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• •I I wl I I
<br />I III, � • j I oil
<br />Required Supplementary Information
<br />For the fiscal year ended June 30, 2020
<br />Schedule of •ePension Liabilityand Related Ratios,'
<br />1 Years*
<br />Measurement period
<br />2019
<br />2018
<br />2017
<br />2016
<br />2015
<br />Total pension liability
<br />Service cost
<br />$ 1,256,364
<br />$ 1,258,713
<br />$ 1,238,730
<br />$ 1,058,819
<br />$ 1,091,703
<br />Interest on total pension liability
<br />4,649,861
<br />4,449,322
<br />4,267,104
<br />4,081,150
<br />3,924,233
<br />Changes of benefit terms
<br />-
<br />-
<br />-
<br />-
<br />-
<br />Changes of assumptions
<br />-
<br />(331,396)
<br />3,442,359
<br />-
<br />(932,422)
<br />Difference between expected and actual experience
<br />(10,227)
<br />90,705
<br />198,069
<br />(667,664)
<br />(346,433)
<br />Benefit payments, including refunds of employee contributions
<br />(3,005,095)
<br />(2,778,697)
<br />(2,674,525)
<br />(2,403,391)
<br />(2,157,836)
<br />Net change in total pension liability
<br />2,890,903
<br />2,688,647
<br />6,471,737
<br />2,068,914
<br />1,579,245
<br />Total pension liability, beginning
<br />65,917,611
<br />63,228,964
<br />56,757,227
<br />54,688,313
<br />53,109,068
<br />Total pension liability, ending
<br />68,808,514
<br />65,917,611
<br />63,228,964
<br />56,757,227
<br />54,688,313
<br />Plan fiduciary net position
<br />Contributions - employer
<br />1,361,193
<br />1,113,988
<br />949,947
<br />867,310
<br />720,174
<br />Contributions - employee
<br />585,995
<br />587,402
<br />655,663
<br />532,633
<br />586,481
<br />Net investment income
<br />3,385,151
<br />4,079,327
<br />4,991,661
<br />245,746
<br />1,027,875
<br />Benefit Payments, including refunds of employee contributions
<br />(3,005,095)
<br />(2,778,697)
<br />(2,674,525)
<br />(2,403,391)
<br />(2,157,836)
<br />Net plan to plan resource movement
<br />-
<br />(120)
<br />-
<br />-
<br />-
<br />Administrative expense
<br />(36,965)
<br />(76,385)
<br />(66,680)
<br />(28,003)
<br />(51,707)
<br />Other miscellaneous income
<br />120
<br />(145,057)
<br />-
<br />-
<br />-
<br />Net change in fiduciary net position
<br />2,290,399
<br />2,780,458
<br />3,856,066
<br />(785,705)
<br />124,987
<br />Plan fiduciary net position, beginning
<br />51,799,665
<br />49,019,207
<br />45,163,141
<br />45,948,846
<br />45,823,859
<br />Plan fiduciary net position, ending
<br />54,090,064
<br />51,799,665
<br />49,019,207
<br />45,163,141
<br />45,948,846
<br />Plan net pension liability
<br />$ 14,718,450
<br />$ 14,117,946
<br />$ 14,209,757
<br />$ 11,594,086
<br />$ 8,739,467
<br />Plan fiduciary net position as a percentage of the total pension liability
<br />78.61%
<br />78.58%
<br />77.53%
<br />79.57%
<br />84.02%
<br />Covered payroll
<br />$ 8,249,270
<br />$ 8,276,649
<br />$ 8,208,402
<br />$ 7,822,246
<br />$ 7,948,909
<br />Plan net pension liability as a percentage of covered payroll
<br />178.42%
<br />170.58%
<br />173.11%
<br />148.22%
<br />109.95%
<br />* Measurement date 6/30/2014 (fiscal year 2015) was the first year of implementation. Additional years will be presented as information becomes awc
<br />Notes to Schedule:
<br />Changes in Benefit Terms: The figures above do not include any liability impact that may have resulted from plan changes which occurred after the JL
<br />valuation date. This applies for wluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes).
<br />Changes in Assumptions: There were no changes in assumptions in 2019. In 2018, demographic assumptions and inflation rate were changed in acc
<br />CalPERS Experience Study and Review of Actuarial Assumptions December 2017. There were no changes in the discount rate in 2019. In 2017, th
<br />discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes in the discount rate. In 2015, amounts reported reflec
<br />adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative e
<br />2014, amounts reported were based on the 7.5 percent discount rate.
<br />See notes to the required supplementary information.
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