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<br />NOTE 9 - EMPLOYEE BENEFITS (CONTINUED)
<br />
<br />Required Supplementary Infonnation (unaudited)
<br />
<br />Miscellaneous Plan:
<br />
<br />Actuarial
<br />
<br />Valuation
<br />Date
<br />2002
<br />2003
<br />2004
<br />
<br />Value of
<br />Assets
<br />97,353,221
<br />99,260,934
<br />105,762,773
<br />
<br />Entry Age
<br />Accrued
<br />94,552,848
<br />109,793,366
<br />117,810,312
<br />
<br />Unfunded
<br />(Overfunded)
<br />Liability
<br />(2,800,373)
<br />10,532,432
<br />12,047,539
<br />
<br />FW1ded
<br />Ratio
<br />103.0%
<br />90.4%
<br />89.8%
<br />
<br />Annual
<br />Covered
<br />27,071,714
<br />28,817,534
<br />27,920,839
<br />
<br />Unfunded
<br />(Overfunded)
<br />Liability as
<br />% of Payroll
<br />00.3%)
<br />36.5%
<br />43.1%
<br />
<br />Audited annual financial statements and ten-year trend infonnation for the fiscal year ended June 30, 2004,
<br />the most recent available, are available from PERS at P.O. Box 942709, Sacramento, CA 94229-2709.
<br />
<br />Total current payroll for all covered employees for the fiscal year ended June 30, 2005 was $45,013,401.
<br />The payroll subject to retirement amounted to $10,366,057 for police safety, $6,606,347 for fire safety, and
<br />$28,040,997 for the miscellaneous group.
<br />
<br />PERS has reported that the value of the net assets in the plan held for pension benefits changed as follows
<br />during the year ended June 30, 2004, the most recent available:
<br />
<br />Public Safety Miscellaneous
<br />$ $
<br />108,113,746 99,260,934
<br />4,438,502 3,154,710
<br />(5,618,758) (4,189,174)
<br />8,333,934 7,653,385
<br />115,267,424 105,879,855
<br />113,495,597 104,123,627
<br />115,149.302 105,762,773
<br />
<br />Beginning Balance 6/30/03
<br />Contributions Received
<br />Benefits and Refunds Paid
<br />Expected Investment Earnings Credited
<br />
<br />Expected Actuarial Value of Assets 6/30/04
<br />
<br />Market Value of Assets 6/30/04
<br />
<br />Actuarial Value of Assets 6/30/04
<br />
<br />Additional disclosures will be included when made available by PERS.
<br />
<br />Three years of trend infonnation regarding annual pension costs is summarized as follows:
<br />
<br /> Annual Percentage of
<br /> Pension Cost APC Net Pension
<br /> Fiscal Year APC Contributed Obligation
<br />
<br /> 2003 919,128 100% 0
<br /> 2004 2,847,670 100% 0
<br /> 2005 7,912,716 100% 0
<br />B. Post Employment Benefits
<br />
<br />Pennanent employees who retire under the City's retirement plan (PERS) are, pursuant to their respective
<br />collective bargaining agreements, eligible to have their medical insurance premiums paid by the City.
<br />Medical insurance premiums for spouses and other dependents generally are not paid by the City.
<br />
<br />In the case of public safety disability retirement, the City provides medical insurance for dependents.
<br />This benefit is financed on a pay-as-you-go basis.
<br />
<br />50
<br />
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