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CONTRIBUTION PROJECTIONS WITH APPROVED MORTALITY <br /> AND OTHER ASSUMPTION CHANGE—POLICE SAFETY <br /> l _ I. <br /> 60% <br /> 543% <br /> 51.9% 4 <br /> 50% 47.8% <br /> 42.2% <br /> 40% ;��bL� r; <br /> 37.1% <br /> * 11111.1 <br /> 30% <br /> • 30.9% r3 <br /> 25 273% <br /> 23.7% <br /> 20% <br /> 10% <br /> 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 <br /> 'Mortality Change <br /> 12S SE <br /> March 18,2014 25 <br /> GASB 68 <br /> • Pension Accounting: <br /> • GASB 68,Accounting for Employers, approved June 25, 2012 <br /> • Replaces GASB 27 <br /> • Effective 2014/15 <br /> • Major Issues: <br /> • Unfunded liability on balance sheet <br /> • Expense calculation disconnected from contribution calculation <br /> • Discount rate is <br /> O Expected return on plan assets when assets sufficient to pay benefits <br /> ❑ Municipal bond rate when assets not sufficient to pay benefits <br /> Likely caused CaIPERS to modem assets smoothing and/or amortization policy <br /> to avoid using discount rate lower than expected return (7.5%). <br /> • June 30,2012 Unfunded Actuarial Liability(in Millions) <br /> Total Pension Fiduciary Net Net Pension <br /> Plan Liability(AAL) Position(MVA) Liability(UAL) <br /> Safety Fire $166.0 $104.1 $ 61.9 <br /> Safety Police 107.6 79.3 28.3 <br /> Miscellaneous 201.1 119.3 81.7 <br /> Total Net Pension Liability $171.9 <br /> ef <br /> March 18,2014 26 °- <br />