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6.1.F. - Page 88 , <br /> Notes to the Basic Financial Statements <br /> For the year ended June 30, 2012 <br /> NOTE 9—EMPLOYEE BENEFITS�CONTINUED� <br /> For the fiscal year ended June 30, 2012, the Port's annual OPEB cost was$32,046; of this amount$1,620 <br /> was expensed and funded by reimbursements to current retirees and the remaining $30,426 net OPEB <br /> obligation was expensed and recorded as a liability. Combined with the $84,616 net OPEB obligation as <br /> of June 30, 2011, the total net OPEB obligation as of June 30, 2012 was$115,042. <br /> The annual required contribution was determined as part of the June 30, 2011 actuarial valuation using <br /> the Entry Age Actuarial Cost Method and Assumptions consistent with the 2010 CaIPERS OPEB <br /> Assumptions Model. The actuarial assumptions included: (a) salary increases of 3.25% per year, (b) a <br /> discount rate of 6.36%, (c) 100% of eligible employees assumed to elect coverage upon retirement and <br /> to remain covered for life, (d) retirement, withdrawal, and mortality rates based on CaIPERS Assumption <br /> model for the classification "public agency miscellaneous 2.7% at 55", and (e) medical premium inflation <br /> rates ranging from 9%to 6% over time. The actuarial present value of future benefits was calculated for <br /> each individual using the economic assumption and specific member data, then aggregated. The <br /> amortization component of the unfunded actuarial accrued liability was based on a 30 year amortization <br /> period. <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 $ 13,441 <br /> Amortization of unfunded actuarial accrued liability 18,426 <br /> Annual required contribution 31,867 <br /> Interest on beginning net OPEB obligation 1,345 <br /> Annual required contribution adjustment (1,166) <br /> Annual OPEB expense 32,046 <br /> Actual current year employer payment (1,620) <br /> Increase in OPEB obligation 30,426 <br /> Net OPEB obligation at June 30,2011 84,616 <br /> Net OPEB obligation at June 30,2012 $ 115,042 <br /> OPEB Unfunded Actuarial Accrued Liabilities <br /> Actuarial accrued liabilities $ 334,371 <br /> Actuarial value of plan assets - <br /> Unfunded actuarial accrued liabilities(UAAL) $ 334,371 <br /> Funded ratio 0% <br /> Covered payroll $ 631,539 <br /> UAAL as a%of covered payroll 52.95% <br /> 60 <br />