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Actuarial Valuation of Other Post - Employment Benefit Programs as of <br />April 1, 2012 for the City of Sample Citv <br />Table 16 <br />Calculation of the Annual Required Contribution <br />The following exhibit calculates the amortization payments and the annual required <br />contribution (ARC) on a partial prefunding basis for the fiscal years ending June 30, 2012 <br />and June 30, 2013. <br />Fiscal Year End <br />Partial Prefunding Basis <br />6/30/2012 <br />6/30/2013 <br />Funding Policy <br />Projected covered payroll <br />$ 22,837,200 <br />Discount rate <br />4.47% <br />4.47% <br />Amortization method <br />Level % of Pay <br />Level % of Pay <br />Initial amortization period (in years) <br />30 <br />30 <br />Remaining period (in years) <br />27 <br />26 <br />Determination of Amortization Payment <br />UAAL <br />$ 36,820,071 <br />$ 38,569,888 <br />Factor <br />23,2734 <br />22.5366 <br />Payment <br />1,582,066 <br />1,711,434 <br />Annual Required Contribution (ARC) <br />Normal Cost <br />1,428,449 <br />1,474,874 <br />Amortization of UAAL <br />1,582,066 <br />1,711,434 <br />Interest to 06/30 <br />32,637 <br />34,543 <br />Total ARC at fiscal year end <br />3,043,152 <br />3,220,851 <br />While the following is not intended to be used to determine the normal cost or ARC in future <br />years, this information may be of value for planning purposes: <br />Valuation date <br />4/1/2012 <br />Fiscal Year End <br />6/30/2012 <br />6/30/2013 <br />Projected covered payroll <br />$ 22,837,200 <br />$ 23,579,409 <br />Normal Cost as a percent of payroll <br />6.3% <br />6.3% <br />ARC as a percent of payroll <br />13.3% <br />13.7% <br />ARC per active ee <br />10,281 <br />10,881 <br />Bickmore )2' <br />_. <br />