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6.1. B. - Page 81 <br /> NOTE 9 — EMPLOYEE BENEFITS �CONTINUED� <br /> The following table shows the components of the Port's annual OPEB costs for the year, the amount <br /> actually contributed to the plan, and changes in the Port's net OPEB obligation: <br /> Annual OPEB Costs and Net OPEB Obligation <br /> Normal cost $ 11,269 <br /> Amortization of unfunded actuarial accrued liability 16,337 <br /> Annual required contribution 27,606 <br /> Interest on beginning net OPEB obligation 3,666 <br /> Annual required contribution adjustment (3,106) <br /> Annual OPEB expense 28,166 <br /> Actual current year employer payment (1,188) <br /> Increase in OPEB obligation 26,978 <br /> Net OPEB obligation at June 30, 2010 57,638 <br /> Net OPEB obligation at June 30, 2011 $ 84,616 <br /> OPEB Unfunded Actuarial Accrued Liabilities <br /> Actuarial accrued liabilities $ 303,153 <br /> Actuarial value of plan assets - <br /> Unfunded actuarial accrued liabilities (UAAL) $ 303,153 <br /> Funded ratio 0% <br /> Covered payroll $ 682,637 <br /> UAAL as a% of covered payroll 44.41% <br /> Amortization of Unfunded Actuarial Accrued Liabilities <br /> Actuarial accrued liabilities $ 303,153 <br /> Assets - <br /> Unfunded actuarial accrued liabilities 303,153 <br /> Present value factor 19.736 <br /> Amortization 15,360 <br /> Current year interest 977 <br /> Total amortization $ 16,337 <br /> The Port's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan for 2011 and <br /> the preceding fiscal year were as follows: <br /> Year Annual Annual OPEB Net OPEB OPEB <br /> Ended OPEB Cost Cost Contributed Obligation Obligation (Asset) <br /> $ % S S <br /> 6/30/2010 58,778 1.95 57,638 57,638 <br /> 6/30/2011 28,166 4.22 26,978 84,616 <br /> 55 <br />