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ELK RIVER MUNICIPAL UTILITIES <br /> ELK RIVER,MINNESOTA <br /> NOTES TO FINANCIAL STATEMENTS <br /> DECEMBER 31,2012 AND 2011 <br /> Note 5: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION-CONTINUED <br /> Health insurance premiums-2011 health insurance premiums for retirees were used per the valuation report. <br /> Withdrawal-The probability that an employee will remain employed until the assumed retirement age was determined <br /> using non-group specific age-based turnover data provided in Table 1 in Paragraph 35b of GASB 45. <br /> Disability-None <br /> Actuarial Method-Projected Unit Credit with 30-year amortization of the unfunded liability. <br /> Valuation date-January 1,2011 <br /> Based on the historical and expected returns of the Utilities' short-term investment portfolio,a discount rate of 4.0 <br /> percent was used. In addition,a simplified version of the entry age actuarial cost method was used. The unfunded <br /> actuarial accrued liability is being amortized as a level dollar amount over an open basis. The remaining amortization <br /> period at December 31,2012 was thirty years. <br /> 52 <br />