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provisions of the plan, retirees are responsible for the total premium cost. As of December 31, 2014, there were approximately 48 active participants and 6 retired participants receiving benefits from the City's health plans. The City's greatest liability under GASB 45 comes through an implicit rate subsidy, which is the additional cost of health insurance to current employees and the City as a result of the higher cost of providing health insurance to retirees. The City funds its OPEB obligation on a pay-as-you-go basis. For fiscal year ended December 31, 2014, the City contributed $21,494 to the plan. Components of the City's annual OPEB cost for the year ended December 31, 2014, the amount actually contributed to the plan, and changes in the City's net OPEB obligation to the plan are as follows: Annual required contribution Interest on net OPEB obligation Adjustment to annual required contribution Annual OPEB cost (expense) Contributions made Increase in net OPEB obligation Net OPEB obligation — beginning of year Net OPEB obligation — end of year $ 31,590 840 (3,238) $ 29,192 (21,494) $7,698 83,969 91 667 Funded status of the City's OPEB as reported in the actuarial reports received to -date: Actuarial Valuation Date January 1, 2014 January 1, 2011 January 1, 2008 Required contributions Fiscal Year Ended December 31, 2014 December 31, 2013 December 31, 2012 December 31, 2011 December 31, 2010 Actuarial Value of Assets - 0- - 0- - 0- Actuarial Accrued Liability $547,626 474,770 329,191 Unfunded Actuarial Accrued Liability (UAAL) $547,626 474,770 329,191 as reported in the actuarial reports received to -date: OPEB Cost $29,192 27,437 29,610 27,917 40,404 % of Annual OPEB OPEB Cost Contributed Obligation 73.6% $91,667 77.6 83,969 65.2 77,821 65.9 72,808 51.1 63,237 UAAL as a percentage of Annual Covered Payroll N/A 9.7% 6.8 For more information regarding the City's OPEB plan with respect to its employees, please reference "Note 18, Other Postemployment Benefit Plan" of the City's Comprehensive Annual Financial Report for fiscal year ended December 31, 2013, an excerpt of which is included as Appendix IV of this Official Statement. (The City's Comprehensive Annual Financial Report for the fiscal year ended December 31, 2014 is not yet available.) Sources: City's Comprehensive Annual Financial Reports. - 22 -