Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
PENSION FUNDING INFORMATION
The City’s Pension Plan includes separate valuations for Miscellaneous Members, Fire Safety Members and Police Safety Members. The funded
status of the Plan for each of these member groups for the actuarial valuations performed as of June 30, 2006 through 2008 are as follows
(valuations for 2009 are not yet available):
Miscellaneous Members
(dollars in thousands)
Valuation date
(June 30)
Entry age normal
accrued liability
Actuarial value
of assets
Underfunded liability
(UAAL)
Funded ratio
Annual covered
payroll
UAAL as a percentage of
payroll
2008 $ 523,122 $ 438,590 $ 84,531 83.8 % $ 108,404 78.0 %
2007 465,718 393,225 72,493 84.4 101,760 71.2
2006 427,544 351,378 76,166 82.2 96,384 79.0
84
Fire Safety Members
(dollars in thousands)
Valuation date
(June 30)
Entry age normal
accrued liability
Actuarial value
of assets
Underfunded liability
(UAAL)
Funded ratio
Annual covered
payroll
UAAL as a percentage of
payroll
2008 $ 142,775 $ 124,224 $ 18,551 87.0 % $ 12,514 148.2 %
2007 133,026 116,798 16,228 87.8 11,951 135.8
2006 124,716 107,932 16,784 86.5 11,512 145.8
Valuation date
(June 30)
Entry age normal
accrued liability
Actuarial value
of assets
Police Safety Members
(dollars in thousands)
Underfunded liability
(UAAL)
Funded ratio
Annual covered
payroll
UAAL as a percentage of
payroll
2008 $ 251,441 $ 204,336 $ 47,075 81.3 % $ 23,481 200.6 %
2007 235,336 190,765 44,571 81.1 22,730 196.1
2006 219,124 174,553 44,571 79.7 21,212 210.1