HomeMy WebLinkAboutNC Comprehensive Report (Finance) (67)CITY OF NATIONAL CITY
Notes to the Basic Financial Statements
(Continued)
Other Postemployment Benefit Plan, (Continued)
Annual required contribution $128,176
Interest on net OPEB obligation 2,690
Adjustments to annual required contributions (2,690)
Annual OPEB cost (expense) 128,176
Contributions made (including premiums paid) (105,993)
Increase in net OPEB obligation 22,183
Net OPEB obligation -beginning of year 105,229
Net OPEB obligation -end of year $127,412
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the
plan, and the net OPEB obligation for 2012 and the two preceding years were as follows:
Percentage of
Annual Net
Fiscal Annual OPEB Cost OPEB
Year OPEB Cost Contributed Obligation
6/30/10 $110,954 83% $ 53,795
6/30/11 126,454 59% $105,229
6/30/12 105,993 83% $127,412
Funded Status and Funding Progress. The funded status of the plan as of July 1, 2010,
was as follows:
Actuarial accrued liability (AAL)
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Funded ratio (actuarial value of plan assets/AAL)
Covered payroll (active plan members)
UAAL as a percentage of covered payroll
$1,370,805
$1,370,805
0.0%
18,322,000
7.5%
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