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XIMUB Rim <br />Notes to the Financial Statements <br />June 30, 2020 <br />Z re -H-41011111 � I I'll 11" 11 11''1111"MIMA 01 11 <br />A. Employee deferred compensation plan (continued) <br />The District is not responsible for any loss due to the investment or failure of investment funds <br />and assets of the plan, nor shall the District be required to replace any loss which may result <br />from such investments. The plan assets are not included inthe accompanying basic financial <br />B. 457 Social Security Replacement Plan <br />Part-time employees who do not qualify for PERS are covered by o deferred compensation <br />plan (the plan) inaccordance with Internal Revenue Code Section 457. The plan is anon - <br />elective deferred <br />on-electivedeferred compensation arrangement for the benefit of employees who are not <br />covered by another retirement system maintained by the []\othut. Under the p|an. the <br />employee and District each contribute 3.7596 and benefits are immediately vested. <br />Distributions from the plan are made only when the participant has separated from sen/ice <br />and the participant's accrued benefits are nonforfeitob|e. <br />With certain limitations, a participant may elect that time and manner which his or her deferred <br />amounts will be distributed. The election must be made prior to the date any such amounts <br />become payable tothe participant. Uthe participant fails bomake atimely election concerning <br />distribution of the deferred amounts, the amounts shall be paid in a lump sum distribution as <br />prescribed by the plan. The manner and time of benefit payout must meet the distribution <br />requirements ofthe Internal Revenue Code Sections 4O1(e)and 457(d)(2). <br />It is the District's position that it has no fiduciary obligation in the management of the plan's <br />resources and is not responsible for any loss due to the investment or failure of investment <br />funds and assets of the p|en, nor shall the District be required to replace any loss which may <br />result from such investments. The plan assets are not included inthe accompanying basic <br />financial statements. <br />C. Summary of defined benefit pensionlOPEB plans <br />Net pension/OPEB <br />Deferred outflows Deferred inflows <br />of resources of resources <br />CalPERS $147718/450 $1.977.256 $ 361.387 <br />Retirement <br />Enhancement 74989 - 928628 <br />$ 14.793.439 $ 1.877.258 $ 1.290.013 <br />OPEB (1147299) 1473488 214393493 <br />