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Other Post -Employment Benefit Programs of the City of ""
<br />Actuarial Valuation as of July 1, 2015
<br />Table 5
<br />Projected Benefit Payments
<br />The following is an estimate of other post -employment benefits to be paid on behalf of current
<br />retirees and current employees expected to retire from the City. Expected annual benefits
<br />have been projected on the basis of the actuarial assumptions outlined in Table 4.
<br />These projections do not include any benefits expected to be paid on behalf of current active
<br />employees prior to retirement, nor do they include any benefits for potential future employees
<br />(i.e., those who might be hired in future years).
<br />Projected Annual,$enefit Payments
<br />Fiscal Year
<br />Ex' IicitSubsid
<br />Implicit Subsidy
<br />Ending
<br />Current
<br />Future
<br />Current
<br />Future ,
<br />June 30
<br />Retirees
<br />Retirees
<br />Total
<br />Rarees
<br />Retirees
<br />Total
<br />Total
<br />2016
<br />$5,050,006
<br />$ 163,926
<br />$5,213,932
<br />$ 873,031
<br />$ 38,948
<br />$ 911,979
<br />$6,125,911
<br />2017
<br />5,414,902
<br />398,969
<br />5,813,871
<br />975,962
<br />96,088
<br />1,072,050
<br />6,885,921
<br />2018
<br />5,575,546
<br />668,726
<br />6,244,272
<br />1,075,332
<br />179,183
<br />'1,254,515
<br />7,498,787
<br />2019
<br />5,711,641
<br />968,317
<br />6,679,958
<br />1,092,462
<br />293,211
<br />1,385,673
<br />8,065,631
<br />2020
<br />5,778,361
<br />1,280,883
<br />7,059,244
<br />1,054,713
<br />408,292
<br />1,463,005
<br />8,522,249
<br />2021
<br />5,821,765
<br />1,623,640
<br />7,445,405
<br />1,031,773
<br />560,127
<br />1,591,900
<br />9,037,305
<br />2022
<br />5,858,312
<br />1,948,729
<br />7,807,041
<br />1,006,605
<br />720,148
<br />1,726,753
<br />9,533,794
<br />2023
<br />5,839,795
<br />2,270,292
<br />8,110,087
<br />927,416
<br />872,196
<br />1,799,614
<br />9,909,701
<br />2024
<br />5,815,625
<br />2,571,731
<br />8,387,356
<br />851,145
<br />1,052,466
<br />1,903,611
<br />10,290,967
<br />2025
<br />5,798,708
<br />2,887,236
<br />8,685,944
<br />799,369
<br />1 1,227,892
<br />1 2,027,261
<br />1 10,713,205
<br />The amounts shown in the Explicit Subsidy; section reflect `the expected payment by the City
<br />toward retiree medical prefi iums in each of the years shown. The amounts also include
<br />projected retiree life insurance, cla'ims,4 Those expected benefit cash flows are shown
<br />separately, and in total, for those retired on the.valuation date ("current retirees") and those
<br />expected to retire after the valuation. ,date ("future. retirees").
<br />The amounts shown in the`lmplicit Subsidy section reflect the expected excess of retiree
<br />medical (and prescription drug) claims over the premiums expected to be charged during the
<br />year for retirees' coverage. These amounts are also shown separately and in total for those
<br />currontly retired on the valuation date and for those expected to retire in the future.
<br />"Technically, the life insurance benefits could be separated between the premiums the City is expected to
<br />pay and the difference between projected retiree life premiums and projected retiree life Insurance claims.
<br />However, since the City pays 100% of this coverage for all retirees, we have simply included the total
<br />expected life insurance value In the Explicit Subsidy section.
<br />tC morel
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