City of Sioux Falls Retirement Systems Assumption Study
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1 City of Sioux Falls Retirement Systems Assumption Study February 6, 2013 Copyright 2013 GRS All rights reserved.
2 City of Sioux Falls Retirement Systems Assumption Study Purpose Types of Assumptions Demographic Economic Study Period 5-year period ending in 2011 Valuation Date December 31,
3 City of Sioux Falls Retirement Systems Assumption Study Regular Unreduced Retirement Rates of retirement are used to measure the probability of an eligible member retiring during the next year. Actual and expected rates of retirement during the study period are summarized below: General/Management Police Fire Number of Retirements Number of Retirements Number of Retirements Actual Expected Actual Expected Actual Expected
4 City of Sioux Falls Retirement Systems Assumption Study Early Reduced Retirement Early retirement rates are used to measure the probability of an eligible member retiring with an a actuarially reduced benefit during the next year. Currently, eligibility for early reduced retirement is completion of 20 years of service with the City. Actual and expected rates of early retirement during the study period are summarized below: General/Management Police Fire Number of Retirements Number of Retirements Number of Retirements Actual Expected Actual Expected Actual Expected
5 City of Sioux Falls Retirement Systems Assumption Study Termination Rates of separation from active membership (termination rates) do not apply to members eligible to retire from the plan under a disability, regular, or early retirement. This assumption measures the probabilities of members terminating City employment. Turnover rates are generally higher during the first few years of employment and lower in subsequent years. A select period of 5 years is used to model this. Actual and expected rates of termination during study period are summarized below: Turnover During the First Five Years of Employment General / Management Police Fire Number of Terminations Number of Terminations Number of Terminations Actual Expected Actual Expected Actual Expected Turnover After Five or More Years of Employment General / Management Police Fire Number of Terminations Number of Terminations Number of Terminations Actual Expected Actual Expected Actual Expected
6 City of Sioux Falls Retirement Systems Assumption Study Lump Sum Payments Retirees may include lump sum payments for sick leave and vacation time in final average compensation (FAC) at retirement. This provision increases the member s retirement benefit. The lump sum payment assumption is used to measure the expected increase in FAC due to the inclusion of lump sum payments. Currently the assumed load is 12% for Police, General and Management retirees and 15% for Firefighter retirees. Plan experience during the last 8 years is summarized below: General/Management Retirees FAC with Plan Year Lump Sums FAC without Lump Sums Ratio 2004 $ 1,553,803 $ 1,448, ,366,188 1,193, ,067, , ,287,685 1,176, , , , , ,498,660 1,393, ,774,005 1,641, TOTAL $ 10,136,548 $ 9,266, Police Retirees FAC with Plan Year Lump Sums FAC without Lump Sums Ratio 2004 $ 495,172 $ 442, , , , , , , ,885 92, , , , , , , TOTAL $ 2,657,650 $ 2,390, Fire Retirees FAC with Plan Year Lump Sums FAC without Lump Sums Ratio 2004 $ 715,772 $ 631, , , , , , , , , , , , , , , TOTAL $ 4,740,226 $ 4,195,
7 City of Sioux Falls Retirement Systems Assumption Study Disability Retirement Rates of disability are used to measure the probability of an eligible member retiring during the next year. Actual and expected rates of disability retirement during the study period are summarized below: General/Management Police Fire Number of Disabilities Number of Disabilities Number of Disabilities Actual Expected Actual Expected Actual Expected
