Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Required Supplementary Information - Pension Funding Information
Year ended June 30, 2008
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, 2005 through 2007 are as follows (valuations for 2008 are not
yet available):
Miscellaneous Members
(dollars in thousands)
83
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
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
2005 354,403 318,864 35,539 90.0 88,933 40.0
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
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
2005 116,225 99,993 16,232 86.0 10,840 149.7
Police 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
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
2005 199,310 161,418 37,892 81.0 18,721 202.4