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30-Year Amortization of Unfunded Past Service / Actuarial Accrued Liability1

$619 M

Interest

$49 M

Total Annual Required Contribution (ARC) to Achieve Full Funding in 30 years

$1.025 B

Annual Required Contribution (ARC)

$1.025

ARC Adjustment2

$0

Interest on Net OPEB Obligation3

$0

Total OPEB Cost4

$1.025 B

GASB OPEB Cost, 2005-2006

Current Service Cost

$357 M

1Since plan is unfunded, so total past service liability is subject to amortization. ARC Adjustment is zero at inception Net OPEB Obligation is equal to the accumulated OPEB cost and is $0 at inception Will be decreased by pay-as-you-go cost ($235M for 2006) to $790M 2 3 4

Source: Segal

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