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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2002 <br />NOTE 5 -OTHER INFORMATION (Continued) <br />D. Annual pension cost <br />For 2002, the City 'sI annual pension cost of $331,953 is equal to the City's required and actual <br />contributions. The required contribution was determined as part of the January 1, 2002 actuarial <br />valuation. The actuarial assumptions included (a) 5.0% investment rate of return (net of <br />administrative expenses); (b) a mortality table of the 1971 Group Annuity Table; (c) termination of <br />3 percent rate from age 20 -30, grading to no terminations after age 45; (d) disability rates based upon <br />75 percent of the Railroad Retirement Board Disability Rates; (e) entry age based upon age on <br />employment date; (f) retirement age based upon the later of age 55 or 20 years of service; (g) 85 <br />percent of members are assumed to be married; (h) normal form of payment based upon joint and <br />100 percent to survivor annuity; (1) asset basis based upon fair value; and 0) level dollar <br />amortization which is sufficient to amortize the unfunded actuarial accrued liability by a closed <br />period ending December 31, 2010 and a closed period of 20 years for Plan amendments. <br />The latest actuarial value of plan liability on January 1, 2002 was $7,372,974. The value of the plan <br />assets, valued at market, totaled $5,743,650 on January 1, 2002. A six -year summary of Assets, <br />Liabilities and funding ratios are listed below: <br />Schedule of Funding Progress <br />December 31, 2002 <br />Unfunded <br />Actuarial <br />Actuarial <br />Funded <br />Value of <br />Accrued Liability <br />Year <br />Assets <br />(Entry Age) <br />1997 <br />$ 551139397 <br />$ 5,8541255 <br />1998 <br />539569146 <br />5,029,019 <br />1999 <br />697413180 <br />63200,077 <br />2000 <br />652635506 <br />6,7875517 <br />2001 <br />5,743,650 <br />753725974 <br />2002 <br />5,12708 <br />7,4891194 <br />Unfunded <br />(overfunded) <br />Funded <br />Accrued Liability <br />Ratio <br />$ 7405858 <br />87.34% <br />729873 <br />98.79% <br />(541,103) <br />108.73% <br />5241)011 <br />92.28% <br />11629,324 <br />77.90% <br />2,3613306 <br />68.47% <br />Covered payroll is not an actuarial factor in determining benefits or funding obligations under <br />applicable Minnesota statutes. <br />Wt <br />