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Other Post -Employment Benefit Programs of the City of "" <br />Actuarial Valuation as of July 1, 2015 <br />A. Executive Summary.......................................................................................................1 <br />B. Requirements of GASB 45.............................................................................................3 <br />C. Sources of OPEB Liabilities...........................................................................................4 <br />OPEB Obligations of the City..................................................................................... <br />4 <br />D. Valuation Process.................................................................,,:.,:....................................5 <br />E. Basic Valuation Results...................................................::......:.......................................6 <br />":;;: s.. <br />Changes Since the Prior Valuation...............................:.:..,..........,:..........................6 <br />F. Funding Policy............................................................................:s',,...............................8 <br />Determination of the ARC.. ........ ............. .............. ,. ......... <br />..........8 <br />Decisions Affecting the Amortization Payment ..;................. <br />8 <br />Funding Policy Illustrated in This Report .... ........ <br />.,........8 <br />Funding of the Implicit Subsidy ... <br />9 <br />G. Choice of Actuarial Funding Method and Assumptions ...................... ..........................10 <br />H. Certification ..................................................................,........11 <br />Table1 ...................::.,..........................:::,;..................................................,..........12 <br />Table 1A ARC Calculation for. FYE:24016 ,........ . ......................................................13 <br />Table 1 B Expected.OPEB Disclosures for FYE 2016 .......................................................13 <br />Table 1 C ARC Calculation for FYE 2'Q,.17................................................................15 <br />Table 1 D Expected OPEB Disclosures for,FYE 2017.........................................................16 <br />Table 2Summary of Employee Data:..........................................................................17 <br />Table SA Summary of Retiree Benefit Provisions...............................................................20 <br />Table 313 General CaIPERS Annuitant Eligibility Provisions...............................................22 <br />Table 4 Actuarial Methods and Assumptions......................................................................23 <br />Table 5 Projected Benefit Payments...................................................................................32 <br />Table 6 Potential Excise Tax.. ............................................................ - ...................... <br />_ 33 <br />Appendix 1 Expected Disclosures for Fiscal Year End June 30, 2015 ................................34 <br />Appendix 2 General OPEB Disclosure and Required Supplementary Information..............35 <br />Addendum 1: Bickmore Healthcare Claims Age Rating Methodology.................................36 <br />Addendum 2: Bickmore Mortality Projection Methodology..................................................37 <br />Glossary............................................................................................................................. <br />38 <br />