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15 <br />Pay -as- you -go. A method of financing a benefit plan under which the <br />contributions to the plan are generally made at about the same time and <br />in about the same amount as benefit payments and expenses become due. <br />Plan assets. Resources, usually in the form of stocks, bonds, and other <br />classes of investments, that have been segregated and restricted in a <br />trust or equivalent arrangement, in which (a) employer contributions to <br />the plan are irrevocable, (b) assets are dedicated to providing benefits <br />to retirees and their beneficiaries, and (c) assets are legally <br />protected from creditors of the employer or plan administrator, for the <br />payment of benefits in accordance with the terms of the plan. <br />Plan members. The individuals covered by the terms of a benefit plan. <br />Plan membership generally includes employees in active service, <br />terminated employees who have accumulated benefits but are not yet <br />receiving them and retired employees and beneficiaries currently <br />receiving benefits. <br />Substantive plan. The terms of an OPEB plan as understood by the <br />employer and plan members. <br />Unfunded actuarial accrued liability. The excess of the Actuarial <br />Accrued Liability over the Actuarial Value of Assets. <br />City of Lino Lakes Minnesota, Retiree Health Benefit Plan - November 2008 <br />