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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 />E. Annual OPEB (Continued) <br />The City first had an actuarial valuation performed for the plan as of January 1, 2008 to determine the <br />funded status of the plan as of that date as well as the employer's annual required contribution (ARC). <br />As of December 31, 2011, the City's annual OPEB cost (expense) is $215,574. The City's annual OPEB <br />cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for 2011 <br />was as follows: <br />Fiscal <br />OPEB <br />Employer <br />of Annual OPEB <br />OPEB <br />Year Ended <br />Cost <br />Contributions <br />Cost Contributed <br />Obligation <br />2009 <br />$ 234,937 <br />$ 119,317 <br />50.8% <br />$ 244,063 <br />2010 <br />232,654 <br />125,980 <br />54.1% <br />350,737 <br />2011 <br />215,574 <br />101,582 <br />47.1% <br />464,729 <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 />Actuarial <br />Valuation <br />Date <br />Unfunded <br />Actuarial Actuarial <br />Actuarial Accrued Accrued Funded <br />Value of Assets Liability (AAL)* Liability (UAAL) Ratio <br />January 1, 2008 $ 0 $ 118331845 $ 118331845 <br />January 1, 2011 $ 0 $ 117091742 $ 117091742 <br />*Using the projected unit credit actuarial pay cost method. <br />76 <br />UAAL as <br />Annual a Percentage <br />Covered of Annual <br />Payroll Covered Payroll <br />0% $ 915281355 19.2% <br />0% $10,169,482 16.8% <br />