Page 344 - FY 2020-21 Blue Book Volume II

City Employees' Retirement Fund

2019-20 2020-21 Change From
CITY CONTRIBUTION: Adopted Proposed 2019-20
Budget Budget Budget

Tier 1 Requirements
Retirement
1. Employer Normal Cost $ 136,086,419 $ 130,001,100 $ (6,085,319)
2. Amortization of UAAL 1 371,402,518 356,629,886 (14,772,632)

Health
3. Employer Normal Cost $ 68,043,208 $ 64,224,425 $ (3,818,783)
4. Amortization of UAAL 29,768,905 20,179,276 (9,589,629)

Subtotal $ 605,301,050 $ 571,034,687 $ (34,266,363)

Tier 3 Requirements 2

Retirement
1. Employer Normal Cost $ 5,634,953 $ 16,644,270 $ 11,009,317

2. Amortization of UAAL 23,055,702 80,084,209 57,028,507
Health
3. Employer Normal Cost $ 5,864,925 $ 18,343,554 $ 12,478,629

4. Amortization of UAAL 2,047,849 4,531,425 2,483,576

Subtotal $ 36,603,429 $ 119,603,458 $ 83,000,029

TOTAL CITY ACTUARIAL CONTRIBUTION $ 641,904,479 $ 690,638,145 $ 48,733,666

ADJUSTMENTS:

Other Adjustments
Family Death Benefit Plan $ 104,000 $ 98,000 $ (6,000)

Excess Benefit Plan Fund 1,188,000 1,260,000 72,000

Limited Term Plan Fund 21,000 21,000 -
Subtotal $ 1,313,000 $ 1,379,000 $ 66,000

Annual Contribution True-Up Owed/(Credited) 3 $ (23,745,605) $ (46,116,643) $ (22,371,038)

Subtotal $ (23,745,605) $ (46,116,643) $ (22,371,038)

GRAND TOTAL PAYMENT $ 619,471,874 $ 645,900,502 $ 26,428,628

808