Agda Pkt 2026.07.27 Joint SA PFA

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City of Redwood City Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2025 104 Note 12 – Pension Plans (Continued) B. City (Continued) Employees Covered At June 30, 2025, the measurement date, the following employees were covered by the benefit terms for the Plan: Miscellaneous Plan Safety Plan Total Active employees 410 174 584 Transferred and terminated employees 545 56 601 Retired employees and beneficiaries 620 384 1,004 Total 1,575 614 2,189 Benefits Provided CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and/or their beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law (PERL). The plans’ provisions and benefits in effect at June 30, 2025 are summarized as follows: Plan Public Safety Tier 1 Public Safety Tier 2 Public Safety Tier 3 Benefit Formula 3% @50 3% @55 2.7% @57 Benefit Vesting Schedule 5 years of service 5 years of service 5 years of service Benefit payments Monthly for life Monthly for life Monthly for life Retirement age 50 - 55+50 - 55+50 - 57+ Monthly benefit, as a % of eligible compensation 3%2.4%-3%2%-2.7% Required employee contribution rates 9%9%13.25% Required employer contribution rates - normal cost 23.13%23.13%23.13% Miscellaneous Plan Classic Plan Tier II PEPRA Benefit Formula 2.7% @ 55 2% @60 2% @62 Benefit Vesting Schedule 5 years of service 5 years of service 5 years of service Benefit payments Monthly for life Monthly for life Monthly for life Retirement age 50 - 67+50 - 67+52 - 67+ Monthly benefit, as a % of eligible compensation 2%-2.7% 1.092%-2.418% 1%-2.5% Required employee contribution rates 8%7%7.00% Required employer contribution rates - normal cost 10.92%10.92%10.92% Safety Beginning in fiscal year 2016, CalPERS collects employer contributions for the Plan as a percentage of payroll for the normal cost portion as noted in the rates above and as a dollar amount for contributions toward the unfunded liability. The dollar amounts are billed on a monthly basis. The City’s required contribution for the unfunded liability was $14,005,408 and $12,066,463 for the safety and miscellaneous plans respectively during the measurement period ended June 30, 2025. 7.C. - Page 136 of 269 155