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7.1.A. - Page 88 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2014
<br /> NOTE 9 — EMPLOYEE BENEFITS (CONTINUED)
<br /> payment on the total unfunded liability may not be lower than the payment calculated over a 30 -year
<br /> amortization period.
<br /> Audited annual financial statements and ten -year trend information for the fiscal year ended June 30,
<br /> 2014, the most recent available, are available from PERS at P.O. Box 942709, Sacramento, CA 94229 -2709.
<br /> Total current payroll for all covered employees for the fiscal year ended June 30, 2014 was $51,693,811.
<br /> The payroll subject to retirement amounted to $24,473,497 for public safety and $27,220,314 for the
<br /> miscellaneous group.
<br /> PERS has reported that the value of the net assets in the plan held for pension benefits changed as
<br /> follows during the year ended June 30, 2013, the most recent available:
<br /> Public Safety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/12 166,637,935 150,822,644
<br /> Contributions Received 11,406,260 9,217,945
<br /> Benefits and Refunds Paid (13,180,525) (10,664,339)
<br /> Expected Investment Earnings Credited 21,353,383 19,258,218
<br /> Market Value of Assets 6/30/13 186,217,053 168,634,468
<br /> Market Value of Assets 6/30/13 Including Receivables 187,110,004 169,943,544
<br /> Additional disclosures will be included when made available by PERS.
<br /> Three years of trend information regarding annual pension costs for both plans is summarized as
<br /> follows:
<br /> Public Safety Miscellaneous
<br /> Annual Percentage of Annual Percentage of
<br /> Fiscal Pension Cost APC Net Pension Pension Cost APC Net Pension
<br /> Year APC Contributed Obligation APC Contributed Obligation
<br /> $ $
<br /> 2012 7,384,820 100% - 4,964,308 100% -
<br /> 2013 7,814,972 100% - 5,362,636 100% -
<br /> 2014 8,887,795 100% - 5,677,538 100% -
<br /> As of June 30, 2013, the most recent actuarial valuation date, the public safety plan was 66.2% funded,
<br /> the actuarial liability (AAL) for benefits was $282,699,515, and the market value of plan assets was
<br /> $187,110,004, resulting in an unfunded actuarial accrued liability (UAAL) of $95,589,511. The covered
<br /> payroll (annual payroll of active employees covered by the plan) was $21,048,349 and the ratio of UAAL
<br /> to the covered payroll was 454.1 %.
<br /> For the miscellaneous plan, the plan was 70.2% funded, the AAL for benefits was $242,120,498, and the
<br /> market value of plan assets was $169,943,544, resulting in a UAAL of $72,176,954. The covered payroll
<br /> was $27,759,758 and the ratio of UAAL to the covered payroll was 260 %.
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