Agenda packet — City Council Finance Committee, December 12, 2022

City of San Ramon

FINANCE COMMITTEE
AGENDA
Sridhar Verose, Chair • Sabina Zafar, Vice Chair
City Hall - Large Conference Room,
Second Floor
7000 Bollinger Canyon Road
Regular Meeting
4:00 PM
December 12, 2022
AGENDA QUESTIONS: PLEASE CALL THE ADMINISTRATIVE SERVICES DIRECTOR AT (925) 973-2576 Documents received after publication of this Agenda and considered by the Finance Committee in its deliberation will be available for inspection in the Administrative Services Department located at 7000 Bollinger Canyon Road, San Ramon during normal business hours and in the red binder at the Finance Committee meeting.

1. CALL TO ORDER

2. PUBLIC COMMENT

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - November 7, 2022

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 City of San Ramon Other Post-Employment Benefits (OPEB) Actuarial Valuation Report as of June 30, 2021
Report by Roger Burton, Consulting Actuary for GovInvest

6. COMMITTEE MEMBER COMMENTS

7. ADJOURNMENT
I hereby certify that the attached Finance Committee Meeting Agenda was posted 72 hours before the noted meeting. To make a request for disability-related accommodation to participate in the meeting, please contact the City Clerk’s Office 72 hours in advance of the meeting at 925-973-2539 or [email protected].

Dated: December 7, 2022

MINUTES OF THE

CITY OF SAN RAMON FINANCE COMMITTEE
November 7, 2022

1. CALL TO ORDER
The meeting was called to order at 4:01 PM
Attendee Name Title Status Arrived
Sridhar Verose Chair Present
Sabina Zafar Vice Chair Present
Amy Amiri, Senior CIP Administrative Analyst
Robin Bartlett, District Engineer
Brian Bornstein, City Engineer
Candace Daniels, Finance Division Manager
Maria Fierner, Public Works Director
Jonette Fuentes, Administrative Analyst
Joe Gorton, City Manager
Sandy Martin, Facilities/Aquatics Program Manager
Diego Munoz, Accountant
Scott Rennicks, Public Services Division Manager
Gary Savell, Maintenance Supervisor
Brent Scroggs, Parks Program Manager
Kelly Sessions, Administrative Services Director
Steven Spedowfski, Deputy City Manager

2. PUBLIC COMMENT
Tywon Sacontrie spoke about doubts on county finance, and sprinkler issues in Dougherty Valley area for Public Works to survey.

3. APPROVAL OF MINUTES

3.1 Finance Committee - Regular Meeting - Oct 24, 2022 4:00 PM Tywon Sacontrie spoke about public comments not being included in the minutes for the October 24, 2022 meeting and presentation of budget in a previous meeting.

RESULT: ACCEPTED [UNANIMOUS]
AYES: Verose, Zafar

4. UNFINISHED BUSINESS

5. NEW BUSINESS

5.1 Completed CIP Projects FY 21/22
Staff Report by Amy Amiri, Engineering Senior Administrative Analyst

3.1 Packet Pg. 3
Minutes Acceptance: Minutes of Nov 7, 2022 4:00 PM (APPROVAL OF MINUTES) 2 Finance Committee Meeting – November 7, 2022
Public Comment was received from Tywon Sacontrie about her concerns over projects spending, not seeing items in the report, savings from projects, privacy and the decline in number of projects.

The Finance Committee accepted the report.

5.2 California Employer’s Benefit Trust (CERBT) for the Period Ending September 30,2022
Report by Candace Daniels, Finance Division Manager
A Public Comment card was received, but the speaker was not present at time for comment.

The Finance Committee accepted the report.

6. COMMITTEE MEMBER COMMENTS
Committee members had nothing additional to report.

7. ADJOURNMENT
The next Finance Committee Meeting is scheduled for December 12, 2022.

3.1 Packet Pg. 4
Minutes Acceptance: Minutes of Nov 7, 2022 4:00 PM (APPROVAL OF MINUTES)

FINANCE COMMITTEE STAFF REPORT
DATE: December 12, 2022
TO: Finance Committee/City Manager
FROM: Kelly Sessions, Administrative Services Director
By: Vivian Gong, Senior Administrative Analyst
SUBJECT: City of San Ramon Other Post-Employment Benefits (OPEB) Actuarial Valuation Report as of June 30, 2021

ATTACHMENT
A: San Ramon GASB 75 Valuation Report as of June 30 2021

5.1 Packet Pg. 5
City of San Ramon
GASB 75 OPEB Valuation Report Measured as of June 30, 2021 for Disclosures for the Fiscal Year Ending June 30, 2022 December 5, 2022
11750 Atwood Road
Auburn, California 95603
t: (415) 801‒5987 f: (415) 358‒8500
www.precisionactuarial.com

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) 11750 Atwood Road
Auburn, California 95603
www.precisionactuarial.com
(415) 801‒5987
December 5, 2022
Candace Daniels
Finance Division Manager
City of San Ramon
7000 Bollinger Canyon Road
San Ramon, California 94583
Re: City of San Ramon Retiree Health Benefits Plan GASB 75 OPEB Valuation Report Measured as of June 30, 2021
Dear Ms. Daniels:

At your request, we completed an actuarial valuation of the retiree health and welfare benefits valued as of June 30, 2021, and measured as of June 30, 2021, for the City of San Ramon. This is a full valuation. Please use the information in this report for your financial statements for the fiscal year ending June 30, 2022. This valuation is based on input from the City and from CalPERS, as well as our understanding of GASB Statement No. 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” (GASB 75).

We greatly appreciate your business. If you have any questions, please feel free to call us at (415) 801‒5987.

Best Regards,
Roger T. Burton, FSA, MAAA, FCA
Corporate Solutions for the Modern World
Healthcare • Pension • Valuations • Life & Disability • P&C • Financial Reporting Risk Management • Reinsurance • M&A • Expert Witness
DUNS: 079861610 CAGE: 7EC83 CA Supplier: 1798304

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Executive Summary
Overview 1
Accounting Summary 3
Reconciliation of the Change in the Total OPEB Liability 4 Accounting Information
Statement of Fiduciary Net Position 5
Statement of Changes to the Fiduciary Net Position 6
Changes in the Net OPEB Liability 7
Development of Deferred Outflows and Inflows of Resources 8 Expense and Deferred Outflows and Inflows 10
Impact on the Statement of Net Position 11
Reconciliation of Expense 12
Sample Journal Entries 13
Amortization of the Net OPEB Liability 15
Actuarially Determined Contribution (ADC) 16
Interest on Liability and Earnings and Investment Gain/Loss 17 Projection of Benefit Payments 18
Projection of Benefit Payments Chart 19
Projection of Contributions 20
Projection of Contributions Charts 21
Projection of Fiduciary Net Position 22
Depletion Date Projection 23
Depletion Date Projection Chart 24
Schedule of Implicit Subsidy Liability (Not a Required Schedule) 25 Schedule of Deferred Outflows and Inflows of Resources 26 Schedule of Changes in the Net OPEB Liability and Related Ratios 27 Schedule of Changes in the Net OPEB Liability and Related Ratios Chart 28 Schedule of Investment Returns 29
Schedule of Contributions 30
Draft Notes to the Financial Statements 31
Basis of Valuation
Substantive Plan 37
Participant Summary 39
Participant Summary Charts 40
Actuarial Assumptions 41
Appendix
About GASB 75 44
Decrement Tables 49
Contents

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Executive Summary
Purpose of the Report
Valuation Date: June 30, 2021
Measurement Date: June 30, 2021
Report Date: June 30, 2022
Application to Financials
Changes Since the Prior Valuation
Overview
Precision Actuarial prepared this report to meet employer financial accounting requirements under GASB Statement No. 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” (GASB 75), issued in June 2015, as amended by GASB Statement No. 85. This report includes information with respect to the obligation to provide future retiree health and welfare benefits for the fiscal year ending June 30, 2022.

The City should use the liabilities, assets, and expense measured as of June 30, 2021, for its financial statements for the year ending June 30, 2022.

This valuation is a full valuation. We updated:
• Contributions
This report provides assets, liabilities, and expenses for use in the City's 2022 financial reports. • Benefit Terms
• Election Probabilities
The report also provides the actuarially determined contributions (ADCs) for funding purposes for reporting for the fiscal years ending June 30 for 2022, 2023, and 2024. The ADC for the fiscal year ending June 30, 2024 is an estimate and we recommend that the City have a roll-forward report produced for the fiscal year ending June 30, 2023, that updates this estimate.
• Discount rate from 6.50% to 7.11%
• Benefit payments
• Assets
• Census
• Premiums
• Healthcare trends
• Mortality tables
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Executive Summary
Actuarial Certification
Roger T. Burton, FSA, MAAA, FCA Christian M. Boughner, ASA, MAAA Chief Actuary Senior Consulting Actuary
The undersigneds are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein.

There is no relationship between Precision Actuarial, its owners, subcontractors, or staff; GovInvest; or the City of San Ramon beyond the contractual services that we perform for the City of San Ramon.

No third-party recipient of Precision Actuarial's work product should rely solely on Precision Actuarial's work product. Any third-party recipient should engage qualified professionals for advice appropriate to their own needs.

Overview
We based the results in this report on this information, along with the actuarial assumptions and methods used herein. In our opinion, the assumptions used represent reasonable expectations of anticipated plan experience.

We reviewed the census information for reasonableness, but we did not audit it.

Actuarial computations under GASB 75 fulfill employer accounting and financial reporting requirements. The calculations are consistent with our understanding of GASB 75. Determinations for purposes other than meeting employer financial accounting requirements may be significantly different from the results in our report.

Accordingly, additional determinations may be necessary for other purposes, such as judging benefit security at termination.

On the basis of the foregoing, we hereby certify that, to the best of our knowledge and belief, the report is complete and accurate and that we prepared it in accordance with generally recognized and accepted actuarial principles and practices which are consistent with the applicable "Actuarial Standards of Practice" and "Actuarial Compliance Guidelines" as promulgated by the American Academy of Actuaries.

Our determinations reflect the provisions and methods prescribed by GASB 75. In preparing this report, we relied on assets, employee census, plan design, premium rates, and administrative fees provided directly or indirectly by the plan sponsor, and demographic assumptions provided by CalPERS. CalPERS' actuaries set the premium rates using community rating. We did not attempt to verify that the community-rated premium rates represent the true cost of claims and administrative fees.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Executive Summary
A summary of the key valuation results follows. Prior Report Current Report Valuation Date: June 30, 2019 June 30, 2021
Measurement Date: June 30, 2020 June 30, 2021
Report Date: June 30, 2021 June 30, 2022
Present Value of Future Benefits
Active Employees n/a 16,629,962 $
Retirees + n/a 25,282,913
Total Present Value of Future Benefits = n/a 41,912,875 Total Present Value of Future Normal Costs − n/a 7,029,952 Total OPEB Liability (TOL) = $ 34,882,923 34,128,054 $
OPEB Liability
Active Employees n/a 9,600,010 $
Retirees + n/a 25,282,913
Total OPEB Liability (TOL) = 34,128,054 34,882,923
Fiduciary Net Position (FNP) − 39,516,232 32,789,464
Net OPEB Liability (NOL) = $ (4,633,309) 1,338,590 $
Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability

96.08% 113.28%
Covered-Employee Payroll 32,969,072 $ 31,416,882 $
Net OPEB Liability as a Percentage of Covered-Employee Payroll 4.06% -14.75% Measurement Period: 2019–2020 2020–2021
Reporting Period: 2020–2021 2021–2022
Expense $ 1,270,662 $ 299,585
Actuarially Determined Contribution (ADC)* 1,400,270 1,377,887 *The Actuarially Determined Contribution includes the implicit subsidy. It is not the amount that the City contributes directly to the fund. See page 16 for the City's direct contribution.

