2010 Component Unit Financial Statements - Regional ...

REGIONAL TRANSPORTATION COMMISSION OF SOUTHERN NEVADA
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2010
NOTE 11 - Other Post-Employment Benefits (OPEB) (continued)
Funding Policy and Annual OPEB Cost (continued)
RTC's annual OPEB cost, the percentage of annual cost contributed to the plan, and the net OPEB
obligation for 2010 were as follows:
Year ended
Self-funded / HPN June 30, 2008
Self-funded / HPN June 30, 2009
Self-funded / HPN June 30, 2010
PEBP Plan June 30, 2008
PEBP Plan June 30, 2009
PEBP Plan June 30, 2010
Annual OPEB
Cost
% of OPEB cost
contributed
Net OPEB
obligation
$ 688,016 5.7% $ 648,975
853,424 4.8% 1,461,201
882,970 4.7% 2,302,973
62,950 42.3% 36,321
40,095 89.4% 40,571
47,503 75.5% 52,229
Funded status and funding progress
The funded status of the plans as of June 30, 2010 and 2009, were as follows:
Actuarial accrued liability (a)
Actuarial value of plan assets (b)
Unfunded actuarial accrued liability
(funding excess) (a) - (b)
Funded ratio (b) / (a)
Covered payroll ( c)
Unfunded actuarial accrued liability
(funding excess) as a percentage
of covered payroll [(a) - (b)] / ( c)
Self-funded / HPN Self-funded / HPN
2009 2010
$ 6,633,463 $ 6,633,463
$
$
6,633,463
0%
17,076,022
38.8%
$
$
6,633,463
0%
17,626,557
37.6%
Actuarial accrued liability (a)
Actuarial value of plan assets (b)
Unfunded actuarial accrued liability
(funding excess) (a) - (b)
Funded ratio (b) / (a)
Covered payroll ( c)
Unfunded actuarial accrued liability
(funding excess) as a percentage
of covered payroll [(a) - (b)] / ( c)
$
$
PEBP *
PEBP *
2009 2010
864,895 $ 864,895
864,895 $ 864,895
0%
0%
N/A
N/A
N/A
N/A
* PEBP is a closed plan; and therefore, there are no current employees covered by the PEBP.
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