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Attachment 3 : City Pension Plans Comparison with 401K
<br />2019
<br />General Government
<br />Non -General Government
<br />Total
<br />5,000,000
<br />4,000,000
<br />3,000,000
<br />2,000,000
<br />1,000,000
<br />City Salary
<br />$ 70, 855, 057 $
<br />37, 806,161
<br />$ 108, 661, 218 $
<br />PERS 1 PERS 1 UAAL* PERS 2, 3, & PSERS LEOFF Z
<br />30,351 $ 1,574,838 $
<br />45,392 1,625,273
<br />75,743 $ 3,200,111 $
<br />2019 City Pension Plan Breakdown
<br />PERS 1 PERS 1 UAAL* PERS 2 & 3 &
<br />PSERS
<br />General Government Non -General Government
<br />LEOFF 2
<br />12,000,000
<br />10,000,000
<br />8,000,000
<br />6,000,000
<br />4,000,000
<br />2,000,000
<br />2,343,572 $ 2,046,555
<br />2,404,556 360,489
<br />4,748,128 $ 2,407,044
<br />Total City Pension 401K**
<br />5,995,316 $
<br />4,435,710
<br />10,431,026 $
<br />2019 City Pension Comparison
<br />Total City Pension
<br />401K
<br />General Government Non -General Government
<br />3,330,188
<br />1,776,890
<br />5,107, 077
<br />*PERS 1 UAAL is the Unfunded Actuarial Accrued Liability for the PERS 1 Retirement Plan Because the PERS 1 Plan closed to new members in
<br />1977 and there are very few active members remaining, the employer contributions to PERS 2 and 3 and the PSERS plans include a contribution
<br />to the PERS 1 unfunded liability.
<br />** Employer 4011< contribution assumption is 4.7%, based on 2019 average contribution rate reported by Fidelity Investments.
<br />0 The chart on the left shows the breakdown between General Government and Non -General Government pension costs by plan for 2019.
<br />o The chart on the right compares the total 2019 pension costs to what they may have cost under a less expensive 4011< structure. A 4.75%
<br />employer contribution rate was used for the 401K example, which was the average rate reported by Fidelity Investments for 2019. Fidelity
<br />manages approximately 30% of 401k plans nationwide.
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