Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90Seattle City Light 2015 Annual Report THE CITY OF SEATTLE—CITY LIGHT DEPARTMENT NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 - 50 - future as shown in the following table. Note that additional future deferred outflows and inflows of resources may impact these amounts. Year Ending December 31 Amortization ($ in millions) 2016 $ 27.1 2017 2.1 2018 2.1 2019 2.1 Total $ 33.4 Following are the disclosures for December 31, 2014, following disclosure guidance under GASB Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. Pension Benefits—As of December 31, 2014, there were 6,020 retirees and beneficiaries receiving benefits and 8,746 active members of SCERS. In addition, 1,188 vested terminated employees were entitled to future benefits. In 2014, the City’s contribution rate was increased from 12.89% to 14.31% for a total combined contribution rate of 24.34% in accordance with Resolution No. 31474 adopted in August 2013. In September 2014, the City Council adopted Resolution No. 31540, amending Resolution No. 31474, and increasing the City’s contribution rate from 14.31% to 15.73% for a total contribution rate of 25.76% effective 2015, to reflect the results of the January 1, 2014 actuarial valuation study. This reflects the City’s commitment to fund the actuarial required contribution rate. Resolution No. 31474 clarified the City’s approach toward amortizing the unfunded liability of SCERS and requested that the SCERS Board of Administration and its actuary deliver to the City Council in 2014 an analysis of other potential assumption and policy changes designed to further strengthen the retirement system. Resolution No. 31474 ended the rolling amortization practice that was effective with the January 1, 2013 actuarial valuation and revised the amortization period to amortize the UAAL to 29 years. Previously, the January 1, 2013 actuarial valuation required amortization for the unfunded liability as a closed, fixed period of 30 years. The change was retro-active to January 1, 2013. Under the authority of the state and City, SCERS operates a securities lending program, and there were transactions during 2014. In 2014, SCERS did not incur a loss as a result of borrower default. SCERS did not have negative credit exposure at December 31, 2014. Employer contributions for the City were $89.8 million, and $76.6 million, in 2014, and 2013, respectively. Employer contributions for the Department were $22.0 million, and $18.4 million, in 2014 and 2013, respectively. 50