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<br /> NOTE 9 — EMPLOYEE BENEFITS (CONTINUED�
<br /> PERS has reported that the value of the net assets in the plan held for pension benefits changed as
<br /> follows during the year ended June 30, 2009, the most recent available:
<br /> PublicSafety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/O8 161,317,723 149,019,239
<br /> Contributions Received 7,787,750 7,244,737
<br /> Benefits and Refunds Paid (8,974,271) (7,249,546)
<br /> Expected Investment Earnings Credited 12,457,004 11,548,808
<br /> Expected Actuarial Value of Assets 6/30/09 172,588,206 160,563,238
<br /> Market Value of Assets 6/30/09 124,253,016 114,666,894
<br /> Actuarial Value of Assets 6/30/09 169,944,594 158,140,679
<br /> Additional disclosures will be included when made available by PERS.
<br /> Three years of trend information regarding annual pension costs for both plans is summarized as
<br /> follows:
<br /> Public Safety Miscellaneous
<br /> Annual Percentage of Annual Percentage of
<br /> Fiscal Pension Cost APC Net Pension Pension Cost APC Net Pension
<br /> Year APC Contributed Obligation APC Contributed Obligation
<br /> �� T
<br /> 2008 5,840,047 100% 0 4,560,851 100% 0
<br /> 2009 6,020,395 100% 0 4,601,649 100% 0
<br /> 2010 5,948,998 100% 0 4,541,486 100% 0
<br /> As of June 30, 2009, the most recent actuarial valuation date, the public safety plan was 75.6% funded,
<br /> the actuarial liability (AAL) for benefits was $224,860,040, and the actuarial value of plan assets was
<br /> $169,944,594, resulting in an unfunded actuarial accrued liability (UAAL) of $54,915,446. The covered
<br /> payroll (annual payroll of active employees covered by the plan) was $20,350,983 and the ratio of UAAL
<br /> to the covered payroll was 269.8%.
<br /> For the miscellaneous plan, the plan was 80.7% funded, the AAL for benefits was $196,007,388, and the
<br /> actuarial value of plan assets was $158,140,679, resulting in a UAAL of $37,866,709. The covered payroll
<br /> was $30,942,372 and the ratio of UAAL to the covered payroll was 122.4%
<br /> The Schedule of Funding Progress, presented as Required Supplementary Information following the
<br /> notes to the financial statements, presents multiyear trend information about whether the actuarial
<br /> value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for
<br /> benefits.
<br /> 8. 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 (CaIPERS) 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 318 retirees receiving this benefit.
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