| 2025 | 2024 | 2023 | 2022 | |
| Measurement Date | 6/30/2024 | 6/30/2023 | 6/30/2022 | 6/30/2021 |
| TOTAL PENSION LIABILITY | ||||
| Service cost | $ 2,533,663 | $ 2,235,788 | $ 1,976,289 | $ 2,042,043 |
| Interest on total pension liability | 11,137,558 | 10,733,434 | 10,122,299 | 10,005,168 |
| Changes of benefit terms | - | 105,799 | - | - |
| Changes of assumptions | - | - | 4,699,855 | - |
| Difference between expected and actual experience | 1,408,050 | 4,624,824 | (2,563,805) | 116,967 |
| Benefit payments, including refunds of employee contributions | (8,858,458) | (8,480,159) | (7,723,744) | (7,041,890) |
| Net change in total pension liability | 6,220,813 | 9,219,686 | 6,510,894 | 5,122,288 |
| Total pension liability-beginning | 163,168,247 | 153,948,561 | 147,437,667 | 142,315,379 |
| Total pension liability-ending (a) | 169,389,060 | 163,168,247 | 153,948,561 | 147,437,667 |
| PLAN FIDUCIARY NET POSITION | ||||
| Contributions-employer | 4,510,683 | 4,539,654 | 4,020,131 | 4,729,858 |
| Contributions-employee | 1,092,559 | 868,122 | 791,130 | 745,959 |
| Net investment income | 11,419,049 | 7,061,290 | (9,592,025) | 24,010,711 |
| Benefit payments, including refunds of employee contributions | (8,858,458) | (8,480,159) | (7,723,744) | (7,041,890) |
| Net plan to plan resource movement | - | - | - | - |
| Administrative expense | (96,970) | (84,762) | (79,643) | (105,400) |
| Other miscellaneous income/(expense) | - | - | - | - |
| Net change in fiduciary net position | 8,066,863 | 3,904,145 | (12,584,151) | 22,339,238 |
| Plan fiduciary net position-beginning | 119,170,887 | 115,266,742 | 127,850,893 | 105,511,655 |
| Plan fiduciary net position-ending (b) | 127,237,750 | 119,170,887 | 115,266,742 | 127,850,893 |
| Net pension liability/(asset) (a) - (b) | $ 42,151,310 | $ 43,997,360 | $ 38,681,819 | $ 19,586,774 |
| Plan fiduciary net position as a percentage of the total pension liability | 75.1% | 73% | 75% | 87% |
| Covered payroll | $ 11,030,033 | $ 10,601,359 | $ 9,621,662 | $ 10,386,791 |
| Plan net pension liability/(asset) as a percentage of covered payroll | 382% | 415% | 402% | 189% |
Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the measurement date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the valuation date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.