HomeMy WebLinkAboutNC Comprehensive Report (Finance) (65)Fiscal
Year
6/30/10
6/30/11
6/30/12
CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
(8) City Defined Benefit Pension Plan (PERS), (Continued)
Initial unfunded liabilities are amortized over a closed period that depends on the plan's
date of entry into CalPERS. Subsequent plan amendments are amortized as a level
percentage of pay over a closed 20-year period. Gains and losses that occur in the
operation of the plan are amortized over a rolling 30 year period, which results in an
amortization of 6% of unamortized gains and losses each year. If the plan's accrued
liability exceeds the actuarial value of plan assets, then the amortization payment on the
total unfunded liability may not be lower than the payment calculated over a 30 year
amortization period.
The Schedule of Funding Progress below shows the recent history of the actuarial value
of assets, actuarial accrued liability, their relationship, and the relationship of the
unfunded accrued liability to payroll. The schedule of funding progress, presented below
presents multiyear information about whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liability for benefits.
City Miscellaneous Employees Group
Entry Age
Normal
Accrued
Liability
Valuation
Date
6/30/09
6/30/10
6/30/11
$82,507,216
86,337,687
92,018,537
Safety Employees Group
Entry Age
Normal
Valuation Accrued
Date Liability
6/30/09
6/30/10
6/30/11
$122,308,588
128,928,110
139,578,104
Actuarial
Value
of Assets
70,686,597
74,371,003
78,123,768
Actuarial
Value
of Assets
95,876,636
100,895,281
106,058,122
Unfunded
Liability/
(Excess
Assets
11,820,619
11,966,684
13,894,769
Unfunded
Liability/
(Excess
Assets)
26,431,952
28,032,829
33,519,982
Annual UAAL
Funded Covered As a % of
Status Payroll Payroll
85.7% 11,644,870 101.5%
86.1% 11,057,807 108.2%
84.9% 9,549,659 145.5%
Annual UAAL
Funded Covered As a % of
Status Payroll Payroll
78.4% 11,268,294 234.6%
78.3% 12,140,600 230.9%
76.0% 10,893,982 307.7%
Three -Year Trend Information
Annual Pension Cost (Employer Contribution)
Percentage of
Miscellaneous APC Contributed
1,871,038 100%
1,683,420 100%
2,313,089 100%
Safety
$3,461,800
3,277,155
4,233,722
Net Pension
Obligation
- 0-
-0-
- 0-
57