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11 IF 91 1 iWiNmi • I I i PS Notes to the Financial Statements June 30, 2020 E. Retirement Enhancement Pension Plan Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report the following timeframes are used for the Retirement Enhancement Pension Plan. Valuation Date (VD) December 31, 2019 Measurement Date (MD) June 30, 2019 Measurement Period (MP) July 1, 2018 to June 30, 2019 Plan description — full-time employees The District provides a Stipend benefit to a closed group of participants. Eligible non- management full-time retirees who commence their pension with CalPERS within 120 days of termination and were hired prior to July 1, 2009 will receive the following monthly benefit from the District. The normal form of payment is a single life annuity. Optionally, a participant can elect to receive their benefit in the form of a lump sum. Also, there are no pre -retirement death benefits. The Plans' provisions and benefits in effect at June 30, 2020 are summarized as follows: Additional monthly Monthly increase per (')Based on CPI-Wfor urban wage earners and clerical workers—Los Angeles. Plan description — part-time employees The District provides a pension benefit to a closed group of part-time employees. Eligible retirees who were hired prior to July 1, 2013 will receive a benefit equal to 2.0% x Average Annual Compensation x Years of Service (up to 30 years). Years of Service means a Plan Year beginning on or after January 1, 1992 during which the participant earns an hour of service as an employee. Average Annual Compensation means average compensation over all of the Plan Years in which a participant earned a Year of Service under the Plan. The normal form of payment is a single life annuity. Optionally, a participant can elect to receive their benefit in the form of a lump sum. There is automatic cash out if the lump sum of the accrued benefit is less than $1,000. If a participant dies while an employee, a death benefit will be provided to their beneficiary equal to the lump sum value of the accrued benefit. There are no other death benefits. 51 benefit per each year for each year in Retirement date Monthly benefit year of service retired status Prior to July 1, 1998 $34 $5 Lesser of CPI(l) or $2 July 1, 1998 to June 30, 2005 $50 $5 Lesser of CPI or $10 July 1, 2005 to June 30, 2006 $60 $10 Lesser of CPI or $10 July 1, 2006 and later $75 $15 Lesser of CPI or $15 (')Based on CPI-Wfor urban wage earners and clerical workers—Los Angeles. Plan description — part-time employees The District provides a pension benefit to a closed group of part-time employees. Eligible retirees who were hired prior to July 1, 2013 will receive a benefit equal to 2.0% x Average Annual Compensation x Years of Service (up to 30 years). Years of Service means a Plan Year beginning on or after January 1, 1992 during which the participant earns an hour of service as an employee. Average Annual Compensation means average compensation over all of the Plan Years in which a participant earned a Year of Service under the Plan. The normal form of payment is a single life annuity. Optionally, a participant can elect to receive their benefit in the form of a lump sum. There is automatic cash out if the lump sum of the accrued benefit is less than $1,000. If a participant dies while an employee, a death benefit will be provided to their beneficiary equal to the lump sum value of the accrued benefit. There are no other death benefits. 51