The changes in the net pension liability for the year ended June 30, 2025, with a measurement date of June 30, 2024, for the Miscellaneous Plan are as follows:
| Increase (Decrease) | |||
| Total Pension Liability (a) | Plan Fiduciary Net Position (b) | Net Pension Liability/(Asset) (c) = (a) - (b) | |
|---|---|---|---|
| Balance at June 30, 2023 (Measurement Date) | $ 163,168,247 | $ 119,170,887 | $ 43,997,360 |
| Changes in the Year: | |||
| Service cost | 2,533,663 | - | 2,533,663 |
| Interest on total pension liability | 11,137,558 | - | 11,137,558 |
| Differences between expected and actual experience | 1,408,050 | - | 1,408,050 |
| Contributions - Employer | - | 4,510,683 | (4,510,683) |
| Contributions - Employees | - | 1,092,559 | (1,092,559) |
| Net investment income | - | 11,419,049 | (11,419,049) |
| Benefit payments, including refunds of employee contributions | (8,858,458) | (8,858,458) | - |
| Administrative expense | - | (96,970) | 96,970 |
| Net Changes | 6,220,813 | 8,066,863 | (1,846,050) |
| Balance at June 30, 2024 (Measurement Date) | $ 169,389,060 | $ 127,237,750 | $ 42,151,310 |
The following presents the net pension liability of the City for the Plan, calculated using the discount rate for the Plan, as well as what the City's net pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate:
| Discount Rate -1 Percent (5.90%) | Current Discount Rate (6.90%) | Discount Rate +1 Percent (7.90%) | |
|---|---|---|---|
| Plan's net pension liability/(asset) | $ 63,752,843 | $ 42,151,310 | $ 24,233,249 |
Detailed information about the pension plan's fiduciary net position is available in the separately issued CalPERS financial reports.