CITY OF AURORA HEALTH INSURANCE PLAN FOR RETIRED EMPLOYEES. Actuarial Valuation Report. For the Year. Beginning January 1, 2012
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1 T W S Actuary CITY OF AURORA HEALTH INSURANCE PLAN FOR RETIRED EMPLOYEES Actuarial Valuation Report For the Year Beginning January 1, 2012 And Ending December 31, 2012 Timothy W. Sharpe, Actuary, Geneva, IL (630)
2 TABLE OF CONTENTS Page Introduction 3 Membership 4 Schedule of Funding Progress 4 Annual OPEB Cost and Net OPEB Obligation 5 Three-year Trend Information 5 Annual Required Contribution 5 Funding Policy and Actuarial Assumptions 6 Department Summary 7
3 INTRODUCTION The City of Aurora provides limited health care insurance coverage for its eligible retired employees. The purpose of this report is to disclose the GASB Statements No. 43 & 45 financial information and related actuarial information for the year beginning January 1, 2012, and ending December 31, The valuation results reported herein are based on the plan provisions, the employee data and the actuarial methods and assumptions described later in this report. I hereby certify that this report is complete and accurate and fairly presents the actuarial position of the plan as of December 31, 2011, in accordance with generally accepted actuarial principles and procedures. In my opinion, the assumptions used are reasonably related to expectations. Respectfully submitted, Timothy W. Sharpe, EA, MAAA Enrolled Actuary No Date -3-
4 GASB STATEMENTS NO. 43 & 45 DISCLOSURE INFORMATION The Governmental Accounting Standards Board (GASB) issued Statements No. 43 & 45 that established generally accepted accounting principles for the annual financial statements for postemployment benefit plans other than pension plans. The required information is as follows: Membership in the plan consisted of the following as of: Retirees and beneficiaries receiving benefits Terminated plan members entitled to but not yet receiving benefits Active vested plan members Active nonvested plan members Total Number of participating employers December 31, ,326 1 December 31, ,293 1 SCHEDULE OF FUNDING PROGRESS Actuarial Valuation Date Actuarial Value of Assets (a) Actuarial Accrued Liability (AAL) -Entry Age (b) Unfunded AAL (UAAL) (b-a) Funded Ratio (a/b) Covered Payroll (c) UAAL as a Percentage of Covered Payroll ((b-a)/c) 12/31/09 22,378, ,681, ,303, % 72,367, % 12/31/10 24,193, ,968, ,774, % 64,712, % 12/31/11 24,199, ,542, ,342, % 65,237, % -4-
5 GASB STATEMENTS NO. 43 & 45 DISCLOSURE INFORMATION (Continued) ANNUAL OPEB COST AND NET OPEB OBLIGATION Annual required contribution Interest on net OPEB obligation Adjustment to annual required contribution Annual OPEB cost Contributions made Increase (decrease) in net OPEB obligation Net OPEB obligation beginning of year Net OPEB obligation end of year December 31, ,773,685 4,074,476 (2,517,075) 13,331,086 4,580,046 8,751,040 58,206,798 66,957,838 December 31, ,361,724 3,435,645 (2,122,426) 13,674,943 4,548,786 9,126,157 49,080,641 58,206,798 THREE-YEAR TREND INFORMATION Fiscal Year Ending Annual OPEB Cost Percentage of Annual OPEB Cost Contributed Net OPEB Obligation 12/31/09 13,099, % 49,080,641 12/31/10 13,674, % 58,206,798 12/31/11 13,331, % 66,957,838 ANNUAL REQUIRED CONTRIBUTION Service Cost Amortization Interest Annual required contribution December 31, ,338,882 6,112, ,595 11,182,948 December 31, ,569,878 6,433, ,241 11,773,685-5-
