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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 />116 <br />Note 13 – Other Postemployment Benefits (Continued) <br /> <br />B. City Plan (Continued) <br /> <br />OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB <br />(Continued) <br /> <br />For the fiscal year ended June 30, 2025, $10,438,000 was reported as deferred outflows of resources related to <br />OPEB resulting from the City’s contributions subsequent to the measurement date and will be recognized as a <br />reduction of the total OPEB liability in the year ended June 30, 2026. Other amounts reported as deferred outflows <br />of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: <br /> <br />Year Ending <br />June 30 Amount <br />2026 990,302$ <br />2027 2,863,813 <br />2028 1,987,609 <br />2029 2,182,426 <br />2030 830,072 <br />Thereafter - <br />Total 8,854,222$ <br />C. Port Plan <br /> <br />Plan Description <br /> <br />The Agent multiple employers other post-employment benefits (other than pension) offered by the Port are limited <br />to reimbursement of medical premiums only. Eligibility extends to those employees hired before January 1, 2011 <br />who, prior to retirement, have (a) worked ten or more consecutive years at the Port on a full time basis, and (b) are <br />enrolled in the Port’s medical plan, and (c) age 55 or older, and (d) have not been voluntarily or involuntarily <br />terminated from employment at the Port. Spouses and/or dependents are ineligible. <br /> <br />The reimbursement of medical premiums is limited to the lesser of (a) the medical insurance premium paid by the <br />eligible retiree, or (b) the Port’s cost to provide medical coverage for an active employee of the same age as the <br />retiree, or (c) the insurance premium for a Medicare supplement plan at the retiree’s earliest Medicare eligibility <br />age, whether or not the retiree enrolls in Medicare. <br /> <br />Contribution <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 Port did not make any cash contributions to the trust. <br /> <br />7.C. - Page 148 of 269 <br />167