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2012 CAFR
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2012 CAFR
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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2012 <br />NOTE 6 —OTHER POST - EMPLOYMENT BENEFITS (Continued) <br />F. Funded Status and Funding Progress <br />The City has no assets that have been irrevocable deposited in a trust for future health benefits; therefore, <br />the actuarial value of assets is zero. The funded status of the plan was as follows: <br />For the governmental activities, other post employment benefits are generally liquidated through the <br />general fund. <br />G. Actuarial Methods and Assumptions <br />Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and <br />assumptions about the probability of occurrence of events far into the future. Examples include <br />assumptions about future employment, mortality and the health care cost trend. Amounts determined <br />regarding the funded status of the plan and the annual required contributions (ARC) of the employer are <br />subject to continual revision as actual results are compared with past expectations and new estimates are <br />made about the future. The schedule of funding progress, presented as required supplementary <br />information following the notes to financial statements, presents multi -year trend information that shows <br />whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial <br />accrued liabilities for benefits. <br />Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as <br />understood by the employer and plan members) and include the types of benefits provided at the time of <br />each valuation and the historical pattern of sharing of benefit costs between the employer and plan <br />members to that point. The actuarial methods and assumptions used include techniques that are designed <br />to reduce the effect of short -term volatility in actuarial accrued liabilities and the actuarial value of assets, <br />consistent with the long -term perspective of the calculations. <br />W <br />Unfunded <br />UAAL as <br />Actuarial <br />Actuarial <br />Actuarial <br />Annual <br />a Percentage <br />Valuation Actuarial <br />Accrued <br />Accrued <br />Funded Covered <br />of Annual <br />Date Value of Assets <br />Liability (AAL)* <br />Liability (UAAL) <br />Ratio Payroll <br />Covered Payroll <br />January 1, 2008 $ 0 <br />$ 118331845 <br />$ 118331845 <br />0% $ 915281355 <br />19.2% <br />January 1, 2011 $ 0 <br />$ 117091742 <br />$ 117091742 <br />0% $10,169,482 <br />16.8% <br />*Using the projected unit credit actuarial pay <br />cost method. <br />For the governmental activities, other post employment benefits are generally liquidated through the <br />general fund. <br />G. Actuarial Methods and Assumptions <br />Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and <br />assumptions about the probability of occurrence of events far into the future. Examples include <br />assumptions about future employment, mortality and the health care cost trend. Amounts determined <br />regarding the funded status of the plan and the annual required contributions (ARC) of the employer are <br />subject to continual revision as actual results are compared with past expectations and new estimates are <br />made about the future. The schedule of funding progress, presented as required supplementary <br />information following the notes to financial statements, presents multi -year trend information that shows <br />whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial <br />accrued liabilities for benefits. <br />Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as <br />understood by the employer and plan members) and include the types of benefits provided at the time of <br />each valuation and the historical pattern of sharing of benefit costs between the employer and plan <br />members to that point. The actuarial methods and assumptions used include techniques that are designed <br />to reduce the effect of short -term volatility in actuarial accrued liabilities and the actuarial value of assets, <br />consistent with the long -term perspective of the calculations. <br />W <br />
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