city of encinitas 2012 pension liability march 5 2012 report_oct_2011 actuarial study
 Share
The version of the browser you are using is no longer supported. Please upgrade to a supported browser.Dismiss

 
$
%
123
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
|
 
Still loading...
ABCDEFGHIJKLMNOP
1
Source: October 2011 CalPERS Report "CalPERS Actuarial Valuation as of June 30, 2010" Reports for the City of Encinitas.
2
Pooled Employee Pension PlansThe City of Encinitas and CalPERS unwilling to calculate or divulge, despite repeated formal requests, the unfunded pension liabilities for employee plan that are pooled with other cities. These liability numbers are estimates of Encinitas' portion of the pools.
3
Employee CategoryEncinitas Contribution Rate (as a % of Payroll) 2011/2012 City of Encinitas Required Contribution 2011/2012Total Risk Pool Employer Required Contribution 2011/2012 June 2010 Pooled Present Value of Future BenefitsJune 2010 Pool Entry Age Normal Accrued Liability ("Accrued Liability")June 2010 Pooled Actuarial Value of Assets ("AVA")**June 2010 Pool Market Value of Assets ("MVA")Pool Funded Ratio MVA BasisPool Unfunded Liability AVAPool Unfunded Liability MVAEncinitas Contribution % of Total Pool Employer Contribution * Encinitas Unfunded Liability on an Accrued Liability - AVA basis = (Accrued Liability - AVA) x Encinitas Contribution (%) *Encinitas Unfunded Liability on an Accrued Liability - MVA basis = (Accrued Liability - MVA) x Encinitas Contribution (%)* Encinitas Unfunded Liability _PV Future Benefits - MVA basis = (PV Future Benefits - MVA) x Encinitas Contribution (%)Note
4
Safety Fire Plan23%$1,302,286$69,150,190$2,459,740,324$1,915,095,826$1,628,915,283$1,281,909,31466.9%-$286,180,543-$633,186,5121.88%-$5,389,557.35-$11,924,622.77-$22,181,759
5
Safety Lifeguard21%$78,409$69,150,190$2,459,740,324$1,915,095,826$1,628,915,283$1,281,909,31466.9%-$286,180,543-$633,186,5120.11%-$324,498.46-$717,966.52-$1,335,536
6
San Deguito Water District19%$163,458$68,360,747$2,913,518,217$2,297,871,345$1,815,671,616$1,438,018,11362.6%-$482,199,729-$859,853,2320.24%-$1,152,992.13-$2,056,002.83-$3,528,082
7
Stand Alone Employee Pension Plan
8
Employee CategoryEncinitas Contribution Rate (as a % of Payroll) 2011/2012City 2011/2012 Required ContributionJune 2010 Present Value of Projected Benefits ("PV Proj. Benes.")June 2010 Entry Age Normal Accrued Liability ("Accrued Liability")June 2010 Actuarial Value of Assets ("AVA")2010 Market Value of Assets ("MVA") Funded Ratio on MVA basisEncinitas Unfunded Liability (Accrued Liability - AVA)Encinitas Unfunded Liability (Accrued Liability - MVA)Encinitas Unfunded Liability (MVA - PV Projected Benefits)Note
9
Miscellaneous Employees18%$2,599,057$78,804,361$61,709,285$45,537,530$36,513,17959.2%-$16,171,755-$25,196,106-$42,291,182.00Not a pooled retirement plan
10
Unfunded Liability Summary
11
Employee ClassJune 2010 Funded Ratio on MVA basisJune 2010 Encinitas Unfunded Liability (Accrued Liability - AVA)June 2010 Encinitas Unfunded Liability (Accrued Liability - MVA)June 2010 Encinitas Unfunded Liability (MVA - PV Projected Benefits)June 2010 Encinitas Unfunded Liability on an Accrued Liability - AVA basis = (Accrued Liability - AVA) x Encinitas Contribution (%)June 2010 Encinitas Unfunded Liability on an Accrued Liability - MVA basis = (Accrued Liability - MVA) x Encinitas Contribution (%)Encinitas Unfunded Liability on a PV Futures Benefits - MVA basis = PV Future Benefits - MVA
12
Misc. Employees59.2%-16,171,755-25,196,106-42,291,182
13
Safety Fire66.9%-5,389,557-11,924,623-22,181,759
14
Safety Life Guards66.9%-324,498-717,967-1,335,536
15
San Deguito Water District62.6%-1,152,992-2,056,003-3,528,082
16
***Health PensionNA-9,600,000-9,600,000-9,600,000-9,600,000-9,600,000-9,600,000
17
Encinitas Total Unfunded Pension Liability Ranges: All Employees
18
Accrued Liability/AVA BasisAccrued Liability/MVA BasisPV Future Benefits/MVA Basis
19
-$32,638,803-49,494,698-78,936,558
20
* These are the only non-CalPERS report numbers. Neither the City, SDCTA, nor CalPERS recognizes Encinitas' liability for these employees since they are part of a multi-city retirement pool.
21
** MVA number includes receivables and likely includes "market to Model" illiquid assets in real-estate and private companies, thus the MVA number is optimistic
22
*** As reported by the ETA and other organizations. Also see the City of Encinitas annual financial update
Loading...
 
 
 
Sheet1