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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 />108
<br />Note 12 – Pension Plans (Continued)
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<br />B. City (Continued)
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<br />Changes in the Net Pension Liability
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<br />The following table shows the changes in net pension liability recognized over the measurement period:
<br />
<br />Total Pension
<br />Liability
<br />Plan Fiduciary Net
<br />Position Net Pension Liability
<br />Balance at June 30, 2023 (Valuation Date)426,128,137$ 303,983,641$ 122,144,496$
<br />Changes in the year:
<br />Service cost 8,137,162 - 8,137,162
<br />Interest on the total pension liabilities 29,317,337 - 29,317,337
<br />Changes in benefit terms - - -
<br />Differences between expected and actual experience 4,987,826 - 4,987,826
<br />Benefit payments, including refunds of members contributions (20,591,175) (20,591,175) -
<br />Plan to plan resource movement - - -
<br />Contributions - employer - 15,708,346 (15,708,346)
<br />Contributions - employee - 3,643,816 (3,643,816)
<br />Net investment income - 29,218,463 (29,218,463)
<br />Administrative expenses - (247,352) 247,352
<br />Net changes 21,851,150 27,732,098 (5,880,948)
<br />Balance at June 30, 2024 (Measurement Date)447,979,287$ 331,715,739$ 116,263,548$
<br />Miscellaneous Plan
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<br />Total Pension
<br />Liability
<br />Plan Fiduciary Net
<br />Position Net Pension Liability
<br />Balance at June 30, 2023 (Valuation Date) 504,449,132$ 323,455,031$ 180,994,101$
<br />Changes in the year:
<br />Service cost 10,580,186 - 10,580,186
<br />Interest on the total pension liabilities 34,810,592 - 34,810,592
<br />Changes in benefit terms - - -
<br />Differences between expected and actual experience 8,594,669 - 8,594,669
<br />Benefit payments, including refunds of members contributions (27,665,102) (27,665,102) -
<br />Contributions - employer - 19,643,796 (19,643,796)
<br />Contributions - employee - 4,547,864 (4,547,864)
<br />Net investment income - 31,247,014 (31,247,014)
<br />Administrative expenses - (263,196) 263,196
<br />Net changes 26,320,345 27,510,376 (1,190,031)
<br />Balance at June 30, 2024 (Measurement Date)530,769,477$ 350,965,407$ 179,804,070$
<br />Safety Plan
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<br />Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
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<br />For the year ended June 30, 2025, the City recognized pension expense in the amount of $19,497,173 and
<br />$28,596,686 for the miscellaneous and safety plans, respectively.
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<br />The amortization period differs depending on the source of the gain or loss. The difference between projected and
<br />actual earnings is amortized over 5-years straight line. All other amounts are amortized straight-line over the
<br />average expected remaining service lives of all members that are provided with benefits (active, inactive and retired)
<br />as of the beginning of the measurement period.
<br />7.C. - Page 140 of 269
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