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21
<br />Safety (Fire) Plan
<br />Total
<br />Pension Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2021 $123,826,142 $94,992,102 $28,834,040
<br />Changes in the Year:
<br />Service Cost 2,403,603 --2,403,603
<br />Interest on the Total Pension Liability 8,606,237 --8,606,237
<br />Changes of Assumptions 3,712,703 --3,712,703
<br />Differences Between Actual & Expected Experience (655,369)--(655,369)
<br />Contributions – Employer --4,337,362 (4,337,362)
<br />Contributions – Employees --985,548 (985,548)
<br />Net Investment Income --(7,191,520)7,191,520
<br />Benefit Payments, Including Refunds of Employee Contr.(6,714,416)(6,714,416)--
<br />Administrative Expense --(59,175)59,175
<br />Net income 7,352,758 (8,642,201)15,994,959
<br />Balance at June 30, 2022 $131,178,900 $86,349,902 $44,828,999
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023.
<br />For the year ended June 30, 2023, the City recognized pension expense of $15,113,877
<br />for the Miscellaneous Plan and the Safety Fire Plan had a recognized pension expense of
<br />$4,712,435.
<br />See Note 12 to the City’s audited financial statements for the fiscal year ending June 30,
<br />2023, attached hereto as Appendix B.
<br />Other Post-Employment Benefits (OPEB). Through its post- employment health care
<br />plan, the City provides post- retirement health care benefits, in accordance with certain
<br />employee agreements, to all employees who retire directly from the City. The plan benefit
<br />provisions and obligations to contribute are established, or may be amended, by City Council
<br />action. The effective date and benefit varies based upon the employee’s classification and
<br />related memorandum of understanding (“MOU”).
<br />Employees Covered. Membership in the plans consisted of the following at the
<br />measurement date of June 30, 2022:
<br />Employees Non-Fire Fire
<br />Active employees 342 118
<br />Inactive employees or beneficiaries receiving benefits 379 116
<br />Inactive employees entitled to but not yet receiving benefits 19 6
<br /> Total 740 240
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2023.
<br />Funding Policy. In April 2011, the City established an Other Post Employment Health
<br />Benefit (“OPEB”) irrevocable trust, the City of Pleasanton Group Account, with the California
<br />Employer’s Retiree Benefit Trust Program (“CERBT”)administered by the California Public
<br />Employees’ Retirement System (“CalPERS”) as an agent multiple-employer plan. This trust is
<br />used to accumulate resources to fund future benefits, however, it does not represent the
<br />activities of the plan. Financial statements of CERBT are included in the CalPERS Annual
<br />Comprehensive Financial Report (“ACFR”). Copies of the CalPERS ACFR may be obtained
<br />from the CalPERS Executive Office - 400 P Street, Sacramento, California 95814.
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