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Actuarial Valuation of Other Post - Employment Benefit Programs as of
<br />April 1, 2012 for the City of Sample City
<br />Table 1A
<br />Summary of Valuation Results — Partial Prefunding Basis
<br />The following summarizes the `results of our valuation of OPEB liabilities for the City
<br />calculated in accordance with GASB 45 for the fiscal year ending June 30, 2012 as well as
<br />projected amounts for the fiscal year ending June 30, 2013.
<br />The results shown below and on the following two pages reflect our understanding that the
<br />City intends to contribute only the pay -as- you -go (retiree premiums) portion of the ARC; no
<br />contributions to the OPEB trust are planned for the foreseeable future. If actual
<br />contributions are materially different, some results in this report will need to be revised,
<br />Valuation date
<br />Partial Prefunding Basis
<br />4/1/2012
<br />For fiscal year beginning
<br />7/11/20111
<br />711/2012
<br />For fiscal year ending
<br />6/30/2012
<br />6/30/2013
<br />Discount rate
<br />4.47%
<br />4.47 %
<br />Expected return on assets
<br />7.00%
<br />7.00%
<br />Number of Covered Employees*
<br />Actives
<br />296
<br />296
<br />Retirees
<br />214
<br />214
<br />Total Participants
<br />510
<br />510
<br />Actuarial Present Value of Projected Benefits
<br />(APVPB)
<br />Actives
<br />$ 29,543,894
<br />$ 30,864,506
<br />Retirees
<br />28,112,423
<br />28,126,473
<br />Total APVPB
<br />57,656,317
<br />58,990,979
<br />Actuarial Accrued Liability (AAL)
<br />Actives
<br />14,469,103
<br />16,608,173
<br />Retirees
<br />28,112,423
<br />28,126,473
<br />Total AAL
<br />42,581,526
<br />44,734,646
<br />Actuarial Value of Assets
<br />5,761,456
<br />6,164,758
<br />Unfunded AAL (UAAL)
<br />36,820,071
<br />38,569,888
<br />Normal Cost
<br />1,428,449
<br />1,474,874
<br />Benefit Payments
<br />Actives (in retirement)
<br />-
<br />53,778
<br />Retirees
<br />1,242,576
<br />1,313,061
<br />Total
<br />1,242,576
<br />1,366,839
<br />* The number of active employees and retirees shown above are as of the valuation date
<br />and are not necessarily the number expected in each category in the future year shown. In
<br />addition, because this valuation has been prepared on a closed group basis, no potential
<br />future employees are included. In reality, based on assumptions outlined in Table 4, we
<br />recognize the possibility that active employees will leave employment and that some may
<br />retire and elect benefits. We also reflect the likelihood that coverage for some of the retired
<br />employees may cease. Thus, it is likely that the actual number of employees and retirees in
<br />the future year will be different from those shown above.
<br />B ckmore �;
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