Accounting Summary
Net Position Chart (NOL not shown if ≤ 0)
FNP
$32,789,464
FNP
$39,516,232
NOL
$1,338,590
TOL
$34,128,054
TOL
$34,882,923
2021 2022
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Executive Summary
Total OPEB Liability as of Measurement Date June 30, 2020 / Report Date June 30, 2021 $ 34,128,054
Service Cost 1,006,540
Interest Cost 2,217,350
Differences Between Expected and Actual Experience
Change in Census 901,874
Change in Claims and Premiums 1,148,008
Total Differences Between Expected and Actual Experience 2,049,882 Changes of Assumptions
Change in Healthcare Trends 585,119
Change in Mortality Tables 1,896,338
Change in Discount Rate from 6.50% to 7.11% (2,355,295) Change in Election Probabilities & Other Assumptions (2,602,015) Total Changes of Assumptions (2,475,853)
Benefit Payments (1,508,627)
Implicit Subsidy Credit (534,423)
Total OPEB Liability as of Measurement Date June 30, 2021 / Report Date June 30, 2022 $ 34,882,923
Reconciliation of the Change in the Total OPEB Liability Reconciliation of the Change in the Total OPEB Liability A reconciliation of the changes to the Total OPEB Liability since the prior valuation report follow. ($2,355,295)
($2,602,015)
($1,508,627)
($534,423)
$1,006,540
$2,217,350
$901,874$1,148,008 $585,119 $1,896,338
$34,128,054 $34,882,923
$5.0 M
$10.0 M
$15.0 M
$20.0 M
$25.0 M
$30.0 M
$35.0 M
$40.0 M
$45.0 M
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Measurement Date: June 30, 2021
Report Date: June 30, 2022
Assets
Cash and Deposits $ -
Securities Lending Cash Collateral -
Total Cash -
Receivables:

Contributions -
Due from Broker for Investments Sold -
Investment Income (Interest on Investments) -
Other -
Total Receivables -
Investments:

Domestic Fixed Income Securities -
Domestic Equities -
Investment Funds 39,516,232
International Equities -
Real Estate -
Total Investments 39,516,232
Total Assets $ 39,516,232
Liabilities
Payables:

Investment Management Fees $ -
Due to Broker for Investments Purchased -
Collateral Payable for Securities Lending -
Other -
Total Liabilities $ -
Net Position Restricted for Postemployment Benefits Other than Pensions $ 39,516,232 Statement of Fiduciary Net Position
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Prior Report Current Report
Measurement Date: June 30, 2020 June 30, 2021
Report Date: June 30, 2021 June 30, 2022
Additions
Investment Income:

Net Appreciation in the Fair Value of Investments 1,696,888 $ 6,457,509 $ Interest and Dividends - -
Less Investment Expense, Other than from Securities Lending − 11,424 12,984 Net Income from Investing, Other than from Securities
Lending 1,685,464 6,444,525
Securities Lending Income - -
Less Securities Lending Expense − - -
Net Income from Securities Lending - -
Other Income/(Expense) - -
Net Investment Income (a) 1,685,464 6,444,525
Contributions:

Employer — City's Contribution 1,206,708 1,808,627
Employer — Implicit Subsidy 460,335 534,423
Total Contributions (b) 1,667,043 2,343,050
Total Additions (c) = (a) + (b) 3,352,507 8,787,575
Deductions
Benefit Payments 1,206,708 1,508,627
Implicit Subsidy Credit 460,335 534,423
Administrative Expense 15,625 17,757
Total Deductions (d) 1,682,668 2,060,807
Net Increase in Net Position = (c) − (d) 6,726,768 1,669,839 Net Position Restricted for Postemployment Benefits Other than Pensions Beginning of Year 31,119,625 32,789,464
Net Increase in Net Position 1,669,839 6,726,768
End of Year $ 32,789,464 39,516,232 $
Statement of Changes to the Fiduciary Net Position
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(a) (b) (c) = (a) ‒ (b)
Balance as of:

Measurement Date June 30, 2020 /
Report Date June 30, 2021 $ 32,789,464 34,128,054 $ 1,338,590 $ Changes for the year:

Service Cost 1,006,540 1,006,540
Interest 2,217,350 2,217,350
Changes of Benefit Terms - -
Differences Between Expected and Actual
Experience 2,049,882 2,049,882
Changes of Assumptions (2,475,853) (2,475,853)
Net Investment Income 6,444,525 (6,444,525)
Contributions
Employer — City's Contribution 1,808,627 (1,808,627)
Employer — Implicit Subsidy 534,423 (534,423)
Benefit Payments (1,508,627) (1,508,627) -
Implicit Subsidy Credit (534,423) (534,423) -
Administrative Expense (17,757) 17,757
Other Changes - - -
Net Changes 6,726,768 754,869 (5,971,899)
Balance as of:

Measurement Date June 30, 2021 /
Report Date June 30, 2022 $ 39,516,232 34,882,923 $ (4,633,309) $ The funded status of the Plan as of the fiscal year-end, as well as other required disclosure information, follows.

Increase / (Decrease)
Changes in the Net OPEB Liability
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Balances as of Measurement Date June 30, 2021 / Report Date June 30, 2022Deferred Outflows and Inflows of Resources Arising from Differences Between Expected and Actual Experience Measurement Date — June 30:

Experience Losses
(a)
Experience Gains
(b)
Amounts Recognized in Expense Through
Measurement Date June 30, 2021
(c)
Deferred Outflows of
Resources
(a) − (c)
Deferred Inflows of
Resources
(b) − (c)
2017 - $ - $ - $ - $ - $
2018 - - - - -
2019 185,869 - 69,702 116,167 -
2020 - - - - -
2021 2,049,882 - 295,373 1,754,509 -
Total $ - 1,870,676 $
Deferred Outflows and Inflows of Resources Arising from Changes in Assumptions Measurement Date — June 30:

Increase in Total
Liability
(a)
Decrease in Total
Liability
(b)
Amounts Recognized in Expense Through
Measurement Date June 30, 2021
(c)
Deferred Outflows of
Resources
(a) − (c)
Deferred Inflows of
Resources
(b) − (c)
2017 - $ - $ - $ - $ - $
2018 - - - - -
2019 751,478 - 281,805 469,673 -
2020 - - - - -
2021 - (2,475,853) (356,752) - (2,119,101)
Total $ 469,673 $ (2,119,101)
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Balances as of Measurement Date June 30, 2021 / Report Date June 30, 2022Deferred Outflows and Inflows of Resources Arising from Differences Between Projected and Actual Earnings on Investments Measurement Date — June 30:

Investment Earnings
Less Than Projected
(a)
Investment Earnings
Greater Than
Projected
(b)
Amounts Recognized
in Expense Through
Measurement Date
June 30, 2021
(c)
Deferred Outflows of
Resources
(d) = (a) − (c)
Deferred Inflows of
Resources
(e) = (b) − (c)
Net
(f) = (d) + (e)
2017 - $ (184,027) $ (184,027) $ - $ - $
2018 72,376 - 57,900 14,476 -
2019 - (206,190) (123,714) - (82,476)
2020 283,133 - 113,254 169,879 -
2021 - (4,317,021) (863,405) - (3,453,616)
Total $ (3,536,092) 184,355 $ (3,351,737) $
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Measurement Period: 2020–2021
Reporting Period: 2021–2022
Expense
Service Cost $ 1,006,540
Interest on Total OPEB Liability 2,217,350
Changes of Benefit Terms -
Recognized Differences Between Expected and Actual Experience 318,607 Recognized Changes of Assumptions (262,817)
Projected Earnings on OPEB Plan Investments (2,127,504) Recognized Differences Between Projected and Actual Earnings (870,348) Administrative Expense 17,757
Other Miscellaneous (Income)/Expense -
Total Expense $ 299,585
Deferred Outflows and Inflows of Resources
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences Between Expected and Actual Experience $ 1,870,676 $ - Changes of Assumptions 469,673 (2,119,101)
Net Difference Between Projected and Actual Earnings on Plan Investments - (3,351,737)
Contributions Subsequent to the Measurement Date 2,241,626 - Total $ (5,470,838) 4,581,975 $
Report Year Ending June 30: Amount
2023 $ (777,750)
2024 (792,226)
2025 (750,990)
2026 (807,611)
2027 55,785
Remaining (57,697)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

Expense and Deferred Outflows and Inflows
Report Year Ending June 30, 2022
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Impact on the Statement of Net Position
Measurement Date: June 30, 2020 June 30, 2021
Report Date: June 30, 2021 June 30, 2022
Total OPEB Liability $ 34,128,054 $ 34,882,923 $ 754,869 Fiduciary Net Position 32,789,464 39,516,232 6,726,768
Net OPEB Liability / (Asset) 1,338,590 (4,633,309) $ (5,971,899) Deferred (Outflows) / Inflows Due To:

