25LINKBUDGET(FULL) - Flipbook - Page 264
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, 2021 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
50
3
0
53
Defined Benefit Pension Plan -- Schedule of Changes in the Net Pension Liability & Related Ratios
Increase (Decrease)
Balance at December 31, 2021
Service Cost
Interest
Total Pension
Plan Net
Net Pension
Liability
Position
Liability
$15,534,179
$10,550,135
--
--
1,072,978
Contributions--Employer
--
Contributions--Employee
--
Net Investment Income
--
-1,482,830
-(1,080,737)
$4,984,044
-1,072,978
(1,482,830)
-1,080,737
Differences between Expected
and Actual Experience
(24,551)
Change in Assumptions
Benefits Payments, including Refunds
Administrative Expenses
Net Changes
Balance at December 31, 2022
--
0
(24,551)
--
(1,469,031)
(1,469,031)
-($420,604)
$15,113,575
0
--
(19,339)
19,339
($1,086,277)
$665,673
$9,463,858
$5,649,717
Defined Benefit Pension Plan -- Schedule of Changes in the Net Pension Liability and Related Ratios:
2022
2023
2021
2020
2019
Total Pension Liability
Service Cost
Interest
$1,072,978
$1,152,642
$1,140,559
$1,199,462
0
418,589
457,544
471,397
(450,409)
85,989
(109,121)
Change in Assumptions
Change in Experience
Other Changes
Benefit payments, including refunds
Net Change in Total Pension Liability
Total Pension Liability, Beginning of Year
(24,551)
--
--
(1,469,031)
(1,505,989)
(420,604)
(385,167)
-(1,544,219)
--
$1,216,144
-123,281
--
(1,551,052)
139,873
10,686
(1,544,857)
(205,432)
15,534,179
15,919,346
15,779,473
15,768,787
15,974,219
$15,113,575
$15,534,179
$15,919,346
$15,779,473
$15,768,787
Contributions--Employers
$1,482,830
$1,329,128
$1,162,616
$1,013,528
$951,494
Contributions--Employees
--
Total Pension Liability, End of Year
Plan Fiduciary Net Pension:
Net Investment Income
Administrative Expenses
(1,080,737)
-1,302,865
-1,059,146
--
--
1,081,716
(337,090)
(19,339)
(14,964)
(17,174)
(18,614)
(17,238)
Benefit payments, including refunds
(1,469,031)
(1,505,989)
(1,544,219)
(1,551,052)
(1,544,857)
Net Change in Plan Fiduciary Net Position
(1,086,277)
1,111,040
660,369
525,578
Plan Fiduciary Net Position, Beginning of Year
10,550,135
9,439,095
8,778,726
8,253,148
9,200,839
Plan Fiduciary Net Position, End of Year
$9,463,858
$10,550,135
$9,439,095
$8,778,726
$8,253,148
City's Net Pension Liability--Ending
$5,649,717
$4,984,044
$6,480,251
$7,000,747
$7,515,639
Plan Fiduciary Net Position as a Percent
62.6%
67.9%
59.3%
55.6%
(947,691)
52.3%
of Total Pension Liability
Covered Employee Payroll
City's Net Pension Liability as a Percent
--
--
--
N/A
N/A
N/A
of Covered Employee Payroll
City of Plymouth Annual Disclosure
Page 4 of 7
--
-N/A
N/A
