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CITY OF ROSEVILLE, MINNESOTA <br />NOTES TO FINANClAL STATEMENTS <br />December 31, 2015 <br />C. Participants <br />As of the actuarial valuation dated January 1, 2014, participants consisted o£ <br />Retirees and beneficiaries currently <br />purchasing health insurance through the City <br />Disabled pofice and firefighters <br />Active Employees <br />Total <br />D. Funding Policy <br />13 <br />146 <br />160 <br />The additional cost of using a blended rate for actives and retirees is currently funded on a <br />pay-as-you-go 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 <br />required contribution (ARC) of the employer, an amount actuarially determined in accordance <br />with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if <br />paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded <br />actuarial liabilities (or funding excess) over a period not to exceed 30 years. The net OPEB <br />obligation as of December 31, 2015, was calculated as follows: <br />Annual required contribution <br />Interest on OPEB obligation <br />$ 221,969 <br />39,871 <br />Adjustment to annual required contribution (55,984) <br />Annual OPEB cost 205,856 <br />Contnbutions made (84,647) <br />Increase (decrease) in net OPEB obligation 121,209 <br />Net OPEB obligation begu�nulg ofyear 886,012 <br />Net OPEB obligation end ofyear $ 1,007,221 <br />For the governmental activities, other post-employment benefits are generally liquidated through <br />the general fund. <br />75 <br />