Turlock Irrigation District Schedule of Retirement Plan Contributions (Unaudited) December 31, 2020 (dollars in thousands)
Schedule of retirement plan contributions The schedule of retirement plan contributions is presented below for the years for which TID has the available data. Ultimately, this schedule will present 10 years of data. 2020 Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess)
$
12,132
2019 $
15,278 $
(3,146)
11,859
2018 $
15,278 $
(3,419)
11,413
2017 $
15,278 $
(3,865)
13,372
2016 $
50,279 $
(36,907)
12,975 15,279
$
(2,304)
Covered-employee payroll
43,756
39,392
38,144
36,366
35,245
Contributions as a percentage of covered-employee payroll
34.92%
38.78%
40.05%
138.26%
43.35%
2015 Actuarially determined contribution Contributions in relation to the actuarially determined contribution Contribution deficiency (excess)
$
11,863
2014 $
15,279 $
(3,416)
15,324
2013 $
46,561 $
(31,237)
14,417
2012 $
15,279 $
(862)
14,514
2011 $
13,083 $
1,431
12,340 12,338
$
2
Covered-employee payroll
33,349
31,643
33,824
34,218
33,960
Contributions as a percentage of covered-employee payroll
45.82%
147.14%
45.17%
38.23%
36.33%
Notes to Schedule The actuarially determined contributions for 2020 and 2019 were determined by actuarial valuations using the frozen entry age actuarial cost method. The actuarial assumptions utilized for the January 1, 2020 and 2019 actuarial valuations were as follows: January 1, 2020 Assumption Investment rate of return Discount rate Cost of living adjustment Inflation
7.00% 7.00% 2.25% 2.25%
January 1, 2019
7.50% 7.50% 2.75% 2.75%
Realized and unrealized gains are phased in to the actuarial value of Retirement Plan assets over a three-year period, and may be adjusted so that the actuarial value of Retirement Plan assets are not less than 80% or more than 120% of the fair market value of the Retirement Plan’s assets as of the current valuation date. The unfunded actuarial accrued liability (UAAL) is being amortized as a level percentage of projected payroll basis. The remaining amortization period in the latest actuary report was 15 years.
70
