26BUDGET(FULL-LINKED) - Flipbook - Page 263
CITY OF PLYMOUTH
RETIREMENT PLAN:
The City participates in an agent multiple-employer defined benefit pension plan administered by the Municipal Employees Retirement System of Michigan (MERS)
that covers full-time employees at the City. MERS was established as a statewide public employee pension plan by the Michigan Legislature under PA 135 of 1945 and
is administered by a nine-member Retirement Board.
The Plan provides certain retirement, disability and death benefits to plan members and beneficiaries. PA 427 of 1984, as amended established and amends the
benefit provisions of the participants in MERS. There are three divisions, all closed to new hires.
At the December 31, 2023 measurement date, the following employees were covered by the benefit terms:
Inactive plan members or beneficiaries currently receiving benefits
Inactive plan members entitled to but not yet receiving benefits
Active plan members
Total employees covered by MERS
49
3
0
52
Defined Benefit Pension Plan -- Schedule of Changes in the Net Pension Liability & Related Ratios
Balance at January 1, 2023
Service Cost
Interest
Contributions--Employer
Contributions--Employee
Net Investment Income
Differences between Expected
and Actual Experience
Change in Assumptions
Benefits Payments, including Refunds
Administrative Expenses
Net Changes
Balance at December 31, 2023
Total Pension
Liability
Increase (Decrease)
Plan Net
Position
Net Pension
Liability
$15,113,575
$9,463,858
$5,649,717
-1,042,203
----
--1,619,505
-1,051,713
-1,042,203
(1,619,505)
-(1,051,713)
183,852
79,035
(1,476,723)
-($171,633)
--(1,476,723)
(22,254)
$1,172,241
183,852
79,035
-22,254
($1,343,874)
$14,941,942
$10,636,099
$4,305,843
Defined Benefit Pension Plan -- Schedule of Changes in the Net Pension Liability and Related Ratios:
2024
2022
2021
$1,072,978
0
(24,551)
-(1,469,031)
(420,604)
$1,152,642
418,589
(450,409)
-(1,505,989)
(385,167)
$1,140,559
457,544
85,989
-(1,544,219)
139,873
$1,199,462
471,397
(109,121)
-(1,551,052)
10,686
15,113,575
15,534,179
15,919,346
15,779,473
15,768,787
$14,941,942
$15,113,575
$15,534,179
$15,919,346
$15,779,473
Contributions--Employers
Contributions--Employees
Net Investment Income
Administrative Expenses
Benefit payments, including refunds
Net Change in Plan Fiduciary Net Position
$1,619,505
-1,051,713
(22,254)
(1,476,723)
1,172,241
$1,482,830
-(1,080,737)
(19,339)
(1,469,031)
(1,086,277)
$1,329,128
-1,302,865
(14,964)
(1,505,989)
1,111,040
$1,162,616
-1,059,146
(17,174)
(1,544,219)
660,369
$1,013,528
-1,081,716
(18,614)
(1,551,052)
525,578
Plan Fiduciary Net Position, Beginning of Year
9,463,858
10,550,135
9,439,095
8,778,726
8,253,148
Plan Fiduciary Net Position, End of Year
$10,636,099
$9,463,858
$10,550,135
$9,439,095
$8,778,726
City's Net Pension Liability--Ending
$4,305,843
$5,649,717
$4,984,044
$6,480,251
$7,000,747
71.2%
62.6%
67.9%
59.3%
55.6%
Total Pension Liability
Service Cost
Interest
Change in Assumptions
Change in Experience
Other Changes
Benefit payments, including refunds
Net Change in Total Pension Liability
$1,042,203
79,035
183,852
-(1,476,723)
(171,633)
Total Pension Liability, Beginning of Year
Total Pension Liability, End of Year
2023
2020
Plan Fiduciary Net Pension:
Plan Fiduciary Net Position as a Percent
of Total Pension Liability
Covered Employee Payroll
--
--
--
--
City's Net Pension Liability as a Percent
of Covered Employee Payroll
N/A
N/A
N/A
N/A
City of Plymouth Annual Disclosure
Page 4 of 6
-N/A
