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<br />
<br />Miscellaneous Plan:
<br />
<br />_Acll,g!lrial
<br />
<br /> Unfunded
<br />Valuation Value of Entry Age (Overfunded) Funded
<br />Date Assets Accrued Liability Ratio
<br />...._-~.
<br />2003 $99,260,934 $109,793,366 $10,532,432 90.4%
<br />2004 105,762,773 117,810,312 12,047,539 89.8%
<br />2005 114,104,768 138,149,217 24,044,449 82.6%
<br />
<br />Unfunded
<br />(Overfunded)
<br />Annual Liability as
<br />9over~~L___._.._% of Payroll
<br />$28,817,534 36.5%
<br />27,920,839 43.1%
<br />27,932,124 86.1%
<br />
<br />The City's unfunded actuarial accrued liability is being amortized as a level percentage
<br />of payroll on a closed basis. The remaining amortization periods for the City's plans are as
<br />follows:
<br />
<br />Public Safety
<br />Miscelianeous
<br />
<br />June 30, 2037
<br />June 30, 2027
<br />
<br />For the 2003 PERS Annual Valuation Report, the police and fire safety plans were
<br />combined into one plan. Therefore, some of the PERS data reflects only two plans, whereas
<br />rate-based information will continue to be reflected for three plans until the PERS employer
<br />rates converge for the police and fire public safety plans in fiscal year 2005/06.
<br />
<br />Total current payroll for all covered employees for the fiscal year ended June 30, 2006
<br />was $44,541,464. The payroll subject to retirement amounted to $10,258,523 for police safety,
<br />$6,747,419 for fire safety, and $27,535,522 for the miscellaneous group.
<br />
<br />Post-Retirement Benefits
<br />
<br />Permanent employees who retire under the City's retirement plan are, pursuant to their
<br />respective collective bargaining agreements, eligible to have their medical insurance premiums
<br />paid by the City. Medical insurance premiums fOf spouses and other dependents generally are
<br />not paid by the City.
<br />
<br />In the case of public safety disability retirement, the City provides medical insurance fOf
<br />dependents. This benefit is financed on a pay-as-you-go basis.
<br />
<br />Retiree medical insurance premium expenses for the past three fiscal yeafs ended
<br />June 30, 2004, 2005, and 2006 are as follows:
<br />
<br />2004
<br />2005
<br />2006
<br />
<br />$ 844.577
<br />1,036,634
<br />1.101,657
<br />
<br />As of September 30, 2006, there were 268 retirees having their medical insurance
<br />premiums paid by the City.
<br />
<br />The Governmental Accounting Standards Board has published Statement No. 45 which
<br />will require the City to account for post-employment benefits other than pension benefits in the
<br />fiscal year beginning after December 15, 2006. Statement No. 45 requires that the accrual
<br />basis measurement and recognition of the cost of postretirement healthcare benefits take place
<br />over a pefiod that approximates the employee's yeafs of service. Statement No. 45 also
<br />
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