Agenda Packet_2023-06-06 - Laserfiche WebLink

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EXHIBIT 1 CalPERS Actuarial Valuation -June 30, 2021 Miscellaneous Plan of the City of Santa Ana CalPERS ID: 4843991156 Required Contributions Fiscal Year Required Employer Contributions 2023-24 Employer Normal Cost Rate 12.55% P/us Required Payment on Amortization Bases $9,888,635 Paid either as 1) Monthly Payment $824,053 Or 2) Annual Prepayment Option* $9,568,651 Required PEPRA Member Contribution Rate 7.75% The total minimum required employer contribution is the sum of the Plan's Employer Normal Cost Rate (expressed as a percentage of payrofl and paid as pa yroll is reported) plus the Employer Unfunded Accrued Liability (UAL) Contribution Amount (billed monthly (1) orprepaid annually (2) in dollars). *Only the UAL portion of the employer contribution can be prepaid (which must be received in full no later than July 31). For additional detail regarding the determination of the required contribution for PEPRA members, see 'PEPRA Member Contribution Rates' in the "Liabilities and Contributions'section. Required member contributions for Classic members can be found in Appendix B. Fiscal Year Fiscal Year 2022-23 2023-24 Normal Cost Contribution as a Percentage of Payroll Total Normal Cost 18.93% 20.47% Employee Contribution' 7.70% 7.92% Employer Normal Costz 11.23% 12.55% Projected Annual Payroll for Contribution Year $71,055,915 $73,868,846 Estimated Employer Contributions Based On Projected Payroll Total Normal Cost $13,450,885 $15,120,953 Employee Contribution 5,471,305 5,850,413 Employer Normal Cost 7,979,580 9,270,540 Unfunded Liability Contribution 29,148,807 9,888,635 % of Projected Payroll (illustrative only) 41.02% 13.39% Estimated Total Employer Contribution $37,128,387 $19,159,175 % of Projected Payroll (illustrative only) 52.25% 25.94% ' For classic members, this is the percentage specified in the Public Employees'Retirement Law, net of any reduction from the use of a modified formula or other factors. For PEPRA members, the member contribution rate is based on 50% of the normal cost.A development of PEPRA member contribution rates can be found in the"Liabilities and Contributions" section. Employee cost sharing is not shown in this report. z The Employer Normal Cost is a blended rate forall benefit groups in the plan. Fora breakout of normal cost by benefit group, see "Normal Cost by Benefit Group"in the "Liabilities and Contributions"section. City Council 11 — 4 6/6/�Ml