|
Other Post -Employment Benefit Programs of the City of ""
<br />Actuarial Valuation as of July 1, 2015
<br />Table 1A
<br />ARC Calculation for FYE 2016
<br />The following exhibit restates the basic valuation results presenting earlier in Section E and,
<br />from these results, then develops the annual required contribution (ARC) for the fiscal year
<br />ending June 30, 2016.
<br />Funding Policy
<br />Prefunding.goals
<br />Valuation date
<br />7/112015
<br />Subsidy
<br />Explicit
<br />Implicit
<br />Total
<br />For fiscal year beginning
<br />7/1/2015
<br />7/1/2015
<br />7/1/2015
<br />For fiscal year ending
<br />6/30/2016
<br />6/30/2016
<br />6/30/2016
<br />Expected long-term return on assets
<br />7.28%
<br />7.28%
<br />7,28%
<br />Discount rate
<br />7.28%
<br />7.28%
<br />7.28%
<br />Number of Covered Employees
<br />Actives
<br />634
<br />631
<br />634
<br />Retirees
<br />516
<br />294
<br />516
<br />Total Participants
<br />1,150
<br />925
<br />1,150
<br />Actuarial Present Value of Projected Benefits
<br />Aotives
<br />$ 38,733,713
<br />$ 13,288,112
<br />$ 52,021,825
<br />Retirees
<br />75,106,952
<br />8,937,601
<br />84,044,553
<br />Total APVPB
<br />113,840,666
<br />22,225,713
<br />136,066,379
<br />Actuarial Accrued Liability (AAL)
<br />Actives
<br />32,480,860
<br />10,231,531
<br />42,712, 391
<br />Retirees
<br />75,106,952
<br />8,937,601
<br />84,044,553
<br />Total AAL
<br />107,587,812
<br />19,169,132
<br />126,756,944
<br />Actuarial Value of Assets
<br />26,019,812
<br />26,019,812
<br />Unfunded AAL (URAL)
<br />81,568,000
<br />19,169,132
<br />100,737,132
<br />Normal Cost
<br />910,811
<br />374,011
<br />1,284,822
<br />Amortization method
<br />Level % of Pay
<br />Level % of Pay
<br />Level % of Pay
<br />Initial amortization period (in years)
<br />30
<br />30
<br />30
<br />Remalning period (in years)
<br />22
<br />22
<br />22
<br />Determination of Amortization Payment
<br />UAAL
<br />$ 81,568,000
<br />$ 19,169,132
<br />$ 100,737,132
<br />Factor
<br />14.8306
<br />14.8308
<br />14.8306
<br />Payment
<br />5,499,987
<br />1,292,541
<br />6,792, 528
<br />Annual Required Contribution (ARC)
<br />Normal Cost
<br />910,811
<br />374,011
<br />1,284,822
<br />Amortization of UAAL
<br />5,499,987
<br />1,292,541
<br />6,792,528
<br />Interest to fiscal year end
<br />466,706
<br />121,325
<br />588,031
<br />Total ARC at fiscal year end
<br />6,877,504
<br />1,787,877
<br />8,665,381
<br />Projected covered payroll
<br />$ 46,879,660
<br />$ 46,879,660
<br />$ 46,879,660
<br />Normal Cost as a percent of payroll
<br />1.9%
<br />0.8%
<br />2.7%
<br />ARC as a percent of payroll
<br />ARC per active ee
<br />14.7%
<br />10,848
<br />3.8%
<br />2,833
<br />18.5%
<br />13,668
<br />Bickmore c3
<br />
|