REQUIRED SUPPLEMENTARY INFORMATION

Transcription

1 REQUIRED SUPPLEMENTARY INFORMATION

2 Florida Retirement System (FRS) Defined Benefit Pension Plan Schedule of the County's Proportionate Share of the Net Pension Liability Last Ten Fiscal Years (*) County's County's County's Proportionate Share of the FRS Plan Fiduciary Net County Plan Sponsor Proportion Proportionate County's FRS Net Pension Position as a Fiscal Year Measurement of the FRS Net Share of the FRS Covered Liability as a Percentage of Ended Date Pension Net Pension Employee Percentage of Total Pension September 30 June 30 Liability Liability Payroll Covered Payroll Liability % $ 81,065,939 $ 121,506, % 92.00% % 38,630, ,409, % 96.09% Schedule of County Contributions Last Ten Fiscal Years (*) Fiscal Year Ended September $ FRS Contractually Required Contribution 15,606,325 14,553,972 FRS Contributions in Relation to the Contractually Required Contribution $ 15,606,325 14,553,972 $ FRS Contribution Deficiency (Excess) - - $ County's Covered Employee Payroll 122,591, ,215,856 FRS Contributions as a Percentage of Covered Payroll 12.73% 12.21% (*) The County implemented GASB Statement No. 68 for the fiscal year ended September 30, 2015, including a restatement as of September 30, Information for prior years is not available. The notes to the required supplementary information are an integral part of these schedules

3 Retiree Health Insurance Subsidy (HIS) Program Defined Benefit Pension Plan Schedule of the County's Proportionate Share of the Net Pension Liability Last Ten Fiscal Years (*) County's County's County's Proportionate Share of the HIS Plan Fiduciary Net County Plan Sponsor Proportion Proportionate County's HIS Net Pension Position as a Fiscal Year Measurement of the HIS Net Share of the HIS Covered Liability as a Percentage of Ended Date Pension Net Pension Employee Percentage of Total Pension September 30 June 30 Liability Liability Payroll Covered Payroll Liability % $ 46,795,117 $ 141,603, % 0.50% % 42,865, ,426, % 0.99% Schedule of County Contributions Last Ten Fiscal Years (*) Fiscal Year Ended September HIS Contributions HIS in Relation to the HIS County's HIS Contractually Contractually Contribution Covered Contributions as Required Required Deficiency Employee a Percentage of Contribution Contribution (Excess) Payroll Covered Payroll $ 1,917,391 $ 1,917,391 $ - $ 142,708, % 1,663,465 1,663, ,116, % (*) The County implemented GASB Statement No. 68 for the fiscal year ended September 30, 2015, including a restatement as of September 30, Information for prior years is not available. The notes to the required supplementary information are an integral part of these schedules

4 Volunteer Firefighters Pension Plan Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Ten Fiscal Years (**) Total pension liability Service cost $ 35,975 $ 39,007 Interest on total pension liability 73,852 76,192 Benefit changes - - Differences between expected and actual experience 35,367 - Assumption Changes 238,630 - Benefit payments (137,006) (172,409) Refunds - - Net change in total pension liability 246,818 (57,210) Total pension liability - beginning 1,375,291 1,432,501 Total pension liability - ending (a) $ 1,622,109 $ 1,375,291 Plan fiduciary net position Net investment income $ 5,712 $ 48,543 Benefit payments (137,006) (172,409) Administrative expense (12,374) (4,372) Net change in plan fiduciary net position (143,668) (128,238) Plan fiduciary net position - beginning 4,330,849 4,459,087 Plan fiduciary net position - ending (b) $ 4,187,181 $ 4,330,849 County's net pension liability - ending (a) - (b) $ (2,565,072) $ (2,955,558) Plan fiduciary net position as a percentage of the total pension liability % % Covered - employee payroll N/A N/A County's net pension liability as a percentage of covered- N/A N/A employee payroll (**) The County implemented GASB Statement No. 67 for fiscal year ended September 30, Information for prior years is not available. The notes to the required supplementary information are an integral part of this schedule

5 Volunteer Firefighters Pension Plan Schedule of County Contributions Last Ten Fiscal Years (**) Actual Fiscal Year Actuarially Contribution Contributions as Ended Determined Actual Deficiency Covered a Percentage of September 30 Contribution Contribution (Excess) Payroll Covered Payroll 2015 $ - $ - $ - N/A N/A N/A N/A Schedule of Money-Weighted Investment Return Last Ten Fiscal Years (**) Fiscal Year Ended Money-Weighted September 30 Rate of Return % % (**) The County implemented GASB Statement No. 67 for fiscal year ended September 30, Information for prior years is not available. The notes to the required supplementary information are an integral part of these schedules

6 Other Post-Employment Benefit Plan Schedule of Funding Progress Last Three Actuarial Valuations Actuarial Actuarial Accrued UAAL as a Value of Liability Unfunded Percentage Actuarial Plan (AAL) AAL Funded Covered of Covered Valuation Assets Entry Age (UAAL) Ratio Payroll Payroll Date (a) (b) (b-a) (a/b) (c) [(b-a)/c] 10/1/2014 N/A $ 44,143,062 $ 44,143, % $ 149,784, % 10/1/2013 N/A 43,181,297 43,181, % 140,363, % 10/1/2012 N/A 41,819,523 41,819, % 130,405, % The notes to the required supplementary information are an integral part of this schedule

7 NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30, 2015 NOTE 1. VOLUNTEER FIREFIGHTERS PENSION PLAN A. Schedule of Changes in the County's Net Pension Liability and Related Ratios The September 30, 2015 total pension liability increased over the September 30, 2014 liability primarily as a result of changes in actuarial assumptions: The investment return assumption was reduced from 5.50% to 4.25% following the Actuarial Standards of Practice as required under the Governmental Accounting Standards Board accounting standards. The consensus rate of return on a portfolio with an asset allocation of approximately 69% cash and 31% falls between the geometric mean of 4.23% and the arithmetic mean of 4.40%. The County and its actuary chose the more conservative 4.25% rate of return, which includes an inflation component of 2.50%. The mortality table was updated from the RP 2000 Generational Mortality Tables for males and females with mortality improvement projected for all future years after 2000 using Scale AA to the same mortality assumptions used by the Florida Retirement System (FRS) as required by Florida Statutes. The mortality assumption used by the FRS for special risk members is the RP 2000 Generational Mortality Table with 100% Annuity White Collar rates for females and 10% Annuity White Collar/90% Annuitant Blue Collar rates for males with mortality improvement projected to all future years after 2000 using Scale BB. The mortality table is used to measure the probabilities of members dying before retirement and the probabilities of each benefit payment being made after retirement. B. Schedule of County Contributions The following actuarial methods and assumptions were used in the October 1, 2014, funding valuation: Valuation timing Actuarial cost method Amortization method Remaining amortization period Asset valuation method Actuarial valuation are performed biennially; actuarially determined contribution are calculated as of October 1, which is one year and two years prior to the end of the fiscal year in which contributions are reported. Frozen Entry Age Level Dollar, Closed 8 years Inflation 3.00% Salary increases Market Value N/A Investment rate of return 5.50% Retirement age Mortality Members are assumed to retire immediately upon normal retirement eligibility RP-2000 Generational Mortality Table for males and females with mortality improvement projected to all future years after 2000 using Scale AA The changes in actuarial assumptions listed in note 1, part A also applied to the schedule of contributions for the October 1, 2015 funding valuation, however this affects the contributions required for the fiscal year ended September 30, 2016 (next fiscal year end)

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