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<br />action. The effective date and benefit varies based upon the employee’s classification and
<br />related memorandum of understanding (“MOU”).
<br />
<br />Employees Covered. Membership in the plans consisted of the following at the
<br />measurement date of June 30, 2024:
<br />
<br />Employees Non-Fire Fire
<br />Active plan members 353 127
<br />Inactive employees or beneficiaries currently receiving benefits 378 122
<br />Inactive employees entitled to but not yet receiving benefits 49 8
<br />Total 780 257
<br />
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025.
<br />
<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.
<br />
<br />Changes in Net OPEB Liability. The changes in the net OPEB liability for the City of
<br />Pleasanton Retiree Healthcare Plan is as follows:
<br />
<br />
<br />Total
<br />OPEB Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2023 $78,928,000 $59,936,000 $18,992,000
<br />Changes Recognized for the Measurement
<br />Service Cost 1,274,000 -- 1,274,000
<br />Interest 4,879,000 -- 4,879,000
<br />Differences Between Actual & Expected Experience -- -- --
<br />Changes of Assumptions -- -- --
<br />Contributions – Employer -- 4 286,000 (4,286,000)
<br />Net Investment Income -- 6,583,000 (6,583,000)
<br />Benefit Payments and Refunds (4,280,000) (4,280,000) --
<br />Administrative Expense -- (26,000) 26,000
<br />Net Changes during July 1, 2023 to June 30, 2024 1,873,000 6,563,000 (4,690,000)
<br />Balance at June 30, 2023 $80,801,000 $66,499,000 $14,302,000
<br />
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025.
<br />
<br />Detailed information about the OPEB plan’s fiduciary net position is available in the
<br />separately issued plan financial report that may be obtained from CERBT. The benefit payments
<br />and refunds include implied subsidy benefit payments were in the amount of $4,280,000.
<br />
<br />OPEB Expense. For the year ended June 30, 2025, the City recognized OPEB expense
<br />of $231,000, an increase in expense for the City of Pleasanton Retiree Healthcare Plan. See
<br />Note 13 to the City’s audited financial statements for the Fiscal Year ending June 30, 2025,
<br />attached hereto as Appendix B.
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