Differences between Expected and Actual
Experience (139,401) (1,870,676) (1,731,275)
Changes of Assumptions (563,608) 1,649,428 2,213,036
Differences between Projected and Actual
Investment Earnings (94,936) 3,351,737 3,446,673
(Contributions Subsequent to the Measurement
Date) (2,343,050) (2,241,626) 101,424
Net Deferred (Outlfows) / Inflows (3,140,995) 888,863 4,029,858 Impact on the Statement of Net Position (1,802,405) (3,744,446) (1,942,041) Change in Net Position During Fiscal Year
Measurement Date: June 30, 2021
Report Date: June 30, 2022
Impact on the Statement of Net Position, Fiscal Year
Ending June 30, 2021 (1,802,405)
OPEB Expense / (Income) 299,585
(Employer Contributions During Fiscal Year) (2,241,626) Impact on the Statement of Net Position for the
Fiscal Year Ending June 30, 2022 (3,744,446)
OPEB Expense
Measurement Date: June 30, 2021
Report Date: June 30, 2022
Deterioration / (Improvement) in Net Position (1,942,041) Employer Contributions During the Fiscal Year 2,241,626 OPEB Expense / (Income) for the Fiscal Year
Ending June 30, 2022 299,585
Impact on the Statement of Net Position
Change During
Period
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
Deferred
(Inflows)
Deferred
Outflows
Net Investment
(Inflows)/
Outflows Net Deferrals
Net OPEB
Liability plus
Net Deferrals
Annual
Expense
Balance as of:Measurement Date June 30, 2020 /Report Date June 30, 2021 $ 32,789,464 (34,128,054) $ (1,338,590) $ - $ 3,046,059 $ 94,936 $ 3,140,995 $ 1,802,405 $ Service Cost (1,006,540) (1,006,540) $ 1,006,540
Interest on Total OPEB Liability (2,217,350) (2,217,350) 2,217,350 Effect of Changes of Benefit Terms - - -
Effect of Liability Gains or Losses (2,049,882) (2,049,882) - 2,049,882 2,049,882 Effect of Assumption Changes or Inputs 2,475,853 2,475,853 (2,475,853) - (2,475,853) Expected Investment Income (Net of Investment Expenses) 2,127,504 2,127,504 (2,127,504) Investment Gains or Losses on Expected Return 4,317,021 4,317,021 (4,317,021) (4,317,021) Contributions
Employer — City's Contribution 1,808,627 1,808,627 1,808,627 Employer — Implicit Subsidy 534,423 534,423 534,423
Benefit Payments (1,508,627) 1,508,627 -Implicit Subsidy Credit (534,423) 534,423 -Administrative Expenses (17,757) (17,757) 17,757 Other Income/(Expense) - - -
Recognition of Liability Gains or Losses (318,607) - (318,607) 318,607 Recognition of Assumption Changes or Inputs (93,935) 356,752 262,817 (262,817)Recognition of Investment Gains or Losses 870,348 870,348 (870,348)Change in Contributions Subsequent to the Measurement Date (101,424) (101,424) (101,424)Annual Expense 299,585 (299,585) $ Balance as of:Measurement Date June 30, 2021 /Report Date June 30, 2022 $ 39,516,232 (34,882,923) $ 4,633,309 $ (2,119,101) $ $ 4,581,975 $ (3,351,737) $ (888,863) $ 3,744,446 Reconciliation of Expense
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Debit (Outflow) Credit (Inflow)
Net OPEB Liability/Asset $ 1,338,590 - $
Differences between Expected and Actual
Experience - 139,401
Changes of Assumptions - 563,608
Differences between Projected and Actual
Investment Earnings - 94,936
Contributions Subsequent to the
Measurement Date - 2,343,050
Impact on Statement of Net Position 1,802,405 -
Debit (Outflow) Credit (Inflow)
Net OPEB Liability/Asset $ - 4,633,309 $
Differences between Expected and Actual
Experience - 1,870,676
Changes of Assumptions 2,119,101 469,673
Differences between Projected and Actual
Investment Earnings 3,351,737 -
Contributions Subsequent to the
Measurement Date - 2,241,626
Impact on Statement of Net Position 3,744,446 -
Debit Credit
Net OPEB Liability/Asset $ - 5,971,899 $
Deferred Outflows - 1,731,275
Deferred Inflows - -
Deferred Outflows 93,935 -
Deferred Inflows 2,119,101 -
Deferred Outflows 94,936 -
Deferred Inflows 3,351,737 -
Contributions Subsequent to the
Measurement Date Deferred Outflows 101,424 -
OPEB Expense/Credit - 1,942,041
Total 7,703,174 7,703,174
Change to the Impact on the Statement of
Net Position 1,942,041 -
Differences between Expected and Actual
Experience
Changes of Assumptions
Differences between Projected and Actual
Investment Earnings
Sample Journal Entries
Suggested Journal Entries for the Report Year ending June 30, 2022 Beginning Balance
Ending Balance
OPEB-Expense Journal Entries
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Debit Credit
$ 2,343,050 $ -
- 2,343,050
2,241,626 -
- 2,241,626
Debit Credit
$ 1,508,627 $ -
- 1,508,627
Debit Credit
$ 534,423 $ -
- 534,423
1 The entries here assume that when cash is used to pay benefits, that the trust does not reimburse, an account called "Employer Contributions for Retiree Benefits During the Fiscal Year" was debited (increased).

These entries reassign the benefit payments to the OPEB Expense. If the OPEB Expense account was originally debited, then these entries are unnecessary.
2 These entries assume that when premiums are paid for active employees, an account called "Premium Expense During the Fiscal Year" is debited (increased). This entry reverses the portion of the premium payments that represent implicit subsidies, recorded as a retiree liability, and assigns that value to the OPEB Expense.

Sample Journal Entries
Suggested Journal Entries for the Report Year ending June 30, 2022 Journal Entries — Deferred Outflows
Journal Entries — Implicit Subsidy2
OPEB Expense
Premium Expense During the Fiscal Year
Contributions Subsequent to the Measurement Date:

Fiscal Year 2021–2022
Contributions Expense
OPEB Expense
Employer Contributions for Retiree Benefits During the Fiscal Year
Journal Entries — Benefits Paid Outside of the Trust1
Net OPEB Liability/Asset
Contributions Subsequent to the Measurement Date:

Fiscal Year 2020–2021
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
7 Estimated
Measurement Period: 2021–2022 2022–2023 2023–2024
Report Date (June 30): 2023 2024 2025
Total OPEB Liability $ 35,904,191 34,882,923 $ 36,961,362 $ Fiduciary Net Position − 39,516,232 41,545,300 43,678,433 Net OPEB Liability = (4,633,309) $ $ (5,641,109) $ (6,717,071) All values measured at the beginning of the measurement period.

Amortization Type Open Open Open
Interest Rate Used to Determine Amortization 6.50% 7.11% 7.11% Assumed Rate of Payroll Growth 2.750% 2.750% 2.750%
Amortization Period 6.9 years 6.9 years 6.9 years
Amount Recognized, Beginning of Year $ (744,533) $ (921,090) $ (1,096,775) It is the policy of the City to allow negative amortizations.

A summary of the information used to establish the amortization amount for the current year and the followivg year, with respect to the Net OPEB Liability, follows. We recalculate the amortization each fiscal year. If the Net OPEB Liability is negative, it is an asset and it is not amortized.

Amortization of the Net OPEB Liability
The City is amortizing the Net OPEB Liability using a level-percent-of-pay method on an open basis. Remaining years of amortization as of the report date of June 30, 2022:

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Estimated
Measurement Period: 2021–2022 2022–2023 2023–2024
Report Date (June 30): 2023 2024 2025
Service Cost $ 791,800 $ 848,097 $ 908,397
Amortization of the Net OPEB Liability (744,533) (921,090) (1,096,775) Interest to the End of the Year (5,189) 3,361 (13,394)
Service Cost and Amortization (with Interest) $ 50,628 $ (78,182) $ (201,772) Service Cost and Amortization (with Interest) as a
Percentage of Payroll 0.19% -0.28% -0.72%
Discount Rate for ADC Calculation 6.50% 7.11% 7.11%
ADC Components
City's Contribution to the Trust Fund $ - $ - $ -
Credit for Retiree Benefit Payments Outside of the Trust 1,651,682 1,710,459 1,817,242 Credit for Implicit Subsidy 611,026 576,125 710,416
Total ADC 2,227,807 $ 2,321,485 $ 2,527,658 $
ADC as a Percentage of Payroll 8.41% 8.53% 9.03%
City's Funding Policy
Actuarially Determined Contribution (ADC)
The calculation of the Actuarially Determined Contribution (ADC) follows. The ADC is based on the City's funding policy. The ADC is calculated as of the end of the year.

The ADC is the sum of the service cost and the amortization of the net OPEB liability, plus interest to the end of the year. For payment of the ADC, however, it comprises three parts: the benefit payments paid directly by the City and not reimbursed through the Trust Fund, the credit for the implicit subsidy, and the contribution to the Trust Fund. If the total of the service cost and amortization is less than the total of the benefit payments and implicit subsidy, the contribution to the trust fund will be negative and is typically set to zero.

The City's funding policy is to contribute 100% of the sum of the service cost and amortization (both with interest) each year until the plan is fully funded, and then contribute the greater of the service cost or the total of the benefit payments and the implicit subsidy.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
For the report year ending June 30, 2022
Interest on Total OPEB Liability
Amount for
Period
(a)
Portion of
Period
(b)
Interest Rate
(c)
Interest on the Total
OPEB Liability
(d) = (a) × (b) × (c)
Beginning Total OPEB Liability $ 100% 6.50% 2,218,324 34,128,054 $ Service Cost 100% 6.50% 65,425 1,006,540
Benefit Payments 50% 6.50% (49,030) (1,508,627)
Implicit Subsidy 50% 6.50% (17,369) (534,423)
Total Interest on Total OPEB Liability $ 2,217,350
Projected Earnings on Plan
Investments
Amount for
Period
(a)
Portion of
Period
(b)
Projected Rate
of Return
(c)
Projected Earnings
(d) = (a) × (b) × (c)
Beginning Plan Fiduciary Net
Position Excluding Receivables $ 100% 6.50% 2,131,315 32,789,464 $ Employer Contributions 300,000 50% 6.50% 9,750
Benefit Payments from Trust - 50% 6.50% -
Administrative Expense (17,757) 50% 6.50% (577)
Other Miscellaneous
Income/(Expense) 100% 6.50% - -
Total Projected Earnings 2,140,488
(Investment Expense) (12,984)
Net Projected Earnings $ 2,127,504
Investment Gain / Loss Amount
Net Projected Earnings $ 2,127,504
Actual Net Earnings − 6,444,525
Investment (Gain) / Loss $ (4,317,021)
Interest on Liability and Earnings and Investment Gain/Loss Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 17

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Current Retirees Future Retirees Total Current Retirees Future Retirees Total 2022 $ 1,606,032 $ 45,650 $ 1,651,682 $ 526,204 $ 49,921 $ 576,125 $ 2,227,8072023 1,625,026 85,433 1,710,459 506,961 104,065 611,026 2,321,485 2024 1,683,307 133,935 1,817,242 542,372 168,044 710,416 2,527,658 2025 1,666,798 188,531 1,855,329 508,554 232,714 741,268 2,596,597 2026 1,693,515 230,157 1,923,672 523,415 287,066 810,481 2,734,153 2027 1,698,889 268,390 1,967,279 509,814 337,250 847,064 2,814,343 2028 1,658,911 312,541 1,971,452 464,633 374,319 838,952 2,810,404 2029 1,647,203 366,720 2,013,923 428,026 436,043 864,069 2,877,992 2030 1,604,362 400,057 2,004,419 365,827 476,368 842,195 2,846,614 2031 1,604,486 450,100 2,054,586 356,009 520,075 876,084 2,930,670 2032 1,574,124 519,013 2,093,137 304,272 586,883 891,155 2,984,292 2033 1,591,085 592,189 2,183,274 287,671 649,273 936,944 3,120,218 2034 1,604,652 651,154 2,255,806 259,036 724,034 983,070 3,238,876 2035 1,543,193 729,415 2,272,608 175,358 779,648 955,006 3,227,6142036 1,474,897 760,320 2,235,217 69,676 829,689 899,365 3,134,5822037 1,465,706 860,346 2,326,052 24,451 895,466 919,917 3,245,9692038 1,478,487 942,954 2,421,441 12,852 922,351 935,203 3,356,6442039 1,500,971 1,030,965 2,531,936 13,442 949,923 963,365 3,495,301 2040 1,504,602 1,128,196 2,632,798 1,011,601 - 1,011,601 3,644,399 2041 1,518,348 1,195,051 2,713,399 - 947,784 947,784 3,661,183 2042 1,527,348 1,285,354 2,812,702 - 959,078 959,078 3,771,780 2043 1,531,149 1,405,084 2,936,233 1,005,974 - 1,005,974 3,942,207 2044 1,529,331 1,463,886 2,993,217 - 929,794 929,794 3,923,011 2045 1,521,504 1,477,017 2,998,521 - 914,146 914,146 3,912,667 2046 1,507,339 1,497,265 3,004,604 - 942,318 942,318 3,946,922 2047 1,486,560 1,554,625 3,041,185 931,661 - 931,661 3,972,846 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Projected benefit payments for current participants follow. "Future Retirees" are employees currently working, but projected to retire and receive benefits. The projections do not include benefits for employees hired in the future.

