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8.A. - Page 78
<br /> Audited annual financial statements and ten-year trend information for the fiscal year ended
<br /> June 30, 2014, the most recent available, are available from PERS at P.O. Box 942709, Sacramento, CA
<br /> 94229-2709.
<br /> Total current payroll for all covered employees for the fiscal year ended June 30, 2014 was
<br /> $51,693,811. The payroll subject to retirement amounted to $24,473,497 for public safety and $27,220,314
<br /> for the 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 /> 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 Net Annual Percentage Net
<br /> Fiscal Pension of APC Pension Pension of APC Pension
<br /> Year Cost APC Contributed Obligation Cost APC Contributed Obligation
<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%
<br /> funded, the actuarial liability (AAL) for benefits was $282,699,515, and the market value of plan assets
<br /> was$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,
<br /> and the market value of plan assets was $169,943,544, resulting in a UAAL of $72,176,954. The covered
<br /> payroll was$27,759,758 and the ratio of UAAL to the covered payroll was 260%.
<br /> The Schedule of Funding Progress, presented as Required Supplementary Information following
<br /> the notes to the financial statements, presents multiyear trend information about whether the actuarial
<br /> value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for
<br /> benefits.
<br /> The information described above was derived from the City's 2014 Comprehensive Annual
<br /> Financial Report. Subsequent changes made by the PERS will affect this information but the new data is
<br /> not yet available.
<br /> Appendix A
<br /> Page 4
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