Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90Seattle City Light 2015 Annual Report THE CITY OF SEATTLE—CITY LIGHT DEPARTMENT REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) - 70 - SCHEDULES OF FUNDING PROGRESS SCERS. The schedule of funding progress for SCERS prior to the 2015 implementation of GASB 68 is presented below for the most recent actuarial valuation and the two preceding valuations for which the Department has available data ($ in millions): UAAL (or Actuarial Excess) as a Actuarial Actuarial Accrued Unfunded Percentage Valuation Value of Liabilities AAL Funding Covered of Covered Date Assets (AAL)(a) (UAAL)(b) Ratio Payroll(c) Payroll January 1 (A) (B) (B-A) (A/B) (C) ((B-A)/C) 2012 1,954.3 $ 2,859.3 $ 905.0 $ 68.3 % 557.0 $ 162.5 $ 2013 1,920.1 3,025.3 1,105.2 63.5 567.8 194.6 2014 2,094.3 3,260.1 1,165.8 64.2 597.9 195.0 (a) Actuarial present value of benefits less actuarial present value of future normal costs based on entry age actuarial cost method. (b) Actuarial accrued liabilities less actuarial value of assets; funding excess if negative. (c) Covered payroll includes compensation paid to all active employees on which contributions were made in the year preceding the valuation date. OPEB. The schedule of funding progress for the other post-employment benefit healthcare plans is presented below for the most recent actuarial valuation and the two preceding valuations for which the Department has available data ($ in millions): Actuarial Valuation Date January 1 Actuarial Value of Assets (A) Actuarial Accrued Liabilities (AAL) Entry Age (B) Unfunded AAL (UAAL) (B-A) Funding Ratio (A/B) Covered Payroll (C) UAAL as a Percentage of Covered Payroll ((B-A)/C) 2010 - $ 93.5 $ 93.5 $ - % 869.1 $ 10.8 % 2012 - 74.7 74.7 - 891.6 8.4 2014 - 41.8 41.8 - 1,004.0 4.2 70