Projection of Benefit Payments
Projected Retiree Benefit Payments Projected Implicit Subsidy Grand Total
Measurement Period Ending June 30:

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
$-
$500,000
$1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 Projected Benefit Payments for Current Participants
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Current Employees Future Employees Total Current Participants Related to Payroll of
Future Employees
Total Employer
Contributions
(a) (b) (c) (d) = (f) − (e) (e) = (b) x 3.16%** (f) = (c) x 9.03% 2022 $ - 26,500,255 $ 26,500,255 $ 2,227,807 $ - $ 2,227,807 $ 2023 25,723,439 1,505,573 27,229,012 2,273,843 47,642 2,321,485 2024 25,057,669 2,920,141 27,977,810 2,435,253 92,405 2,527,658 2025 24,348,415 4,398,785 28,747,200 2,457,402 139,195 2,596,597 2026 23,654,562 5,883,186 29,537,748 2,547,985 186,168 2,734,153 2027 22,901,305 7,448,731 30,350,036 2,578,635 235,708 2,814,343 2028 22,042,726 9,141,936 31,184,662 2,521,116 289,288 2,810,404 2029 21,159,353 10,882,887 32,042,240 2,533,613 344,379 2,877,9922030 20,322,979 12,600,423 32,923,402 2,447,886 398,728 2,846,6142031 19,443,919 14,384,877 33,828,796 2,475,474 455,196 2,930,6702032 18,515,610 16,243,478 34,759,088 2,470,283 514,009 2,984,2922033 17,630,127 18,084,836 35,714,963 2,547,940 572,278 3,120,2182034 16,722,292 19,974,832 36,697,124 2,606,791 632,085 3,238,8762035 15,863,381 21,842,914 37,706,295 2,536,416 691,198 3,227,6142036 14,846,500 23,896,718 38,743,218 2,378,393 756,189 3,134,582 2037 13,892,871 25,915,785 39,808,656 2,425,889 820,080 3,245,969 2038 12,975,313 27,928,081 40,903,394 2,472,886 883,758 3,356,644 2039 12,107,344 29,920,893 42,028,237 2,548,483 946,818 3,495,301 2040 11,233,234 31,950,780 43,184,014 2,633,347 1,011,052 3,644,3992041 10,331,327 34,040,247 44,371,574 2,584,012 1,077,171 3,661,1832042 9,348,060 36,243,732 45,591,792 2,624,881 1,146,899 3,771,780 2043 8,427,391 38,418,175 46,845,566 2,726,500 1,215,707 3,942,207 2044 7,426,972 40,706,847 48,133,819 2,634,881 1,288,130 3,923,011 2045 6,502,976 42,954,523 49,457,499 2,553,412 1,359,255 3,912,667 2046 5,703,233 45,114,347 50,817,580 2,519,321 1,427,601 3,946,922 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣
*The contributions for the first three years are calculated separately. Contributions for subsequent years use the percentages shown.**The service cost percentage was determined in the prior report. If benefit payments are higher, they are used in place of the calculated amount.

Projection of Contributions
Payroll Projected Employer Contributions*
Measurement Period Ending June 30:

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Projection of Contributions Charts
Projected Payroll for Current and Future Employees
Projected Employer Contributions for Current and Future Plan Participants $20.0 M
$40.0 M
$60.0 M
$80.0 M
$100.0 M
$120.0 M
Projected Payroll
Current Employees Future Employees
$0.5 M
$1.0 M
$1.5 M
$2.0 M
$2.5 M
$3.0 M
$3.5 M
$4.0 M
$4.5 M
Projected Employer Contributions
Current Employees Future Employees
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Measurement Period Ending June 30:

Investment
Rate of
Return
(a)
Projected
Beginning
Fiduciary Net
Position
(b)
Employer
Contributions for
Current Participants
(c)
Projected Benefit
Payments (Including
Implicit Subsidy)
(d)
Projected
Administrative
Expense
(e)
Projected
Investment
Earnings
(f)
Projected Ending
Fiduciary Net
Position
(g) = Σ [(b) : (f)]
2022 5.22% $ 39,516,232 $ 2,227,807 $ (2,227,807) $ (19,166) $ 2,062,247 $ 41,559,313 2023 5.22% 41,559,313 2,273,843 (2,321,485) (20,220) 2,167,625 43,659,0762024 5.22% 43,659,076 2,435,253 (2,527,658) (21,332) 2,276,035 45,821,3742025 5.22% 45,821,374 2,457,402 (2,596,597) (22,505) 2,387,655 48,047,3292026 5.22% 48,047,329 2,547,985 (2,734,153) (23,743) 2,502,592 50,340,0102027 5.22% 50,340,010 2,578,635 (2,814,343) (25,049) 2,620,943 52,700,1962028 5.22% 52,700,196 2,521,116 (2,810,404) (26,427) 2,742,710 55,127,1912029 5.22% 55,127,191 2,533,613 (2,877,992) (27,880) 2,867,923 57,622,8552030 5.22% 57,622,855 2,447,886 (2,846,614) (29,413) 2,996,739 60,191,4532031 5.22% 60,191,453 2,475,474 (2,930,670) (31,031) 3,129,303 62,834,5292032 7.49% 62,834,529 2,470,283 (2,984,292) (32,738) 4,685,831 66,973,6132033 7.49% 66,973,613 2,547,940 (3,120,218) (34,539) 4,993,598 71,360,3942034 7.49% 71,360,394 2,606,791 (3,238,876) (36,439) 5,319,857 76,011,7272035 7.49% 76,011,727 2,536,416 (3,227,614) (38,443) 5,665,953 80,948,0392036 7.49% 80,948,039 2,378,393 (3,134,582) (40,557) 6,033,170 86,184,463 2037 7.49% 86,184,463 2,425,889 (3,245,969) (42,788) 6,422,902 91,744,4972038 7.49% 91,744,497 2,472,886 (3,356,644) (45,141) 6,836,876 97,652,4742039 7.49% 97,652,474 2,548,483 (3,495,301) (47,624) 7,276,928 103,934,960 2040 7.49% 103,934,960 2,633,347 (3,644,399) (50,243) 7,744,983 110,618,648 2041 7.49% 110,618,648 2,584,012 (3,661,183) (53,006) 8,243,012 117,731,483 2042 7.49% 117,731,483 2,624,881 (3,771,780) (55,921) 8,773,042 125,301,705 2043 7.49% 125,301,705 2,726,500 (3,942,207) (58,997) 9,337,360 133,364,361 2044 7.49% 133,364,361 2,634,881 (3,923,011) (62,242) 9,938,419 141,952,408 2045 7.49% 141,952,408 2,553,412 (3,912,667) (65,665) 10,578,872 151,106,360 2046 7.49% 151,106,360 2,519,321 (3,946,922) (69,277) 11,261,808 160,871,290 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Projection of Fiduciary Net Position
Current Participants Only
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
The investment earnings are determined using an investment rate of return of 5.22% for years 1–10 and 7.49% for years 11+ Measurement Period Ending June 30:

Projected
Beginning
Fiduciary Net
Position
Total Projected
Benefit Payments
Funded Portion
of Benefit
Payments
Unfunded Portion
of Benefit
Payments
Present Value of
Funded Benefit
Payments at the
Investment Rate
of Return
Present Value of
Unfunded Benefit
Payments at

1.92%
Present Value of
Benefit Payments
at an Equivalent
Single Discount
Rate of 7.11%
2022 $ 39,516,232 $ 2,227,807 $ 2,227,807 $ 2,171,843 - $ $ - $ 2,152,596 2023 41,559,313 2,321,485 2,321,485 2,150,891 - - 2,094,213 2024 43,659,076 2,527,658 2,527,658 2,225,730 - - 2,128,841 2025 45,821,374 2,596,597 2,596,597 2,173,004 - - 2,041,736 2026 48,047,329 2,734,153 2,734,153 2,174,605 - - 2,007,186 2027 50,340,010 2,814,343 2,814,343 2,127,337 - - 1,928,910 2028 52,700,196 2,810,404 2,810,404 2,018,970 - - 1,798,348 2029 55,127,191 2,877,992 2,877,992 1,964,954 - - 1,719,351 2030 57,622,855 2,846,614 2,846,614 1,847,111 - - 1,587,718 2031 60,191,453 2,930,670 2,930,670 1,807,312 - - 1,526,096 2032 62,834,529 2,984,292 2,984,292 1,397,902 - - 1,450,862 2033 66,973,613 3,120,218 3,120,218 1,359,729 - - 1,416,249 2034 71,360,394 3,238,876 3,238,876 1,313,087 - - 1,372,521 2035 76,011,727 3,227,614 3,227,614 1,217,342 - - 1,276,957 2036 80,948,039 3,134,582 3,134,582 1,099,873 - - 1,157,829 2037 86,184,463 3,245,969 3,245,969 1,059,594 - - 1,119,384 2038 91,744,497 3,356,644 3,356,644 1,019,371 - - 1,080,712 2039 97,652,474 3,495,301 3,495,301 - 987,514 - 1,050,653 2040 103,934,960 3,644,399 3,644,399 - 957,892 - 1,022,7532041 110,618,648 3,661,183 3,661,183 - 895,250 - 959,2592042 117,731,483 3,771,780 3,771,780 - 858,027 - 922,6372043 125,301,705 3,942,207 3,942,207 - 834,307 - 900,3142044 133,364,361 3,923,011 3,923,011 - 772,393 - 836,458 ⇣⇣ ⇣ ⇣ ⇣ ⇣ ⇣ ⇣
Depletion Date Projection
Current Participants Only
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
$20.0 M$40.0 M$60.0 M$80.0 M
$100.0 M$120.0 M$140.0 M$160.0 M
Depletion Date Projection
Funded Portion of Benefit Payments Projected Beginning Fiduciary Net Position Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 24 5.1.a Packet Pg. 32
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Measurement Date (June 30): 2021
Report Date (June 30): 2022
Retiree Benefit Payments $ 27,055,650
Implicit Subsidy 7,827,273
Total OPEB Liability $ 34,882,923
Discount Rate 7.11%
Schedule of Implicit Subsidy Liability (Not a Required Schedule) Actuarial standard of practice (ASOP) number 6, "Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions", requires the inclusion of the implicit subsidy in OPEB valuations.The implicit subsidy arises when an employer allows a retiree and the retiree's dependents to continue on the plans for active employees, and pay the active-employee premiums. Retirees are not paying the true cost of their benefits because they have higher costs than active employees, and therefore are partially subsidized by the active employees. Once a retiree reaches Medicare eligibility, the rates are set for Medicare retirees separately, and are set to be sufficient to cover the true costs of the Medicare retirees. Thus, there is no implicit subsidy for Medicare retirees. $27.1 M
$7.8 M
$34.9 M
2022
Retiree Benefit Payments and Implicit Subsidy
Retiree Benefit Payments Implicit Subsidy
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Schedule of Deferred Outflows and Inflows of Resources
2021 2022 2023 2024 2025 20262022 2023 2024 2025 2026 2027 2016–2017 - - 8.6 4.6 - - - - - - -
2017–2018 - - 8.6 5.6 - - - - - - -2018–2019 46,468 185,869 8.0 6.0 23,234 23,234 23,234 23,234 23,234 23,231 - 2019–2020 - - 8.0 7.0 - - - - - - -
2020–2021 - 2,049,882 6.9 6.9 295,373 295,373 295,373 295,373 295,373 295,373 277,6442016–2017 - - 8.6 4.6 - - - - - - -2017–2018 - - 8.6 5.6 - - - - - - -2018–2019 187,870 751,478 8.0 6.0 93,935 93,935 93,935 93,935 93,935 93,933 - 2019–2020 - - 8.0 7.0 - - - - - - -
2020–2021 (2,475,853) - 6.9 6.9 (356,752) (356,752) (356,752) (356,752) (356,752) (356,752) (335,341) 2016–2017 (184,027) (147,220) 5.0 1.0 (36,807)
2017–2018 72,376 43,425 5.0 2.0 14,475 14,476
2018–2019 (206,190) (82,476) 5.0 3.0 (41,238) (41,238) (41,238)2019–2020 283,133 56,627 5.0 4.0 56,627 56,627 56,627 56,625 2020–2021 (4,317,021) - 5.0 5.0 (863,405) (863,405) (863,405) (863,405) (863,401) Summary of Deferred Outflows and Inflows of Resources
Measurement Period: July 1, 2020 – June 30, 2021
Fiscal Reporting Period: July 1, 2021 – June 30, 2022
Measurement Years Ending June 30: 2021 2022 2023 2024 2025 2026 Report Years Ending June 30: 2022 2023 2024 2025 2026 2027 Differences Between Expected and Actual Experience $ 318,607 $ 318,607 $ 318,607 $ 318,607 $ 318,607 $ 318,604 $ 277,644 Changes of Assumptions (262,817) (262,817) (262,817) (262,817) (262,817) (262,819) (335,341) Differences Between Projected and Actual Earnings (870,348) (833,540) (848,016) (806,780) (863,401) - - Total $ (814,558) $ (777,750) $ (792,226) $ (750,990) $ (807,611) $ 55,785 $ (57,697) RemainingRemaining
Schedule of Deferred Outflows and Inflows of Resources
Increase/(Decrease) in Expense: Measurement / Report Years Ending June 30:

Measurement Period Base Amount
Recognition
Period
Remaining
Period
Changes of AssumptionsDifferences Between Projected and Actual EarningsDifferences Between Expected and Actual Experience Amount
Previously
Recognized
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
GASB 75 requires a disclosure of the changes in the Net OPEB Liability for the last ten fiscal years, or for as many years as are available.

