6.2. SR 06-02-2014 - Laserfiche WebLink

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Funding Percentage The funding percentage is calculated by taking the Special fund assets and dividing it by the accrued pension liability_This graph will show your funding percentage for a 5-year period and compare your percentage to other relief associations_ 120.0% 115.0% 110.0% 104.2% 111.1% 105.0% 100.0% 99.2% 98.1% 9 95.0% 1.9% 9 90.0% 6.3% 85.0% 91.3% 89.0% 87.2% 80.0% 2009 2010 2011 2012 2013 Association percent (Peer group average Future Accounting Standard Changes The following Governmental Accounting Standards Board(GASB)Statements have been issued and may have an impact on future financial statements: 1 GASB Statement No.67 - The Financial Reporting for Pension Plans-an Amendment to GASB Statement No. 25 Summary The objective of this Statement is to improve financial reporting by state and local governmental pension plans. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and interperiod equity,and creating additional transparency. This Statement replaces the requirements of Statements No.25,Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans,and No. 50,Pension Disclosures,as they relate to pension plans that are administered through trusts or equivalent arrangements(hereafter jointly referred to as trusts)that meet certain criteria. The requirements of Statements No. 25 and No. 50 remain applicable to pension plans that are not administered through trusts covered by the scope of this Statement and to define contribution plans that provide postemployment benefits other than pensions. This Statement is effective for financial statements for fiscal years beginning after June 15,2013.Earlier application is encouraged. People +Process® Going Beyondthe _5_ Numbers