Plan Type: Defined benefit (closed)
Employee Contribution: None required
Value of Assets: $141,261,578
Accrued Liability: $159,045,344
Unfunded Accrued Liability: $17,783,766
Required Contribution: $3,922,488
Required Contribution per Household: $106.68
Plan Type: Defined benefit (closed)
Employee Contribution: None required
Value of Assets: $36,611,115
Accrued Liability: $26,484,684
Unfunded Accrued Liability: Overfunded $10,126,431
Required Contribution: $0
Plan Type: Defined benefit (closed)
Accrual Rate: 2.8% (cap at 78% for fire and 75% for police)
Employee Contribution: 5 - 6%
Value of Assets: $246,814,026
Accrued Liability: $262,517,590
Unfunded Accrued Liability: $15,703,564
Required Contribution: $6,473,115
Required Contribution per Household: $176.04
In 2009, the City of Dearborn began participation in the Municipal Employees' Retirement System of Michigan (MERS), an agent multiple-employer defined benefit pension plan. Police employeees hired after July 1, 2005 and fire employees hired after April, 2009 are eligible to participate. The city contributed $674,609 for the purchasing of service credit for those who chose to switch from the defined contribution plan (this was $687,812 was required, leaving a $13,203 liability). The city's actual and required contribution for the year (April through June was $73,005. Information on MERS can be found here.
Plan Type: Defined contribution
Employee Contribution: 2 - 3% ($512,248)
Employer Contribution: 4 - 6 % ($516,275)
Employee Contribution: None required
Value of Assets: $31,694,559
Accrued Liability: $186,800,723
Unfunded Accrued Liability: $155,106,164
Required Contribution: $13,047,957
Required Contribution per Household: $354.85
Information from City of Dearborn CAFR and Police and Fire Retirement System Summary Report.