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<br />21
<br />
<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 />
<br /> Miscellaneous Plan
<br />
<br />Total
<br />Pension Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2023 (Valuation Date) $359,854,052 $233,366,025 $126,488,027
<br />Changes Recognized for the Measurement Period:
<br />Service Cost 6,674,719 -- 6,674,719
<br />Interest on the Total Pension Liability 24,722,666 -- 24,722,666
<br />Changes of Benefit Terms -- -- --
<br />Changes of Assumptions -- -- --
<br />Differences Between Actual & Expected Experience 5,223,304 -- 5,223,304
<br />Plan to plan resource movement -- -- --
<br />Contributions – Employer -- 12,797,261 (12,797,261)
<br />Contributions – Employees -- 2,770,936 (2,770,936)
<br />Net Investment Income -- 22,478,439 (22,478,439)
<br />Benefit Payments, Including Refunds of Employee Contr. (20,230,423) (20,230,423) --
<br />Administrative Expense -- (189,891) 189,891
<br />Other Miscellaneous Income/(Expense) -- -- --
<br />Net Changes during July 1, 2023 to June 30, 2024 16,390,266 17,626,322 (1,236,056)
<br />Balance at June 30, 2024 (Measurement Date) $376,244,318 $250,992,347 $125,251,971
<br />
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025.
<br />
<br /> Safety (Fire) Plan
<br />
<br />Total
<br />Pension Liability
<br />Plan Fiduciary
<br />Net Position
<br />Net Pension
<br />Liability/(Asset)
<br />Balance at June 30, 2023 (Valuation Date) $136,764,609 $90,252,355 $46,512,254
<br />Changes Recognized for the Measurement Period:
<br />Service Cost 2,641,495 -- 2,641,495
<br />Interest on the Total Pension Liability 9,389,178 -- 9,389,178
<br />Changes of Benefit Terms -- -- --
<br />Changes of Assumptions -- -- --
<br />Differences Between Actual & Expected Experience 1,786,139 -- 1,786,139
<br />Plan to plan resource movement -- -- --
<br />Contributions – Employer -- 4,776,132 (4,776,132)
<br />Contributions – Employees -- 1,162,339 (1,162,339)
<br />Net Investment Income -- 8,707,155 (8,707,155)
<br />Benefit Payments, Including Refunds of Employee Contr. (7,592,906) (7,592,906) --
<br />Administrative Expense -- (73,439) 73,439
<br />Other Miscellaneous Income/(Expense) -- -- --
<br />Net Changes during July 1, 2023 to June 30, 2024 6,223,906 6,979,281 (755,375)
<br />Balance at June 30, 2024 (Measurement Date) $142,988,515 $97,231,636 $45,756,879
<br />
<br />Source: Pleasanton Annual Comprehensive Financial Report for the Fiscal Year ended June 30, 2025.
<br />
<br />For the year ended June 30, 2025, the City recognized pension expense of $20,219,810
<br />for the Miscellaneous Plan and the Safety Fire Plan had a recognized pension expense of
<br />$6,172,853. See Note 12 to the City’s audited financial statements for the Fiscal Year ending
<br />June 30, 2025, attached hereto as Appendix B.
<br />
<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 />Page 231 of 318
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