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Pension and OPEB

Roy Given, Department of Finance

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Index

2017

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2017
Total LiabilitiesA 683,932,946
Total Deferred Inflows of ResourcesA 20,747,690
Annual Operating ExpensesA 513,899,153
   
Pension  
Net Pension LiabilityB 260,044,342
Annual Pension ExpenseB 44,974,687
   
Actuarial Accrued Liability (AAL)

 1,872,400,000
Actuarial Value of Plan Assets (1,575,200,000)
Unfunded Actuarial Accrued Liability (UAAL) 297,200,000
Funded Ratio based on Actuarial Valuations 84.1%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2016
   
OPEB  
CERBT Trust BalanceD 84,625,991
   
Actuarial Accrued Liability (AAL) 349,063,000
Actuarial Value of Plan Assets (54,688,000)
Unfunded Actuarial Accrued Liability (UAAL) 294,375,000
Funded Ratio based on Actuarial Valuations 15.7%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2015

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. Due to the timing of the issuance of MCERA's valuation reports, the CAFR uses the preceding year's actuarial report for financial reporting purposes.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

2016

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2016
Total LiabilitiesA 634,213,591
Total Deferred Inflows of ResourcesA 68,041,428
Annual Operating ExpensesA 480,669,901
   
Pension  
Net Pension LiabilityB 203,688,484
Annual Pension ExpenseB 24,035,118
   
Actuarial Accrued Liability (AAL)
 1,791,700,000
Actuarial Value of Plan Assets (1,548,100,000)
Unfunded Actuarial Accrued Liability (UAAL) 243,600,000
Funded Ratio based on Actuarial Valuations 86.4%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2015
   
OPEB  
CERBT Trust BalanceD 68,114,387
   
Actuarial Accrued Liability (AAL) 349,063,000
Actuarial Value of Plan Assets (54,688,000)
Unfunded Actuarial Accrued Liability (UAAL) 294,375,000
Funded Ratio based on Actuarial Valuations 15.7%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2015

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. Due to the timing of the issuance of MCERA's valuation reports, the CAFR uses the preceding year's actuarial report for financial reporting purposes.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

2015

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2015
Total LiabilitiesA 549,353,542
Total Deferred Inflows of ResourcesA 83,082,959
Annual Operating ExpensesA 464,162,734
   
Pension  
Net Pension LiabilityB 142,013,491
Annual Pension ExpenseB 17,289,129
   
Actuarial Accrued Liability (AAL) 1,712,200,000
Actuarial Value of Plan Assets (1,494,400,000)
Unfunded Actuarial Accrued Liability (UAAL) 217,800,000
Funded Ratio based on Actuarial Valuations 87.3%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2014
   
OPEB  
CERBT Trust BalanceD 53,959,761
   
Actuarial Accrued Liability (AAL) 361,711,000
Actuarial Value of Plan Assets (26,366,000)
Unfunded Actuarial Accrued Liability (UAAL) 335,345,000
Funded Ratio based on Actuarial Valuations 7.3%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2013

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. Due to the timing of the issuance of MCERA's valuation reports, the CAFR uses the preceding year's actuarial report for financial reporting purposes.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

2014

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2014
Total LiabilitiesA 403,859,611
Total Deferred Inflows of ResourcesA -
Annual Operating ExpensesA 494,556,979
   
Pension  
Net Pension LiabilityB -
Annual Pension ExpenseB -
   
Actuarial Accrued Liability (AAL) 1,560,672,000
Actuarial Value of Plan Assets (1,217,739,000)
Unfunded Actuarial Accrued Liability (UAAL) 342,933,000
Funded Ratio based on Actuarial Valuations 78.0%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2013
   
OPEB  
CERBT Trust BalanceD 42,465,727
   
Actuarial Accrued Liability (AAL) 361,711,000
Actuarial Value of Plan Assets (26,366,000)
Unfunded Actuarial Accrued Liability (UAAL) 335,345,000
Funded Ratio based on Actuarial Valuations 7.3%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2013

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. The underlying actuarial valuation report for each fiscal year is based on actuarial data from one fiscal year prior, due to the timing of the issuance of the actuarial valuation reports.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

2013

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2013
Total LiabilitiesA 408,681,657
Total Deferred Inflows of ResourcesA -
Annual Operating ExpensesA 507,914,069
   
Pension  
Net Pension LiabilityB -
Annual Pension ExpenseB -
   
Actuarial Accrued Liability (AAL) 1,491,924,000
Actuarial Value of Plan Assets (1,101,390,000)
Unfunded Actuarial Accrued Liability (UAAL) 390,534,000
Funded Ratio based on Actuarial Valuations 73.8%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2012
   
OPEB  
CERBT Trust BalanceD 26,284,368
   
Actuarial Accrued Liability (AAL) 382,720,000
Actuarial Value of Plan Assets -
Unfunded Actuarial Accrued Liability (UAAL) 382,720,000
Funded Ratio based on Actuarial Valuations 0.00%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2011

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. The underlying actuarial valuation report for each fiscal year is based on actuarial data from one fiscal year prior, due to the timing of the issuance of the actuarial valuation reports.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

2012

CAFR Annual Operating Expenses, Total Pension and OPEB Liabilities
County Of Marin As of and for the year ended 6/30/2012
Total LiabilitiesA 421,733,628
Total Deferred Inflows of ResourcesA -
Annual Operating ExpensesA 461,103,484
   
Pension  
Net Pension LiabilityB -
Annual Pension ExpenseB -
   
Actuarial Accrued Liability (AAL) 1,436,008,000
Actuarial Value of Plan Assets (1,065,255,000)
Unfunded Actuarial Accrued Liability (UAAL) 370,753,000
Funded Ratio based on Actuarial Valuations 74.2%
Underlying Actuarial Pension Data - Measurement DateC 6/30/2011
   
OPEB  
CERBT Trust BalanceD -
   
Actuarial Accrued Liability (AAL) 382,720,000
Actuarial Value of Plan Assets -
Unfunded Actuarial Accrued Liability (UAAL) 382,720,000
Funded Ratio based on Actuarial Valuations 0.00%
Underlying Actuarial OPEB Data - Measurement DateE 7/1/2011

A Per annual CAFR; Governmental activities only (excludes business-type activities)

B Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense.

C Pension data is actuarially determined. The underlying actuarial valuation report for each fiscal year is based on actuarial data from one fiscal year prior, due to the timing of the issuance of the actuarial valuation reports.

D In 2013, the Marin County Board of Supervisors adopted a resolution and agreement with the California Employers' Retiree Benefit Trust Program (CERBT), whereby the County entered into an irrevocable trust agreement with CERBT to pre-fund the County's other post-employment benefits (OPEB) through CalPERS, in addition to the County's regular pay-as-you-go. Funds contributed to this trust are irrevocable and are dedicated to providing benefits to retirees and their beneficiaries in accordance with the terms of the plan.

E In accordance with Governmental Accounting Standards Board (GASB) Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, an actuarial valuation is required at least biennially for OPEB plans. As such, the County conducts an actuarial valuation on OPEB every two fiscal years.

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