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CI1Y OP ROSSVZLL6 <br />NOT65 TO FINANCIAL STATHM6NT5 <br />DBC6MSHR 31. 1994 <br />N t 9 S' 1 em 1 D f' d B £'t P P1 - V 1 t Pire Relief Association (Continued) <br />+ F�ture peneion paymente refleet no poee-retirement benefit increaeee, whieh ie coneiatent with the <br />[exme o£ the peneion agreement. <br />.. Pvnding Statue and erogreee - The amomt ehown belov ae the •prneion benefit obligation" ie a etandardized <br />'�. disclosuze meaeure of the pzeaent value of peneion benefite, adjueted £or the ef£eete of projetted ealazy <br />'�. inereaees (if any) ac�d etep-rate benefite, eetimated [o be payable in the future ae a result o£ aervice <br />'� to date. The meaeure ie intended to help veere aeeeee the £unding etatue o£ the aeeoeiation on a going- <br />concern baeie, aeeeae pmgreee made in accumulating euf£ieien[ aeeete to pay banefits when due, and make <br />� comparieone among employera. The meaeure ie the actuazial preaent value o£ ezedited pmjected benefite <br />'��.. and is independent of the £vnding method ueed Co detexmine contributione to the aeeociation. <br />� The unf�nded peneion benefit obliga[ion ae o£ January 1, 1999, the lateet available infoxmation, ia ae followe: <br />, � Peneion benefit obligation <br />Retireee and beneEiciariee eurzently receiving <br />' benefite and te�inated employeee not yet <br />receiving benefite $ 2,215,655 <br />� Nzzent employeee <br />'�. veeted $ 1,56],951 <br />� non-veeted 505.394 <br />Total 2.0'/3,345 <br />. Total peneion bene£it abliga[ion $ 4.209,000 <br />Net aeaeta available £or benefite at <br />lowez of eoat oz mazket <br />Un£unded peneion benefit obligation <br />3,239,0'I� <br />5 1,049,923 <br />No changes were made in actuarial aeaumptione £or 1994 however bene£it provieione were increased caueing a aignificant <br />change in the valuation of the peneion benefit obligation. <br />Six Yea! Hietorical Trend <br />Nee aeeete available for bene£ite <br />(6�:preeeed ae a percent oE peneion <br />benefit obligation.) <br />Unfunded peneion benefit obligation <br />(Hayreaeed ae a percent of a�vival <br />covered payroll) <br />employer eantributione (eapseased <br />ae a percent of covered payxall) <br />1989 <br />]8.84 <br />19'/.99 <br />8.1% <br />1990 1991 1992 1993 1999 <br />92.5& 90.94 93.6% '/6.1% 'J5.5& <br />62.36 84.4} 6'1.39 264.2% 304.8& <br />2.9% '/.9} 8.3} 56.69 38.56 <br />Contributione Re4uired and Contributions Made <br />�' Financial requiremente o£ the relie£ aaeotiation are detexmined on an actuarial baeie ueing the entry age normal <br />'�� actuarial coet method. Nozmal coet ie £unded on a current baeie. The unfunded actuazial aeerved liability ie to be <br />Eunded by oecembex 31, 2013. The City'e minimum obligation ie the Einan<ial reguirement for the year leee ac�ticipated <br />member contributione and etate aide. Any additional paymente by the City ahall be ueed to amortize the unfunded <br />'�, liability of the relief aseociation. The funding etrategy for noxmal coet and the unftuided actuarial aeerued liability <br />�''��. should provide eufficient reeourcee to pay relief aseociation benefita on a timely baeis. <br />42 <br />