City of Raleigh
The trend information is as follows:
Obligation (Asset) End
June 30, 2014
June 30, 2015
June 30, 2016
The negative amounts shown above as the net pension obligations represent asset amounts or prepaid expenses.
At these year‐ends, there was no net pension obligation. Other required supplementary information is included in
the required supplemental financial data.
Funded Status and Funding Progress
As of December 31, 2015, the most recent actuarial valuation date, the plan
was 7.5% funded. The actuarial accrued liability for benefits was $43,129,788, and the actuarial value of assets was
$3,235,186, resulting in an unfunded actuarial accrued liability (UAAL) of $39,894,602. The covered payroll (annual
payroll of active employees coved by the plan) was $48,708,066, and the ratio of UAAL to the covered payroll was
The schedule of funding progress, presented as required supplementary information following the notes to the
financial statements, presents multiyear trend information about whether the actuarial value of plan assets are
increasing or decreasing over time relative to the actuarial accrued liability for benefits.
Other Post‐Employment Benefits (OPEB) Plan
The City administers a public employee retirement system, single employer defined benefit
pension plan that provides health insurance, life insurance, and Medicare supplement benefits to eligible retirees.
Employees who meet any of the retirement options available through NCLGERS and retire with 15 or more years of
service may continue in the City’s group health plan until age 65. Medicare eligible retirees receive a Medicare
supplement of $100 per month. Dependent health coverage is available until the spouse turns 65. The City’s group
medical coverage continues with the option of limited or zero cost to the retiree, depending on coverage plan
selected, until age 65 for retirees that were hired prior to June 30, 2008.
Retirees that were hired on or after June 30, 2008 will pay a maximum of 50% of the premium cost if they retired with
15 years of service until age 65. The percentage of premium contribution decreases by 5% for each additional year of
service at retirement, with retirees that have 25 years of service at retirement able to continue coverage at limited or
For employees hired before July 1, 2007, spouse / dependent coverage for retirees is provided at the same cost as
active members. Employees hired on or after July 1, 2007 will have to pay the entire cost for spouse / dependent
coverage as a retiree.
Eligible retirees with a minimum of ten years of service are provided life insurance coverage as follows: for the first
five years after retirement coverage is $1,750; after five years of retirement coverage reduces to $1,000. Disabled
retirees receive life insurance equal to their salary at the time of disability until age 65. The City Council may amend
the benefit provisions at any time. A separate stand‐alone report is not issued.