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6.1.D. - Page 119 <br />2. DEFINED BENEFIT PENSION PLANS, Continued <br />B. Schedule of Plan Contributions, Continued <br />Notes to Schedules <br />The actuarial methods and assumptions used to set the actuarially determined contributions for <br />fiscal year 2015-16 were from the June 30, 2013 public agency valuations. <br />Miscellaneous Plan Safety Plan <br />Actuarial cost method Entry Age Normal Entry Age Normal <br />Amortization method Level percentage of payroll Level percentage of payroll <br />Assetvaluation method 15-yearsmoothed market 15-yearsmoothed market <br />Inflation 2.75% 2.75% <br />Salaryincreases Varies by EntryAge and Service Varies by Entry Age and Service <br />Payroll growth 3.00% 3.00% <br />Investment rate of return 7.50%, net of pension plan investment expense, including inflation <br />Retirement age The probabilities of retirement are based on the 2010CalPERS Experience <br />Stu dyforthe period from 1997 to 2007. <br />Mortality The probabilities of mortality are based on the 2010CalPERS Experience <br />Stu dyforthe period from 1997 to 2007. Pre -retirement and Post-retirement <br />mortality rates include 5years of projected mortality improvement using <br />Scale AA published bythe Society of Actuaries. <br />3. OTHER POST EMPLOYMENT BENEFITS (OPEB) <br />Citv of Redwood Citv <br />A schedule of funding progress for the past three actuarial valuations is presented below. <br />Unfunded <br />Actuarial <br />Unfunded <br />Liability as <br />Actuarial Actuarial Actuarial <br />Actuarial <br />Percentage of <br />Valuation Asset Accrued <br />Accrued <br />Funded <br />Covered <br />Covered <br />Date * Value Liability <br />Liability <br />Ratio <br />Payroll ** <br />Payroll <br />2011 $ 4,429,000 $ 53,083,000 <br />$ <br />48,654,000 <br />0.0% <br />$ <br />44,961,408 <br />108.2% <br />2013 $ 11,001,000 $ 56,177,000 <br />$ <br />45,176,000 <br />19.6% <br />$ <br />48,399,901 <br />93.3% <br />2015 $ 18,382,000 $ 70,852,000 <br />$ <br />52,470,000 <br />25.9% <br />$ <br />51,466,341 <br />102.0% <br />* Based on the most recent actuarial valuation available <br />** Annual payroll of active employees covered by the plan <br />92 <br />