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<br />16
<br />
<br />4826-7904-2280v7/200434-0005
<br />Safety Plan
<br />
<br />Total Pension
<br />Liability
<br />Increase
<br />(Decrease) in Plan
<br />Fiduciary Net
<br />Position
<br />Net Pension
<br />Liability (Asset)
<br />Balance at June 30, 2018(1) $ 1,129,044,570 $ 773,492,688 $ 355,551,882
<br />Changes in the year:
<br />Service cost 13,194,125 - 13,194,125
<br />Interest on total pension liability 79,725,420 - 79,725,420
<br />Differences between expected and actual
<br />experience 12,947,427 - 12,947,427
<br />Changes in assumptions - - -
<br />Plan to Plan Resource Movement - - -
<br />Contribution from the employer - 27,159,274 (27,159,274)
<br />Contribution from the employees - 3,973,090 (3,973,090)
<br />Net investment income - 49,864,238 (49,864,238)
<br />Benefit payments, including refunds of
<br />employee contributions (67,096,452) (67,096,452) -
<br />Administrative expense - (551,981) 551,981
<br />Other miscellaneous income - 1,796 (1,796)
<br />Net changes during Fiscal Year 2018-19 38,770,520 13,349,965 25,420,555
<br />Balance at June 30, 2019(1)
<br />
<br /> $ 1,167,815,090 $ 786,842,653 $ 380,972,437
<br />
<br />(1) Based on a valuation date of June 30, 2018 and a measurement date of June 30, 2019.
<br />Source: City’s Fiscal Year 2020 Annual Financial Report.
<br />Table 8 below sets forth the net pension liabilities of the City’s pension plans, calculated using a
<br />discount rate that is 1 percentage point lower (6.15%) or 1 percentage point higher (8.15%) than the current rate
<br />(7.15%), for the measurement period ended June 30, 2019:
<br />TABLE 8
<br />City of Santa Ana
<br />Sensitivity of the CalPERS Miscellaneous Pension Plans Net Pension Liability to
<br />Changes in the Discount Rate
<br /> Miscellaneous Safety
<br />1% Decrease 6.15% 6.15%
<br />Net Pension Liability $ 405,971,455 $ 530,738,457
<br />Impact on Liability $ 122,163,057 $ 44,900,697
<br /> -
<br />Current Discount Rate 7.15% 7.15%
<br />Net Pension Liability $283,808,398 $380,972,437
<br />
<br />1% Increase 8.15% 8.15%
<br />Net Pension Liability $ 182,899,192 $257,656,429
<br />Impact on Liability $ (100,909,206) $123,316,008
<br />
<br />
<br />Source: City’s Fiscal Year 2020 Financial Report.
<br />The City is currently unable to quantify the effect of the COVID-19 outbreak on its pension obligations
<br />in the future, and no assurance can be provided that such expenses will not increase as in the future a result of
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