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CITY OF ROSEVILLE NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2012 NOTE 6 —OTHER POST - EMPLOYMENT BENEFITS (Continued) E. Annual OPEB Cost and Net OPEB Obligation The City's annual other post - employment benefit (OPEB) cost is calculated based on the annual required contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed 30 years. The net OPEB obligation as of December 31, 2012, was calculated as follows: Annual required contribution $ 2211244 Interest on OPEB obligation 201913 Adjustment to annual required contribution (28,654) Annual OPEB cost 213,503 Contributions made (68,009)_ Increase (decrease) in net OPEB obligation 1451494 Net OPEB obligation beginning of year 464,729 Net OPEB obligation end of year $ 610,223 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). As of December 31, 2012, the City's annual OPEB cost (expense) is $213,503. The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for 2012 was as follows: W Annual Percentage Net Fiscal OPEB Employer of Annual OPEB OPEB Year Ended Cost Contributions Cost Contributed Obligation 2009 $ 234,937 $ 119,317 50.8% $ 244,063 2010 232,654 125,980 54.1% 350,737 2011 215,574 101,582 47.1% 464,729 2012 213,503 6809 31.9% 610,223 W