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Annual_Report_1995_001
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.• •..:.�. : �,�a.i� <br />�: �u: '.• <br />I�1nIe_8=��finedBenefi[_Pension.Planc - S at wide—cnn[inued <br />cost methods, (b) a supplemental contcibution for amortizing any unfunded actuarial accrued liabiliry by the date required for fiill <br />funding, and (c) an allowance for administrative expenses. Current combined starutory contribution rates and actuarially required <br />contribu[ion rates for the plans aze as follows: <br />PERF: (A blended rate for both the <br />Basic and Coordinated Plans) <br />PEPFF: <br />Statutory__Bates Required <br />Emploxee Employsr Rates'_" <br />4.31 % 4.60% <br />7.60% 11.40% <br />9.76% <br />19.00% <br />*The recommended rates scheduled above represent the required rates for fiscal yeaz 1995 contributions as reported in the July 1,1994, <br />acmarial valuation reports. <br />Total contributions made by the City during fiscal year 1995 were: <br />PERF: <br />Amounts <br />EmPloyee Empingec <br />$ 149,900 <br />PEPFF: i fi i .44k <br />Totals �31_�348 <br />$ 161,581 <br />242.122 <br />$_4�3 <br />Percentage of <br />Covered Payroll <br />Employe�s Emnlo�er <br />4.39% 4.73% <br />7.59% 11.39% <br />The Ciry's contribution for the yeaz ended June 30, 1995 to the PERF represented 013 percent of total contributions required of all <br />participating entities. For the PEPFF, contributions for the yeaz ended June 30, 1995, represented 0.92 percent of total contributions <br />required of all panicipating entities. <br />C. Funding Stams and Progress <br />I. Pension Benefit Obligation <br />The "pension benefit obligation" is a standardized disclosure measure of the present value of pension benefiu, adjusted <br />for the effects of projected salary increases and step-rate benefits, estimated to be payable in the furure as a result of <br />employee service to date. The measure, which is the actuarial present value of credited projected benefits, is intended <br />to help users assess PERA's funding status on a going-concem basis, assess progress made in accumulating sufficient <br />assets to pay benefits when due, and make compazisons among Public Employees Retirement Systems and among <br />employers. The measure is independent of the actuazial funding method used to determine required contributions, <br />which is discussed in Note B. PERA dces not make separate measurements of assets and pension benefit obligation <br />for individual participating employers. <br />41 <br />
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