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'<�le Canada Are Relief Association
<br />Benefit Per Year of Service 3,150
<br />Beginning Assets
<br />4/30 Balance - Current Benefit Level
<br />Actual Projected
<br />2012 2013 2014 2015 2016 2017 2018
<br />April 30, 2013
<br />$ 1,687,941 $ 1,912,767 $ 1,958,761 $ 1,876,384 $ 1,909,079 $ 1,939,934 $ 1,975,239
<br />Revenue:
<br />City contribution 15,000 15,000 15,000 15,000 15,000 15,000 15,000
<br />State Aid 38,731 38,731 38,731 38,731 38,731 38,731 38,731
<br />Investment earnings @ 5% 162,854 92,400 91,200 92,800 94,400 96,100
<br />Other 1,000 - - -
<br />Total Revenue 217,585 53,731 146,131 144,931 146,531 148,131 149,831
<br />Expenses:
<br />Benefit payments 95,500 220,500 103,950 107,100 103,950 107,100
<br />Administrative 6,475 7,737 8,008 8,286 8,576 8,876 9,187
<br />Total Expenses 101,975 7,737 228,508 112,236 115,676 112,826 116,287
<br />Ending Assets 1,803,551 1,958,761 1,876,384 1,909,079 1,939,934 1,975,239 2,008,783
<br />Pension Liability (1,831,150) (1,944,828) (1,838,422) (1,839,566) (1,837,596) (1,834,740) (1,826,297}
<br />(Unfunded) /Overfunded $ (27,599) $ 13,933 $ 37,962 $ 69,513 $ 102,338 $ 140,499 $ 182,486
<br />Percent Funded 98% 101% 102% 104% 106% 108% 110%
<br />Benefit Per Year of Service $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150 $ 3,150
<br />Annual Financial Requirements:
<br />Service pensions costs:
<br />Normal cost
<br />Deficit amortization @ 10%
<br />Administrative costs
<br />Total Financial requirements
<br />$ 114,094 $ 105,094 $ 105,130 $ 101,094 $ 98,658
<br />8,008 8,286
<br />8,576
<br />8,876
<br />9,187
<br />122,102 113,380 113,706 109,970 107,844
<br />Anticipated revenue:
<br />State aid - @ no increase 38,731 38,731 38,731 38,731 38,731
<br />5% of projected assets at year end 97,938 93,819 95,454 96,997 98,762
<br />10% of surplus 1,393 3,796 6,951 10,234 14,050
<br />Total anticipated revenue 138,062 136,346 141,136 145,962 151,543
<br />Required city support (15,961) (22,966) (27,431) (35,992) (43,698)
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