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ORANGE COUNTY, NORTH CAROLINA <br />NOTES TO THE FINANCIAL STATEMENTS <br />FOR THE YEAR ENDED JUNE 30, 2012 <br />Annual Pension Cost and Net Pension Obligation <br />The County's annual pension cost and net pension obligation to the Separation Allowance for the <br />current year were as follows: <br />Funded Status and Funding Progress. <br />As of December 31, 2011, the most recent actuarial <br />valuation date, the plan was not funded. The actuarial accrued liability for benefits and the unfunded <br />actuarial accrued liability (UAAL) was $2,004,133. The covered payroll (annual payroll of active <br />employees covered by the plan) was $4,164,888, and the ratio of the UAAL to the covered payroll <br />was 48.12%. <br />The Schedule of Funding Progress, presented as required supplementary information following the <br />notes to the financial statements, presents multi-year trend information about whether the actuarial <br />value of plan assets are increasing or decreasing, over time, relative to the actuarial accrued liability <br />for benefits. <br />51 <br /> <br />