FY2016 CCDOA Financial Report as of 6302016.pdf - page 82

CLARK COUNTY DEPARTMENT OF AVIATION
CLARK COUNTY, NEVADA
Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
69
Self-Funded/
Reference
HPN
PEBP
Actuarial accrued liability
(a)
109,694,274
$
12,194,347
$
Funded ratio
0.0%
0.0%
Covered payroll
(b)
79,827,835
$
-
$
Unfunded actuarial accrued liability
(funding excess) as a percentage
of covered payroll
(a)/(b)
137.4%
N/A*
* PEBP no longer has active employees effective September 1, 2008.
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the
probability of events in the future. Amounts determined regarding the funded status of the plans and
the annual required contributions of the employer are subject to continual revision, as actual results are
compared to past expectations and new estimates are made about the future. The required schedule
of funding progress presented as required supplementary information provides multi-year trend
information that shows, in future years, whether the actuarial value of plan assets is increasing or
decreasing over time relative to the actuarial accrued liability for benefits.
Actuarial methods and assumptions
Projections of benefits are based on the substantive plans (the plans as understood by the employer
and plan members) and include the types of benefits in force at the valuation date and the pattern of
sharing benefit costs between the Department and the plan members at that point. Actuarial
calculations reflect a long-term perspective and employ methods and assumptions that are designed
to reduce short-term volatility in the actuarial value of accrued liabilities and the actuarial value of
assets. Significant methods and assumptions are as follows:
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