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<br />NOTE 9 - EMPLOYEE BENEFITS (CONTINUED) <br /> <br />~jscellaneous Plan: <br /> <br /> Actuarial <br /> Unfunded <br /> Unfunded (Overfunded) <br />Valuation Value of Entry Age ( Ov erfun d ed) Funded Ann ual Liability as <br />Date Assets Accrued Liability Ra ti 0 Covered % of Payroll <br />2001 103~673~774 86~91 0~507 (16~ 763~267) 119.3% 23~963~320 (69.95%) <br />2002 97~353~221 94~552~848 (2~800~373) 103.0% 27~071 ~ 714 (10.3%) <br />2003 99~260~934 1 09~ 793~366 1 0~532~432 90.4% 28~817 ~534 36.5% <br /> <br />Audited annual financial statements and ten-year trend information for the fiscal year ended June 30, 2003, <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, 2004 was $45,495,888. <br />The payroll subject to retirement amounted to $10,089,982 for police safety, $6,378,453 for fire safety, and <br />$29,027,453 for the miscellaneous group. <br /> <br />PERS has reported that the value of the net assets in the plan held for pension benefits changed as follows <br />during the year ended June 30, 2003, the most recent available: <br /> <br />Public Safety Miscellaneous <br />$ $ <br />106,881,561 97,353,221 <br />2,684,320 1,978,992 <br />(4,821,284) (3,706,637) <br />4,490,071 7,961,788 <br />1 09~234~668 103~587~364 <br />98~285~224 90~237~213 <br />108~113~746 99~260~934 <br /> <br />Beginning Balance 6/30/02 <br />Contributions Received <br />Benefits and Refunds Paid <br />Expected Investment Earnings Credited <br /> <br />Expected Actuarial Value of Assets 6/30/03 <br /> <br />Market Value of Assets 6/30/03 <br />Actuarial Value of Assets 6/30/03 <br /> <br />Additional disclosures will be included when made available by PERS. <br /> <br />Three years of trend information regarding annual pension costs is summarized as follows: <br /> <br />Annual <br />Pension Cost <br />Fiscal Year APC <br /> <br />Percentage of <br />APC <br />Contributed <br /> <br />Net Pension <br />Obligation <br /> <br />2002 <br />2003 <br />2004 <br /> <br />$ 622,594 <br />919,128 <br />2,847,670 <br /> <br />100% <br />100% <br />100% <br /> <br />$0 <br />0 <br />0 <br /> <br />B. <br /> <br />Post Employment Benefits <br /> <br />Permanent 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 />46 <br />