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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2010 <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) for <br />the fiscal year ended December 31, 2010. The City's annual OPEB cost (expense) is $232,654. The <br />City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB <br />obligation for 2010 was as follows: <br />Annual Percentage Net <br />Fiscal OPEB Employer of Annual OPEB OPEB <br />Year Ended Cost Contributions Cost Contributed Obligation <br />2008 $ 237,174 $ 108,731 45.8% $ 128,443 <br />2009 234,937 119,317 50.8% 244,063 <br />2010 232,654 125,980 54.1% 350,737 <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 Actuarial <br />Date Value of Assets <br />Unfunded <br />Actuarial Actuarial <br />Accrued Accrued Funded <br />Liability (AAL)* Liability (UAAL) Ratio <br />UAAL as <br />Annual a Percentage <br />Covered of Annual <br />Payroll Covered Payroll <br />January 1, 2008 $ 0 $ 118331845 $ 1,833, 845 0% $ 915281355 19.2% <br />*Using the projected unit credit actuarial pay cost method. <br />Note, the first OPEB actuarial valuation was conducted as of January 1, 2008. There is no data available <br />prior to the first valuation. <br />77 <br />