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Other Post -Employment Benefit Programs of the City of ""
<br />Actuarial Valuation as of July 1, 2015
<br />Table 1 C
<br />ARC Calculation for FYE 2017
<br />In the following exhibit, the July 1, 2015 valuation results have been adjusted (rolled forward)
<br />one year based on the underlying actuarial assumptions. These results are used to develop
<br />the amortization payment and the annual required contribution (ARC) for the fiscal year
<br />ending June 30, 2017.
<br />Funding Policy-
<br />PrefundIng.pasis
<br />Valuation date
<br />7/112015
<br />Subsidy
<br />Explicit
<br />Implicit
<br />Total
<br />For fiscal year beginning
<br />7/1/2016
<br />7/1/2016
<br />7/1/2016
<br />For fiscal year ending
<br />6/30/2017
<br />6/30/2017
<br />6/30/2017
<br />Expected long-term return on assets
<br />7.28%
<br />7.280/c
<br />7.28%
<br />Discount rate
<br />7.28%
<br />7.280/6
<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 />Actives
<br />$ 41,389,601
<br />$ 14,216,539
<br />$ 55,606,140
<br />Retirees
<br />75,524,733
<br />8,715,227
<br />84,239,960
<br />Total APVPB
<br />116,914,334
<br />22,931,766
<br />139,846,100
<br />Actuarial Accrued Liability (AAL)
<br />Actives
<br />36,658,659
<br />11,338,677
<br />46,997,336
<br />Retirees
<br />75,524,733
<br />8,715,227
<br />84,239,960
<br />Total AAL
<br />111,183,392
<br />20,053,904
<br />131,237,296
<br />Actuarial Value of Assets
<br />29,577,627
<br />875,898
<br />30,463,525
<br />Unfunded AAL (UAAL)
<br />81,605,765
<br />19,178,006
<br />100,783,771
<br />Normal Cost
<br />940,412
<br />386,166
<br />1,326,576
<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 />Remaining period (in years)
<br />21
<br />21
<br />21
<br />Determination of Amortization Payment
<br />UAAL
<br />$ 81,605,765
<br />$ 19,178,006
<br />$ 100,783,771
<br />Factor
<br />14.4053
<br />14.4053
<br />14.4053
<br />Payment
<br />5,664,987
<br />1,331,317
<br />6,996,304
<br />Annual Required Contribution (ARC)
<br />Normal Cost
<br />940,412
<br />386,166
<br />1,326,578
<br />Amortization of UAAL
<br />5,664,987
<br />1,331,317
<br />6,996,304
<br />Interest to fiscal year end
<br />480,873
<br />125,033
<br />605,906
<br />Total ARC at fiscal year end
<br />7,086,272
<br />1,842,516
<br />8,928,788
<br />Projected covered payroll
<br />$ 48,403,249
<br />$ 48,403,249
<br />$ 48,403,249
<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 />14.6%
<br />3.8%
<br />18.4%
<br />ARC per active ee
<br />11,177
<br />2,920
<br />14,083
<br />Bickmore
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