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City of Redwood City
<br />Required Supplementary Information (Unaudited) (Continued)
<br />Schedule of Contributions - Pension (Continued)
<br />For the Year Ended June 30, 2025
<br />
<br />141
<br />Fiscal Year:2024-25 2023-24 2022-23 2021-22 2020-21
<br />Contractually determined contribution (actuarially determined) 21,309,767$ 19,645,143$ 19,354,347$ 18,230,530$ 16,251,126$
<br />Contributions in relation to the actuarially determined contributions (21,309,767) (19,645,143) (19,354,347) (18,230,530) (16,251,126)
<br />Contribution deficiency (excess)-$ -$ -$ -$ -$
<br />Covered payroll 36,733,760$ 35,663,845$ 31,731,683$ 28,838,138$ 29,330,001$
<br />Contributions as a percentage of covered payroll 58.01% 55.08% 60.99% 63.22% 55.41%
<br />Fiscal Year:2019-20 2018-19 2017-18 2016-17 2015-16
<br />Contractually determined contribution (actuarially determined) 16,716,096$ 12,871,662$ 10,880,756$ 10,292,946$ 10,439,692$
<br />Contributions in relation to the actuarially determined contributions (16,716,096) (12,871,662) (10,880,756) (10,292,946) (10,439,692)
<br />Contribution deficiency (excess)-$ -$ -$ -$ -$
<br />Covered payroll 28,665,803$ 28,192,253$ 27,442,920$ 27,341,479$ 25,867,584$
<br />Contributions as a percentage of covered payroll 58.31% 45.66% 39.65% 37.65% 40.36%
<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 />Safety 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 retirement are based on the 2017 CalPERS Experience Study for the period from 1997 and
<br />2015.
<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.
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