26BUDGET(FULL-LINKED) - Flipbook - Page 264
CITY OF PLYMOUTH
Schedule of City Pension Contributions--MERS:
Actuarially determined contribution
Contributions in relation to the actuarially
determined contribution
Contribution Excess (Deficiency)
2024
2023
2022
2021
2020
$1,269,276
$1,344,708
$1,220,952
$1,601,701
$887,928
$1,469,276
$1,544,708
$1,420,952
$1,801,701
$1,087,928
$200,000
$200,000
$200,000
$200,000
$200,000
Covered Employee Payroll
--
--
--
--
--
Contributions as a Percentage of
Covered Employee Payroll
N/A
N/A
N/A
N/A
N/A
Source: Audited Financial Statements
OTHER POST EMPLOYMENT BENEFITS:
The City provides retiree healthcare benefits to eligible employees upon retirement in accordance with labor contracts. The City provides medical, prescription drug,
dental and vision benefits for retirees and their spouses. Benefits are provided by a third-party insurer.
Employees Covered by Benefit Terms -- At the July 1, 2023 valuation 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 employees
Total
92
0
30
122
Schedule of Changes in the OPEB Liability and Related Ratios:
2024
2023
2022
2021
Total OPEB Liability
Service Cost
Interest
Change in Assumptions
Change in Experience
Benefit payments, including refunds
Net Change in Total OPEB Liability
$121,934
460,867
(1,992,410)
(163,763)
(378,093)
(1,951,465)
$156,041
527,721
0
0
(544,718)
139,044
$288,363
384,655
(7,155,965)
1,058,843
(479,259)
(5,903,363)
$249,172
494,585
0
0
(580,389)
163,368
$190,780
550,224
3,042,646
333,526
(491,214)
3,625,962
Total OPEB Liability, Beginning of Year
13,158,057
13,019,013
18,922,376
18,759,008
15,133,046
Total OPEB Liability, End of Year
$11,206,592
$13,158,057
$13,019,013
$18,922,376
$18,759,008
Plan Fiduciary Net Pension:
Contributions--Employer
Benefit payments, including refunds
Net Change in Plan Fiduciary Net Position
$378,093
(378,093)
$0
$544,718
(544,718)
$0
$479,259
(479,259)
$0
$580,389
(580,389)
$0
$491,214
(491,214)
$0
Plan Fiduciary Net Position, Beginning of Year
--
--
--
--
--
Plan Fiduciary Net Position, End of Year
--
--
--
--
--
City's Net OPEB Liability--Ending
$11,206,592
$13,158,057
$13,019,013
2020
$18,922,376
$18,759,008
Plan Fiduciary Net Position as a Percent
of Total OPEB Liability
0.0%
0.0%
0.0%
0.0%
0.0%
Covered Employee Payroll
N/A
N/A
N/A
N/A
N/A
City's Net OPEB Liability as a Percent
of Covered Employee Payroll
N/A
N/A
N/A
N/A
N/A
City of Plymouth Annual Disclosure
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