7.1. SR 02-19-2008 - Laserfiche WebLink

Home Browse Search

public employee retirement system or another entity and, if so, how to obtain the report. Funding Policy. Governments should disclose the following funding policy information about how contributions are made toward financing OPEB a. Authority (for example, state statute) under which the obligations of the plan members, employer(s), and other contributing entities (for example, state contributions to local government plans) to contribute to the plan are established or may be amended. b. Required contribution rate(s) of active plan members. c. Required contribution rate(s) of the employer in accordance with the funding policy, in dollars or as a percentage of current-year covered payroll. If the plan is a single- employer or agent plan and the rate differs significantly from the ARC, a government should disclose how the rate is determined. If the plan is acost-sharing plan, a government should disclose the required contributions in dollars, the percentage of that amount contributed for the current year and each of the two preceding years, and how the required contribution rate is determined. Governments should also disclose any legal or contractual limitations on the maximum amount of their contributions. d. A brief description of the terms of any long-term contracts for contributions to the plan and the amount still outstanding; for example, a government that is not able to make its full contribution in a given year might agree with the plan to make up the shortfall with interest in annual installments over athree-year period. Members and Types of Benefits. If an employer government includes an OPEB plan in its financial statements as a trust or agency fund and the plan does not issue its own financial statements separate from those of the employer government, the employer also discloses the following information about the plan as a whole: a. The types of employees covered (such as general employees, police officers, legislators) and, for multiple-employer plans, the participating governments b. The number of members, sorted by (1) retirees and beneficiaries currently receiving benefits, (2) members no longer working for the government and entitled to benefits, but not yet receiving them, and (3) current employees c. A brief description of (1) the types of benefits provided and (2) provisions for cost-of- living adjustments or other future increases in benefits d. The balances remaining as of the date of the financial report in the plan's legally required reserves, a description of the purpose of the reserves, and whether the reserves are fully funded. Costs and Obligations, Methods and Assumptions. Because governments participating in single-employer or agent multiple-employer plans are individually responsible for financing the OPEB cost of their own employees and retirees, these governments are required to provide additional information in their notes. The following additional disclosures are intended to help users assess whether the governments are keeping pace with actuarially required contribution amounts, the extent to which the resources set aside for paying OPEB are sufficient or insufficient, and the methods and assumptions employed to conduct the actuarial calculations: a. For the current year, annual OPEB cost and the dollar amount of contributions actually made. If the employer has a net OPEB obligation, it should also disclose the components of annual OPEB cost, the increase or decrease in the net OPEB obligation, and the net OPEB obligation at the end of the year. b. For the current year and each of the two preceding years, annual OPEB cost, percentage of annual OPEB cost contributed that year, and net OPEB obligation at the end of each year. c. The funded status of the plan; this is the same information governments would be required to disclose in a schedule of funding progress (see below), but only for the most recent valuation date. City of Elk River, M1V Page 8