Plan Type: Defined benefit (closed)
Employee Contribution: 2.55 - 5.21%
Value of Assets: $215,675,000
Accrued Liability: $173,486,000
Unfunded Accrued Liability: Overfunded $42,189,000
Required Contribution: $0
Plan Type: Defined contribution (for most city employees hired since 1997 or 1998)
Employee Contribution: 3.1 - 5.21% ($725,873)
Employer Contribution: 8%-13% ($2,095,530)
Employer Contribution per Household: $55.02
Employee Contribution: 2%
Value of Assets: $52,802,000
Accrued Liability: $115,685,000
Unfunded Accrued Liability: $62,883,000
Required Contribution: $6,218,636
Required Contribution per Household: $163.27
Information from City of Livonia CAFR.