Resolution No. 5146 - Laserfiche WebLink

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CITY OF EUGENE, OREGON Notes to Required Supplementary Information June 30, 2015 (1) The City’s proportionate share of the net pension asset (liability) is actuarially determined by comparing the City’s projected long-term contributions to OPERS to the total projected long-term contributions to the plan from all employers. Schedule of City’s Proportionate Share of the Net Pension Asset (Liability) 20152014 Proportion of the net pension asset (liability)1.35%1.35% Proportionate share of the net pension asset (liability)$30,504,733(69,360,287) Covered-employee payroll95,710,43592,451,727 Proportionate share of the net pension asset (liability) as a percentage of its covered-employee payroll31.87%-75.02% Plan fiduciary net position as a percentage of the total pension asset (liability)103.60%N/A Schedule of City contributions 20152014 Contractually required contribution$12,098,45511,751,145 Contributions in relation to the contractually required contribution(12,098,455)(11,751,145) Contribution deficiency (excesses)$00 Covered-employee payroll95,710,43592,451,727 Contributions as a percentage of covered-employee payroll12.64%12.71% Information about the significant methods and assumptions used in calculating the actuarially determined contributions may be found below. Changes in Plan Provisions and Assumptions A summary of key changes in plan provisions are described in the Oregon Public Employees Retirement System’s GASB 68 Disclosure Information, which can be found at: http://www.oregon.gov/pers/EMP/docs/er_general_information/opers_gasb_68_disclosure_information_revised.pdf. A summary of key changes implemented since the December 31, 2011 valuation are described in the Oregon Public Employees Retirement System’s GASB 68 Disclosure Information, which can be found at: http://www.oregon.gov/pers/EMP/docs/er_general_information/opers_gasb_68_disclosure_information_revised.pdf. Additional details and a comprehensive list of changes in methods and assumptions can be found in the 2012 Experience Study for the System, which was published on September 18, 2013, and can be found at: http://www.oregon.gov/pers/docs/2012%20Exp%20Study%20Updated.pdf. (2) Schedule of Funding Progress – OPEB Other Post Employment Benefits schedule of funding progress: Unfunded Unfunded actuarial Actuarial Actuarial Actuarial actuarial accrued liability valuation value of accrued accrued Funded Covered as a percentage date assets liability liability ratio payroll of covered payroll 06/30/11 $ 0 9,502,642 9,502,642 0% 91,224,907 10% 06/30/13 0 14,171,194 14,171,194 0% 93,916,203 15% 06/30/15 0 13,181,876 13,181,876 0% 97,086,746 14% The City’s other post employment benefits include retiree healthcare and waiver of life insurance premiums for disabled employees. The actuarial cost method for retiree healthcare benefits is entry age normal; the cost method for waiver of life insurance premiums for disabled employees is projected unit cost. 83