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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 13 – Other Postemployment Benefits (Continued)
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<br />A. Summary (Continued)
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<br />Governmental Business-Type
<br /> Activities Activities Total
<br />Deferred inflows of resources:
<br />Difference between expected and actual experience
<br />City Plan 3,113,246$ 324,526$ 3,437,772$
<br />Port Plan - 2,091 2,091
<br />Total difference between expected and actual experience 3,113,246 326,617 3,439,863
<br />Change in assumptions
<br />City Plan 187,581 19,553 207,134
<br />Port Plan - 3,488 3,488
<br />Total change in assumptions 187,581 23,041 210,622
<br />Total deferred inflows of resources
<br />City Plan 3,300,827 344,079 3,644,906
<br />Port Plan - 5,579 5,579
<br />T ot al deferred inflows of resources 3,300,827$ 349,658$ 3,650,485$
<br /> OPEB expense/(income):
<br />City Plan 7,656,124$ 798,076$ 8,454,200$
<br />Port Plan - (30,867) (30,867)
<br /> Total OPEB expense/(income)7,656,124$ 767,209$ 8,423,333$
<br />B. City Plan
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<br />Plan Description
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<br />The City administers an agent multiple-employer defined benefit post-employment healthcare plan. Employees
<br />hired before the effective dates reflected below and retire under the City’s retirement plan are, pursuant to their
<br />respective collective bargaining agreements, eligible to have their medical insurance premiums reimbursed by the
<br />City up to the CalPERS Bay Area Kaiser family premium rate (Health Benefit Tier1). Beginning in fiscal year 18-
<br />19, the City negotiated a new Retiree Health Benefit, Tier II with various bargaining units. Employees hired on or
<br />after the effective date reflected below and retire under the City’s retirement plan will fall under the Retiree Health
<br />Benefit Tier II: The City’s contribution shall not exceed ninety percent (90%) of the CalPERS Bay Area Kaiser
<br />Premium for employee only coverage.
<br />
<br />9/1/2019
<br />10/29/2019
<br />9/2/2019
<br />10/14/2020
<br />10/14/2019
<br />1/1/2019
<br />2/3/2020
<br />Effective Date of
<br />Retiree Health
<br />Tier 2
<br />SEIU
<br />IAFF
<br />COA
<br />RCMEA
<br />PSA
<br />POA
<br />EXE
<br />Bargaining Unit
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