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4 <br />Estimated Annual Required Contribution <br />The table below shows the calculation of the Annual Required <br />Contribution toward postretirement medical benefits under GASB 45. Note <br />that the ARC shown below includes the pay -as- you -go cost for current <br />retirees, so the net effect of GASB 45 on the City is the excess of the <br />ARC over the pay -as- you -go cost. <br />Normal Cost for 2008 <br />Beginning of Year <br />Adjusted to Mid -Year <br />Percent of Payroll <br />Funded Status at January 1, 2008 <br />Actuarial Accrued liability (AAL) <br />Value of Plan Assets <br />Unfunded Actuarial Accrued Liab.(UAAL) <br />UAAL Amortization for 2008 <br />Amortization Method <br />Amortization Period <br />Amortization of UAAL, Mid -Year <br />Percent of Payroll <br />Annual Required Contribution (ARC) <br />Normal Cost <br />Amortization of UAAL <br />Total ARC <br />Percent of Payroll <br />Actuarial Cost Method <br />Actuarial Assumptions <br />Investment Rate of Return <br />Projected Salary increases <br />Results for Fiscal <br />Unfunded Plan <br />for 2008 <br />$22,040 <br />$22,481 <br />N/A <br />$329,191 <br />$0 <br />$329,191 <br />Level Dollar <br />30 Years <br />$18,671 <br />N/A <br />$22,481 <br />$18,671 <br />$41,152 <br />N/A <br />Projected Unit <br />Credit <br />4.00 <br />3.00 <br />Year 2008 <br />Funded Plan <br />$15,477 <br />$15,941 <br />N/A <br />$272,446 <br />$0 <br />$272,446 <br />Level Dollar <br />30 Years <br />$19,233 <br />N/A <br />$15,941 <br />$19,233 <br />$35,174 <br />N/A <br />Projected Unit <br />Credit <br />6.0% <br />3.06 <br />City of Lino Lakes Minnesota, Retiree Health Benefit Plan - November 2008 <br />