Net Pension Liability The net pension liability was measured as of September 30, 2014, and the total pension liability used to City’s calculate the net pension liability was determined by an actuarial valuation as September 30, 2013 rolled forward to September 30, 2014 using standard roll-forward techniques as shown in the following table: Total Pension Liability as of September 30, 2013 (a) $ Detail table page 2 Entry Age Normal Cost for October 1, 2013—September 30, 2014 (b) $ Detail table page 2 Actual Benefit Payments and Refunds for October 1, 2013—September 30, 2014 (c) $ Detail table page 2 Total Pension Liability as of September 30, 2014 [(a) x (1.08)] + (b) [(c) x (1.04)] $ Detail table page 2 – The total pension liability in the September 30, 2013 actuarial valuation was determined using Actuarial assumptions. the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.00% Salary increases 3.75% - 7.25% Investment rate of return* 8.00% *Net of pension plan investment expense Mortality rates for ERS were based on the RP-2000 Combined Mortality Table Projected with Scale AA to 2015 set forward three years for males and two years for females. The rates of mortality for the period after disability retirement are according to the sex distinct RP-2000 Disability Mortality Table. The actuarial assumptions used in the September 30, 2013 valuation were based on the results of an investigation of the economic and demographic experience for the ERS based upon participant data as of September 30, 2010. The Board of Control accepted and approved these changes on January 27, 2012, which became effective at the beginning of fiscal year 2012.
Net Pension Liability The City’s net pension liability was measured as of September 30, 2014, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as September 30, 2013 rolled forward to September 30, 2014 using standard roll-forward techniques as shown in the following table: Total Pension Liability as of September 30, 2013 (a) $ Detail table page 2 Entry Age Normal Cost for October 1, 2013—September 30, 2014 (b) $ Detail table page 2 Actual Benefit Payments and Refunds for October 1, 2013—September 30, 2014 (c) $ Detail table page 2 Total Pension Liability as of September 30, 2014 [(a) x (1.08)] + (b) – [(c) x (1.04)] $ Detail table page 2 Actuarial assumptions. The total pension liability in the September 30, 2013 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 3.00% Salary increases 3.75% - 7.25% Investment rate of return* 8.00% *Net of pension plan investment expense Mortality rates for ERS were based on the RP-2000 Combined Mortality Table Projected with Scale AA to 2015 set forward three years for males and two years for females. The rates of mortality for the period after disability retirement are according to the sex distinct RP-2000 Disability Mortality Table. The actuarial assumptions used in the September 30, 2013 valuation were based on the results of an investigation of the economic and demographic experience for the ERS based upon participant data as of September 30, 2010. The Board of Control accepted and approved these changes on January 27, 2012, which became effective at the beginning of fiscal year 2012.
ERS_GASB_68_Note_Disclocure_2014.docx