|
<br />NOTE .9 - .EMPLOVEE ;BENEFlTS (CONTINUED) ,
<br />
<br />
<br />PERS determines contribution requirements using a modifiCation of the Entry Age.Normal Method~ Uilde,r
<br />,this metho~ .the Citi s total rionna] benefit cost for each employee froin. date of hire to date of retirement is
<br />e~pressed as aJevel:percenlilge of the related'total payroll cost. Normal benefit cost-under this method is
<br />the: level amount the employer must .pay annually to fund an employee's projected retirement benefit.,. This
<br />)eve~ percentage of payroJJ m~thod is- used to ainortize.any unfunded actuariaHiabilities~ .
<br />
<br />- .
<br />. . . ..
<br />.PERS Uses the market-related value method of valuing'the pian's. assets; An .invesnnenr rate of return' of
<br />7.75% is assumed, including inflation at 3.00%.. AnnuaLsalary increases are'8ssumed to vary by duration of
<br />. service~. The, City~s unfunded. actuarial accrueP ~iability is bemg amorti7..ed as a level perCentage. of payroll
<br />,on a c~'osed baSis.., The remaining amortization :periods fot the City's plans are as follows: . .
<br />
<br />..,. Public Safety
<br />Miscellaneous
<br />
<br />June"30, 2039
<br />June 30. 2027..
<br />
<br />. .. .... .' .
<br />
<br />. Audited annual. .financial statements and ten-year trend :infonnation for. the fiscal. year ended June 3b; 2008,
<br />the most Tec~t available, are ava.iJable from PERS .at P.O. Box 942709, ~acra.mentq,-CA, 94229-2709.
<br />
<br />.. .
<br />. . . . '.
<br />. : .', ,",. .
<br />Total current payroll for, all covered .employ~s f~r the fiscal :year e~ded June 30, 2008 was $47,980~111.
<br />The payroll subject 'to retirement amounted tei $19j :13,602., for pubHc safety: :and' $28,866,509 for the .,
<br />: , ; m~celhmeous group.' . . . .. : . . :. .::. .
<br />
<br />. .PERS has . reponed that t~e va]u~ .of the net ;'aSscts in ,the plan held for pension benefits chang~d as
<br />follo~s during the ye~.ended June 30, 200.7,.the mos~;recent available: ,.
<br />
<br />Beginning Balancer6l30106 ' . .
<br />, Contnbutions Received
<br />Bene fits ,and Re funds. Pai d
<br />E:XPeCU:d.lllvest~.entEamii1gs;Cre~ted. ,.. .
<br />
<br />Expe~red Acruarial.,Value of ASsets 6/30107'
<br />
<br />Public'Safetv
<br />$
<br />.137~77&.087.
<br />: 7 ~O'96,293 :,
<br />. (7,463,206)
<br />10,663.849
<br />
<br />148:.075,023
<br />
<br />, 175.461,747.
<br />
<br />.150!380~632
<br />
<br />. .
<br />
<br />M~ket V~lue ofA.ssets 6I3.0IC17.;. ... .
<br />AGt~.r~1 VaJue of Assets 6/30/07
<br />
<br />. .
<br />. . . .
<br />Addjtional,disclosures w~lJ be. i~~lud~d' wh~n:. ;I~ade available by PER-So
<br />
<br />Miscellaneous "
<br />$' : ..
<br />. ..123,772.972
<br />\; 7,880,302
<br />. (5.948,601).
<br />9,665,862
<br />
<br />]35~3 70,53 5
<br />
<br />159,238.364
<br />
<br />137.754,272.
<br />
<br />. ' . .' Three ye~rs. of tre.nd: tnformation regardinga~nu~l pensionco~t:S is .summ~rized ::as tbllows:
<br />
<br />Annual.:: Percentage. of .
<br />:: .Pension Cost' APC.,: Net pension..
<br />APC Contributed: : Obligation
<br />
<br />..: . FiscaL Year .
<br />
<br />2006 : ::9,304,563 100% 0'
<br />2007, : 8; 1,66.097 10P% 0
<br />2008' 10,400,89:8 100% : 0
<br />
<br />. .' .. .
<br />
<br />, As of June 30, 2007 ,the: mo~t' r~cent actuarial valuation .date, the .public safety plan ~as 80~0% funded,
<br />the: actuaria( Habilityt~AL) for benefits was $1,87,870,529, and the actuarial value. of plan assets was
<br />. . $150~380,632,.res~lting in an unfunded'actuarialaccmed }jab~lity{UAAL) .of $37,489,897. The covered
<br />.;payroll (annual payroll of active employees covered by-the plan),~as:$18,14~,02q and the ratio ofUAAL
<br />, :,to t~e covered,.payroll was 206.6%. . ' ,. .
<br />
<br />.. :5).:
<br />
<br />"i:
<br />, ..
<br />
<br />
|