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City of Redwood City <br />Notes to the Basic Financial Statements (Continued) <br />For the Year Ended June 30, 2025 <br /> <br /> <br />113 <br />Note 13 – Other Postemployment Benefits (Continued) <br /> <br />B. City Plan (Continued) <br /> <br />Plan Description (Continued) <br /> <br />The City is not required by law or contractual agreement to provide funding for retiree health costs other than the <br />pay-as-you-go amount necessary to provide current benefits to retirees. The City’s retiree health plan is being <br />managed through the California Employer’s Retiree Benefits Trust (CERBT), an irrevocable trust fund that allows <br />public employers to prefund the future cost of their retiree health insurance benefits and other post-employment <br />benefits for their covered employees or retirees. <br /> <br />The CERBT issues a publicly available financial report that included financial statements and required <br />supplementary information for the City, not individualizing, but in aggregate with the other CERBT participants. <br />That report may be obtained by contacting CalPERS. <br /> <br />Employees Covered <br /> <br />Membership in the plan consisted of the following at June 30, 2024, the date of the latest actuarial valuation: <br /> <br />Active employees 607 <br />Inactive employees or beneficiaries currently receiving benefits 439 <br />Inactive employees entitled to, but not yet receiving benefits 122 <br />Total 1,168 <br /> <br />Contributions <br /> <br />The OPEB Plan and its contribution requirements are established by Memoranda of Understanding with the <br />applicable employee bargaining units and may be amended by agreements between the Authority and the bargaining <br />units. The annual contribution is based on the actuarially determined contribution. For the fiscal year ended <br />June 30, 2025, the City’s cash contributions were $4,498,464 in payments to the trust plus $4,956,536 cash benefit <br />payments and the estimated implied subsidy was $983,000 resulting in total payments of $10,438,000. <br /> <br />Net OPEB Liability <br /> <br />The City’s net OPEB liability was measured as of June 30, 2024. The total OPEB liability used to calculate the net <br />OPEB liability was determined by an actuarial valuation as of June 30, 2024. <br /> <br />7.C. - Page 145 of 269 <br />164