2020 Comprehensive Annual Financial Report

Changes in the Net Pension Liability

Net Pension

Plan Net Position

Total Pension

Liability

Liability (a) - (b)

(a)

(b)

Balance as of December 31, 2018

$

28,897,352

$

6,648,696

$ 22,248,656

Changes for the year: Service Cost

782,873 1,511,166

782,873 1,511,166

Interest

Difference between expected and actual experience Change of assumptions or other inputs Contributions - employer

1,412,718

1,412,718

2,693,239 855,995 (2,843,206)

(2,693,239) (855,995)

Net investment income

Benefits paid

(2,843,206)

Plan administrative expenses

(4,515)

4,515

Net changes

863,551

701,513 7,350,209

162,038

Balance as of December 31, 2019

$

29,760,903

$

$ 22,410,694

3. Supplemental Retirement Income Plan For Law Enforcement Officers All law enforcement officers employed by the City participate in the State of North Carolina Supplemental Retirement Income Plan, a 401(k) defined contribution pension plan, administered by the Department of State Treasurer and a Board of Trustees. Participation begins on the first day of the quarter upon reaching sworn status. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. Article 5 of G. S. Chapter 135 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Article 12E of G. S. Chapter 143 requires that the City contribute each month an amount equal to 5% of each officer’s salary, and all amounts contributed are vested immediately. Also, the law enforcement officers may make voluntary contributions to the plan. The City’s contributions for the year ended June 30, 2020 were calculated using a covered payroll (base salary) in the amount of $37,467,600. The City’s total payroll was $177,518,121. Total contributions were $3,898,580, which consisted of $1,873,380 from the City and $2,025,200 from the law enforcement officers. The City’s required contributions and the officer’s voluntary contributions represented 5.0% and 5.4% of the covered payroll amount, respectively. The Supplemental Retirement Income Plan for Law Enforcement Officers is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State’s CAFR includes the pension trust fund financial statements for the Internal Revenue Code Section 401(k) plan that includes the Supplemental Retirement Income Plan for Law Enforcement Officers. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454. 4. Fiduciary Fund Financial Statements The following are financial statements for the City of Greensboro’s LawEnforcement Officers’ Special Separation Allowance Trust Fund and Other Postemployment Benefit Trust Fund included in Exhibits A-13 and A-14 at June 30, 2020 on pages 32 and 33.

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