BICKMORE & ASSOCIATES, INC.-2014

Home Browse Search

Actuarial Valuation of Other Post- Employment Benefit Programs as of April 1, 2012 for the City of Sample City Glossary (Continued) PEMHCA — The Public Employees' Medical and Hospital Care Act, established by the California legislature in 1961, provides community -rated medical benefits to participating public employers. Among its extensive regulations are the requirements that medical insurance contributions for retired annuitants and paid for by a contracting Agency be equal to the medical insurance contributions paid for its active employees, and that a contracting Agency file a resolution, adopted by its governing body, with the CalPERS Board establishing any new contribution. Proolected Unit Credit (PUC) — An actuarial funding method where, for each individual, the projected plan benefit is allocated by a consistent formula from entry date to assumed exit date Public Agency Miscellaneous PAM) — Actuarial assumptions used by CalPERS for most non- safety public employees. Select and Ultimate — Actuarial assumptions which contemplate rates which differ by year initially (the select period) and then stabilize at a constant long -term rate (the ultimate rate) Trend — The healthcare cost trend rate, defined as the rate of change in per capita health claims costs over time as a result of factors such as medical inflation, utilization of healthcare services, plan design and technological developments Unfunded Actuarial Accrued Liability (UAAL) — The excess of the actuarial accrued liability over the actuarial value of plan assets Unit Credit (UC) -- An actuarial funding method where, for each individual, the unprojected plan benefit is allocated by a consistent formula from entry date to assumed exit date Vesting - As defined by the plan, requirements which when met make a plan benefit nonforfeitable on separation of service before retirement eligibility Bickmore� ��