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Schedule of changes in net pension liability and related ratios as of December 31, 2020 (unaudited
Turlock Irrigation District
(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.
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:
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.
2020 12,132$ 2019 11,859$ 2018 2017 11,413$ 13,372$ January 1, 2016 12,975$ January 1, 15,278 15,278 15,2782020 50,279 15,2792019 Contribution deficiency (excess) $ (3,146)
Turlock Irrigation District
Schedule of Changes in Net OPEB Liability and Related Ratios (Unaudited) December 31, 2020
(dollars in thousands)
Schedule of changes in net OPEB asset and related ratios
The schedule of changes in net OPEB asset and related ratios is presented below for the years for which TID has the available data. Ultimately, this schedule will present 10 years of data.
2019 2018
1,102 1,514 (51) (2,371) 1,072 1,476 -
Turlock Irrigation District
(dollars in thousands)
Schedule of OPEB plan contributions
The schedule of OPEB plan contributions is presented below for the years for which TID has the available data. Ultimately, this schedule will present 10 years of data.
Notes to Schedule
In the most recent actuarial valuation the entry age actuarial cost method was used. The actuarial assumptions included a 7.00% investment rate of return per year, inflation rate of 2.75% per year, payroll increases range from 1.25% to 3.25% per annum based on years of service, in aggregate and an annual healthcare cost trend rate of 6.5% initially, reduced by decrements to an ultimate rate of 5% after four years. Assets of the Health Plan, as of the latest actuarial report, were valued on a market value basis. Future gains and losses may be averaged over five years subject to certain restrictions. The unfunded actuarial accrued liability (UAAL) is being amortized over a rolling 15 year period, using a level dollar amortization method.
2020 2019 2018
