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City of Redwood City
<br />Required Supplementary Information (Unaudited) (Continued)
<br />Schedule of Changes in the Net Pension Liability and Related Ratios
<br />For the Year Ended June 30, 2025
<br />
<br />136
<br />Measurement period ending:2023-24 2022-23 2021-22 2020-21 2019-20
<br />Total Pension Liability
<br />Service cost 8,137,162$ 7,338,915$ 7,256,540$ 6,394,654$ 6,178,031$
<br />Interest on total pension liability 29,317,337 27,902,523 26,586,467 25,863,540 24,840,488
<br />Differences between expected and actual
<br />experience 4,987,826 3,670,097 (3,060,173) 230,069 (523,039)
<br />Changes in assumptions - 387,691 11,619,661 - -
<br />Changes in benefit terms - - - - -
<br />Benefit payments, including refunds of
<br />employee contributions (20,591,175) (19,656,453) (18,080,941) (17,249,770) (16,847,184)
<br />Net change in total pension liability 21,851,150 19,642,773 24,321,554 15,238,493 13,648,296
<br />Total pension liability - beginning 426,128,137 406,485,364 382,163,810 366,925,317 353,277,021
<br />Total pension liability - ending (a)447,979,287$ 426,128,137$ 406,485,364$ 382,163,810$ 366,925,317$
<br />Plan fiduciary net position
<br />Contributions - employer 15,708,346 15,284,043 14,978,084 13,313,117 13,379,383
<br />Contributions - employee 3,643,816 2,914,959 3,179,873 2,928,979 2,881,886
<br />Net Investment income 29,218,463 17,910,512 (23,748,879) 57,956,637 12,205,299
<br />Benefit payments - (19,656,453) (18,080,941) (17,249,770) (16,847,184)
<br />Other changes in fiduciary net position - - - - -
<br />Administrative expense (20,591,175) (211,592) (194,113) (254,643) (343,470)
<br />Other (247,352) - - - -
<br />Net change in plan fiduciary net position 27,732,098 16,241,469 (23,865,976) 56,694,320 11,275,914
<br />Plan fiduciary net position - beginning 303,983,641 287,742,172 311,608,148 254,913,828 243,637,914
<br />Plan fiduciary net position - ending (b)331,715,739$ 303,983,641$ 287,742,172$ 311,608,148$ 254,913,828$
<br />Net pension liability - ending (a)-(b)116,263,548$ 122,144,496$ 118,743,192$ 70,555,662$ 112,011,489$
<br />Plan fiduciary net position as a
<br />p ercentage of the total pension liability 74.05%71.34%71.34%81.54%69.47%
<br />Covered payroll 50,485,739$ 49,015,281$ 43,278,485$ 40,613,978$ 38,158,385$
<br />Net pension liability as a
<br />p ercentage of covered payroll 230.29% 249.31% 249.31% 173.72% 293.54%
<br />Notes to Schedule:
<br />Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred
<br />on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the
<br />Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
<br />Miscellaneous Plan
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<br />7.C. - Page 168 of 269
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