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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2008 NOTE 7 —OTHER POST - EMPLOYMENT BENEFITS (Continued) E. Annual OPEB (Continued) The City first had an actuarial valuation performed for the plan as of January 1, 2008 to determine the funded status of the plan as of that date as well as the employer's annual required contribution (ARC) for the fiscal year ended December 31, 2008. The City's annual OPEB cost (expense) of $237,174 was equal to the ACR for the fiscal year, as the transition liability was set at zero as of December 31, 2007. The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for 2008 was as follows: Annual Percentage Net Fiscal OPEB Employer of Annual OPEB OPEB Year Ended Cost Contributions Cost Contributed Obligation a Percentage 2008 237,174 108,731 45.8% 128,443 F. Funded Status and Funding Progress The City has no assets that have been irrevocable deposited in a trust for future health benefits; therefore, the actuarial value of assets is zero. The funded status of the plan was as follows: *Using the projected unit credit actuarial pay cost method. Note, the first OPEB actuarial valuation was conducted as of January 1, 2008. There is no data available prior to the first valuation. W Unfunded UAAL as Actuarial Actuarial Actuarial Annual a Percentage Valuation Actuarial Accrued Accrued Funded Covered of Annual Date Value of Assets Liability (AAL)* Liability (UAAL) Ratio Payroll Covered Payroll January 1, 2008 $ 0 $ 198339845 $ 198339845 0% $ 995289355 19.2% *Using the projected unit credit actuarial pay cost method. Note, the first OPEB actuarial valuation was conducted as of January 1, 2008. There is no data available prior to the first valuation. W