TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
|
|
- John Tyrone Sherman
- 5 years ago
- Views:
Transcription
1 TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018
2
3
4
5 TABLE OF CONTENTS Section Title Page A Discussion of Valuation Results 1. Discussion of Valuation Results 1 2. State Contribution Reserve 5 B Valuation Results 1. Participant Data 6 2. Annual Required Contribution 7 3. Actuarial Value of Benefits and Assets 8 4. Calculation of Employer Normal Cost 9 5. Liquidation of the Unfunded Actuarial Accrued Liability Actuarial Gains and Losses Recent History of Valuation Results Recent History of UAAL and Funded Ratio Recent History of Required and Actual Contributions Actuarial Assumptions and Cost Method Glossary of Terms 26 C Pension Fund Information 1. Statement of Plan Assets at Market Value Reconciliation of Plan Assets Reconciliation of DROP Accounts Development of Actuarial Value of Assets Investment Rate of Return 33 D Financial Accounting Information 1. FASB No GASB No E Miscellaneous Information 1. Reconciliation of Membership Data Active Participant Scatter Inactive Participant Scatter 43 F Summary of Plan Provisions 44
6 SECTION A DISCUSSION OF VALUATION RESULTS
7 1 DISCUSSION OF VALUATION RESULTS Comparison of Required Employer Contributions A comparison of the required employer contribution developed in this and the last actuarial valuations is as follows: For FYE 9/30/2018 For FYE 9/30/2017 Based on 10/1/2016 Based on 10/1/2015 Valuation Valuation Increase (Decrease) Required Employer/State Contribution $ 904,992 $ 415,594 $ 489,398 As % of Covered Payroll % % % Estimated Credit for State Contribution $ 119,700 $ 119,700 * $ 0 As % of Covered Payroll 6.64 % 7.44 % (0.80) % Required Employer Contribution** $ 785,292 $ 295,894 $ 489,398 As % of Covered Payroll % % % * Updated to reflect estimated full amount of annual Chapter 185 revenue that the Town may use as an offset to the required contribution pursuant to Ordinance No. O ** Does not reflect the application of the prepaid Town contribution of $135,295 as of September 30, The required employer contribution has been adjusted for interest on the basis that contributions are made in equal payments at the end of each quarter. The contribution has also been computed under the assumption that the amount to be received from the State on behalf of police officers in 2017 and 2018 will be at least $119,700. If the actual payment from the State falls below this amount, then the Town must increase its contribution by the difference. The actual contributions received during the year ending September 30, 2016 were $429,970 from the Town, $119,700 in annual Chapter 185 revenue, and $52,351 due to the use of the accumulated Chapter 185 reserve as a one-time offset, for a total of $602,021. The annual required contribution was $466,726 for that year. As a result of the over-contribution, a $135,295 prepaid contribution was established which can be used as an offset against future Town required contributions.
8 2 Revisions in Benefits Under Ordinance No. O , adopted on March 27, 2017, the Plan was amended as follows: Provide eligibility for service-connected disability benefits upon employment, i.e. the ten-year service requirement would be eliminated. Provide minimum service-connected disability benefits equal to the accrued benefit or 42% of average final compensation, whichever is greater. Provide minimum non-service-connected disability benefits equal to the accrued benefit or 25% of average final compensation, whichever is greater. Add an annual COLA for members who terminate on or after October 1, 2017 and for DROP members employed on October 1, The COLA would equal the change in the March All Urban Consumer Price Index (CPI), up to a maximum of 2.5% each year. Members eligible for the CPI-based COLA would not be eligible for the actuarial experience-based COLA. Limit the monthly supplemental benefit to $350 for members hired after the proposed ordinance effective date. The impact of this change is not included in this study and would be recognized as new members are hired. Allow the Town to use the full Chapter 185 revenue as an offset to the required contribution each year starting with the fiscal year ending September 30, Allow the Town to use the accumulated Chapter 185 reserve of $52,351 as an offset to the required contribution for the fiscal year ending September 30, Implement a Share Plan that would not be activated unless and until the parties mutually agree that a portion of Chapter 185 revenue would be allocated to fund the Share Plan. Allow retirees to change their beneficiary designation up to two times. As a result of these changes in plan provisions, the required contribution increased by $380,757 (21.14% of covered payroll). Revisions in Actuarial Assumptions or Methods The mortality assumption for active members prior to retirement was revised in accordance with a revision to the active member pre-retirement mortality assumption used by the Florida Retirement System (FRS) in their July 1, 2016 Actuarial Valuation. No revisions were made to mortality rates applicable to retirees. Prior to this revision, pre-retirement mortality rates for active members were the same as the
