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6.1. B. - Page 77
<br /> NOTE 9 — EMPLOYEE BENEFITS �CONTINUED�
<br /> The remaining amortization periods for the City's plans are as follows:
<br /> Public Safety June 30, 2040
<br /> Miscellaneous June 30, 2029
<br /> Audited annual financial statements and ten-year trend information for the fiscal year ended June 30, 2011,
<br /> the most recent available, are available from PERS at P.O. Box 942709, Sacramento, CA 94229-2709.
<br /> Total current payroll for all covered employees for the fiscal year ended June 30, 2011 was $50,087,286.
<br /> The payroll subject to retirement amounted to $21,311,128 for public safety and $28,776,158 for the
<br /> miscellaneous group.
<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, 2010, the most recent available:
<br /> Public Safety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/09 169,324,522 157,457,968
<br /> Contributions Received 7,686,660 7,440,317
<br /> Benefits and Refunds Paid (9,529,877) (8,168,091)
<br /> Expected Investment Earnings Credited 13,052,558 12,175,317
<br /> Expected Actuarial Value of Assets 6/30/10 180,533,863 168,905,511
<br /> Marl<et Value of Assets 6/30/10 140,353,305 130,038,128
<br /> Actuarial Value of Assets 6/30/10 178,247,592 166,816,005
<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 /> $ $
<br /> 2009 6,020,395 100% 4,601,649 100%
<br /> 2010 5,948,998 100% 4,541,486 100%
<br /> 2011 6,379,699 100% 4,459,770 100%
<br /> As of June 30, 2010, the most recent actuarial valuation date, the public safety plan was 76.1% funded,
<br /> the actuarial liability (AAL) for benefits was $234,203,845, and the actuarial value of plan assets was
<br /> $178,247,592, resulting in an unfunded actuarial accrued liability (UAAL) of $55,956,253. The covered
<br /> payroll (annual payroll of active employees covered by the plan) was $19,994,962 and the ratio of UAAL
<br /> to the covered payroll was 279.9%.
<br /> For the miscellaneous plan, the plan was 80.6% funded, the AAL for benefits was $207,055,196, and the
<br /> actuarial value of plan assets was $166,816,005, resulting in a UAAL of $40,239,191. The covered payroll
<br /> was $29,303,730 and the ratio of UAAL to the covered payroll was 137.3%
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