Measurement Date (June 30): 2017 2018 2019 2020 2021
Report Date (June 30): 2018 2019 2020 2021 2022
Total OPEB Liability
Service Cost $ 1,261,339 1,184,356 $ 1,430,642 $ 979,601 $ 1,006,540 $ Interest 1,855,327 1,731,659 1,983,605 2,133,805 2,217,350 Changes of Benefit Terms - - - - -
Differences Between Expected and
Actual Experience - - 185,869 - 2,049,882
Changes of Assumptions - - 751,478 - (2,475,853)
Benefit Payments (1,112,432) (1,051,859) (1,206,837) (1,206,708) (1,508,627) Implicit Rate Subsidy Credit - - - (460,335) (534,423)
Net Change in Total OPEB Liability 2,004,234 1,864,156 3,144,757 1,446,363 754,869 Total OPEB Liability — Beginning 27,838,370 25,974,214 29,842,604 32,681,691 34,128,054 Total OPEB Liability — Ending (a) $ 29,842,604 27,838,370 $ 32,987,361 $ 34,128,054 $ 34,882,923 $ Plan Fiduciary Net Position
Net Investment Income $ 1,734,983 1,851,190 $ 2,047,647 $ 1,685,464 $ 6,444,525 $ Employer — City's Contribution 538,318 2,533,034 1,206,837 1,206,708 1,808,627 Employer — Implicit Subsidy - - - 460,335 534,423
Benefit Payments (1,112,432) (1,051,859) (1,206,837) (1,206,708) (1,508,627) Implicit Subsidy Credit - - - (460,335) (534,423)
Administrative Expense (14,425) (12,850) (14,388) (15,625) (17,757) Other Miscellaneous
Income/(Expense) - - - - -
Net Change in Plan Fiduciary Net
Position 1,146,444 3,319,515 2,033,259 1,669,839 6,726,768 Plan Fiduciary Net Position —
Beginning 28,245,592 24,926,077 29,086,366 31,119,625 32,789,464 Plan Fiduciary Net Position — Ending
(b) $ 29,392,036 28,245,592 $ 31,119,625 $ 32,789,464 $ 39,516,232 $ Net OPEB Liability
City's Net OPEB Liability — Ending =
(a) ‒ (b) $ (407,222) $ 450,568 $ 1,867,736 $ 1,338,590 $ (4,633,309) Plan Fiduciary Net Position as a
Percentage of the Total OPEB
Liability 101.5% 98.5% 94.3% 96.1% 113.3%
Covered-Employee Payroll $ 29,187,767 $ 30,618,811 $ 33,203,415 $ 32,969,072 $ 31,416,882 City's Net OPEB Liability as a
Percentage of Covered-Employee
Payroll -1.4% 1.5% 5.6% 4.1% -14.7%
Notes to schedule: the City adopted GASB 75 for the fiscal year ending June 30, 2018.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report $27.8 M
$29.8 M
$33.0 M
$34.1 M $34.9 M
$28.2 M
$29.4 M
$31.1 M
$32.8 M
$39.5 M
-1.4%

1.5%

5.6% 4.1%
-14.7%
101.5%

98.5%

94.3% 96.1%
113.3%
-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%
$5.0 M
$10.0 M$15.0 M$20.0 M$25.0 M$30.0 M$35.0 M$40.0 M$45.0 M 2018 2019 2020 2021 2022
Schedule of Changes in the Net OPEB Liability and Related Ratios Total OPEB Liability Fiduciary Net Position Net OPEB Liability as a % of Covered-Employee Payroll Funded Ratio Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 28 5.1.a Packet Pg. 36
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Measurement Date (June 30): 2017 2018 2019 2020 2021
Report Date (June 30): 2018 2019 2020 2021 2022
Annual Money-Weighted Rate of Return, Net of
Investment Expense 7.21% 6.24% 7.04% 5.42% 19.57%
Schedule of Investment Returns
A schedule of investment returns for the last ten fiscal years, or for as many years as are available if less than ten years are available, follows.The annual money-weighted rate of return, net of investment expenses, is the net investment income for the year divided by the average net position for the year (less investment expenses).

7.21% 6.24% 7.04% 5.42%

19.57%

0.00%5.00%

10.00%15.00%20.00%25.00%
2018 2019 2020 2021 2022
Investment Returns
Investment Return
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Measurement Period: 2016–2017 2017–2018 2018–2019 2019–2020 2020–2021 Reporting Period: 2017–2018 2018–2019 2019–2020 2020–2021 2021–2022 Report Date (June 30): 2018 2019 2020 2021 2022
Actuarially Determined
Contribution (ADC) $ 1,343,326 1,184,356 $ 1,612,619 $ 1,400,270 $ 1,377,887 $ Less: Contributions Made in
Relation to the ADC − 538,318 2,533,034 1,206,837 1,667,043 2,343,050 Contribution Deficiency
(Excess) 805,008 (1,348,678) 405,782 (266,773) (965,163) Covered-Employee Payroll $ 30,618,811 29,187,767 $ 33,203,415 $ 32,969,072 $ 31,416,882 $ Contributions as a Percentage
of Covered-Employee Payroll 8.68% 1.76% 3.63% 5.06% 7.46% Notes to Schedule:

Assumptions and Methods
Actuarial Cost Method: Entry-age normal, level percent of pay Amortization Method: Closed period, level percent of pay Amortization Period: 6.9 years
Inflation:

Assumed Payroll Growth:

Healthcare Trend Rates: 7.00%, trending down to 4.04%
Rate of Return on Assets:

Mortality Rate: CalPERS Rates. See appendix.

Retirement Rates: CalPERS Rates. See appendix.

2.750%5.22%
Schedule of Contributions
GASB 75 requires a schedule of contributions for the last ten fiscal years, or for as many years as are available if less than ten years are available.

5.50%

8.68%

1.76%

3.63%

5.06%

7.46%
$0.5 M$1.0 M$1.5 M$2.0 M$2.5 M$3.0 M
2018 2019 2020 2021 2022
ADC, Contributions, and Percentage of Payroll
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Accounting Information
Summary of Significant Accounting Policies
Other Postemployment Benefits Other Than Pensions (OPEB) Note X — Other Post-Employment Benefits (OPEB)
Category Count
Inactive employees, spouses, or beneficiaries currently receiving benefit payments: 192 Inactive employees entitled to but not yet receiving benefit payments: 0 Active employees: 272
Total 464
Draft Notes to the Financial Statements
Employees Covered by Benefit Terms
At June 30, 2021 (the census date), the benefit terms covered the following employees:

A draft of the required notes to the City's financial statements, based on the requirements of GASB 75 and our understanding of the City's retiree health plan, follows.

Notes to the Financial Statements
for the Year Ended June 30, 2022
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB and the OPEB expense information about the fiduciary net position of the City's Retiree Health Benefits Plan (the Plan) and additions to/deductions from the Plan's fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the Plan recognizes benefit payments when due and payable in accordance with the benefit terms.

Plan Description
The City administers a single-employer defined-benefit post-employment healthcare plan (the Plan).

Dependents are eligible to enroll, and benefits continue to surviving spouses.

Benefits Provided
Eligibility for retiree health benefits requires retirement from the City on or after age 50 (age 52 for PEPRA New hires) with at least five years of CalPERS service. Furthermore, benefits offered are based on the class of the employee (Miscellaneous & Safety) and employee's date of hire. For further details about the benefits provided in the Plan, please the the Substantive Plan of this report. The City maintains the authority under which benefit terms are established or may be amended.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Contributions
Contribution rate: -0.72% for 999 years,

3.48% thereafter.

Reporting period contributions: $2,343,050 (Includes implicit subsidy credit.) Financial Report
Net OPEB Liability
Actuarial Assumptions
Measurement Date: June 30, 2020 June 30, 2021
Discount Rate 6.50% 7.11%
Investment Rate of Return 6.50% 5.22%
Inflation 2.50% 5.50%
Healthcare Cost Trend Rates
Pre-Medicare 6.00% 7.00% *
Medicare 6.00% 6.00% *
Salary Increases 2.75% 2.75% **
Mortality Rates
Discount Rate
*Trending down to 4.04% over 56 years. Applies to calendar years. **Additional merit-based increases based on CalPERS merit salary increase tables.

The City issues a stand-alone financial report that is available to the public. The report is available at:
• Inactive employees (retirees) pay the cost of benefits in excess of the City's contribution. • There were no ad hoc postemployment benefit changes (including ad hoc COLAs) to the plan.

GASB 75 allows the use of a discount rate that is up to the expected long-term rate of return on the assets in the Trust set aside to pay benefits, if the plan sponsor makes regular contributions to the Trust such that the assets are not depleted at any point in the future. If the Plans' actuary determines that contributions are not sufficient to keep the Trust funded, a blend of the long-term rate of return and the yield or index rate for 20- year, tax-exempt municipal bonds will be used for the periods when the Trust funds are not sufficient to cover benefit payments. Based on this requirement, and with the approval of the plan sponsor, the discount rate used to measure the total OPEB liability is 7.11%.
• There were no changes between the measurement date and the report date that are expected to have a significant effect on the net OPEB liability.
https://www.sanramon.ca.gov/our_city/annual_report
Draft Notes to the Financial Statements
The City makes contributions based on an actuarially determined rate.

The City's total OPEB liability was valued as of June 30, 2021, and was used to calculate the net OPEB liability measured as of June 30, 2021.

The total OPEB liability in the June 30, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified:
• Experience studies come from the CalPERS Pension Assumption Model, revised May 14, 2018. • Projections of the sharing of benefit-related costs are based on an established pattern of practice.

