CITY OF DOWNEY NOTES TO FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED JUNE 30, 2021 Note 13:
City Employee Retirement Plan (Continued) Pension related balances presented on the Statement of Net Position as of June 30, 2021 by individual plan are described in the following table: Deferred Contributions due to Pension Obligation Refunding $ 33,105,213 79,817,444 $ 112,922,657
CalPERS Miscellaneous Plan CalPERS Safety Plan Total
Deferred Employer Contributions $ 6,483,145 14,194,005 $ 20,677,150
Deferred OutflowsPension $ 1,137,948 6,292,720 $ 7,430,668
Net Pension Liability $ (64,775,627) (145,190,874) $ (209,966,501)
Deferred InflowsPension $ (43,404) (180,058) $ (223,462)
The Plans’ provisions and benefits in effect at June 30, 2020, are summarized as follows: Miscellaneous agent plans Miscellaneous Miscellaneous Classic - 2nd PEPRA Classic Tier Miscellaneous
Hire date Benefit formula Benefit vesting schedule Benefit payments Retirement age Monthly benefits, as a % of eligible compensation Required employee contribution rates Required employer contribution rates Required unfunded liability payment
Safety agent plans
Safety Classic
Prior to January 11,2012 January 1, 2013 January 1, 2013 2.7% @ 55 2.0% @ 60 5 years service 5 years service monthly for life monthly for life minimum 50 yrs minimum 50 yrs
January 1, 2013 and after 2% @ 62 5 years service monthly for life minimum 52 yrs
Prior to January 1, 2013 3% @ 50 5 years service monthly for life minimum 50 yrs
2.0% - 2.7%, 50 yrs - 55+ yrs, respectively
2.0% - 2.7%, 50 yrs - 55+ yrs, respectively
1.0% - 2.5%, 52 yrs - 67+ yrs, respectively
3.0%, 50 yrs 55+ yrs
8.000%
7.000%
6.250%
10.647%
10.647%
10.647%
$
4,383,545
$
-
$
-
$
Safety Classic 2nd Tier
PEPRA Safety Police
PEPRA Safety Fire
October 10,2012 - January 1, 2013 January 1, 2013 and after 3% @ 55 2.7% @ 57 5 years service 5 years service monthly for life monthly for life minimum 50 yrs minimum 52 yrs
January 1, 2013 and after 2.7% @ 57 5 years service monthly for life minimum 52 yrs
3.0%, 50 yrs 55+ yrs
2.0% - 2.7%, 50 yrs - 57+ yrs, respectively
2.0% - 2.7%, 50 yrs - 57+ yrs, respectively
9.000%
9.000%
11.000%
11.000%
19.619%
19.619%
19.619%
19.619%
8,492,882
$
-
$
-
$
The Miscellaneous and Safety Classic Plans are closed to new entrants. Employees Covered At the June 30, 2020 measurement date, the following employees were covered by the benefit terms for each Plan: Inactive employees or beneficiaries currently receiving benefits Inactive employees entitled to but not yet receiving benefits Active employees
Miscellaneous 454 549 232 1,235
Safety 317 91 185 593
Contribution Description Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. 68
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