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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2009 <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, 2009. The City's annual OPEB cost (expense) is $234,937. The <br />City's annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB <br />obligation for 2009 was as follows: <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 />UAAL as <br />Annual a Percentage <br />Covered of Annual <br />Payroll Covered Payroll <br />January 1, 2008 $ 0 $ 198339845 $ 1,833, 845 0% $ 995289355 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 />Annual <br />Percentage <br />Net <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 />2008 <br />237,174 <br />108,731 <br />45.8% <br />128,443 <br />2009 <br />234,937 <br />119,317 <br />50.8% <br />244,063 <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 />UAAL as <br />Annual a Percentage <br />Covered of Annual <br />Payroll Covered Payroll <br />January 1, 2008 $ 0 $ 198339845 $ 1,833, 845 0% $ 995289355 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 />