Plan Type: Defined benefit
Employee Contribution: 5%
Value of Assets: $123,523,191
Accrued Liability: $112,085,828
Unfunded Accrued Liability: Overfunded $11,437,363
Required Contribution: $0
Required Contribution per Household: $0
Plan Type: Defined benefit
Employee Contribution: 5%
Value of Assets: $202,192,211
Accrued Liability: $212,914,310
Unfunded Accrued Liability: $10,722,099
Required Contribution: $2,594,194
Required Contribution per Household: $55.93
Plan Type: Defined contribution
Employee Contribution: 5% ($246,723)
Employer Contribution: 7% ($307,245)
Employee Contribution: None required (most hired since July 2008 will pay 50% of premium upon retirement)
Value of Assets: $17,328,970
Accrued Liability: $160,689,774
Unfunded Accrued Liability: $143,360,804
Required Contribution: $11,265,740
Required Contribution per Household: $242.90
Information from most recent Sterling Heights CAFR.