Based on CalPERS tables.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Long-Term Expected Real Rate of Return
Asset Class
Target
Allocation
Compound
Expected
Return Volatility
Arithmetic
Expected
Return
Global Equity 40% 6.80% 17.00% 8.14%
Fixed Income 43% 3.10% 7.83% 3.40%
TIPS 5% 2.25% 5.46% 2.40%
Commodities 4% 3.50% 21.50% 5.71%
REITs 8% 5.50% 17.28% 6.90%
Total/Average 100%
Expected Compound Return (1-10 Years) 5.22%
Expected Compound Return (11-60 Years) 7.49%
Expected Volatility 9.24%
Uses an expected long-term inflation rate of 2.00%
Current Liability Amount
Current OPEB Liability $ 2,171,140
Non-Current OPEB Liability 32,711,783
Total OPEB Liability $ 34,882,923
Expected Average Remaining Service Lives (EARSL)
EARSL: 6.9 years
The long-term expected rate of return is determined using the long-term rates of return developed by the CalPERS Investment Office in their report dated May 14, 2018.

Draft Notes to the Financial Statements
The effects on the total pension liability of (1) changes of economic and demographic assumptions or of other inputs and (2) differences between expected and actual experience are required to be included in pension expense in a systematic and rational manner over a closed period equal to the average of the expected remaining service lives of all employees that are provided with benefits through the pension plan (active employees and inactive employees), beginning in the current period. The expected average remaining service lives (EARSL) for the current period follows. Note, however, that for calculation purposes, we use 1.0 when calculating amortizations if the EARSL is less than 1 year.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Changes in the Net OPEB Liability
Total OPEB
Liability
Plan Fiduciary
Net Position
Net OPEB
Liability
(a) (b) (c) = (a) − (b)
Balance as of Report Date June 30, 2021 $ 34,128,054 $ 32,789,464 $ 1,338,590 Changes for the Year:

Service Cost 1,006,540 1,006,540
Interest 2,217,350 2,217,350
Changes of Benefit Terms - -
Differences Between Expected and Actual
Experience
2,049,882 2,049,882
Changes of Assumptions (2,475,853) (2,475,853)
Contributions
Employer — City's Contribution 1,808,627 (1,808,627)
Employer — Implicit Subsidy 534,423 (534,423)
Net Investment Income 6,444,525 (6,444,525)
Benefit Payments (1,508,627) (1,508,627) -
Implicit Subsidy Credit (534,423) (534,423) -
Administrative Expenses (17,757) 17,757
Other Miscellaneous Income/(Expense) - - -
Net Changes 6,726,768 754,869 (5,971,899)
Balance as of Report Date June 30, 2022 $ 39,516,232 34,882,923 $ (4,633,309) $ Increase/(Decrease)
Draft Notes to the Financial Statements
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Sensitivity of Liabilities to Changes in the Discount Rate and Healthcare Cost Trend Rate 1% Decrease Discount Rate 1% Increase

6.11% 7.11% 8.11%
Total OPEB Liability (Asset) $ 34,882,923 38,889,802 $ 31,536,133 $ Increase (Decrease) 4,006,879 (3,346,790)
% Change 11.5% -9.6%
Net OPEB Liability (Asset) (626,430) $ (4,633,309) $ (7,980,099) $ Increase (Decrease) 4,006,879 (3,346,790)
% Change -86.5% 72.2%
1% Decrease Trend Rate 1% Increase

6.00% 7.00% 8.00%
Total OPEB Liability (Asset) $ 31,234,136 $ 34,882,923 $ 39,290,382 Increase (Decrease) (3,648,787) 4,407,459
% Change -10.5% 12.6%
Net OPEB Liability (Asset) $ (8,282,096) $ (4,633,309) $ (225,850) Increase (Decrease) (3,648,787) 4,407,459
% Change 78.8% -95.1%
Draft Notes to the Financial Statements
Sensitivity of the total and net OPEB liability to changes in the discount rate. The total and net OPEB liability of the City, as well as what the City's total and net OPEB liability would be if they were calculated using a discount rate that is one percentage point lower (6.11%) or one percentage point higher (8.11%) follows:

Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates.The healthcare trend for this valuation started at 7.00% and decreased to 4.04% over 56 years. The total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are one percentage point lower (6.00%) or one percentage point higher (8.00%) than current healthcare cost trend rates follows:

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Accounting Information
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences Between Actual and Expected Experience $ 1,870,676 $ - Changes of Assumptions 469,673 (2,119,101)
Net Difference Between Projected and Actual Earnings on OPEB Plan Investments
- (3,351,737)
Contributions Subsequent to the Measurement Date - 2,241,626 Total 4,581,975 $ (5,470,838) $
Report Year Ending June 30: Amount
2023 $ (777,750)
2024 (792,226)
2025 (750,990)
2026 (807,611)
2027 55,785
Remaining (57,697)
OPEB Expense and Deferred Inflows and Outflows of Resources Related to OPEB Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:

For the report year ended June 30, 2022, the City recognized an OPEB expense of $299,585. The City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Draft Notes to the Financial Statements
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Duration of Coverage
Dependent Coverage
Medical Plan Choices
Medical, Dental, and Vision
Benefits & Eligibility
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Years of Service City Contribution (% of Premiums)
0-3 0%
4-7 50%
8-11 75%
12+ 100%
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Years of Service City Contribution (% of Premiums)
0-3 0%
4-7 50%
8-11 75%
12+ 100%
Age 50 with at least 5 years of CalPERS service and 4 years of City service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

Benefit Amounts
Percentage of premium paid by City is determined based on date of hire and employee class (i.e. Miscellaneous or Safety).

Miscellaneous Employees (Non-Safety) hired on or before July 1, 2006 Age 50 with at least 5 years of CalPERS service and 4 years of City service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

Benefit Amounts
Safety Employees hired on or before July 1, 2007
Same as actives.

Substantive Plan
A summary of the substantive plan used as the basis of the valuation follows.

All Retirees
Retiree’s lifetime.

Coverage beyond PEMHCA Minimum Benefit ends upon retiree’s death.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Benefit Amounts
Years of Service City Contribution (% of Premiums)
5 25%
6 30%
7 35%
8 40%
⋮ ⋮
18 90%
19 95%
20 100%
Eligibility for Retiree
Medical, Dental, & Vision
Benefits
Eligibility for PEMHCA-Only
Benefits
Benefit Amounts
Years of Service City Contribution (% of Premiums)
5 25%
6 30%
7 35%
8 40%
⋮ ⋮
18 90%
19 95%
20 100%
Safety Employees hired after July 1, 2007 and before July 1, 2014 Age 50 with at least 5 years of CalPERS service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

City Contributions toward premiums begin at 25% for 5 years of service and increase by 5% per year of service.

Substantive Plan
Miscellaneous Employees (Non-Safety) hired after July 1, 2006 and before July 1, 2014 Age 50 with at least 5 years of CalPERS service.

PEMHCA-Only benefits are only offered to surviving spouses. Retiree benefits receive benefits greater than the PEMHCA Minimum Benefit.

City Contributions toward premiums begin at 25% for 5 years of service and increase by 5% per year of service.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Census Date:

Age and service determined as of the census date.
< 1 1–4 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40+
< 25 43 7
25–29 94 13
30–34 5 14 12 4 35
35–39 7 15 7 6 5 40
40–44 2 9 13 8 5 1 38
45–49 6 6 6 13 6 5 1 43
50–54 1 2 3 16 6 4 2 34
55–59 13 4 8 9 6 2 33
60–64 23 4 5 2 4 1 21
65–69 1 31 5
70+ 12 3
Total 24 65 57 61 38 21 3 3 272
Average Active Participant Age: 45.4
Average Years of Service: 10.0
Age Retiree Spouse Total
< 50 2 2
50–54 13 17 30
55–59 34 16 50
60–64 24 19 43
65–69 20 13 33
70–74 14 5 19
75–79 63 9
80–84 42 6
85-89
90+
Total 115 77 192
Average Inactive Participant Age: 62.6
Participant Summary
Age
Years of Service
Total
Active Participants
June 30, 2021
Inactive Participants
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Census Date: June 30, 2021
Age and service determined as of the census date.

Participant Summary Charts
Average Active
Participant Age: 45.4
Average Years of
Service: 10.0
Average Inactive
Participant Age: 62.6
10 20
30 40
50 60
70 < 25 25–29 30–34 35–39 40–44 45–49 50–54 55–59 60–64 65–69 70+ Actives by Age Bracket
10 20
30 40
50 60
70 < 1 1–4 5–9 10–14 15–19 20–24 25–29 30–34 35–39 40+
Actives by Years of Service
Prior Current
10 20
30 40
50 60
70 < 50 50–54 55–59 60–64 65–69 70–74 75–79 80–84 85-89 90+ Inactives by Age Bracket
Current Retiree Current Spouse
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Assumption Rates
Actuarial Cost Method Entry-Age Normal, Level Percentage of Salary Valuation Date
Measurement Date
Report Date
Discount Rate
Mortality
Termination Rates
Disability
Retirement
Annual Per Capita Claims
Cost
Age Males Females
50 13,082$ 13,562$
55 14,798 14,270
60-64 17,926 15,979
Average Per Capita Cost for
Implicit Subsidy Calculation
Developed based on premiums for the City's enrollment by plan, family demographics from CalPERS plans, and risk scores (both HMO and PPO) for the CalPERS population.

A summary of the actuarial assumptions used for this valuation follows. We considered the reasonableness of each assumption independently based on its own merits, consistent with each other assumption, and the combined impact of all assumptions.

Same as CalPERS. See appendix.

Developed using CalPERS experience to calculate age-related risk scores, but using the City's actual premiums for all other purposes. Assumed annual per capita claims costs follow:

Same as CalPERS. See appendix. Also known as "turnover".

Same as CalPERS. See appendix.

Actuarial Assumptions
June 30, 2021
June 30, 2021
June 30, 2022
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Assumption
Aging or Morbidity Factors
Participant Contributions
Salary Increases
Inflation Rate
Marital Status
Spouse Gender
Spouse Age Difference
Participation
Condition Participation
Eligible for Supplemental Benefits 100%
Eligible for PEMHCA Minimum Only 80%
PEMHCA Minimum Benefit
PEMHCA Administration Fee
Medicare Maximum Benefit
Current Retirees: Assume current elections continue until decrement.

Future Retiree election assumptions summarized below:

Actuarial Assumptions
Assumed to be $1,752/year ($143 in 2021 & $149 in 2022).

0.25%
Assumed to be $5,483.82/year ($452.46 in 2021 & $461.51 in 2022) Rates
Based on actual CalPERS HMO and PPO population data.

Based on service at retirement and employee group.

2.750% The salary increase is used to determine the growth in the aggregate payroll.

Individual Salary Increases: 2018 CalPERS Merit Salary Increases.

5.50%
Current Retirees: Actual spouse coverage is used.

Future retirees: 65% assumed to be married.

Assumes spouse of opposite gender for current and future retirees.

Actual spouse age is used for current retirees. Assumes males are three years older than females for future retirees.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Basis of Valuation
Assumption Rates
Premiums used to develop aged claims
Grouping EE Only Two-Party
$ 1,699.30 849.65 $
693.96 346.98
Trend Rates
Calendar Year
Pre-Medicare
Trend
Medicare
Trend PEMHCA Trend
2021 7.00% 6.00% 3.00%
2022 6.50% 5.50% 3.00%
2023 6.00% 5.20% 3.00%
2024 5.50% 5.20% 3.00%
2025 5.45% 5.20% 3.00%
2026 5.39% 5.19% 3.00%
2027 5.34% 5.19% 3.00%
2028 5.29% 5.19% 3.00%
2029–2076 … … …
2077+ 4.04% 4.04% 3.00%
Actuarial Assumptions
Premiums
Medical long-term trends from Society of Actuaries "Long Term Healthcare Cost Trends Model v2021_b" using baseline assumptions. Applied to both claims and premiums.