9 3 postretirement rates for active members and retirees. This change was made in compliance with Florida House Bill 1309, which requires all public pension plans in Florida to use the same mortality tables used in either of the last two actuarial valuation reports of FRS effective no later than October 1, As a result of the change in the mortality assumption, the required contribution increased by $3,423 (0.19% of covered payroll). Actuarial Experience There was a net actuarial loss of $540,076 for the year which means that actual experience was less favorable than expected. The loss is primarily due to greater than expected average salary increases for the year. The actual average salary increases were 11.9% versus 6.0% assumed. The actuarial loss caused the employer contribution to increase by 2.97% of covered payroll. Funded Ratio This year s funded ratio is 74.6% compared to 91.7% last year. The funded ratio was 89.3% before the plan and assumption changes described above. The ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability. Cost of Living Adjustment The cost of living adjustment is not payable to retirees and beneficiaries who retired before October 1, 2017 since there are cumulative net actuarial losses as of September 30, 2016 as shown on page 17. Analysis of Change in Employer Contribution The components of change in the required employer contribution are as follows: Contribution rate last year (before changes) % Change in plan provisions Change in assumptions/methods 0.19 Change in Normal Cost Rate (0.63) Amortization Payment on UAL (1.14) Experience gain/loss 2.97 Change in administrative expense 0.37 Change in State revenue 0.61 Contribution rate this year 43.59
10 4 Variability of Future Contribution Rates The Actuarial Cost Method used to determine the contribution rate is intended to produce contribution rates which are generally level as a percent of payroll. Even so, when experience differs from the assumptions, as it often does, the employer s contribution rate can vary significantly from yearto-year. Over time, if the year-to-year gains and losses offset each other, the contribution rate would be expected to return to the current level, but this does not always happen. The Actuarial Value of Assets exceeds the Market Value of Assets by $262,895 as of the valuation date (see Section C). This difference will be gradually recognized over the next several years. In turn, the computed employer contribution rate will increase by approximately 1.5% of covered payroll over the same period in the absence of offsetting gains. Relationship to Market Value If Market Value had been the basis for the valuation, the Employer contribution rate would have been 45.04% and the funded ratio would have been 73.0%. In the absence of other gains and losses, the employer contribution rate should increase to that level over the next several years. Conclusion The remainder of this Report includes detailed actuarial valuation results, pension fund information, miscellaneous information and statistics, and a summary of plan provisions.
11 5 STATE CONTRIBUTION RESERVE Under the most recent collective bargaining agreement, the Union and the Town have reached mutual consent regarding the treatment of Chapter 185 revenue. Beginning with the fiscal year ending September 30, 2016, the Town may use the full amount of annual Chapter 185 revenue as an offset against the required contribution. Additionally, the Town may use the accumulated Chapter 185 reserve of $52,351 as a one-time offset against the required contribution for the fiscal year ending September 30, Actuarial Confirmation of the Use of State Chapter Money 1. Base Amount Previous Plan Year $ 92, Amount Received for Previous Plan Year 119, Benefit Improvements Made in Previous Plan Year 27, Excess Funds for Previous Plan Year 0 5. Accumulated Excess at Beginning of Previous Year 52, Prior Excess Used in Previous Plan Year 52, Accumulated Excess as of Valuation Date (Available for Benefit Improvements): (4) + (5) - (6) 0 8. Base Amount This Plan Year 119,700 The Accumulated Excess shown in line 7 (if any) is being held in reserve and is subtracted from Plan assets (see Section C of this Report). The Base Amount in line 8 is the amount the employer may take as a credit against its required contribution; however, in no event may the employer take credit for more than the actual amount of Chapter revenue received.
