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<br />Employees Covered. The following employees were covered by the benefit terms for
<br />the Miscellaneous Plan and the LFPD Safety Fire Plan as of the most recent actuarial valuation
<br />date of June 30, 2023.
<br />Miscellaneous Safety Fire
<br />Inactive employees or beneficiaries receiving benefits 434 178
<br />Inactive employees entitled to but not yet receiving benefits 254 33
<br />Active employees 299 111
<br /> Total 987 322
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023.
<br />Contributions. Section 20814(c) of the California Public Employees’ Retirement Law
<br />requires that the employer contribution rates for all public employers are determined on an
<br />annual basis by the actuary and shall be effective on July 1 following notice of change in the
<br />rate. Funding contributions for the plan are determined annually on an actuarial basis as of June
<br />30 by CalPERS. The actuarially determined rate is the estimated amount necessary to finance
<br />the costs of benefits earned by employees during the year, with an additional amount to finance
<br />any unfunded accrued liability. The City is required to contribute the difference between the
<br />actuarially determined rate and the contribution rates of employees. For the year ended June
<br />30, 2023, the contributions recognized as part of the pension expense for the Safety Police
<br />plans were $5,421,096.
<br />Net Pension Liability. The City’s net pension liability for the Miscellaneous Plan is
<br />measured as the total pension liability, less the pension plan’s fiduciary net position. The net
<br />pension liability of the Miscellaneous Plans was measured as of June 30, 2022. The changes in
<br />net pension liability for the Miscellaneous Plan from June 30, 2021 to June 30, 2022 are shown
<br />in the following table.
<br />Changes in Net Pension Liability. The changes in the Net Pension Liability for the
<br />Miscellaneous Plan and LPFD Safety Fire Plan are as follows.
<br />Miscellaneous Plan
<br />Total
<br />Pension Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2021 $320,595,992 $245,422,985 $75,173,007
<br />Changes in the Year:
<br />Service Cost 6,535,478 --6,535,478
<br />Interest on the Total Pension Liability 22,361,074 --22,361,074
<br />Changes of Assumptions 10,556,117 --10,556,117
<br />Differences Between Actual & Expected Experience (1,795,474)--(1,795,474)
<br />Contributions – Employer --11,399,801 (11,399,801)
<br />Contributions – Employees --2,424,706 (2,424,706)
<br />Net Investment Income --(18,614,805)18,614,805
<br />Benefit Payments, Including Refunds of Employee Contr.(17,101,661)(17,101,661)--
<br />Administrative Expense --(152,884)152,884
<br />Net income 20,555,534 (22,044,843)42,600,377
<br />Balance at June 30, 2022 $341,151,526 $223,378,142 $117,773,384
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023.
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