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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2011 <br />NOTE 7 —OTHER POST - EMPLOYMENT BENEFITS (Continued) <br />C. Participants <br />As of the actuarial valuation dated January 1, 2011, participants consisted of: <br />Retirees and beneficiaries currently <br />purchasing health insurance through the City 17 <br />Disabled police and firefighters 1 <br />Active Employees 155 <br />Total 173 <br />D. Funding Policy <br />The additional cost of using a blended rate for actives and retirees is currently funded on a pay -as- you -go <br />basis. The City Council may change the funding policy at any time. <br />E. Annual OPEB Cost and Net OPEB Obligation <br />The City's annual other post employment benefit (OPEB) cost is calculated based on the annual required <br />contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters <br />of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is <br />projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding <br />excess) over a period not to exceed 30 years. The net OPEB obligation as of December 31, 2011, was <br />calculated as follows: <br />Annual required contribution <br />$ 221,244 <br />Interest on OPEB obligation <br />15,829 <br />Adjustment to annual required contribution <br />(21,499) <br />Annual OPEB cost <br />215,574 <br />Contributions made <br />(101,5 82) <br />Increase (decrease) in net OPEB obligation <br />113092 <br />Net OPEB obligation beginning of year <br />350,737 <br />Net OPEB obligation end of year <br />$ 464,729 <br />75 <br />