Pre-Medicare
Medicare
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
About GASB 75
This section includes a brief summary of GASB 75, as well as definitions of some of the key terminology used in this report.

About GASB 75
In General. In June 2015 the Governmental Accounting Standards Board released GASB 75, “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions”. GASB 75 replaced GASB 45 for fiscal years beginning after June 15, 2017, for employers that sponsor OPEB plans. The provisions in GASB 75 are similar to the provisions of GASB 68 for pensions.

Accounting. GASB 75 requires a liability known as the Net OPEB Liability (NOL). The employer recognizes the NOL on its balance sheet. The employer also recognizes an OPEB expense in the income statement. GASB 45 recorded the Unfunded Accrued Actuarial Liability (UAAL) in the notes to the financial statement, whereas GASB 75 records the NOL, which is very similar to the UAAL with just a few technical differences, on the balance sheet.

Financial Statement Impact (Employers). One of the biggest changes to the financial statements of governmental employers that provide OPEB is the reporting of the OPEB liability on the face of the statements rather than in the footnotes. Governments that do not provide OPEB through a trust are required to recognize the entire OPEB liability in the financial statements. For governments that provide OPEB through an OPEB plan that is administered through a trust, the government’s OPEB liability is recognized net of the amount of the OPEB plan’s fiduciary net position.

Changes to the Measurement of the Total OPEB Liability. Measurement of the OPEB liability includes discounting future benefit payments for current and former employees and their beneficiaries to their present value and allocating the present value over past and future periods of the employee service (total OPEB liability), less the amount of the OPEB plan’s fiduciary net position. The calculation continues to include employee-related events, such as projected salary increases and projected years of service, if they affect the amount of OPEB payments employees will receive, as well as provisions for automatic cost-of-living adjustments (COLAs) and other automatic benefits. Additionally, ad hoc COLAs and other ad hoc benefit changes, which are made at the discretion of the government, are included in projections as well, if they routinely recur.

GASB 75 requires governments to discount projected OPEB payments to their present value. Under the new standard, governments discount the projected OPEB payments to be made in each year and the amount of plan assets (if a government administers the OPEB through a trust) available for providing those benefits to current active and inactive employees and their beneficiaries. Similar to the pension standards, the discount rate used is based on whether the plan assets are projected to be sufficient to make future payments. If the plan assets are sufficient, governments discount future payments using the long-term expected rate of return. If projected plan assets are insufficient to make all future payments to current and inactive employees and their beneficiaries, or if there are no plan assets held in trust, the discount rate is based on a high-quality 20-year tax-exempt general obligation municipal bond yield or index rate. “High-quality” is defined as being rated AA or higher (or an equivalent rating).

Cost Method. The Entry Age Normal Cost method must be used.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
About GASB 75
About GASB 75 (continued)
Factors that affect a government’s OPEB liability, such as actual earnings on plan investments when the OPEB plan is administered as a trust, employee compensation changes, interest on the outstanding OPEB liability, contributions from employees and employers, and actual demographic and economic changes that are not in line with assumptions made in the actuarial calculations, are considered when determining the government’s OPEB expense. A government’s annual OPEB expense is calculated with consideration for factors affecting the OPEB liability within the reporting period. Several causes of changes in OPEB liability are immediately factored into the calculation of OPEB expense for the period, such as benefits earned each year, interest on the total OPEB liability, changes in benefit terms, and projected earnings on plan investments, if administered through a trust.

Governments are required to recognize deferred outflows of resources or deferred inflows of resources and then introduce into the expense calculation, systematically and rationally over the average remaining years of employment (active employees and inactive employees, including retirees), the effect on the total OPEB liability of differences between assumptions and actual experience.

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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Actuarially Determined
Contribution
A target or recommended contribution to a defined benefit OPEB plan for the reporting period, determined in conformity with Actuarial Standards of Practice based on the most recent measurement available when the contribution for the reporting period was adopted.

Actuarial Present Value
of Projected Benefit
Payments
Projected benefit payments discounted to reflect the expected effects of the time value (present value) of money and the probabilities of payment.

Agent Employer An employer whose employees are provided with OPEB through an agent multipleemployer defined-benefit OPEB plan.

Closed Period A specific number of years that is counted from one date, which declines to zero with the passage of time. For example, if the recognition period initially is five years on a closed basis, four years remain after the first year, three years after the second year, and so forth until no years remain.

Contributions Additions to an OPEB plan's fiduciary net position for amounts from employers, nonemployer contributing entities, or employees.

Dates and Periods
• Census Date The date of the census. It is usually the same as the Valuation Date. • Measurement Date The date on which assets are measured. The liabilities are rolled forward to this date from the Valuation Date, should it differ, using actuarial roll-forward techniques.
• Measurement Period The year ending on the Measurement Date. • Report Date The date on which the amounts are reported in the financial statements. It is the same as the fiscal year-end. It may be up to one year ahead of the Measurement Date, with no roll-forward of liabilities or assets required. • Reporting Period The year ending on the Report Date. It is the same as the fiscal year. • Valuation Date The date on which the liabilities are valued.

Deferred Inflows and
Outflows of Resources
The portion of the changes in the Net OPEB Liability that are not recognized in the current pension expense and are recognized in later periods. The changes deferred include differences between expected and actual experience, changes in assumptions, and differences between expected and actual earnings on OPEB plan investments.

Key Terminology
About GASB 75
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Defined-Benefit OPEB OPEB for which the benefits that the employee will receive at or after separation from employment are defined by the benefit terms. The OPEB may be stated as (a) a specified dollar amount (b) an amount that is calculated based on one or more factors such as age, years of service, and compensation, or (c) a type or level of coverage such as prescription drug coverage or a percentage of health insurance premiums. OPEB that does not have all of the terms of defined contribution OPEB is classified as defined-benefit OPEB.

Discount Rate The single rate of return that reflects the following:
a. The long-term expected rate of return on OPEB plan investments that are expected to be used to finance the payment of benefits, to the extent that (1) the OPEB plan's fiduciary net position is projected to be sufficient to make projected benefit payments, and (2) OPEB plan assets are expected to be invested using a strategy to achieve that return.
b. A yield or index rate for 20-year, tax-exempt general-obligation municipal bonds with an average rating of AA/Aa or higher (or equivalent quality on another scale), to the extent that the conditions in (a) are not met.

Fiduciary Net Position The market value of assets as of the Measurement Date.

Implicit Subsidy The implicit subsidy arises when an employer allows a retiree and the retiree's dependents to continue on the plans for active employees, and pay the activeemployee premiums. Retirees are not paying the true cost of their benefits because they have higher costs than active employees, and therefore are partially subsidized by the active employees. Once a retiree reaches Medicare eligibility, the rates are set for Medicare retirees separately, and are set to be sufficient to cover the true costs of the Medicare retirees. Thus, there is no implicit subsidy for Medicare retirees.

Net OPEB Liability The Total OPEB Liability minus the Fiduciary Net Position.

Normal Cost See Service Cost.

Other Postemployment
Benefits (OPEB)
Benefits (such as death benefits, life insurance, disability, and long-term care) that are paid in the period after employment and that are provided separately from a pension plan, as well as healthcare benefits paid in the period after employment, regardless of the manner in which they are provided. OPEB does not include termination benefits or termination payment for sick leave.

Projected Benefit
Payments
All benefits estimated to be payable through OPEB plan to current active and inactive employees as a result of their past service and their expected future service.

Key Terminology (continued)
About GASB 75
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Service Cost The portions of the actuarial present value of projected benefit payments that are attributed to valuation years. Also called Normal Cost.

Substantive Plan The plan terms as understood by the employer and the plan members at the time of the valuation, including only changes to plan terms that have been made and communicated to employees.

Total OPEB Liability The liability of employers and non-employer contributing entities to employees for benefits provided through a defined-benefit OPEB plan that is administered through a trust that meets the criteria in paragraph 4 of GASB 75.

About GASB 75
Key Terminology (continued)
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Mortality Source Table
Miscellaneous Employees Mort and Disb Rates_PA Misc
Safety Employees Mort and Disb Rates_PA Police
Disability Rates
Miscellaneous Employees Mort and Disb Rates_PA Misc
Safety Employees Mort and Disb Rates_PA Police
Terminated Refund Rates
Miscellaneous Employees Terminated Refund Rates_Misc
Safety Employees Terminated Refund Rates_Police
Terminated Vested Rates
Miscellaneous Employees Terminated Vested Rates_PA Misc Safety Employees Terminated Vested Rates_Police
Salary Scale Rates
Miscellaneous Employees Salary Scale Rates_PA Misc
Safety Employees Salary Scale Rates_PA Police
Service Retirement Rates
Miscellaneous Employees
• 2.0% at 60 Rx PA Misc 2% @ 60
• 2.0% at 62 Rx PA Misc 2% @ 62
• 2.7% at 55 Rx PA Misc 2.7% @ 55
Safety Employees
• 2.7% at 57 Rx PA Safety Police 2.7% @ 57
• 3.0% at 50 Rx Safety Police 3% @ 50
• 3.0% at 55 Rx Safety Police 3% @ 55
The valuation used the following decrement tables from the CalPERS OPEB Assumption Model, revised May 14, 2018:

Decrement Tables
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Public Agency Miscellaneous
Attained
Age
Non
Industrial
Death
Industrial
Death
Non
Industrial
Death
Industrial
Death
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Healthy
Recipients
Non
Industrially
Disabled
Industrially
Disabled
Non
Industrial
Disability
Industrial
Disability
Non
Industrial
Disability
Industrial
Disability
1 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.000005 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.00000 10 0.00000 0.00000 0.00000 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00000 0.00000 0.00000 0.0000015 0.00016 0.00000 0.00003 0.00000 0.00016 0.00016 0.00003 0.00003 0.00003 0.00003 0.00017 0.00000 0.00010 0.0000020 0.00022 0.00000 0.00007 0.00000 0.00022 0.00022 0.00004 0.00007 0.00007 0.00004 0.00017 0.00000 0.00010 0.0000025 0.00029 0.00000 0.00011 0.00000 0.00029 0.00029 0.00006 0.00011 0.00011 0.00006 0.00017 0.00000 0.00010 0.0000030 0.00038 0.00000 0.00016 0.00000 0.00038 0.00038 0.00007 0.00016 0.00016 0.00007 0.00019 0.00000 0.00024 0.0000035 0.00049 0.00000 0.00027 0.00000 0.00049 0.00049 0.00009 0.00027 0.00027 0.00009 0.00039 0.00000 0.00071 0.0000040 0.00064 0.00000 0.00037 0.00000 0.00064 0.00064 0.00010 0.00037 0.00037 0.00010 0.00102 0.00000 0.00135 0.0000045 0.00080 0.00000 0.00054 0.00000 0.00080 0.00080 0.00012 0.00054 0.00054 0.00012 0.00151 0.00000 0.00188 0.0000050 0.00116 0.00000 0.00079 0.00000 0.00372 0.01183 0.00372 0.00346 0.01083 0.00346 0.00158 0.00000 0.00199 0.0000055 0.00172 0.00000 0.00120 0.00000 0.00437 0.01613 0.00437 0.00410 0.01178 0.00410 0.00158 0.00000 0.00149 0.0000060 0.00255 0.00000 0.00166 0.00000 0.00671 0.02166 0.00671 0.00476 0.01404 0.00476 0.00153 0.00000 0.00105 0.0000065 0.00363 0.00000 0.00233 0.00000 0.00928 0.02733 0.01113 0.00637 0.01757 0.00765 0.00128 0.00000 0.00088 0.0000070 0.00623 0.00000 0.00388 0.00000 0.01339 0.03358 0.01607 0.00926 0.02184 0.01112 0.00102 0.00000 0.00084 0.0000075 0.01057 0.00000 0.00623 0.00000 0.02316 0.04277 0.02779 0.01635 0.02969 0.01962 0.00102 0.00000 0.00088 0.0000080 0.01659 0.00000 0.00939 0.00000 0.03977 0.06272 0.04773 0.03007 0.04641 0.03609 0.00102 0.00000 0.00088 0.0000085 0.00000 0.00000 0.00000 0.00000 0.07122 0.09793 0.08547 0.05418 0.07847 0.06501 0.00000 0.00000 0.00000 0.0000090 0.00000 0.00000 0.00000 0.00000 0.13044 0.14616 0.14348 0.10089 0.13220 0.11098 0.00000 0.00000 0.00000 0.0000095 0.00000 0.00000 0.00000 0.00000 0.21658 0.21658 0.21658 0.17698 0.21015 0.17698 0.00000 0.00000 0.00000 0.00000 100 0.00000 0.00000 0.00000 0.00000 0.32222 0.32222 0.32222 0.28151 0.32226 0.28151 0.00000 0.00000 0.00000 0.00000105 0.00000 0.00000 0.00000 0.00000 0.46691 0.46691 0.46691 0.43491 0.43491 0.43491 0.00000 0.00000 0.00000 0.00000110 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000115 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000120 0.00000 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 0.00000 0.00000 0.00000 0.00000 Notes:
1) Pre-Retirement and Post-Retirement mortality rates include 20 years of projected on-going mortality improvement using Scale BB published by the Society of Actuaries.2) Miscellaneous Plans usually have Industrial Death rates set to zero unless the agency has specifically contracted for Industrial Death benefits. If so, each Non-Industrial Death rate shown above will be split into two components: 99% will become the Non-Industrial Death rate and 1% will become the Industrial Death rate.3) The Miscellaneous Non-Industrial Disability rates are used for Local Prosecutors.4) Normally, Industrial Disability rates are zero for miscellaneous plans unless the agency has specifically contracted for Industrial Disability benefits. If so, each miscellaneous nonindustrial disability rate will be split into two components: 50% will become the Non-Industrial Disability rate and 50% will become the Industrial Disability rate.

