HomeMy WebLinkAbout04-15-2014 B2 Memo on PERS Cost InformationCity of San Luis Obispo, Council Memorandum
April 11, 2014
TO: City Council
FROM: Wayne Padilla, Finance & I.T. Director
VIA: Katie Lichtig, City Manager
SUBJECT: PERS retirement cost information
In response to a question asked by a Council Member regarding the City’s payments to PERS
over the period from 1998 to 2013, I have attached a schedule showing the payments made by
the City for that timeframe.
Since the question focused on the total cost of the PERS retirement program, the amounts shown
here differ from those that have been presented in other reports and even the annual financial
statements since the values shown in the table on the next page reflect the amount remitted to
PERS by the Cit y for all PERS retirement costs including the employees’ share for the periods
shown, whether the City paid those costs or they were paid through employee payroll deductions.
The amounts shown in the annual financial statements only reflect the amounts paid by the City
for the employer’s share of costs.
When viewing the information shown on the next page, it is important to note that d uring the
1998-99 through 2001-02 fiscal years, the City was not required to pay an employer contribution
to PERS for the miscellaneous plan because it was considered to be super-funded at that time.
From 1999-00 through 2000-01 the City was not required to pay an employer contribution to
PERS or paid a very small amount for the safety plan for the same reason. Regardless, whether
the plans are super-funded or not, the employee contribution must be remitted to PERS.
Agenda Correspondence Page 2
File path
Total
Fiscal
Remitted
Year
to PERS
1997-98
1,611,208
1998-99
1,506,052
1999-00
1,409,995
2000-01
1,538,050
2001-02
1,713,274
2002-03
2,568,943
2003-04
5,061,531
2004-05
6,355,229
2005-06
7,357,401
2006-07
8,039,889
2007-08
8,866,669
2008-09
10,974,946
2009-10
10,208,204
2010-11
10,111,088
2011-12
11,005,073
2012-13
11,307,229
99,634,783