CITY OF LAGUNA NIGUEL NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2024 NOTE 12 OTHER POSTEMPLOYMENT BENEFITS A. General Information About the Other Postemployment Benefits (OPEB) Plan Plan Description The City provides postretirement medical benefits to employees who retire directly from the City under CalPERS under a single employer defined benefit postemployment benefits plan. Eligible retirees can continue participation in the City’s medical plans (PEMHCA). For miscellaneous retirees, the City contributes up to a capped dollar amount which varies by bargaining unit, medical coverage, and years of service. The City has not established a trust for the purpose of holding assets accumulated for plan benefits. Eligibility Participants directly retire from the City under CalPERS plan at age 50 and 52 for classic members and PEPRA members, respectively or retire due to disability retirement. Covered Participants At June 30, 2024, the measurement date, the following numbers of participants were covered by the benefit terms: Active Employees 80 Inactive Currently Receiving Benefits 23 Inactive Entitled to But Not Yet Receiving Benefits 31 Total 134 Contributions The obligation of the City to contribute to the plan is established and may be amended by the City Council. For the year ended June 30, 2024 the City made contributions on a pay-as-you-go basis. B. Total OPEB Liability measured as of June 30, 2024, and the total The City’s total OPEB liability was OPEB determined by an actuarial valuation as of June 30, 2022, rolled forward to liability was June 30, 2024, using standard updated proced ures. (68)