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Other Post -Employment Benefit Programs of the City of "" <br />Actuarial Valuation as of July 1, 2015 <br />(Continued) <br />Frozen Attained Aae Normal Cost (FAANC) -- An actuarial funding method under which the <br />excess of the actuarial present value of projected benefits over the actuarial accrued liability <br />(determined under the unit credit method) is levelly spread over the earnings or service of the <br />group forward from the valuation date to the assumed exit date, based not on individual <br />characteristics but rather on the characteristics of the group as a whole <br />Frozen Entry Age Normal Cost (FEANC) -- An actuarial funding method under which the <br />excess of the actuarial present value of projected benefits over t aactuarial accrued liability <br />(determined under the entry age normal cost method) is levellyi!s'pread over the earnings or <br />service of the group forward from the valuation date to the assumed exit date, based not on <br />individual characteristics but rather on the characteristics of th'e:group as a,whole <br />Financial Accounting Standards Board (FASB) - A private, n;ot for-profit organization <br />designated by the Securities and Exchange Commission (SEG) 4, to develop.;; generally <br />accepted accounting principles (GAAP) for U.S, public corporations <br />which develops generally accepted acco4air <br />governments; like FASB, it is part of„the ; Finan <br />each organization and selects the memkers of <br />-profit organization <br />:S. state and local <br />(FAF), which funds <br />Net OPEB Obligation (Asset) - The net OPEE ,,obligatidn,.(NOO) represents the accumulated <br />shortfall of OPEB funding s,(nop.GASB 45 +,vas Im- plemented. If cumulative contributions have <br />exceeded the sum of the prior years' annual `OPER *penses, then a net OPEB asset results. <br />Non -Industrial Disability (NIDA _Jnless'specifically contracted by the individual Agency, PAM <br />employees are assumed,to be subject,to only non -industrial disabilities. <br />Normal Cost — Totaldollar'value of benefits expected to be earned by plan members in the <br />current year, as assigned, by the chosen funding method; also called current service cost <br />Other Post-Emolovment `Benefits (OPER) — Post -employment benefits other than pension <br />benefits, most- eom, monly healthcare benefits but also including life insurance if provided <br />separately from a pension plan; <br />Pay -As -You -Go (PAYGO)- Contributions to the plan are made at about the same time and in <br />about the same amount'as benefit payments and expenses coming due <br />PEMHCA — The Public Employees' Medical and Hospital Care Act, established by the <br />California legislature in 1961, provides community -rated medical benefits to participating <br />public employers. Among its extensive regulations are the requirements that medical <br />insurance contributions for retired annuitants and paid for by a contracting Agency be equal to <br />the medical insurance contributions paid for its active employees, and that a contracting <br />Agency file a resolution, adopted by its governing body, with the CaIPERS Board establishing <br />any new contribution. <br />Bickmore <br />