4.1. ERMUSR 02-11-2014 - Laserfiche WebLink

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Benefit provisions for MRHP are established and amended by the City, while the Utility has been delegated authority to establish and amend benefit provisions for URHP. Eligible retirees receiving benefits are required to pay 100% of the total premium. The City's annual OPEB cost for each plan is calculated based on the annual required contribution (ARC) of the employer, an amount actuarially determined in accordance with the parameters of GASB 45. The ARC represents the level of funding that, if paid on an ongoing basis, is projected to cover normal cost each year and amortize any unfunded actuarial liabilities (or funding excess) over a period not to exceed thirty years. The URHP has elected to calculate the ARC and related information using the alternative measurement method permitted for employers in plans with fewer than one hundred total plan members. Components of the annual OPEB cost, the amount actually contributed to the plan, and the changes in the net OPEB obligation to the plan for the fiscal year ended December 31, 2012 are as follows: MRHP URHP Annual required contribution $100,739 $ 6,527 Interest on net OPEB obligation 6,985 1,430 Adjustment to ARC (10,005) (3,356) Annual OPEB cost (expense) $ 97,719 $ 4,601 Contributions made (36,810) 0 Increase in net OPEB obligation $ 60,909 $ 4,601 Net OPEB obligation — beginning of year 174,636 35.759 Net OPEB obligation —end of year $235,545 $40,360 Funded status of the OPEB as reported in the actuarial reports received to-date: Unfunded UAAL as Actuarial Actuarial a percentage Actuarial Actuarial Value Accrued Accrued of Annual Valuation Date of Assets Liability Liability(UAAL) Covered Payroll MHRP: January 1, 2011 - 0 - $908,610 $908,610 13.17% January 1, 2008 - 0 - 88,718 88,718 2.17 UHRP: January 1, 2011 - 0 - $42,681 $42,681 1.87% January 1, 2008 - 0 - 56,892 56,892 2.47 - 32 - 113