Page 286 - FY 2021-22 Blue Book Volume 2

City Employees' Retirement Fund

2020-21 2021-22 Change From
CITY CONTRIBUTION: Adopted Proposed 2020-21
Budget Budget Budget

Tier 1 Requirements
Retirement
1. Employer Normal Cost $ 130,001,100 $ 151,997,424 $ 21,996,324
2. Amortization of UAAL 1 356,629,886 358,343,281 1,713,395

Health
3. Employer Normal Cost $ 64,224,425 $ 59,872,373 $ (4,352,052)
4. Amortization of UAAL 20,179,276 14,433,518 (5,745,758)

Subtotal $ 571,034,687 $ 584,646,596 $ 13,611,909

Tier 3 Requirements 2

Retirement
1. Employer Normal Cost $ 16,644,270 $ 28,820,399 $ 12,176,129
2. Amortization of UAAL 80,084,209 108,943,273 28,859,064

Health
3. Employer Normal Cost $ 18,343,554 $ 21,236,084 $ 2,892,530
4. Amortization of UAAL 4,531,425 4,388,068 (143,357)
Subtotal $ 119,603,458 $ 163,387,824 $ 43,784,366

TOTAL CITY ACTUARIAL CONTRIBUTION $ 690,638,145 $ 748,034,420 $ 57,396,275

ADJUSTMENTS:

Other Adjustments
Family Death Benefit Plan $ 98,000 $ 71,000 $ (27,000)
Excess Benefit Plan Fund 1,260,000 1,464,000 204,000
Limited Term Plan Fund 21,000 27,000 6,000

Subtotal $ 1,379,000 $ 1,562,000 $ 183,000

Annual Contribution True-Up Owed/(Credited) 3 $ (46,116,643) $ (34,089,399) $ 12,027,244

Subtotal $ (46,116,643) $ (34,089,399) $ 12,027,244

GRAND TOTAL PAYMENT $ 645,900,502 $ 715,507,021 $ 69,606,519

754