| Fiscal Year | Actuarially Determined Contribution | Actual Employer Contributions | Contribution Deficiency (Excess) | Covered Payroll | Contribution as a % of Covered Payroll |
|---|---|---|---|---|---|
| Miscellaneous Agent, Multiple-Employer Pension Plan | |||||
| 2025 | $ 4,510,683 | $ 5,697,799 | $ (1,187,116) | $ 12,751,196 | 44.7% |
| 2024 | 4,539,654 | 4,669,126 | (129,472) | 11,030,033 | 42.3% |
| 2023 | 4,574,753 | 4,574,753 | - | 10,601,359 | 43.2% |
| 2022 | 4,123,142 | 4,123,142 | - | 9,621,662 | 42.9% |
| 2021 | 4,936,652 | 4,729,797 | 206,855 | 10,386,791 | 45.5% |
| 2020 | 4,736,668 | 4,521,813 | 214,855 | 10,353,849 | 43.7% |
| 2019 | 4,225,204 | 5,963,737 | (1,738,533) | 9,807,088 | 60.8% |
| 2018 | 4,219,764 | 5,396,908 | (1,177,144) | 10,751,687 | 50.2% |
| 2017 | 3,550,127 | 5,303,371 | (1,753,244) | 10,684,238 | 49.6% |
| 2016 | 3,585,082 | 4,257,322 | (672,240) | 11,342,713 | 37.5% |
Notes to Schedule:
Valuation Date:
June 30, 2023
Methods and assumptions used to determine contribution rates:
Actuarial cost method
Entry age normal
Amortization method/period Level percentage of payroll, closed
Asset valuation method Fair Value
Inflation 2.30%
Salary increases Varies by entry age and service
Payroll growth 2.80%
Investment rate of return 6.8% net of pension investment and administrative expenses, including inflation.
Retirement age The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.
Mortality The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporates full generational mortality improvements using 80% of Scale MP-2020 published by the Society of Actuaries.
Single Employer OPEB Plan
2025 $ 533,751 $ 1,403,495 (869,744) 16,637,603
2024 533,751 1,306,991 (773,240) 15,090,207
2023 452,627 1,123,177 (670,550) 12,780,729
2022 285,935 1,230,895 (944,960) 11,208,147
2021 320,508 1,140,548 (820,040) 10,881,697
2020 527,966 1,340,978 (813,012) 11,382,103
2019 651,501 2,408,260 (1,756,759) 10,546,052
2018 684,656 1,381,501 (696,845) 10,741,786
Notes to Schedule:
Actuarial cost method
Level percent of payroll over a closed rolling 30-year period
Amortization method/period
Asset valuation method
Inflation
3.00% per anum, in aggregate
5.50% per annum
Salary increases
Assumed to start at 6.5% and grade down by 0.5% each year to 5% in 2024
Payroll growth
Investment rate of return The City offers the same plans to its retirees as to its active employees, with the general exception that upon reaching age 65 and becoming eligible for Medicare, the retiree must join one of the Medicare Supplement coverages under PEMHCA.
Retirement age
Entry Age Normal
2.50%
The City offers the same plans to its retirees as to its active employees, with the general exception that upon reaching age 65 and becoming eligible for Medicare, the retiree must join one of the Medicare Supplement coverages under PEMHCA.
Mortality rates used were those published by CalPERS under the 2017 Experience study and projected using the MacLeod Watts Scale 2018 applied generationally.