8 City of Sioux Retirement Systems Assumption Study Merit and Longevity Pay Increases Pay increases granted to individual active members consist in principal of two parts. The first part is an across-the-board economic type of increase related to inflation or cost-ofliving changes. The second part, merit and longevity increases, relates to the performance of individual active members during a given year. Merit and longevity may include promotions and pay increases related to years of experience. Differences in pay levels appear to be closely related to length of City service among union groups. An example of this is shown below. Based on the step increases provided in the current contracts, a minor change to the current rates is recommended. From Step To Step Waiting Period in Months
9 City of Sioux Falls Retirement System Assumption Study Mortality The mortality assumption is used to measure the probability of members dying before retirement and the probability of each benefit payment being made after retirement. National trends indicate longevity improvements. Although the recent mortality experience in the Sioux Falls Retirement Systems among current benefit recipients suggests no mortality improvement among retirees, the size of the group is small and as a result the experience is not fully credible. Experience among retirees in the South Dakota Retirement System (SDRS), indicates mortality improvement. SDRS experience shows greater improvement among men than women, which is consistent with national trends. The size of the SDRS population is much larger than the City s retirement plan population and as a result the SDRS experience is more credible. This experience is summarized below along with life expectancies under the current and proposed mortality tables. Future Life Expectancy (Years) Sample GAM 83 Current RP2000 Projected 2020 Ages Men Women Men Women Post Retirement Deaths* Sioux Falls SDRS A E A E ,643 3,763.1 A/E A/E 0.97 * During
10 City of Sioux Falls Retirement System Assumption Study Comparison of Mortality Table Rates SDRS Age Male Female Buck Mortality Table male rates set back 1 year. Proposed for Sioux Falls Age Male Female RP2000 Mortality Table projected to 2020 using Scale BB. 10
11 City of Sioux Falls Retirement Systems Recommended Assumption/Method Changes 11 Update Assumed Rates of Retirement Increase regular retirement rates for Police and Fire, reduce for General/Management No changes to early retirement rates Update Assumed Rates of Termination Lower withdrawal rates (first 5 years) increase other rates for General/Management only Update Loads on FAC for use of Banked Time Reduce load for Police, Fire and General / Management Disability Rates No change Update Merit & Longevity Rates Service based rates for those with step increases (minor change) Update Assumed Rates of Death Update mortality table to reflect longer life expectancy - RP2000 projected to 2020 Full update for Men and Women recognize recommended table in the 2012 valuation, or Phased update for Men and full update for women - recognize 110% or 130% male rates in 2012 valuation Modify Funding Value of Assets Mark to market for health & collapse bases for pension to reduce volatility No change in total funding value of assets but changes from group to group Modify Amortization Method / Period Level % to level dollar amortization method, 19 to 25 years for pension, 24 to (15-20) years for health Miscellaneous Updates from Audit Update disability benefit, add decrements during first 5 years Interest Rate Consider lowering phased-in reduction due to plan closure
