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6.1.F. - Page 84 ,
<br /> Notes to the Basic Financial Statements
<br /> For the year ended June 30, 2012
<br /> NOTE 9—EMPLOYEE BENEFITS�CONTINUED�
<br /> is the level amount the employer must pay annually to fund an employee's projected retirement benefit.
<br /> This level percentage of payroll method is used to amortize any unfunded actuarial liabilities.
<br /> PERS uses the market-related value method of valuing the plan's assets. An investment rate of return of
<br /> 7.75% is assumed, including inflation at 3.00%. Annual salary increases are assumed to vary by duration of
<br /> service. The City's unfunded actuarial accrued liability is being amortized as a level percentage of payroll on
<br /> a closed basis.
<br /> The remaining amortization periods for the City's plans are as follows:
<br /> Public Safety June 30, 2043
<br /> Miscellaneous June 30, 2031
<br /> Audited annual financial statements and ten-year trend information for the fiscal year ended June 30, 2012,
<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, 2012 was $48,061,634.
<br /> The payroll subject to retirement amounted to $20,911,284 for public safety and $27,150,350 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, 2011, the most recent available:
<br /> Public Safety Miscellaneous
<br /> $ $
<br /> Beginning Balance 6/30/10 177,827,128 166,278,520
<br /> Contributions Received 8,248,933 7,659,373
<br /> Benefits and Refunds Paid (10,055,020) (9,594,791)
<br /> Expected Investment Earnings Credited 13,712,922 12,812,987
<br /> Expected Actuarial Value of Assets 6/30/11 189,733,963 177,156,089
<br /> Market Value of Assets 6/30/11 168,912,215 156,169,445
<br /> Actuarial Value of Assets 6/30/11 188,706,656 176,271,009
<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 /> 2010 5,948,998 100% 4,541,486 100%
<br /> 2011 6,379,699 100% 4,459,770 100%
<br /> 2012 7,384,820 100% 4,964,308 100%
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