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City of Redwood City
<br />Required Supplementary Information (Unaudited) (Continued)
<br />Schedule of Contributions - Pension
<br />For the Year Ended June 30, 2025
<br />
<br />140
<br />Fiscal Year:2024-25 2023-24 2022-23 2021-22 2020-21
<br />Contractually determined contribution (actuarially determined) 17,116,743$ 15,691,173$ 15,583,064$ 14,677,199$ 13,251,126$
<br />Contributions in relation to the actuarially determined contributions (17,116,743) (15,691,173) (15,583,064) (14,677,199) (13,251,126)
<br />Contribution deficiency (excess)-$ -$ -$ -$ -$
<br />Covered payroll 50,485,739$ 49,015,281$ 43,278,485$ 40,613,978$ 39,894,208$
<br />Contributions as a percentage of covered payroll 33.90% 32.01% 36.01% 36.14% 33.22%
<br />Fiscal Year:2019-20 2018-19 2017-18 2016-17 2015-16
<br />Contractually determined contribution (actuarially determined) 13,379,346$ 10,135,737$ 7,527,907$ 7,428,605$ 6,923,087$
<br />Contributions in relation to the actuarially determined contributions (13,379,346) (10,135,737) (7,527,907) (7,428,605) (6,923,087)
<br />Contribution deficiency (excess)-$ -$ -$ -$ -$
<br />Covered payroll 38,158,385$ 36,054,508$ 33,401,807$ 34,756,799$ 31,484,407$
<br />Contributions as a percentage of covered payroll 35.06% 28.11% 22.54% 21.37% 21.99%
<br />Notes to Schedule
<br />Methods and assumptions used to determine contribution rates for the fiscal year ended June 30, 2024:
<br />Actuarial cost method Entry Age Normal
<br />Amortization method/period For details, see June 30, 2020 Funding Valuation Report
<br />Asset valuation method Actuarial Value of Assets. For details, see June 30, 2020 Funding Valuation Report.
<br />Inflation 2.50%
<br />Salary increases Varies by entry age and service
<br />Payroll growth 2.75%
<br />Investment rate of return 7.00% net of pension plan investment and administrative expenses.
<br />Retirement age
<br />Mortality
<br />Miscellaneous Plan
<br />The actuarial methods and assumption used to set the actuarially determined contributions for Fiscal Year 2024 were derived from the June 30, 2020
<br />funding valuation report.
<br />The probabilities of mortality are based on the the 2017 CalPERS Experience Study for the period from 1997 to
<br />2015. Mortality rates include 15 years of projected mortality improvement using 90% of Scale-MP 2016
<br />published by the Society of Actuaries.
<br />The probabilities of retirement are based on the 2017 CalPERS Experience Study for the period from 1997 and
<br />2015.
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