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ELI RIVER MUNICIPAL UTILITIES <br />ELK RIVER, MINNESOTA <br />NOTES T4 FINANCIAL STATEMENTS <br />DECEMBER 3 I, 2009 AND 2008 <br />Note 5: P®STEI~PL®YII~LNT BENEFITS ~T~ER, THAN PENSION - CONTINUED <br />Health insurance p~enziun~s - 200$ health insurance premiums for retirees were used as the basis for calculation of the <br />present value of total benefits to be paid. <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 1~Iethod -Projected Unit C~•edit with 30-year amortization of the unfunded liability. <br />Valuation date -January I, 2008 <br />Based on the historical and expected returns of the Utilities' short-term investment po~•tfolio, a discount rate of 4,0 <br />percent was used. In addition, a simpli#"~ed 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, 2009, was thll•ty years, <br />~47- <br />