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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 />Glossary <br />(Continued) <br />Entry Age Normal Cost (EANC) — An actuarial funding method where, for each Individual, <br />the actuarial present value of benefits is levelly spread over the individual's projected <br />earnings or service from entry age to assumed exit age <br />Frozen Attained Age Normal Cost (FAANC) — An actuarial funding method under which the <br />excess of the actuarial present value of projected benefits over the actuarial accrued liability <br />(determined under the unit credit method) is levelly spread over the earnings or service of <br />the group forward from the valuation date to the assumed exit date, based not on individual <br />characteristics but rather on the characteristics of the group as a whole <br />Frozen Entry Age Normal Cost (FEANC) — An actuarial funding method under which the <br />excess of the actuarial present value of projected benefits over the actuarial accrued liability <br />(determined under the entry age normal cost method) is levelly spread over the earnings or <br />service of the group forward from the valuation date to the assumed exit date, based not on <br />individual characteristics but rather on the characteristics of the group as a whole <br />Financial Accounting Standards Board (FASB) — A private, not - for - profit organization <br />designated by the Securities and Exchange Commission (SEC) to develop generally <br />accepted accounting principles (GAAP) for U.S. public corporations <br />Government Accounting Standards Board (GASB) — A private, not - for - profit organization <br />which develops generally accepted accounting principles (GAAP) for U.S. state and local <br />governments; like FASB, it is part of the Financial Accounting Foundation (FAF), which <br />funds each organization and selects the members of each board <br />Net OPEB Obl cation (Asset) - The net OPEB obligation (NOO) represents the accumulated <br />shortfall of OPEB funding since GASB 45 was implemented. If cumulative contributions <br />have exceeded the sum of the prior years' annual OPEB expenses, then a net OPEB asset <br />results. <br />Non - Industrial Disability (NID) - Unless specifically contracted by the individual Agency, <br />PAM employees are assumed to be subject to only non - industrial disabilities. <br />Normal Cost - Total dollar value of benefits expected to be earned by plan members in the <br />current year, as assigned by the chosen funding method; also called current service cost <br />Other Post - Employment Benefits (OPEB) - Post - employment benefits other than pension <br />benefits, most commonly healthcare benefits but also including life insurance if provided <br />separately from a pension plan <br />Pay -As- You -Go (PAYGO) - Contributions to the plan are made at about the same time and <br />in about the same amount as benefit payments and expenses coming due <br />Bick , ore 31 it <br />