Page 132 - 2018 Comprehensive Annual Financial Report - City of Winston-Salem

City of Winston-Salem, North Carolina

Schedule of Contributions
Post-employment Bene ts

Last Ten Fiscal Years

Fiscal Year
2018 2017 2016 2015 2014
Actuarially determined contribution $ 3,497,231 $ 3,497,231 $ 6,483,194 $ 6,483,194 $ 7,480,680
Contributions in relation to the
actuarially determined contribution 4,192,751 3,497,231 6,483,194 6,483,194 7,480,680
Contribution de ciency (excess) $ (695,520) $ - $ - $ - $ -
Covered payroll $ 75,814,665 $ 107,640,260 $ 107,640,260 $ 104,119,336 $ 104,119,336
Contributions as a percentage of
covered payroll 5.5% 3.2% 6.0% 6.2% 7.2%

Notes to Schedule
Valuation date:
Actuarially determined contribution rates are calculated as of June 30, two years prior to the end
of the scal year in which contributions are reported.
The City’s actuarial contribution is determined as a percentage of payroll, as shown in the annual
funding valuation. The percentage is then applied to actual payroll.
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age
Amortization method Level dollar, closed
Amortization period 30
Asset valuation method 5-year smoothed market
In ation 2.75%
Investment rate of return 7.25%, net of investment expense and including in ation
Mortality Mortality rates were based on the RP-2000 IRS PPA @ 2016 Combined
Mortality Tables for males and females (small plan).

126 2018 AN NUAL R E P O R T