City of Oakwood, Ohio
Notes to the Basic Financial Statements
For The Fiscal Year Ended December 31, 2024
| Public Safety Officers | |
|---|---|
| 2024 Statutory Maximum Contribution Rates | |
| Employer | 19.50 % |
| Employee | 12.25 % |
| 2024 Actual Contribution Rates | |
| Employer: | |
| Pension | 19.00 % |
| Post-employment Health Care Benefits | 0.50 |
| Total Employer | 19.50 % |
| Employee | 12.25 % |
Employer contribution rates are expressed as a percentage of covered payroll. The City’s contractually required contribution to OP&F was $715,364 for 2024, of this amount $82,800 is reported as accrued wages and benefits.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
The net pension liability for OPERS was measured as of December 31, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. OP&F’s total pension liability was measured as of December 31, 2023, and was determined by rolling forward the total pension liability as of January 1, 2023, to December 31, 2023. The City's proportion of the net pension liability was based on the City's share of contributions to the pension plan relative to the contributions of all participating entities. Following is information related to the proportionate share of the City’s defined benefit pension plans:
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| OPERS | |||
|---|---|---|---|
| Traditional Plan | OPF | Total | |
| Proportionate Share of the: | |||
| Net Pension Liability | $7,772,964 | $11,527,688 | $19,300,652 |
| Proportion of the Net Pension | |||
| Liability: | |||
| Current Measurement Date | 0.02969000% | 0.11931720% | |
| Prior Measurement Date | 0.02847500% | 0.11935660% | |
| Change in Proportionate Share | 0.00121500% | -0.00003940% | |
| Pension Expense | $897,898 | $1,126,525 | $2,024,423 |
At December 31 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: