JOINT POWERS FINANCING AUTHORITY AGENDA PACKET 9-15-26

20 LPFD Safety Fire Plan provisions and benefits in effect at June 30, 2025, are summarized as follows: Safety Fire Plan Tier I Tier 2 PEPRA Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 Benefit Vesting Schedule 5 years service 5 years service 5 years service Benefit Payments Monthly for life Monthly for life Monthly for life Retirement Age 50 50-55 50-57 Monthly Benefits, As a % of Eligible Comp. 3.0%, 50+ yrs 2.4% - 3.0%, 50 yrs - 55+ yrs, respectively 2.0% - 2.7%, 50 yrs - 57+ yrs, respectively Required Employee Contribution Rates 9.00% 9.00% 12.00% Required Employer Contributions Rates 19.14% 19.14% 19.14% Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025. Employees Covered. The following employees were covered by the benefit terms for the Miscellaneous Plan and the LFPD Safety Fire Plan as of the most recent actuarial valuation date of June 30, 2023. Miscellaneous Safety Fire Active employees 296 115 Transferred employees 117 14 Separated employees 166 24 Retired employees and beneficiaries 484 169 Total 1063 322 Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025. 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. For the year ended June 30, 2025, the contributions recognized as part of the pension expense for the Safety Police plans were $6,479,352. 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, 2024, using an annual actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, using standard update procedures. The changes in net pension liability for the Miscellaneous Plan are shown in the following table. Page 148 of 205