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6.1 B - Attachment No. 4
<br /> NOTE 9—EMPLOYEE BENEFITS(CONTINUED�
<br /> Public Safety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/07 149,866,531 136,905,113
<br /> Contributions Received 7,552,777 8,095,297
<br /> Benefits andRefunds Paid (8,009,702) (6,803,348)
<br /> Expected Investment Earnings Credited 11,597,281 10,659,275
<br /> Expected Actuarial Value ofAssets 6/30/08 161,006.887 148,856,337
<br /> Market Value of Assets 6/30/08 165,669,427 151,299,868
<br /> Actuarial Value of Assets 6/30/08 161,888,639 149,521,428
<br /> Additional disclosures will be included when made available by PERS.
<br /> Three years of trend information regarding annual pension costs is summarized as follows:
<br /> Annual Percentage of
<br /> Pension Cost APC Net Pension
<br /> Fiscal Year APC Contributed Obligation
<br /> 2007 8,166,097 100% 0
<br /> 2008 10,400,898 100% 0
<br /> 2009 10,622,044 100% 0
<br /> As of June 30, 2008, the most recent actuarial valuation date, the public safety plan was 79.1% funded,
<br /> the actuarial liability (AAL) for benefits was $204,759,656, and the actuarial value of plan assets was
<br /> $161,888,639, resulting in an unfunded actuarial accrued liability (UAAL) of$42,871,017. The covered
<br /> payroll(annual payroll of active employees covered by the plan)was $19,776,620 and the ratio of UAAL
<br /> to the covered payroll was 216.8%.
<br /> For the miscellaneous plan, the plan was 85.1%funded, the AAL for benefits was $175,726,139, and the
<br /> actuarial value of plan assets was $149,521,428, resulting in a UAAL of $26,204,711. The covered
<br /> payroll was$30,553,814 and the ratio of UAAL to the covered payroll was 85.8%
<br /> B. Post Employment Benefits
<br /> The City administers a single-employer defined benefit post employment healthcare plan. Permanent
<br /> employees who retire under the City's retirement plan (Ca1PERS) are, pursuant to their respective
<br /> collective bargaining agreements, eligible to have their medical insurance premiums reimbursed by the
<br /> City up to the Kaiser family premium rate. Medical insurance premiums for spouses and other
<br /> dependents generally are not paid by the City. In the case of public safety disability retirement,the City
<br /> provides medical insurance for dependents. Currently there are 267 retirees receiving this benefit.
<br /> The City is not required by law or contractual agreement to provide funding for retiree health costs other
<br /> than the pay-as-you-go amount necessary to provide current benefits to retirees. The City has established
<br /> a policy to make contributions to the Employee Benefits internal service fund for the purpose of funding
<br /> its calculated obligations over a period of time. For the fiscal year ended June 30, 2009, the City
<br /> contributed$2,959,080 to the internal service fund of which$1,615,915 represented pay-as-you-go health
<br /> expenses,and$1,343,165 represented amounts set aside for future benefits.
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