25LINKBUDGET(FULL) - Flipbook - Page 265
CITY OF PLYMOUTH
Schedule of City Pension Contributions--MERS:
2023
Actuarially determined contribution
2022
2021
2020
2019
$1,344,708
$1,220,952
$1,601,701
$887,928
$739,128
$1,544,708
$1,420,952
$1,801,701
$1,087,928
$939,128
$200,000
$200,000
$200,000
$200,000
$200,000
Contributions in relation to the actuarially
determined contribution
Contribution Excess (Deficiency)
Covered Employee Payroll
--
--
--
--
--
N/A
N/A
N/A
N/A
N/A
Contributions as a Percentage of
Covered Employee Payroll
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, 2021 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
95
0
38
133
Schedule of Changes in the OPEB Liability and Related Ratios:
2023
2022
2021
2020
2019
Total OPEB Liability
Service Cost
Interest
$156,041
$288,363
$249,172
$190,780
$284,513
527,721
384,655
494,585
550,224
501,687
Change in Assumptions
0
(7,155,965)
0
3,042,646
Change in Experience
0
1,058,843
0
333,526
Benefit payments, including refunds
Net Change in Total OPEB Liability
Total OPEB Liability, Beginning of Year
(544,718)
139,044
(479,259)
(5,903,363)
(580,389)
(491,214)
--(648,287)
163,368
3,625,962
137,913
13,019,013
18,922,376
18,759,008
15,133,046
14,995,133
$13,158,057
$13,019,013
$18,922,376
$18,759,008
$15,133,046
Contributions--Employer
$544,718
$479,259
$580,389
$491,214
$648,287
Benefit payments, including refunds
(544,718)
(479,259)
(580,389)
(491,214)
(648,287)
Total OPEB Liability, End of Year
Plan Fiduciary Net Pension:
Net Change in Plan Fiduciary Net Position
$0
$0
$0
$0
$0
Plan Fiduciary Net Position, Beginning of Year
--
--
--
--
--
Plan Fiduciary Net Position, End of Year
--
--
--
--
--
City's Net OPEB Liability--Ending
$13,158,057
$13,019,013
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
N/A
N/A
N/A
N/A
N/A
Plan Fiduciary Net Position as a Percent
$18,922,376
$18,759,008
$15,133,046
0.0%
of Total OPEB Liability
of Covered Employee Payroll
City of Plymouth Annual Disclosure
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