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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 (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />138
<br />Total Pension Liability 2023-24 2022-23 2021-22 2020-21 2019-20
<br />Service cost 10,580,186$ 10,033,761$ 9,585,797$ 8,678,296$ 8,659,505$
<br />Interest on total pension liability 34,810,592 33,081,498 31,506,852 30,437,953 29,301,302
<br />Differences between expected and actual
<br />experience 8,594,669 6,777,962 987,501 (1,561) 3,510,050
<br />Changes in assumptions - 183,562 14,053,058 - -
<br />Changes in benefit terms - - - - -
<br />Benefit payments, including refunds of
<br />employee contributions (27,665,102) (26,182,496) (24,731,867) (22,658,505) (21,484,308)
<br />Net change in total pension liability 26,320,345 23,894,287 31,401,341 16,456,183 19,986,549
<br />Total pension liability - beginning 504,449,132 480,554,845 449,153,504 432,697,321 412,710,772
<br />Total pension liability - ending (a)530,769,477$ 504,449,132$ 480,554,845$ 449,153,504$ 432,697,321$
<br />Plan fiduciary net position
<br />Contributions - employer 19,643,796 18,934,321 18,651,811 16,247,751 16,718,593
<br />Contributions - employee 4,547,864 3,740,520 3,878,439 3,415,458 3,294,361
<br />Investment income 31,247,014 19,116,063 (25,626,846) 62,967,633 13,292,662
<br />Benefit payments - (26,182,496) (24,731,867) (22,658,505) (21,484,308)
<br />Administrative expenses (27,665,102) (226,543) (209,377) (276,122) (373,538)
<br />Other (263,196) - - - -
<br />Net change in plan fiduciary net position 27,510,376 15,381,865 (28,037,840) 59,696,215 11,447,770
<br />Plan fiduciary net position - beginning 323,455,031 308,073,166 336,111,006 276,414,791 264,967,021
<br />Plan fiduciary net position - ending (b)350,965,407$ 323,455,031$ 308,073,166$ 336,111,006$ 276,414,791$
<br />Net pension liability - ending (a)-(b)179,804,070$ 180,994,101$ 172,481,679$ 113,042,498$ 156,282,530$
<br />Plan fiduciary net position as a
<br />p ercentage of the total pension liability 66.12%60.36%64.11%74.83%63.88%
<br />Covered payroll 35,663,845$ 31,731,683$ 28,838,138$ 29,330,001$ 28,665,803$
<br />Net pension liability as a
<br />p ercentage of covered payroll 504.16% 1085.05% 598.10% 385.42% 545.19%
<br />Notes to Schedule:
<br />Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022,
<br />measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERStook
<br />into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price
<br />inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting
<br />discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30,
<br />2016.
<br />Safety Plan
<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.
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