City of Plymouth Proposed 2022-2023 Budget - Flipbook - Page 262
CITY OF PLYMOUTH
Schedule of City Pension Contributions--MERS:
2021
Actuarially determined contribution
Contributions in relation to the actuarially
determined contribution
Contribution Excess (Deficiency)
2020
2019
$1,601,701
$887,928
$739,128
$763,860
$1,365,298
$1,801,701
$1,087,928
$939,128
$963,860
$1,365,298
$200,000
$200,000
$200,000
$200,000
$0
Covered Employee Payroll
2017
--
--
--
--
--
N/A
N/A
N/A
N/A
N/A
Actuarial
Accrued Liability
$16,235,065
16,087,751
16,076,585
16,292,104
16,498,339
Funded
Ratio
56.53%
55.29%
56.23%
57.11%
55.40%
Contributions as a Percentage of
Covered Employee Payroll
Actuarial
Valuation
Actuarial
Date 12/31
Value of Assets
2020
$9,178,171
2019
8,894,420
2018
9,040,021
2017
9,305,000
2016
9,140,563
Source: City of Plymouth
2018
OTHER POST EMPLOYMENT BENEFITS:
The City provides retiree healthcare benefits to eligible employees upon retirement in accordance with labor contracts. The City provides medical, prescription drug,
dental and vision benefits for retirees and their spouses. Benefits are provided by a third-party insurer.
Employees Covered by Benefit Terms -- At the July 1, 2019 valuation date, the following employees were covered by the benefit terms:
Inactive plan members or beneficiaries currently receiving benefits
Inactive plan members entitled to but not yet receiving benefits
Active employees
Total
59
0
40
99
Schedule of Changes in the OPEB Liability and Related Ratios:
Total OPEB Liability
Service Cost
Interest
Change in Assumptions
Change in Experience
Benefit payments, including refunds
Net Change in Total OPEB Liability
Total OPEB Liability, Beginning of Year
Total OPEB Liability, End of Year
Plan Fiduciary Net Pension:
Contributions--Employer
Benefit payments, including refunds
Net Change in Plan Fiduciary Net Position
2021
2020
2019
$249,172
494,585
0
0
(580,389)
163,368
$190,780
550,224
3,042,646
333,526
(491,214)
3,625,962
$284,513
501,687
--(648,287)
137,913
2018
$261,172
473,847
(761,596)
-(527,324)
(553,901)
18,759,008
15,133,046
14,995,133
15,549,034
$18,922,376
$18,759,008
$15,133,046
$14,995,133
$580,389
(580,389)
$0
$491,214
(491,214)
$0
$648,287
(648,287)
$0
Plan Fiduciary Net Position, Beginning of Year
--
--
--
--
Plan Fiduciary Net Position, End of Year
--
--
--
--
City's Net OPEB Liability--Ending
$18,922,376
$18,759,008
$15,133,046
$527,324
(527,324)
$0
$14,995,133
Plan Fiduciary Net Position as a Percent
of Total OPEB Liability
0.0%
0.0%
0.0%
0.0%
Covered Employee Payroll
N/A
N/A
N/A
N/A
City's Net OPEB Liability as a Percent
of Covered Employee Payroll
N/A
N/A
N/A
N/A
City of Plymouth Annual Disclosure
Page 5 of 7
