Laserfiche WebLink
CZTY OP ROSSVILL6 <br />NOTHS TO PZNANCIFS. STATSM6NTS <br />D8C6M86R 31. 1994 <br />N C 9- D f' d B E't P 'on Plan - Statewide (Continuedl <br />The actuasy compazee the actual eontribution rate to a^requized" contribution rate. Cltrrent eombined statutory <br />contribution ratee and actuarially raquired eontribution xatee Eor the plana are ae Eollove: <br />PBRP: <br />Baeic and Coordinated Plane <br />P6PPF: <br />Statutorv Ratee Required <br />Smplovee Hmnlovez Ratee> <br />4.30i 4.604 <br />].90i 11.'/0� <br />9.50i <br />1'/.45i <br />*The ze<ommended ratee eeheduled above zepreeent the required ratee for fieeal yeaz 1994 contributione ae zeported in <br />the July 1, 1993, actuaiial valuation reporte. <br />Toeal contzibutione made by the City during £iecal year 1994 were: <br />Amounte <br />&mvlovee Bmolover <br />P6RP: $ 140,291 $ 151,339 <br />P6PPP: <br />Totale <br />5 190,340 $ 256,690 <br />5 330,638 5 408,029 <br />Pezcentage of <br />Covered Payroll <br />6mDSOVOGB EmP1�VC2 <br />4.40% 4.]St <br />],6% 11.40& <br />xhe City'e eontribution for the yeaz ended Juna 30, 1994 to tAe PBRP repreeented o.12 percent oE Cotal contributione <br />zequired of all participating entitiee. For the PHPPP, eontributione fox the yeaz ended June 30, 1994, repceeented 0.89 <br />pezcent of total contributione required of all paxticipating entitias. <br />... Funding Statue and Pzogzeee <br />1. Pension 8ene£it Obligation ' <br />The ^pension benefit obligation" ie a etandardized discloeure meaeure of the preaent value o£ peneion benefite, <br />adjuated for the effeete of projected ealary inereaeee and etep-zate benefite, eetimated to be payable in tha <br />futuze ae a reault oE employee eerviee to date. The meaeuze, whieh ie the actvarial preeent value of czedited <br />projected benefita, ie intended to help ueere aeeeee PHRA's funding etatua on a going-concern baeis, aeeeae <br />progrees made in aecumulating euf£icient aeaeta to pay benefite when due, and make comparieone among Publit <br />smployeee Retirement Syeteme and among employere. PSRA dcee not make eepazate meaeuremente o£ aeeete and peneion <br />benefit obligation foz individual employere. <br />The penaion beneEit obligatione of PeRA ae o£ J�ne 30, 1994, are ehow below: <br />Total peneion benefit <br />obligatione <br />Net aeaete available <br />foz benefite, at coet <br />(Market Valuee foz <br />PHRP = $4,�62,519,000; <br />PHPFF = $1,23'I,484,000) <br />PHRP <br />$ 5,625,598,000 <br />S 4."I33.845,000 <br />P6PPP <br />$ 1,020,950,000 <br />5 1,229.]69.000 <br />UnEunded peneion bene£it <br />obligation (euYplue aeaete) 5 891.'I53.000 (5 208,819,000) <br />The meaeurement o£ the peneion bevefit obligation ie baeed on an aetuarial valuation ae of Sune 30, <br />1999. Net aBsets available to pay peneion bene£ite were valued ae o£ June 30, 1999. � <br />39 <br />