|
Table A -17
<br />CITY OF SAN LEANDRO
<br />Trend Information for PERS
<br />Safety and Miscellaneous Plans
<br />[Current Underfunding of Pension Obligation. According to an actuarial report
<br />commissioned by the City and finalized in 2011, the Fiscal Year 2010 -11 underfunding
<br />was in the amount of approximately $ and the Fiscal Year 2011 -12 underfunding will be in
<br />the amount of approximately $ , which will increase the June 30, 2011 UAAL ($ ) and
<br />the June 30, 2012 UAAL ($ accumulated). The actuarial study projects that the
<br />underfunding will increase the contribution rates in Fiscal Year 2013 -14 by $ and Fiscal
<br />Year 2014 -15 by $ .] [To be updated by Bianca Lin and John Bartel].
<br />Other Post - Employment Retirement Benefits
<br />General. In April 2004, the GASB issued Statement No. 43, Financial Reporting for
<br />Post - employment Benefit Plans Other Than Pension Plans. Statement No. 43 establishes
<br />uniform financial reporting standards for post - employment healthcare and other nonpension
<br />benefits ( "OPEB ") plans. The approach followed in Statement No. 43 is generally consistent
<br />with the approach adopted for defined benefit pension plans with modifications to reflect
<br />differences between pension plans and OPEB plans. Statement No. 43 became applicable to
<br />the City for the Fiscal Year ending June 30, 2009.
<br />Subsequently, in June 2004, GASB issued Statement No. 45, Accounting and Financial
<br />Reporting by Employers for Post - employment Benefits Other Than Pensions, which addresses
<br />how state and local governments should account for and report their costs and obligations
<br />related to OPEB. Statement No. 45 generally requires that employers account for and report
<br />the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in
<br />essentially the same manner as they currently do for pensions. Statement No. 45's provisions
<br />may be applied prospectively and do not require governments to fund their OPEB plans. An
<br />employer may establish its OPEB liability at zero as of the beginning of the initial year of
<br />implementation; however, the unfunded actuarial liability is required to be amortized over future
<br />periods. Statement No. 45 also establishes disclosure requirements for information about the
<br />plans in which an employer participates, the funding policy followed, the actuarial valuation
<br />A -28
<br />UAAL as a
<br />Actuarial
<br />Unfunded
<br />Annual
<br />% of
<br />Actuarial Value
<br />Accrued Liability
<br />AAL /Excess
<br />Funded
<br />Covered
<br />Covered
<br />Valuation Date
<br />Assets
<br />(AAL)
<br />Assets
<br />Ratio
<br />Payroll
<br />Payroll
<br />Safety*
<br />6/30/2007
<br />$7,986,055,176
<br />$6,826,599,459
<br />$1,159,455,717
<br />85.5%
<br />$731,607,658
<br />158.5%
<br />6/30/2008
<br />8,700,467,733
<br />7,464,927,716
<br />1,235,540,017
<br />85.8
<br />914,840,596
<br />135.1
<br />6/30/2009
<br />9,721,675,347
<br />8,027,158,724
<br />1,694,516,623
<br />82.6
<br />973,814,168
<br />174.0
<br />6/30/2010
<br />Miscellaneous
<br />6/30/2007
<br />$179,016,400
<br />$164,617,605
<br />$14,398,795
<br />92.0%
<br />$22,688,537
<br />63.5%
<br />6/30/2008
<br />87,424,677
<br />173,324,193
<br />14,100,484
<br />92.5
<br />23,605,301
<br />59.7
<br />6/30/2009
<br />205,208,780
<br />179,247,735
<br />25,961,045
<br />87.3
<br />23,510,790
<br />110.4
<br />6/30/2010
<br />The Valuation Date for the Safety Plan is set according to
<br />the City's participation
<br />in its Risk Pool, as described
<br />above.
<br />Source:
<br />City of San Leandro
<br />[Current Underfunding of Pension Obligation. According to an actuarial report
<br />commissioned by the City and finalized in 2011, the Fiscal Year 2010 -11 underfunding
<br />was in the amount of approximately $ and the Fiscal Year 2011 -12 underfunding will be in
<br />the amount of approximately $ , which will increase the June 30, 2011 UAAL ($ ) and
<br />the June 30, 2012 UAAL ($ accumulated). The actuarial study projects that the
<br />underfunding will increase the contribution rates in Fiscal Year 2013 -14 by $ and Fiscal
<br />Year 2014 -15 by $ .] [To be updated by Bianca Lin and John Bartel].
<br />Other Post - Employment Retirement Benefits
<br />General. In April 2004, the GASB issued Statement No. 43, Financial Reporting for
<br />Post - employment Benefit Plans Other Than Pension Plans. Statement No. 43 establishes
<br />uniform financial reporting standards for post - employment healthcare and other nonpension
<br />benefits ( "OPEB ") plans. The approach followed in Statement No. 43 is generally consistent
<br />with the approach adopted for defined benefit pension plans with modifications to reflect
<br />differences between pension plans and OPEB plans. Statement No. 43 became applicable to
<br />the City for the Fiscal Year ending June 30, 2009.
<br />Subsequently, in June 2004, GASB issued Statement No. 45, Accounting and Financial
<br />Reporting by Employers for Post - employment Benefits Other Than Pensions, which addresses
<br />how state and local governments should account for and report their costs and obligations
<br />related to OPEB. Statement No. 45 generally requires that employers account for and report
<br />the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in
<br />essentially the same manner as they currently do for pensions. Statement No. 45's provisions
<br />may be applied prospectively and do not require governments to fund their OPEB plans. An
<br />employer may establish its OPEB liability at zero as of the beginning of the initial year of
<br />implementation; however, the unfunded actuarial liability is required to be amortized over future
<br />periods. Statement No. 45 also establishes disclosure requirements for information about the
<br />plans in which an employer participates, the funding policy followed, the actuarial valuation
<br />A -28
<br />
|