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City of Redwood City <br />Required Supplementary Information (Unaudited) (Continued) <br />Schedule of Contributions – OPEB (Continued) <br />For the Year Ended June 30, 2025 <br /> <br />145 <br /> <br />2024-25 2023-24 2022-23 2021-22 2020-21 <br />Actuarially determined contribution2 -$ -$ -$ -$ -$ <br />Contributions in relation to the <br />actuarially determined contributions (18,126) (15,235) (20,439) (31,178) (31,178) <br />Contribution deficiency (excess)(18,126)$ (15,235)$ (20,439)$ (31,178)$ (31,178)$ <br />Covered-employee payroll 476,812$ 462,924$ 371,346$ 343,288$ 343,288$ <br />Contributions as a percentage of <br />covered-employee payroll 3.80%3.29%5.50%9.08%9.08% <br />2019-20 2018-19 2017-18 2016-171 <br />Actuarially determined contribution2 -$ -$ -$ -$ <br />Contributions in relation to the <br />actuarially determined contributions (31,427) (15,869) (9,949) (9,426) <br />Contribution deficiency (excess)(31,427)$ (15,869)$ (9,949)$ (9,426)$ <br />Covered-employee payroll 343,288$ 410,854$ 501,790$ 632,232$ <br />Contributions as a percentage of <br />covered-employee payroll 9.15%3.86%1.98%1.49% <br />Notes to Schedule <br />Actuarial valuation date 6/30/2023 <br />Actuarial cost method Entry-Age Normal Cost Method, Level % of pay <br />Amortization Period 16-year fixed period for 2022-2023 <br />Asset valuation method Actuarial value of assets. Investment gains and losses spread over 5-year rolling period. <br />Inflation 2.50% <br />Investment rate of return 3.97% <br />Healthcare cost trend rate 6.50% for 2025, decreasing to an ultimate rate of 3.90% in 2075 <br />Projected salary growth and increase 3.00% <br />Mortality CalPERS 2000-2019 experience study <br />Mortality Improvement Mortality projected fully generational with Scale MP-2021 <br />1 Historical information is p resented only from the imp lementation y ear. <br />The actuarial methods and assumptions used to set the actuarially determined contributions for the fiscal year ended June 30, 2024 were as follows: <br />2 The Port did not obtain an actuarially determined contribution in the fiscal years 2017 through 2025, therefore contractually required contributions <br />are reported. <br />Port Plan <br />7.C. - Page 177 of 269 <br />196