072 16,480 1,277,552
<br />Projected earnings on pension plan investments in excess of actual earnings:
<br />CalPERS Miscellaneous 3,629,371 964,769 4,594,140
<br />CalPERS Safety 4,709,064 61,541 4,770,605
<br />Total projected earnings on pension plan investments in excess of
<br />actual earnings 8,338,435 1,026,310 9,364,745
<br />Difference between expected and actual experience
<br />CalPERS Miscellaneous 3,333,321 886,072 4,219,393
<br />CalPERS Safety 9,122,037 119,212 9,241,249
<br />Total difference between expected and actual experience 12,455,358 1,005,284 13,460,642
<br />Total deferred outflows of resources
<br />CalPERS Miscellaneous 20,484,919 5,445,357 25,930,276
<br />CalPERS Safety 36,127,044 472,129 36,599,173
<br />T ot al deferred outflows of resources 56,611,963$ 5,917,486$ 62,529,449$
<br />Net pension liability:
<br />CalPERS Miscellaneous 91,848,204$ 24,415,344$ 116,263,548$
<br />CalPERS Safety 177,484,597 2,319,473 179,804,070
<br />T ot al net pension liabilit y 269,332,801$ 26,734,817$ 296,067,618$
<br /> Pension expenses:
<br />CalPERS Miscellaneous 11,840,633$ 7,656,540$ 19,497,173$
<br />CalPERS Safety 28,227,789 368,897 28,596,686
<br /> Total net pension expenses 40,068,422$ 8,025,437$ 48,093,859$
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<br />B. City
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<br />Plan Description
<br />
<br />Substantially all City employees working the equivalent of 1,000 hours per fiscal year are eligible to participate in
<br />the Miscellaneous or Safety Agent multiple-employer defined benefit plan administered by California Public
<br />Employees Retirement System (CalPERS), which acts as a common investment and administrative agent for its
<br />participating member employers. Benefit Provisions under the Plans are established by State statutes within the
<br />Public Employee’s Retirement Law. CalPERS issues publicly available reports that include a full description of the
<br />pension plans regarding benefit provisions, assumptions and membership information that can be found on the
<br />CalPERS website. Copies of the CalPERS annual financial report may be obtained from the CalPERS Executive
<br />Office – 400 P Street, Sacramento, CA 95814.
<br />7.C. - Page 135 of 269
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