CITY OF WILSON, NORTH CAROLINA
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1 LAW ENFORCEMENT OFFICERS' SPECIAL SEPARATION ALLOWANCE SCHEDULE OF CHANGES IN TOTAL PENSION LIABILITY FOR YEAR ENDING JUNE 30, 2017 Beginning balance $ 4,608,320 Service Cost 197,759 Interest on the total pension liability 160,275 Changes of benefit terms Differences between expected and actual experience in the measurement of the total pension liability Changes of assumptions or other inputs (116,042) Benefit payments (237,640) Other changes Ending balance of the total pension liability $ 4,612, The amounts presented for each fiscal year were determined as of the prior fiscal year ending December 31. Page 66
2 LAW ENFORCEMENT OFFICERS' SPECIAL SEPARATION ALLOWANCE SCHEDULE OF TOTAL PENSION LIABILITY AS A PERCENTAGE OF COVERED PAYROLL FOR YEAR ENDING JUNE 30, Total pension liability $ 4,612,672 Covered payroll $ 6,799,646 Total pension liability as a percentage of covered payroll 67.84% Notes to the schedules: The City of Wilson has no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement 73 to pay related benefits. Page 67
3 OTHER POST EMPLOYMENT BENEFITS - RETIREE HEALTH PLAN ANALYSIS OF FUNDING PROGRESS YEARS ENDED JUNE 30, 2017 (UNAUDITED) (1) (2) (3) (4) (5) (6) (7) UAAL as a Actuarial Percentage Actuarial Actuarial Accrued Liability Unfunded Funded Annual Of Covered Valuation Value of (AAL) Projected AAL (UAAL) Ratio Covered Payroll Date Assets Unit Credit (3) - (2) (2)/(3) Payroll (4)/(6) 12/31/05 $ 77,731,284 $ 77,731, % $ 12,113, % 12/31/07 55,368,638 55,368, % 9,608, % 12/31/09 45,738,371 45,738, % 10,532, % 12/31/11 40,547,913 40,547, % 6,986, % 12/31/13 41,904,743 41,904, % 6,347, % 12/31/15 56,953,283 56,953, % 4,755, % Page 68
4 OTHER POST EMPLOYMENT BENEFITS - RETIREE HEALTH PLAN SCHEDULE OF EMPLOYER CONTRIBUTIONS (UNAUDITED) Years Ended Annual Required Percentage June 30 Contribution Contributed 2009 $ 4,044, % ,196, % ,550, % ,550, % ,167, % ,229, % ,316, % ,392, % ,496, % Notes to the Required Schedules: The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. Additional information as of the latest actuarial valuation follows: Valuation data 12/31/15 Actuarial cost method Projected unit credit Amortization method Level dollar amount, closed Remaining amortization period 21 Asset Valuation method Market value of assets Actuarial assumptions: Investment rate of return 4.00% Medical cost trend rate 7.75 to 5.00% Year of Ultimate trend rate 2022 Includes inflation at 3.00% Page 69
5 PROPORTIONATE SHARE OF NET PENSION LIABILITY (ASSET) LAST FOUR FISCAL YEARS* Local Government Employees' Retirement System Wilson's proportion of the net pension liablity (asset) (%) % % % % Wilson's proportion of the net pension liablity (asset) ($) $ 14,519,955 $ 3,122,709 $ (4,160,484) $ 8,514,833 Wilson's covered payroll $ 38,140,818 $ 36,984,060 $ 36,113,259 $ 33,433,176 Wilson's proportinate share of the net pension liability (asset) as a percentage of its covered payroll 38.07% 8.44% % 25.47% Plan fiduciary net pension as a percentage of the total pension liability** 91.47% 98.09% % 94.35% *The amounts presented for each fiscal year were determined as of the prior fiscal year ending June 30. **This will be the same percentage for all participant emoloyers in the LGERS plan. The City's proportion includes the amount for the City's component unit, the Downtown Development Corporation because it shares the same ORBIT account number in LGERS. Page 70
6 LAST FOUR FISCAL YEARS SCHEDULE OF CONTRIBUTIONS (UNAUDITED) Local Government Employees' Retirement System Contractually required contribution $ 2,917,355 $ 2,592,195 $ 2,636,097 $ 2,566,344 Contributions in relation to the contractually required contribution 2,917,355 2,592,195 2,636,097 2,566,344 Contribution deficiency (excess) $ - $ - $ - $ - Wilson's covered payroll $ 39,285,918 $ 38,140,818 $ 36,984,060 $ 36,113,259 Contributions as a percentage of covered payroll 7.43% 6.80% 7.13% 7.11% The City's contribution includes the amount for the City's component unit, the Downtown Development Corporation because it shares the same ORBIT account number in LGERS. Page 71
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