Annual_Report_1995_001 - Laserfiche WebLink

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. :. i.• • .�. „ . � �� : .. T[pt� 9- Sin I mnloyer Defined Renefit Pension Plan - Volun[eP* Fire R�li�f Accnriation - continted The unfunded pension beneFit obligation as of January 1, 1995, the latest available information, is as follows: Pension benefit obligation Retirees and beneficiazies cunently receiving benefits and terminated employees not yet receiving benefits $ 2,603,655 Current employees vested $ 1,56�,951 non-vested �� Total Total pension benefit obligation �Q�,ZQS $ 4,677,000 Net assets available for beneiits a[ lower of ws[ or market �.,'781 56fi Unfunded pension benefit obligation �845 4'�4 No changes were made in actuarial assumptions for 1995 however benefit provisions were increased causing a significant change in the valuation of the pension benefit obligation. Cix Year_.Histocical_Trend ... ..� .. .. .. Net assets available for benefits (Expressed as a percent of pension benefit obligation.) 78.8% 92.5%a 90.9% 93.6% 76.1% 75.5% 80.9% Unfunded pension benefit obligation (Expressed as a percent of annual covered payroll) 197.9% 623% 84.4% 673% 264.2% 304.8% 2863% Employer contributions (Expressed as a percent of covered payrolp 8.1% 2.9% 7.9% 83% 56.6% 38.5% 71.8%a Contcibutions Required_ancLContributions_Made Financial requirements of the relief association are determined on an actuarial basis using the entry age normal acmarial cost method. Normal cost is funded on a current basis. The unfunded actuarial accrued liability is to be funded by December 31, 2013. The Ciry's minimum obligation is the financial requirement for the year less anticipated member contributions and state aids. Any additional paymenu by the Ciry shal] be used to amortize the unfunded liabiliry of the relief association. The funding strategy for normal cost and the unfunded actuarial accrued liabiliry should provide sufficient resources to pay relief association benefits on a timely basis. �y