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SCHEDULE OF CHANGES IN THE DISTRICT’S TOTAL OPEB LIABILITY AND RELATED RATIOS - OTHER POST-EMPLOYMENT BENEFITS
Fiscal Year 2021 | Fiscal Year 2020 | Fiscal Year 2019 | ||||||
Service Cost | $ | 4,227,020 | $ | 4,520,831 | $ | 4,446,110 | ||
Interest on Total OPEB Obligation | 3,155,443 | 3,993,017 | 3,887,837 | |||||
Changes of benefit terms Difference between expected and actual | - - | - (225,204) | (2,041,071) - | |||||
Changes in assumptions and other inputs | 4,916,149 | (13,093,669) | (618,388) | |||||
Benefit payments | (4,052,252) | (4,733,009) | (4,574,568) | |||||
Net change in Total OPEB Liability | 8,246,360 | (9,538,034) | 1,099,920 | |||||
Total OPEB Liability, Beginning | 98,611,974 | 108,150,008 | 107,050,088 | |||||
Total OPEB Liability, Ending | $ 106,858,334 | $ 98,611,974 | $ 108,150,008 | |||||
Covered-employee Payroll | 389,289,307 | 364,937,180 | 374,216,416 | |||||
Total OPEB liability as a percentage of | ||||||||
Covered-employee payroll | 27.45% | 27.02% | 28.90% | |||||
OPEB Liability Valuation Date | June 30, 2019 | June 30, 2019 | June 30, 2017 | |||||
Notes to Schedule: | ||||||||
Changes in assumptions and other inputs include the change in the discount rate from 3.13% as of the beginning of the measurement period to 2.45% as of June 30, 2020.
Changes in benefit terms include: Effective January 1, 2018, only retirees receiving the Employer's health insurance contribution will be eligible for additional Board contributions for the group life policy; all other retirees are required to pay the total premium in order to participate in the Employer-sponsored group life policy.
Note: The District implemented GASB Statement No. 75 for the fiscal year ended June 30, 2019. Information for prior years is not available.