Annual OPEB Cost and Net OPEB Obligation Sample Clauses

Annual OPEB Cost and Net OPEB Obligation. The Authority’s annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution of the employer (ARC), an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. As of June 30, 2015, the date of the latest actuarial valuation, there were 16 retirees receiving benefits and 21 active plan members. Based on the Authority’s total number of plan participants, the minimum required frequency of an actuarial valuation under GASB 45 is triennially. Accordingly, the ARC determined by the actuarial study valued as of June 30, 2015 will remain applicable for 2016, and 2017. The following table shows the components of the Authority’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Authority’s net OPEB obligation for these benefits:
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Annual OPEB Cost and Net OPEB Obligation. The Annual Required Contribution (ARC) is an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC is equal to the normal cost plus a 30-year amortization of the unfunded actuarial liability. The following table, based on actuarial valuation as of July 1, 2011, shows the components of the annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Department’s net OPEB obligation: Annual required contribution $1,049,000 Interest on net OPEB obligation 36,865 Adjustment (64,437) Total annual OPEB cost 1,021,428 Contributions (benefit payments) (77,478) Increase in net OPEB obligation 943,950 Net OPEB obligation – beginning of year 867,400 Net OPEB obligation – end of year $1,811,350 The annual OPEB cost, the percentage of annual OPEB cost contributed to the plan and the net OPEB obligation for fiscal year 2011/12 and the two prior fiscal years were as follows: Fiscal Annual Year Annual OPEB Cost Net OPEB Ended OPEB Cost Contributed Obligation 6/30/2010 n/a n/a n/a 6/30/2011 $890,933 3% $867,400 6/30/2012 $1,021,428 7.6% $1,811,350
Sample 1
Annual OPEB Cost and Net OPEB Obligation. The following table, based on actuarial valuation as of July 1, 2011, shows the components of the annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Department’s net OPEB obligation: FY 10/11 GASB 45 FY11/12 GASB 45 FY12/13 GASB 45 Annual Required Contribution $890,933 $1,049,000 $1,130,000 Interest 36,865 131,323 Amortization -64,437 -145,684 Annual OPEB cost 890,933 1,021,428 1,115,639 Annual OPEB cost as % of payroll 11.9% 12.8% Contributions: Benefit Payment Outside Trust 23,533 77,478 175,442 Trust Funding 954,558 Total Contributions 23,533 77,478 1,130,000 Net Changes to Net OPEB Obligation 867,400 943,950 -14,361 Net OPEB Obligation – beginning 867,400 1,811,350 Net OPEB Obligation – ending $867,400 $1,811,350 $1,796,989 Percentage of Annual OPEB Cost Contributed 3% 7.6% 101.3%
Sample 1
Annual OPEB Cost and Net OPEB Obligation. The following table, based on actuarial valuation as of June 30, 2013, shows the components of the annual OPEB cost for the year, the amount actually contributed to the plan, and changes in the Department’s net OPEB obligation: FY12/13 GASB 45 FY13/14 GASB 45 FY14/15 GASB 45 Annual Required Contribution $1,130,000 $1,167,000 $1,129,,000 Interest 131,323 130,000 132,000 Amortization -145,684 -107,000 -110,000 Annual OPEB cost 1,115,639 1,190,000 1,151,000 Annual OPEB cost as % of payroll 12.8% 14.6% 13.6% Contributions: Benefit Payment Outside Trust 175,442 216,370 252.863 Trust Funding 954,558 950,630 882,180 Total Contributions 1,130,000 1,167,000 1,135,043 Net Changes to Net OPEB Obligation -14,361 23,000 15,957 Net OPEB Obligation – beginning 1,811,350 1,796,989 1,819,989 Net OPEB Obligation – ending $1,796,989 $1,819,989 1,835,946 Percentage of Annual OPEB Cost Contributed 101.3% 98.7% 64.9% D. Funded Status and Funding Progress – In June 2013, the Department established an OPEB irrevocable trust with the California Employer’s Retiree Benefit Trust Program (CERBT) administered by the California Public statements of CERBT are included in the CalPERS financial report. Copies of this report may be obtained from CalPERS Executive Office – 000 X Xxxxxx, Xxxxxxxxxx, Xxxxxxxxxx. The June 30, 2013 unfunded actuarial accrued liability (UAAL) for benefits (latest available information) was $10,328,000. The value of assets of $955,000 as of June 30, 2013 was 8.5% of UAAL. Actuarial valuations of an ongoing plan involve estimates of the value of expected benefit payments and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress, presented as required supplemental information, following the notes to the financial statements, presents multi-year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the ty...
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