12 City of Sioux Falls Retirement Systems Plan Provision Changes Current Benefit Provisions Retiree Health Benefit Upon retirement, eligible retirees and their spouses may elect to participate in the City s Retiree Health Plan (RHP) The retiree pays for a portion of the retiree health cost, namely 50% of the premium established by the City The City pays for the remaining cost of the plan Retiree health benefits are provided from retirement date thru Medicare eligibility age for both the retiree and spouse Upon attainment of age 65, retiree health plan benefits end and the retiree may participate in Medicare This benefit is payable upon retirement, disability or death of an eligible plan member The RHP is available to current, prior and prospective, eligible, City employees Participation on the Firefighters Pension Fund / Employees Retirement System New City employees become members of the City sponsored defined benefit plans on their hire date New Benefit Provisions Stipend Benefit Upon retirement after 12/31/2013, an eligible retiree will receive a stipend benefit in lieu of RHP benefits Upon retirement, an eligible retiree will receive an annuity based on the following formula: $480 x years of City service This benefit ($480, or $40 per month) will increase 3% per year beginning in 2015 The City pays for the entire cost of the benefit This benefit is payable for the retiree s life only and ends upon i) the retiree s death or ii) the retiree s 65 th birthday Individuals who retire on or before 12/31/2013 are eligible to participate in the RHP only The RHP will become closed to new members on 1/1/2014 Participation in the Firefighters Pension Fund / Employees Retirement System New City employees hired after June 2013 will become members of the SDRS pension plan 12
13 City of Sioux Falls Retirement Systems Summary of Assumption, Method and Plan Changes Assumption Set A Assumptions, methods and plan provisions included in the last (2011) actuarial valuation Base line or current assumptions / methods and plan provisions Including 7.75% investment return and 4.25% wage inflation Assumption Set B Proposed assumptions / methods and plan provisions from the 2011 actuarial valuation Includes full recognition of proposed mortality table Current investment return and wage inflation assumptions Assumption Set C Proposed assumptions / methods and new plan provisions Includes partial recognition of proposed mortality table Phase in mortality improvements in future valuations Assumption Set D Proposed assumptions/ methods and new plan provisions Includes partial recognition of proposed mortality table Phase in mortality improvements in future valuations Lower interest and wage inflation (7.65% / 4.15%) 13
14 City of Sioux Falls Retirement Systems Police City/State Contribution Requirements for Fiscal Year 2013 Under the Indicated Assumptions Police Pension Plan Police Retiree Health Plan Assumption Set A B C D A C D Demographic Assumptions Current Proposed Proposed Alternate Current Proposed Proposed M ortality Table GAM 83 RP2k-Proj RP2k-Proj RP2k-Proj GAM 83 RP2k-Proj RP2k-Proj % of Male Mortality Table Rates 100% 100% 130% 130% % 1.3 Plan Provisions Current Current New New Current New New Amortization Period Interest / Wage Inflation 7.75% / 4.25% 7.75% / 4.25% 7.75% / 4.25% 7.65% /4.15% 7.75% / 4.25% 7.75% /N/A 7.65% /N/A Total Normal Cost (NC)% 19.27% 21.21% 22.72% 20.55% 5.22% 0.00% 0.00% Employee portion of NC% 8.00% 8.00% 9.00% 9.00% 0.00% 0.00% 0.00% Employer portion of NC% 11.27% 13.21% 13.72% 11.55% 5.22% 0.00% 0.00% Total Accrued Liability 110,067, ,811, ,845, ,139,117 17,649,268 3,859,567 3,874,558 Total Funding Value of Assets 93,462, ,014, ,014, ,014,133 6,886,998 5,989,285 5,989,285 Total UAL 16,605,587 16,796,878 18,831,584 20,124,984 10,762,270 (2,129,718) (2,114,727) Total Employer % 18.94% 20.97% n/a n/a 4.48% n/a n/a Total Employer $ $ 2,937,464 $ 3,252,303 $ 3,717,388 $ 3,861,673 $ 1,504,403 $ - $ - Increase/ (Decrease) Over Set A 314, , ,209 (1,504,403) (1,504,403) Estimated decrease in first year City contributions under Assumption Set D $ (580,194) Estimated decrease in first year City contributions under Assumption Set C $ (724,479) 14
