Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
Changes in the liability for claims during the past two fiscal years for the self-insurance funds follow:
Fund (by fiscal year)
Beginning of
year
Current-year
claims and
changes in
estimates
Claims
payments
End of year
Due within
one year
June 30, 2008:
Comprehensive $ 5,076,652 1,021,194 (1,851,875) 4,245,971 1,523,291
Bus 1,529,118 833,433 (421,913) 1,940,638 455,605
Automobile 254,458 233,103 (252,306) 235,255 89,994
Workers' Compensation 20,700,938 5,250,183 (5,315,934) 20,635,187 4,224,579
$ 27,561,166 7,337,913 (7,842,028) 27,057,051 6,293,469
June 30, 2009:
Comprehensive $ 4,245,971 1,178,690 (1,790,199) 3,634,462 1,498,463
Bus 1,940,638 2,344,914 (1,379,129) 2,906,423 1,938,009
Automobile 235,255 174,070 (238,391) 170,934 103,062
Workers' Compensation 20,635,187 7,772,027 (6,265,329) 22,141,885 5,411,498
$ 27,057,051 11,469,701 (9,673,048) 28,853,704 8,951,032
(16) EMPLOYEE BENEFIT PROGRAMS
Santa Monica Public Employees’ Retirement Plan
The City’s defined benefit pension plan, Santa Monica Public Employees’ Retirement Plan (Plan)
provides retirement and disability benefits, annual cost-of living adjustments, and death benefits to plan
members and beneficiaries. The Plan is part of the Public Agency portion of the California Public
Employees Retirement System (CalPERS), an agent multiple-employer plan administered by CalPERS,
which acts as a common investment and administrative agent for participating public employers within
the State of California. State statutes within the Public Employees’ Retirement Law establish a menu of
benefit provisions as well as other requirements. The City selects optional benefit provisions from the
benefit menu by contract with CalPERS and adopts those benefits through City ordinance. CalPERS
issues a separate comprehensive annual financial report available from the CalPERS Executive Office,
400 Q Street, Sacramento, California 95811.
Plan Description
All full-time employees of the City and part-time employees who have worked over 1,000 hours during
a fiscal year are eligible to participate in the Plan. The City is authorized by statute to establish and
amend all plan provisions. Related benefits vest after five years of service. Upon five years of service,
employees who retire at or after age 50 are entitled to receive an annual retirement benefit.
The defined pension benefit is payable monthly for life, in an amount that varies, from 2.4% at age 50 to
a maximum of 3% at age 55 for fire safety employees, 3% at age 50 for police safety employees and 2%
at age 50 to a maximum of 2.7% at age 55 for miscellaneous employees, of the employee’s single
highest year’s salary for each year of credited service. The Plan also provides death and disability
benefits.
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