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<br />NOTE 16 - PENSION PLAN: tCONTINUEOI .~ ~~_
<br />The excess of the actuarial value of assets over the achiarial present vslue of acxn~ed bwe6ts appiicable w the Countys
<br />employees at Deoember 31, 1992, 1991,1989, and 1987 is as follows, wbich ia the aoly information available to the County.
<br />Net assets available for baiefits at market vai~u
<br />for stocks and neal eatste, at aa adjusted yieid
<br />basis (fiir muket value not avrilable for t6eae aasets)
<br />of ~.S9fi for bonds, mortgages aad bans~ and
<br />c~t for other assets
<br />Pwsion beaefit obligation - cumeat employees:
<br />Member acxount balancx
<br />Vested accrned balsncxs
<br />Noa-vested accrued benefits
<br />Perceatage of benefits obligadons which is funded
<br />Eaoess of actuarial, value of assets over peasion
<br />beaefit obligation
<br />Annual covered payroll
<br />Asseta in exeess of. pensioa benefit vbiigation as a
<br />pem~tage of aaaual covered payroil
<br />22,142,7Z3 19,277,874 16.420,614 11,227,?SO
<br />18,075,503
<br />3.084.460 14,583,644
<br />2.565.'I28 16,903,457
<br />2.090.102 12,379,028
<br />1.184.338
<br />43.302.68 36.427.246 35.414.173 24.790,616
<br />~1~~ S19'~ 984 4 4 4 4 36
<br />527,174.938 S?b,19~4,183 S?A,132,2?A Z15,966,611
<br />~~~ ~~
<br />PERS policy provides for actuarially determined periodic c~ntributioos that sre sufl'icimt to pay bmefits whea due. TLe
<br />~ont~ibution rate for normal c~st is determinod uaia~ ehe •entry a~a actwrial oost metbod.• T7iaro is no imfiu~d uxuatial
<br />liabiliry. Any ad hoc beaefit incresse,s are fuaded ovet 30 years.
<br />The significant actuarial assumptions used to compute the actuarisl detaraaiued c~ntn'bution requirem~t are the same as t6ose
<br />used to compute the pension beaefit obligation described above.
<br />T6e County's contribution rate was adjustmd on July 1~ 1992 to 8.4696 of cover~d payroll based on the aauariat valuation
<br />at December 31, 1991. The employee's portion (6 96) remaiaed unchanged. Based upon the most recent actuariat valuation,
<br />t6e Coiuity's contribution rate will increase to 8.38 96 on July 1, 1993. ?tu County's total payroll contribution amount and
<br />contribution rate for thz last nine years are: '
<br />fimployer Contribution
<br /> Employee Rate
<br /> Totat Covered Contribution Employer (Including Employee
<br />i ear Pavroll ~ LPaid bv Countvl Contribution Cont~ibution)
<br />1985 S 14,638,329 s 878,300 Z 1,153,500 13.88 96
<br />1986 15,768,934 . 946,136 1,242,593 13.88
<br />1987 15,966,611 957,997 1,333,670 14.35
<br />1988. 16,939,163 1,016,350 1,430.903 14.45 ~
<br />1989 20~132,220 1,207.933 1.~13,616 14.51
<br />1990 23,601,298 1,416,078 2,008,873 14.51
<br />1991- 26,194,183 1,571,651 2,229,595 14.51
<br />1992 27,174,938 1,630,497 2,323,'737 14.55
<br />1993 30,686,016 1,841,154 2.749,645 14.96
<br />The entire employee and employer contribution is used to cover the notma) peasion cost as there is no unfunded actuarily
<br />accrued liability. Ten-year historical information of rtvenues by source and expensas by type for the statewide PERS system
<br />and other PERS information is presznt~l in their comprehensive annual fwmcial report of Daxmber 31, 1992. This
<br />information is not available for Marion County's portion.
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