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City of Redwood City 7.1.G. - Page 88
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2013
<br /> NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br /> The remaining amortization periods for the City's plans are as follows:
<br /> Public Safety June 30, 2041
<br /> Miscellaneous June 30, 2030
<br /> Audited annual financial statements and ten -year trend information for the fiscal year ended June 30,
<br /> 2013, the most recent available, are available from PERS at P.O. Box 942709, Sacramento, CA 94229 -2709.
<br /> Total current payroll for all covered employees for the fiscal year ended June 30, 2013 was $50,168,045.
<br /> The payroll subject to retirement amounted to $21,930,801 for public safety and $28,237,244 for the
<br /> miscellaneous group.
<br /> PERS has reported that the value of the net assets in the plan held for pension benefits changed as
<br /> follows during the year ended June 30, 2012, the most recent available:
<br /> Public Safety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/11 188,320,074 175,720,263
<br /> Contributions Received 9,460,165 6,738,202
<br /> Benefits and Refunds Paid (11,114,684) (11,120,058)
<br /> Expected Investment Earnings Credited 14,063,083 13,017,671
<br /> Expected Actuarial Value of Assets 6/30/12 200,728,638 184,356,078
<br /> Market Value of Assets 6/30/12 167,275,153 151,628,115
<br /> Actuarial Value of Assets 6/30/12 199,093,142 181,792,644
<br /> Additional disclosures will be included when made available by PERS.
<br /> Three years of trend information regarding annual pension costs for both plans is summarized as
<br /> follows:
<br /> Public Safety Miscellaneous
<br /> Annual Percentage of Annual Percentage of
<br /> Fiscal Pension Cost APC Net Pension Pension Cost APC Net Pension
<br /> Year APC Contributed Obligation APC Contributed Obligation
<br /> $ $
<br /> 2011 6,379,699 100% - 4,459,770 100% -
<br /> 2012 7,384,820 100% - 4,964,308 100% -
<br /> 2013 7,814,972 100% - 5,362,636 100% -
<br /> As of June 30, 2012, the most recent actuarial valuation date, the public safety plan was 75% funded,
<br /> the actuarial liability (AAL) for benefits was $265,379,700, and the actuarial value of plan assets was
<br /> $199,093,142, resulting in an unfunded actuarial accrued liability (UAAL) of $66,286,558. The covered
<br /> payroll (annual payroll of active employees covered by the plan) was $19,553,357 and the ratio of UAAL
<br /> to the covered payroll was 339 %.
<br /> For the miscellaneous plan, the plan was 80% funded, the AAL for benefits was $227,332,457, and the
<br /> actuarial value of plan assets was $181,792,644, resulting in a UAAL of $45,539,813. The covered
<br /> payroll was $27,247,606 and the ratio of UAAL to the covered payroll was 167.1%
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