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7.A. - Page 75 Attachment 6
<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 /> 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 /> Expected Actuarial Value of Assets 6/30/11 189,733,963 177,156,089
<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 Net Annual Percentage Net
<br /> Fiscal Pension of APC Pension Pension of APC Pension
<br /> Year Cost APC Contributed Obligation Cost APC Contributed Obligation
<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%
<br /> As of June 30, 2011, the most recent actuarial valuation date, the public safety plan was 75.7%
<br /> funded, the actuarial liability (AAL) for benefits was $249,306,267, and the actuarial value of plan assets
<br /> was$188,706,656,resulting in an unfunded actuarial accrued liability(UAAL)of$60,599,611.The covered
<br /> payroll (annual payroll of active employees covered by the plan)was$20,072,380 and the ratio of UAAL
<br /> to the covered payroll was 301.9%.
<br /> For the miscellaneous plan, the plan was 80.5% funded, the AAL for benefits was $219,035,437,
<br /> and the actuarial value of plan assets was $176,271,009, resulting in a UAAL of$42,764,428. The covered
<br /> payroll was$28,015,399 and the ratio of UAAL to the covered payroll was 152.6%
<br /> The Schedule of Funding Progress,presented as Required Supplementary Information following
<br /> the notes to the financial statements, presents multiyear trend information about whether the actuarial
<br /> value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for
<br /> benefits.
<br /> The information described above was derived from the City's 2012 Comprehensive Annual
<br /> Financial Report. Subsequent changes made by the PERS will affect this information but the new data is
<br /> not yet available.
<br /> Post Employment Benefits. The City administers a single-employer defined benefit post
<br /> employment healthcare plan. Permanent employees who retire under the City's retirement plan
<br /> (Ca1PERS) are, pursuant to their respective collective bargaining agreements, eligible to have their
<br /> medical insurance premiums reimbursed by the City up to the Kaiser family premium rate. Medical
<br /> insurance premiums for spouses and other dependents generally are not paid by the City. In the case of
<br /> public safety disability retirement, the City provides medical insurance for dependents. Currently there
<br /> are 327 retirees receiving this benefit.
<br /> The City is not required by law or contractual agreement to provide funding for retiree health
<br /> costs other than the pay-as-you-go amount necessary to provide current benefits to retirees. The City's
<br /> retiree health plan is being managed through the California Employer's Retiree Benefits Trust (CERBT),
<br /> Appendix A
<br /> Page 4
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