16 ATTACHMENTS 1-11 - Laserfiche WebLink

CITY OF PLEASANTON NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2022 Note 11: Defined Benefit Pension Plan (Continued) The cost of living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law The plan’s provisions and benefits in effect at June 30, 2022, are summarized as follows: Employees Covered – At June 30, 2022, the following employees were covered by the benefit terms of the Miscellaneous Plan: Miscellaneous Inactive Employees or Beneficiaries Currently Receiving Benefits 403 Inactive Employees Entitled to but not yet Receiving Benefits 234 Active Employees 335 Total 972 Contributions – Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers are determined on an annual basis by the actuary and shall be effective on July 1 following notice of change in the rate. Funding contributions for the plan are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The City is required to contribute the difference between the actuarially determined rate and the contribution rates of employees. Net Pension Liability – The City’s net pension liability for the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the plan is measured as of June 30, 2021, using an annual actuarial valuation as of June 30, 2020, rolled forward to June 30, 2021, using standard update procedures. Tier 1 PEPRA 2.7% @ 55 2.0% @ 62 1 5 Years Service 5 Years Service Monthly For Life Monthly For Life 50-55 52-67 2% to 2.7% 1% to 2.5% 7.62% 7.00% 12.54% 12.54% Miscellaneous Benefit Formula 1 Newly hired Misc Employees will be enrolled in the 2%@ 62 formula, dependent on the individual's eligibility, as per, AB 340. Required Employer Contribution Rates Benefit Vesting Schedule Benefit Payment Monthly Benefits, as a % of Eligible Compensation Retirement Age Required Employee Contribution Rates 97