COG Comprehensive Annual Financial Report
Schedule 5
Schedule of Employer Contributions Other Postemployment Benefit (OPEB) Trust
Required Supplementary Information Fiscal Years Ending June 30, 2016-2018
2018
2017
2016
Actuarially determined employer contribution
$
11,780,773
$
9,701,120
$
8,711,948
Actual employer contributions
7,224,634
5,155,834
4,734,307
Annual contribution deficiency (excess)
$
4,556,139
$
4,545,286
$
3,977,641
Covered employee payroll
$
146,948,521
$
141,462,474
$
138,667,895
Actual contributions as a percentage of covered employee payroll
4.92%
3.64%
3.41%
Notes to the Required Schedule:
The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated. The following actuarial methods and assumptions were used to determine contribution rates:
Valuation Date Actuarial cost method Amortization method Remaining amortization period
6/30/2016 Projected Unit Cost Level percent of pay 25 years, closed Market Value
Asset valuation method Actuarial Assumptions: Inflation Real wage growth Wage inflation Salary increases, including inflation General employees Firefighters Law enforcement officers
3.00% 0.50% 3.50%
3.50%-7.75% 3.50%-7.75% 3.50%-7.35% 5.50% 7.75% - 5.00% 2022
Investment rate of return Medical cost trend rate Year of ultimate trend rate
All years for which information is available are presented.
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