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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 />Appendix 2 — Breakout of Results by Group
<br />(Concluded)
<br />In both of the tables above, the actuarial value of assets for each group is derived by
<br />allocating the total assets in proportion to the total AAL. Additionally, the allocation of the
<br />net OPEB obligation at the beginning of the fiscal year for each group was derived from
<br />information provided in the report on the April 1, 2010 valuation and information provided in
<br />the City's financial statements for the fiscal years ending June 30, 2010 and June 30, 2011.
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<br />Police
<br />Fire
<br />Total
<br />Approach
<br />Partial Prefunding Basis
<br />Discount Rate
<br />4.47%
<br />Amortization Method
<br />Level Percent of Pay
<br />Remaining amortization period in ears)
<br />27
<br />Number of Covered Employees
<br />Actives
<br />124
<br />51
<br />296
<br />Retirees
<br />70
<br />42
<br />214
<br />Total Participants
<br />194
<br />93
<br />510
<br />Actuarial Present Value of Projected Benefits ( APVPB)
<br />Actives
<br />$ 12,704,841
<br />$ 5,170,535
<br />$ 29,543,894
<br />Retirees
<br />9,573,707
<br />5,990,891
<br />28,112,423
<br />Total APVPB
<br />22,278,548
<br />11,161,426
<br />57,656,317
<br />Actuarial Accrued Liability (AAL)
<br />Actives
<br />5,402,665
<br />2,809,836
<br />14,469,104
<br />Retirees
<br />9,573,707
<br />5,990,891
<br />28,112,423
<br />Total AAL
<br />14,976,372
<br />8,800,727
<br />42,581,527
<br />Actuarial Value of Assets
<br />2,026,365
<br />1,190,775
<br />5,761,456
<br />Unfunded Actuarial Accrued Liability (UAAL)
<br />12,950,008
<br />7,609,953
<br />36,820,071
<br />Amortization Factor
<br />23.2734
<br />23.2734
<br />23.2734
<br />Annual Required Contribution (ARC)
<br />Normal Cost
<br />$ 609,736
<br />$ 217,078
<br />$ 1,428,449
<br />Amortization of UAAL
<br />556,429
<br />326,981
<br />1,582,066
<br />Interest to 6/30/2012
<br />12,642
<br />5,898
<br />32,637
<br />ARC for Fiscal Year End 6/30/2012
<br />1,178,808
<br />549,957
<br />3,043,152
<br />1. Calculation of the Annual OPEB Expense
<br />a. ARC for current fiscal year
<br />$ 1,178,808
<br />$ 549,957
<br />$ 3,043,152
<br />b. Interest on Net OPEB Obligation (Asset)
<br />at beginning of year
<br />11,438
<br />1,382
<br />17,299
<br />c. Adjustment to the ARC
<br />(11,486)
<br />(1,388)
<br />(17,372)
<br />d. Annual OPEB Expense (a. + b, + c,)
<br />1,178,760
<br />549,951
<br />3,043,079
<br />2. Calculation of Expected Contribution
<br />a. Estimated payments on behalf of retirees
<br />463,969
<br />241,303
<br />1,242,576
<br />b. Estimated contribution to OPEB trust
<br />-
<br />-
<br />0
<br />c. Total Expected Employer Contribution
<br />463,969
<br />241,303
<br />1,242,576
<br />3. Change in Net OPEB Obligation (1.d. minus 2.c.)
<br />714,791
<br />308,648
<br />1,800,503
<br />Net OPEB Obligation (Asset), beginning of fiscal year
<br />255,881
<br />30,920
<br />386,998
<br />Net OPEB Obligation (Asset) at fiscal year end
<br />970,671
<br />339,569
<br />2,187,501
<br />In both of the tables above, the actuarial value of assets for each group is derived by
<br />allocating the total assets in proportion to the total AAL. Additionally, the allocation of the
<br />net OPEB obligation at the beginning of the fiscal year for each group was derived from
<br />information provided in the report on the April 1, 2010 valuation and information provided in
<br />the City's financial statements for the fiscal years ending June 30, 2010 and June 30, 2011.
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