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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 />139
<br />Total Pension Liability 2018-19 2017-18 2016-17 2015-16 2014-15
<br />Service cost 8,897,078$ 8,929,972$ 8,853,629$ 7,609,467$ 7,620,719$
<br />Interest on total pension liability 27,912,442 26,705,230 25,379,781 24,274,395 22,992,406
<br />Differences between expected and actual
<br />experience 876,561 4,400,726 1,130,542 2,056,832 210,529
<br />Changes in assumptions - (1,516,741) 21,432,755 - (5,686,859)
<br />Changes in benefit terms - - - - -
<br />Benefit payments, including refunds of
<br />employee contributions (20,068,009) (19,154,486) (18,081,124) (16,758,122) (15,054,516)
<br />Net change in total pension liability 17,618,072 19,364,701 38,715,583 17,182,572 10,082,279
<br />Total pension liability - beginning 395,092,700 375,727,999 337,012,416 319,829,844 309,747,565
<br />Total pension liability - ending (a)412,710,772$ 395,092,700$ 375,727,999$ 337,012,416$ 319,829,844$
<br />Plan fiduciary net position
<br />Contributions - employer 13,102,512 12,005,986 11,975,338 11,288,655 9,993,967
<br />Contributions - employee 3,252,531 3,179,855 2,916,109 2,375,511 2,420,787
<br />Investment income 16,595,731 20,046,903 24,645,186 1,179,363 4,953,411
<br />Benefit payments (20,068,009) (19,154,486) (18,081,124) (16,758,122) (15,054,516)
<br />Administrative expenses (180,021) (370,299) (210,549) (132,896) (245,450)
<br />Other 586 (702,091) - - -
<br />Net change in plan fiduciary net position 12,703,330 15,005,868 21,244,960 (2,047,489) 2,068,199
<br />Plan fiduciary net position - beginning 252,263,691 237,257,823 216,012,863 218,060,352 215,992,153
<br />Plan fiduciary net position - ending (b)264,967,021$ 252,263,691$ 237,257,823$ 216,012,863$ 218,060,352$
<br />Net pension liability - ending (a)-(b)147,743,751$ 142,829,009$ 138,470,176$ 120,999,553$ 101,769,492$
<br />Plan fiduciary net position as a
<br />p ercentage of the total pension liability 64.20%63.85%63.15%64.10%68.18%
<br />Covered payroll 28,192,253$ 27,442,920$ 27,341,479$ 25,867,584$ 25,330,626$
<br />Net pension liability as a
<br />p ercentage of covered payroll 524.06% 520.46% 506.45% 467.77% 401.76%
<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 (Continued)
<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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