Seattle City Light 2016 ANNUAL REPORT | Audited Financial Statements 53 THE CITY OF SEATTLE—CITY LIGHT DEPARTMENT NOTES TO FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 - 53 - 11. ACCOUNTS PAYABLE Accounts Payable and Other Current Liabilities—The composition of accounts payable and other current liabilities at December 31, 2016 and 2015, is as follows: ($ in millions) 2016 2015 Vouchers payable 42.9 $ 51.1 $ Power accounts payable 24.2 23.5 Taxes payable 8.2 9.4 Claims payable 8.6 16.4 Guarantee deposit and contract retainer 10.3 3.0 Other accounts payable 5.3 3.2 Total 99.5 $ 106.6 $ 12. SEATTLE CITY EMPLOYEES’ RETIREMENT SYSTEM Effective January 1, 2015, the Department implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27 and Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date – an amendment of GASB Statement No. 68. The cumulative effect of the change in Net position due to the change in accounting standard was a decrease of $233.8 million and is shown as an adjustment to beginning Net position for 2015. Plan Description - The Seattle City Employees’ Retirement System (SCERS) is a cost-sharing multiple- employer defined benefit public employee retirement system, covering employees of the City and administered in accordance with Chapter 41.28 of the Revised Code of Washington and Chapter 4.36 of the Seattle Municipal Code. SCERS is a pension trust fund of the City. SCERS is administered by the Retirement System Board of Administration (the Board). The Board consists of seven members including the Chair of the Finance Committee of the Seattle City Council, the City of Seattle Finance Director, the City of Seattle Personnel Director, two active members and one retired member of the System who are elected by other system members, and one outside board member who is appointed by the other six board members. Elected and appointed board members serve for three-year terms. All employees of the City are eligible for membership in SCERS with the exception of uniformed police and fire personnel who are covered under a retirement system administered by the State of Washington. Employees of the King County Departments of Transportation and Public Health who established membership in SCERS when these organizations were City departments were allowed to continue their SCERS membership. Following is membership data for employees covered by the benefit terms as of the reporting date, December 31, 2016, and the measurement date, December 31, 2015 and December 31, 2015 report date and December 31, 2014 measurement date: 2016 2015 Active members 9,151 8,853 Retired members and beneficiaries receiving benefits 6,382 6,222 Vested terminated employees entitled to benefits 2,352 1,246