ANNUAL AUDIT REPORT - Laserfiche WebLink

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Notes to the Financial Statements June 30, 2020 75GY0101111 jii�! i ! 0' � 1111111111111111 1 D. California Public Employees" Retirement System (CaIPERS) Pension Plan (continued) The Plans' provisions and benefits in effect at June 30, 2020 are summarized as follows: Benefit formula Benefit vesting schedule Benefit payments Retirement age Monthly benefits, as a % of eligible compensation Required employee contribution rates Required employer contribution rates (fiscal year 2020) Employees covered Prior to December On or after 412009 December 4, 2009 2.0%@55 2.0%@60 5 years of service 5 years of service Monthly for life Monthly for life 50+ 50+ 1.426% to 2.418% 1.092% to 2.418% 7.00% 7.00% 19.115% 19.115% On or after January 1, 2013 2.0% @ 62 5 years of service Monthly for life 52+ 1.000% to 2.5000/c 5.75% 19.115% At June 30, 2020, the following employees were covered by the benefit terms for the Plan: Inactive employees or beneficiaries currently receiving benefits Inactive employees entitled to but not yet receiving benefits Active employees Total Contributions Miscellaneous 116 250 146 512 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. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer Contributions to the Plan for the fiscal year ended June 30, 2020 were $1,612,293. CaIPERS Net Pension Liability The District's net pension liability for the Plan is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2019, using an annual actuarial valuation as of June 30, 2018 rolled forward to June 30, 2019 using standard update procedures. M'd