tailieunhanh - REPORT NO. 2009-116 FEBRUARY 2009 SOUTH FLORIDA COMMUNITY COLLEGE _part4

BÁO CÁO KHÔNG. 2009-116 mô hình lịch sử của việc chia sẻ chi phí lợi ích giữa người sử dụng lao động và các thành viên tham gia. Các phương pháp tính toán bảo hiểm và các giả định được sử dụng bao gồm các kỹ thuật được thiết kế để giảm những tác động của biến động ngắn hạn trong tính toán bảo hiểm trách nhiệm pháp lý tích lũy và giá trị tính toán bảo hiểm tài sản, phù hợp với quan điểm lâu dài của các tính toán. | February 2009 report No. 2009-116 SOUTH FLORIDA community college A component unit of the state of FLORIDA notes to financial statements Continued June 30 2008 historical pattern of sharing of benefit costs between the employer and participating members. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets consistent with the long-term perspective of the calculations. The College s initial OPEB actuarial valuation as of July 1 2007 used the projected credit unit actuarial method to estimate the unfunded actuarial liability as of June 30 2008 and to estimate the 2007-08 fiscal year annual required contribution. This method was selected because it is the same method used in the private sector for determination of retiree medical liabilities. Because the OPEB liability is currently unfunded the actuarial assumptions included a 3 percent rate of return on invested assets which is the College s expectation of investment returns under its investment policy. The actuarial assumptions also included a payroll growth rate of 3 percent per year and an annual health care cost trend rate of 9 percent initially for the 2007-08 fiscal year reduced by 1 percent per year for two years then percent per year thereafter to an ultimate rate of 5 percent after six years. The unfunded actuarial accrued liability is being amortized as a level percent of payroll method amortized over 30 year. The remaining amortization period at June 30 2008 was 29 years. 13. retirement programs Florida Retirement System. The Florida Retirement System FRS is primarily a State-administered cost-sharing multiple-employer defined-benefit retirement plan Plan . FRS provisions are established by Chapters 121 and 122 Florida Statutes Chapter 112 Part IV Florida Statutes Chapter 238 Florida Statutes and Florida Retirement System Rules Chapter 60S Florida Administrative Code