|
City of Redwood City
<br />Required Supplementary Information (Unaudited) (Continued)
<br />Schedule of Changes in the Net Pension Liability and Related Ratios (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />137
<br />Total Pension Liability 2018-19 2017-18 2016-17 2015-16 2014-15
<br />Service cost 6,198,689$ 6,312,633$ 5,947,899$ 4,988,704$ 4,787,766$
<br />Interest on total pension liability 23,887,592 22,736,338 21,786,870 20,902,896 19,792,491
<br />Differences between expected and actual
<br />experience 2,022,316 1,635,445 275,278 2,720,291 (546,244)
<br />Changes in assumptions - (2,534,753) 18,027,744 - (4,797,291)
<br />Changes in benefit terms - - - - -
<br />Benefit payments, including refunds of
<br />employee contributions (15,604,216) (14,221,495) (13,255,651) (13,150,802) (12,621,036)
<br />Net change in total pension liability 16,504,381 13,928,168 32,782,140 15,461,089 6,615,686
<br />Total pension liability - beginning 336,772,640 322,844,472 290,062,332 274,601,243 267,985,557
<br />Total pension liability - ending (a)353,277,021$ 336,772,640$ 322,844,472$ 290,062,332$ 274,601,243$
<br />Plan fiduciary net position
<br />Contributions - employer 10,318,071 9,451,153 8,428,180 7,063,347 6,882,313
<br />Contributions - employee 2,676,853 2,789,791 2,778,380 2,605,290 2,372,657
<br />Net Investment income 15,241,419 18,389,970 22,220,866 1,020,359 4,413,116
<br />Benefit payments (15,604,216) (14,221,495) (13,255,651) (13,150,802) (12,621,036)
<br />Other changes in fiduciary net position - (336,712) (295,555) (112,373) (205,162)
<br />Administrative expense (164,968) - - - -
<br />Other 536 (638,402) - - -
<br />Net change in plan fiduciary net position 12,467,695 15,434,305 19,876,220 (2,574,179) 841,888
<br />Plan fiduciary net position - beginning 231,170,219 215,735,914 195,859,694 198,433,873 197,591,985
<br />Plan fiduciary net position - ending (b)243,637,914$ 231,170,219$ 215,735,914$ 195,859,694$ 198,433,873$
<br />Net pension liability - ending (a)-(b)109,639,107$ 105,602,421$ 107,108,558$ 94,202,638$ 76,167,370$
<br />Plan fiduciary net position as a
<br />p ercentage of the total pension liability 68.97%68.64%66.82%67.52%72.26%
<br />Covered payroll 36,054,508$ 33,401,807$ 34,756,799$ 31,484,407$ 28,944,841$
<br />Net pension liability as a
<br />p ercentage of covered payroll 304.09% 316.16% 308.17% 299.20% 263.15%
<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 (Continued)
<br />7.C. - Page 169 of 269
<br />188
|