Sample Mortality and Disability Rates
Pre-Retirement Mortality Post-Retirement Mortality Disability Male Assumptions Female Assumptions Male Assumptions Female Assumptions Male Assumptions Female Assumptions Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 51 5.1.a Packet Pg. 59
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Appendix
Sample Terminated Refund Rates
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 59
0 0.18120 0.17420 0.16740 0.16060 0.15370 0.14680 0.14000 0.13320 0.12620 0.120805 0.02320 0.02120 0.01930 0.01740 0.01550 0.01360 0.01160 0.00970 0.00780 0.00620 10 0.01550 0.01380 0.01210 0.01040 0.00880 0.00710 0.00550 0.00380 0.00210 0.0008015 0.00700 0.00600 0.00510 0.00420 0.00320 0.00230 0.00140 0.00040 0.00020 0.0002020 0.00450 0.00370 0.00290 0.00210 0.00130 0.00050 0.00010 0.00010 0.00010 0.0001025 0.00240 0.00170 0.00110 0.00050 0.00010 0.00010 0.00010 0.00010 0.00010 0.0001030 0.00110 0.00050 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.0000035 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.0000040 0.00010 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.0000045 0.00010 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00010 0.00010 0.00010 0.00010 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 Sample Terminated Vested Rates
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 59
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.000005 0.07140 0.06560 0.05970 0.05370 0.04770 0.04180 0.00000 0.00000 0.00000 0.00000 10 0.05940 0.05300 0.04660 0.04030 0.03390 0.00000 0.00000 0.00000 0.00000 0.0000015 0.05110 0.04430 0.03730 0.03050 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000020 0.04050 0.03330 0.02610 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000025 0.02880 0.02120 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000030 0.01500 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000035 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000040 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000045 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 When a member is eligible to retire, the termination with vested benefits probability is set to zero Sample Termination Rates
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Appendix
Sample Terminated Refund Rates
Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 59
0 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.10130 0.101305 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 0.00860 10 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.00530 0.0053015 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.00270 0.0027020 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.00170 0.0017025 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.00120 0.0012030 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.0000035 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.0000040 0.00090 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.00000 0.0000045 0.00090 0.00090 0.00090 0.00090 0.00090 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 Sample Terminated Vested Rates
Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 60
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.000005 0.01630 0.01630 0.01630 0.01630 0.01630 0.01630 0.00000 0.00000 0.00000 0.00000 10 0.01260 0.01260 0.01260 0.01260 0.01260 0.00000 0.00000 0.00000 0.00000 0.0000015 0.00820 0.00820 0.00820 0.00820 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000020 0.00650 0.00650 0.00650 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000025 0.00580 0.00580 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000030 0.00560 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000035 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000040 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000045 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.0000050 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 When a member is eligible to retire, the termination with vested benefits probability is set to zero Sample Termination Rates
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Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Appendix
Entry Ages Public Agency Miscellaneous
Service 15 20 25 30 35 40 45 50 55 60 65 70 75 79
0 0.1220 0.1220 0.1220 0.1160 0.1090 0.1020 0.0950 0.0950 0.0950 0.0950 0.0950 0.0950 0.0950 0.09505 0.0640 0.0640 0.0640 0.0600 0.0550 0.0520 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 0.0480 10 0.0460 0.0460 0.0460 0.0430 0.0410 0.0390 0.0370 0.0370 0.0370 0.0370 0.0370 0.0370 0.0370 0.037015 0.0420 0.0420 0.0420 0.0400 0.0380 0.0360 0.0340 0.0340 0.0340 0.0340 0.0340 0.0340 0.0340 0.034020 0.0390 0.0390 0.0390 0.0380 0.0360 0.0340 0.0330 0.0330 0.0330 0.0330 0.0330 0.0330 0.0330 0.033025 0.0370 0.0370 0.0370 0.0360 0.0340 0.0330 0.0310 0.0310 0.0310 0.0310 0.0310 0.0310 0.0310 0.031030 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030035 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030040 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030045 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.030050 0.0350 0.0350 0.0350 0.0340 0.0330 0.0320 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 0.0300 Entry Ages Public Agency Police
Service 15 20 25 30 35 40 45 50 55 60 65 70 75 79
0 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.10274 0.1027 0.1027 0.1027 0.10275 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.02998 0.0300 0.0300 0.0300 0.0300 10 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.01451 0.0145 0.0145 0.0145 0.014515 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.01500 0.0150 0.0150 0.0150 0.015020 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.01549 0.0155 0.0155 0.0155 0.015525 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.01601 0.0160 0.0160 0.0160 0.016030 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016535 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016540 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016545 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.016550 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.01654 0.0165 0.0165 0.0165 0.0165 Sample Salary Scale Rates
Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 54 5.1.a Packet Pg. 62
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report Appendix
Attained Ages Public Agency Miscellaneous 2% @ 60
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.02000 0.01900 0.07000 0.14000 0.14000 1.00000 1.00000 10 0.02000 0.02600 0.07400 0.17800 0.17800 1.00000 1.00000 15 0.02000 0.03300 0.08900 0.21500 0.21500 1.00000 1.00000 20 0.02000 0.09200 0.11300 0.26400 0.26400 1.00000 1.00000 25 0.02000 0.13600 0.13700 0.32100 0.32100 1.00000 1.00000 30 0.15000 0.14600 0.16100 0.37700 0.37700 1.00000 1.00000 35 0.15000 0.15000 0.24600 0.41200 0.41200 1.00000 1.00000 40 0.00000 0.15000 0.29600 0.42000 0.42000 1.00000 1.00000 45 0.00000 0.00000 0.29600 0.42000 0.42000 1.00000 1.00000 50 0.00000 0.00000 0.00000 0.42000 0.42000 1.00000 1.00000 Attained Ages Public Agency Miscellaneous 2% @ 62
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.00000 0.01000 0.03100 0.10800 0.12000 1.00000 1.00000 10 0.00000 0.01900 0.05100 0.14100 0.15600 1.00000 1.00000 15 0.00000 0.02800 0.07100 0.17300 0.19300 1.00000 1.00000 20 0.00000 0.03600 0.09100 0.20600 0.22900 1.00000 1.00000 25 0.00000 0.06100 0.11100 0.23900 0.26500 1.00000 1.00000 30 0.00000 0.09600 0.13800 0.30000 0.33300 1.00000 1.00000 35 0.00000 0.15200 0.18300 0.34800 0.38700 1.00000 1.00000 40 0.00000 0.18000 0.20400 0.36000 0.40000 1.00000 1.00000 45 0.00000 0.00000 0.20400 0.36000 0.40000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Miscellaneous 2.7% @ 55
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.00300 0.03300 0.06000 0.14000 0.15000 1.00000 1.00000 10 0.01000 0.05500 0.08600 0.17400 0.18100 1.00000 1.00000 15 0.01600 0.07800 0.11200 0.20800 0.21200 1.00000 1.00000 20 0.03400 0.11300 0.15000 0.25400 0.24300 1.00000 1.00000 25 0.03300 0.15600 0.18200 0.30600 0.29100 1.00000 1.00000 30 0.04500 0.23400 0.23800 0.38900 0.35000 1.00000 1.00000 35 0.12000 0.36100 0.30200 0.42200 0.39000 1.00000 1.00000 40 0.00000 0.42500 0.33000 0.42200 0.40000 1.00000 1.00000 45 0.00000 0.00000 0.33000 0.42200 0.40000 1.00000 1.00000 50 0.00000 0.00000 0.00000 0.42200 0.40000 1.00000 1.00000 Matrix of Sample Service Retirement Assumption Rates
Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 55

5.1.a
Packet Pg. 63
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21) Appendix
Attained Ages Public Agency Safety Police 2.7% @ 57
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.05000 0.06840 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.05000 0.09120 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.05000 0.13395 0.15000 1.00000 1.00000 1.00000 1.00000 30 0.10000 0.24225 0.22750 1.00000 1.00000 1.00000 1.00000 35 0.11000 0.38760 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.38760 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Police 3.0% @ 50
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.05000 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.10000 0.12000 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.15500 0.17500 0.18500 1.00000 1.00000 1.00000 1.00000 30 0.40000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 35 0.40000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Attained Ages Public Agency Police 3.0% @ 55
Service 50 55 60 65 70 75 79
0 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 5 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 10 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 15 0.03500 0.07000 0.15000 1.00000 1.00000 1.00000 1.00000 20 0.03500 0.12000 0.15000 1.00000 1.00000 1.00000 1.00000 25 0.07000 0.17500 0.18500 1.00000 1.00000 1.00000 1.00000 30 0.09000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 35 0.15400 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 40 0.00000 0.34000 0.35000 1.00000 1.00000 1.00000 1.00000 45 0.00000 0.00000 0.35000 1.00000 1.00000 1.00000 1.00000 50 0.00000 0.00000 0.00000 1.00000 1.00000 1.00000 1.00000 Matrix of Sample Service Retirement Assumption Rates
Precision Actuarial Inc. / GovInvest inc. 12/5/2022 Page | 56

5.1.a
Packet Pg. 64
Attachment: A: San Ramon GASB 75 Valuation Report as of June 30 2021 (3829 : OPEB Actuarial Report 6-30-21)

City Council Finance CommitteeDecember 12, 2022

City Council Finance Committee
December 12, 2022