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NOTE 11— OTHER POST -EMPLOYMENT BENEFITS (OPEB) PLAN (CONTINUED) <br />C. Contributions <br />The required contribution is based on projected pay-as-you-go financing requirements, with additional <br />amounts to prefund benefits as determined periodically by the City. The City's current year required pay- <br />as-you-go contributions to finance the benefits described in the previous section totaled $11,686. <br />D. Membership <br />Membership in the plan consisted of the following as of the latest actuarial valuation: <br />Retirees and beneficiaries receiving benefits 0 <br />Active plan members 73 <br />Total members 73 <br />E. Total OPEB Liability of the City <br />The City's total OPEB liability of $699,412 as of year-end was measured as of December 31, 2018, and <br />was deteiniined by an actuarial valuation as of January 1, 2018. <br />F. Actuarial Methods and Assumptions <br />The total OPEB liability was deteintined by an actuarial valuation as of January 1, 2018, using the entry <br />age noinial level percent of pay method. The following actuarial assumptions applied to all periods <br />included in the measurement, unless otherwise specified: <br />Discount rate 4.09% <br />20-year municipal bond yield 4.09% <br />Inflation rate 2.75% <br />Salary increases 3.50% <br />Medical trend rate 10.00% grading to 5.00% over 10 years <br />Since the plan is not funded by an irrevocable trust, the discount rate is equal to the 20-year municipal bond <br />yield. <br />Mortality rates were based on the RP-2014 mortality tables used in the PERA plan of which the employee, <br />retiree, or beneficiary is a participant. <br />88 <br />