Annual required contribution definition

Annual required contribution means the sum of the normal cost payment and the annual amortization payment for past service costs to fund the unfunded actuarial accrued liability.
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Annual required contribution means an actuarially determined amount to pay for future OPEB liability over a period of years.
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Annual required contribution and “ARC” shall mean that the amount that must be contributed in a given year to fully fund the Trust, as determined by the actuarial valuation in accordance with requirements of GAAP and all other such requirements under GASB Statements 43 and 45 or any subsequent GASB statement that may be applicable. This amount shall represent a level of funding that if paid on an ongoing basis is projected to cover the normal cost each year and amortize any UAAL over a period not to exceed thirty (30) years or any other period in excess of thirty (30) years as may be reasonably approved by actuarial standards of practice.
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Examples of Annual required contribution in a sentence

  • Annual required contribution (ARC) as discussed in this report represents the amount needed on an annual basis stated in term of a percent of payroll to fund estimated benefit accrual for current employees/retirees and pay down the unfunded liabilities over 30 years.

  • STATE OF ALASKA TEACHERS’ RETIREMENT SYSTEM(A Component Unit of the State of Alaska) Required Supplementary Information (Unaudited)Schedule of Contributions from Employers and the State of Alaska Pension and Postemployment Healthcare BenefitsJune 30, 2008(In thousands) PostemploymentPension percentage healthcareActuarial Annual required contribution contributed percentage contributed Total (1) Actuarial valuation related to annual required contribution for fiscal year.

  • Annual required contribution$ 1,004,000Interest on net OPEB obligation(3,160)Adjustment to annual required contribution2,818Annual OPEB cost1,003,658Contributions made(1,045,000)Decrease in net OPEB obligation(41,342)Net OPEB obligation beginning of year(79,000) Net OPEB obligation end of year $ (120,342) For calculation of the net OPEB obligation, the actuary has set the transition day as July 1, 2008.

  • Evaluation Criteria:• The institution fully funds its annual OPEB obligation (Annual required contribution [ARC]).

  • The following table shows the components of OCRRA’s annual OPEB cost for the year, the amount actually contributed to the plan, and changes in OCRRA’s net OPEB obligation: Annual required contribution$ 40,543 Contributions made (19,229) Increase in net OPEB obligation21,314 Net OPEB obligation - beginning of year 320,258 Net OPEB obligation - end of year$ 341,572 Annual OPEB cost$ 40,543 Percentage of annual OPEB cost contributed47.4% (Continued) 8.


More Definitions of Annual required contribution

Annual required contribution means the annual required contribution determined
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Annual required contribution means the State's required contribution to the employees' retirement system or Hawaii employer-union health benefits trust fund, as applicable, that is sufficient to cover:
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Annual required contribution means the amount employers must contribute in a given year to fully fund the trust, as determined by the actuarial valuation in accordance with requirements of generally accepted accounting principles. This amount shall represent a level of funding that if paid on an ongoing basis is projected to cover the normal cost each year and amortize any unfunded actuarial liabilities of the plan over a period not to exceed thirty years.
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Annual required contribution means the sum of the normal
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Annual required contribution. (“ARC”) means the annual amount required to pay into the pension funds, as determined through annual actuarial valuations. It is comprised of two primary components: normal pension cost – which is the estimated cost of pension benefits earned by employees in the current year; and amortization of UAAL – which is the cost needed to cover the unfunded portion of pensions earned by employees in previous years. The UAAL is collected over a period of time referred to as the amortization period. The arc is a percentage of the current payroll.
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Annual required contribution means the amount determined in accordance with
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Annual required contribution means the amount employers must contribute in a given year to fully fund the trust, as determined by the actuarial valuation in accordance with requirements of generally accepted accounting principles. This amount shall represent a level of
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