6 GASB STATEMENTS NO. 43 & 45 DISCLOSURE INFORMATION (Continued) FUNDING POLICY AND ACTUARIAL ASSUMPTIONS This year, the Employer Provided Benefit has been reduced 7.3%. The number of Active Employees has decreased 9% and the number of Retired Members has increased 5%. Contribution rates: City Plan members 7.02% 0.00% Actuarial valuation date 12/31/2011 Actuarial cost method Entry age Amortization period Level percentage of pay, open Remaining amortization period 30 years Asset valuation method Market Actuarial assumptions: Investment rate of return* Projected salary increases Healthcare inflation rate Mortality, Turnover, Disability, Retirement Ages Percentage of Active Employees Assumed to Elect Benefit 7.00% 5.00% 7.50% initial 5.00% ultimate Same rates utilized for IMRF, Police and Firefighter Pension Funds 100% Employer Provided Benefit Explicit: $1,483/month to age 65, $742/month after age 65 Implicit: Included in Explicit Benefit * Includes inflation at 3.00% -6-
7 CITY OF AURORA GASB 45 Summary as of December 31, 2011 Division Service Cost Active Liability Retired Liability Total Liability Annual Required Expected Assets Contribution Payments Actives Retirees Total , , , ,477 49,042 53,282 17, ,383 1,087, ,665 1,478, , ,070 35, , ,113 23,845 6,444 17, ,777 55, , ,452 37,636 23,843 17, , , ,856 49,828 17, ,861 60, ,266 8,810 6, , ,919 86, ,057 80,995 44,512 8, , , ,553 29,610 18, ,600 50, , ,494 26,093 10,904 8, , , ,589 27,423 22, , , ,913 1,021, ,375 63,726 62, , , ,260 18,896 9, , ,564 99, ,832 53,333 23,407 8, ,402 93, ,869 13,722 25, , , , , ,484 72,752 8, , , ,950 25,575 36, , , , ,988 53,941 21,187 17, , , , ,387 97,708 43,239 26, , , , ,791 86,657 39,890 35, , , ,719 42,060 39, ,136 92, ,770 13,562 8, ,901 43, , ,808 85,052 29,300 35, , , , ,130 91,531 35,397 26, ,919 70, , ,808 44,266 14,016 17, ,412 1,095,625 1,069,278 2,164, , ,269 89, , , , ,160 72,239 33,018 26, , ,908 51, ,625 55,203 39,324 8, , ,257 37,899 10,242 17, ,543 1,827,422 1,306,710 3,134, , , , ,779 2,441,655 2,606,570 5,048, , , , , , , ,962 46,189 19,606 8, , , ,607 1,296, ,532 91,121 53, ,403 31, ,180 4,558 8, , , , , ,351 77,568 26, , , , , ,809 45,080 44, , , ,371 25,783 24, , , ,360 1,282, , ,073 44, , ,276 27,962 7,557 17, ,039,267 2,039, ,110 80, , ,005 1,693, ,143 2,523, , ,809 62, , , ,807 20,876 8, , , , , ,570 47,048 44, , , , ,550 90,423 53,592 17, , , ,827 1,069, ,375 70,346 44, , , , ,983 99,549 77,166 17, ,762 1,725,790 1,247,173 2,972, , , , , , ,010 1,074, ,133 54,978 71, , , , ,167 84,373 56,607 17, , , , ,623 69,383 36,233 17, , ,674 1,538,149 2,156, , , , , , ,349 57,940 33, , , , ,270 88,920 33,439 35, , , , ,825 72,044 27,087 26, ,640 2,287, ,747 2,954, , ,228 62, ,165 61, , ,511 25,511 14,561 8, ,179 3,574,799 2,256,324 5,831, , , , ,063 3,502,496 1,982,316 5,484, , , , , , ,856 1,175, ,903 56,192 62, Police 1,499,331 30,934,989 30,661,270 61,596,259 9,004,441 4,037,745 2,171, Fire 1,147,972 23,212,875 22,099,084 45,311,959 6,623,923 3,018,453 1,664, Total 4,338,882 85,403,430 80,138, ,542,261 24,199,774 11,182,621 6,078, ,326 Discount Rate: 7.0% Medical Inflation Rate: 7.5% initial, 5.0% ultimate Future Payroll Increases: 5.0% -7-
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