15 City of Sioux Falls Retirement Systems Firefighter s City/State Contribution Requirements for Fiscal Year 2013 Under the Indicated Assumptions Firefighters Pension Fund Firefighters Retiree Health Plan Assumption Set A B C D A C D Demographic Assumptions Current Proposed Proposed Proposed Current Proposed Proposed M ortality Table GAM 83 RP2k-Proj RP2k-Proj RP2k-Proj GAM 83 RP2k-Proj RP2k-Proj % of Male Mortality Table Rates 100% 100% 130% 130% 100% 100% 130% Plan Provisions Current Current New New Current New New Amortization Period Interest / Wage Inflation 7.75% / 4.25% 7.75% / 4.25% 7.75% / 4.25% 7.65%/ 4.15% 7.75% / 4.25% 7.75% /N/A 7.65%/NA Total Normal Cost (NC)% 21.03% 23.59% 25.19% 25.46% 5.88% 0.00% 0.00% Employee portion of NC% 8.00% 8.00% 9.00% 9.00% 0.00% 0.00% 0.00% Employer portion of NC% 13.03% 15.59% 16.19% 16.46% 5.88% 0.00% 0.00% Total Accrued Liability 115,353, ,379, ,140, ,455,494 13,884,714 4,859,082 4,858,795 Total Funding Value of Assets 96,992,162 97,291,967 97,291,967 97,291,967 5,709,105 5,409,300 5,409,300 Total UAL 18,360,975 27,087,158 26,848,669 28,163,527 8,175,609 (550,218) (550,505) Total Employer % 24.31% 32.65% n/a n/a 10.35% n/a n/a Total Employer $ $ 2,860,678 $ 3,842,087 $ 4,283,921 $ 4,415,858 $ 1,217,936 $ - $ - Increase Over Assumption Set A 981,409 1,423,243 1,555,180 (1,217,936) (1,217,936) Estimated Increase in first year City contributions under Assumption Set D $ 337,244 Estimated Increase in first year City contributions under Assumption Set C $ 205,307 15
16 City of Sioux Falls Retirement Systems General/Management City / State Contribution Requirements for Fiscal Year 2013 Under the Indicated Assumptions General / Mgm Pension Plan General / Mgm Retiree Health Plan Assumption Set A B C D A C D Demographic Assumptions Current Proposed Proposed Alternate Current Proposed Alternate Mortality Table GAM 83 RP2k-Proj RP2k-Proj RP2k-Proj GAM 83 RP2k-Proj RP2k-Proj % of Male Mortality Table Rates 100% 100% 110% 110% 100% 110% 110% Plan Provisions Current Current New New Current New New Amortization Period Interest / Wage Inflation 7.75% / 4.25% 7.75% / 4.25% 7.75% / 4.25% 7.65%/ 4.15% 7.75% / 4.25% 7.75% /N/A 7.65% / NA Total Normal Cost (NC)% 11.66% 12.27% 13.57% 13.61% 3.58% 0.00% 0.00% Employee portion of NC% 3.00% 3.00% 4.00% 4.00% 0.00% 0.00% 0.00% Employer portion of NC% 8.66% 9.27% 9.57% 9.61% 3.58% 0.00% 0.00% Total Accrued Liability 191,656, ,948, ,329, ,382,977 26,842,224 4,573,126 4,595,992 Total Funding Value of Assets 170,365, ,957, ,957, ,957,641 12,437,448 12,190,524 12,190,524 Total UAL 21,291,149 37,991,203 44,371,413 46,425,336 14,404,776 (7,617,398) (7,594,532) Total Employer % 12.56% 16.46% n/a n/a 2.35% n/a n/a Total Employer $ $ 4,959,729 $ 6,499,772 $ 7,568,180 $ 7,727,425 $ 2,341,655 $ - $ - Increase/ (Decrease) Over Set A 1,540,043 2,608,451 2,767,696 (2,341,655) (2,341,655) Estimated Increase in first year City contributions under Assumption Set D $ 426,041 Estimated Increase in first year City contributions under Assumption Set C $ 266,796 16
17 Sioux Falls Assumption Study Actuarial Certification This Study includes an analysis of current actuarial assumptions as well as the expected impact of new Retirement System/Pension Fund plan provisions on the December 31, 2011 actuarial valuations. This study was based upon information, furnished by the Retirement System Administrator, specifically, System benefits, financial transactions, individual members, terminated members, retirees and beneficiaries in connection with the annual valuations of the Systems. Data was checked for internal year-to-year consistency, but was not otherwise audited by us. As a result, we are unable to assume responsibility for the accuracy or completeness of the data provided. The undersigned are independent of the plan sponsor and are Members of the American Academy of Actuaries (MAAA) who meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. It is our opinion that the actuarial assumptions used for the valuation produce results which are reasonable. Respectfully Submitted, Louise M. Gates, ASA, MAAA Mark Buis, FSA, EA, MAAA 17
18 APPENDIX Proposed Demographic Rates 18
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