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<br /> <br /> <br />20 <br />LPFD Safety Fire Plan provisions and benefits in effect at June 30, 2025, are <br />summarized as follows: <br /> <br /> Safety Fire Plan <br /> Tier I Tier 2 PEPRA <br />Benefit Formula 3.0% @ 50 3.0% @ 55 2.7% @ 57 <br />Benefit Vesting Schedule 5 years service 5 years service 5 years service <br />Benefit Payments Monthly for life Monthly for life Monthly for life <br />Retirement Age 50 50-55 50-57 <br />Monthly Benefits, As a % of Eligible Comp. 3.0%, 50+ yrs <br />2.4% - 3.0%, 50 yrs - <br />55+ yrs, respectively <br />2.0% - 2.7%, 50 yrs - <br />57+ yrs, respectively <br />Required Employee Contribution Rates 9.00% 9.00% 12.00% <br />Required Employer Contributions Rates 19.14% 19.14% 19.14% <br /> <br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025. <br /> <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 /> <br /> Miscellaneous Safety Fire <br />Active employees 296 115 <br />Transferred employees 117 14 <br />Separated employees 166 24 <br />Retired employees and beneficiaries 484 169 <br /> Total 1063 322 <br /> <br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025. <br /> <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, 2025, the contributions recognized as part of the pension expense for the Safety Police <br />plans were $6,479,352. <br /> <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 plan is measured as of June 30, 2024, using an annual actuarial valuation <br />as of June 30, 2023, rolled forward to June 30, 2024, using standard update procedures. The <br />changes in net pension liability for the Miscellaneous Plan are shown in the following table. <br />Page 230 of 318