12 SECTION B VALUATION RESULTS
13 6 PARTICIPANT DATA ACTIVE MEMBERS October 1, 2016 October 1, 2015 Number Covered Annual Payroll $ 1,732,401 $ 1,547,076 Average Annual Payroll $ 66,631 $ 64,462 Average Age Average Past Service Average Age at Hire RETIREES, BENEFICIARIES & DROP Number Annual Benefits $ 506,394 $ 445,693 Average Annual Benefit $ 29,788 $ 29,713 Average Age DISABILITY RETIREES Number 0 0 Annual Benefits $ 0 $ 0 Average Annual Benefit $ 0 $ 0 Average Age TERMINATED VESTED MEMBERS Number 6 5 Annual Benefits $ 127,588 $ 63,256 Average Annual Benefit $ 21,265 $ 12,651 Average Age
14 7 ACTUARIALLY DETERMINED CONTRIBUTION (ADC) A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2016 October 1, 2015 After Plan and After Assumption Before Changes Assumption Changes Change B. ADC to Be Paid During Fiscal Year Ending 9/30/2018 9/30/2018 9/30/2018 9/30/2017 C. Assumed Dates of Employer Contributions Quarterly Quarterly Quarterly Quarterly D. Annual Payment to Amortize Unfunded Actuarial Liability $ 399,564 $ 155,021 $ 154,805 $ 111,230 E. Employer Normal Cost 432, , , ,010 F. ADC if Paid on the Valuation Date: D+E 832, , , ,240 G. ADC Adjusted for Frequency of Payments 870, , , ,666 H. ADC as % of Covered Payroll % % % % I. Assumed Rate of Increase in Covered Payroll to Contribution Year 4.00 % 4.00 % 4.00 % 4.00 % J. Covered Payroll for Contribution Year 1,801,697 1,801,697 1,801,697 1,608,959 K. ADC for Contribution Year: H x J 904, , , ,594 L. Estimated Credit for State Revenue in Contribution Year 119,700 92,553 92, ,700 * M. Required Employer Contribution (REC) in Contribution Year 785, , , ,894 N. REC as % of Covered Payroll in Contribution Year: M J % % % % * Updated to reflect estimated full amount of annual Chapter 185 revenue that the Town may use as an offset to the required contribution pursuant to Ordinance No. O
15 8 ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2016 October 1, 2015 After Plan and After Assumption Before Changes Assumption Changes Change B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 10,575,326 $ 8,011,161 $ 7,856,141 $ 7,583,088 b. Vesting Benefits 1,105, , , ,210 c. Disability Benefits 513, , , ,778 d. Preretirement Death Benefits 126,218 93, , ,822 e. Return of Member Contributions 53,549 55,402 56,274 33,630 f. Total 12,374,159 9,265,469 9,219,977 8,907, Inactive Members a. Service Retirees & Beneficiaries 6,279,833 5,771,755 5,771,755 5,097,886 b. Disability Retirees c. Terminated Vested Members 1,258,171 1,258,171 1,258, ,180 d. Total 7,538,004 7,029,926 7,029,926 5,679, Total for All Members 19,912,163 16,295,395 16,249,903 14,586,594 C. Actuarial Accrued (Past Service) Liability under Entry Age Normal 16,356,986 13,677,015 13,674,646 12,357,632 D. Actuarial Value of Accumulated Plan Benefits per FASB No ,966,004 11,846,755 11,852,808 10,792,141 E. Plan Assets 1. Market Value 11,944,489 11,944,489 11,944,489 10,960, Actuarial Value 12,207,384 12,207,384 12,207,384 11,336,875 F. Unfunded Actuarial Accrued Liability 4,149,602 1,469,631 1,467,262 1,020,757 G. Actuarial Present Value of Projected Covered Payroll 12,663,265 12,663,265 12,552,636 10,670,699 H. Actuarial Present Value of Projected Member Contributions 886, , , ,949 I. Accumulated Contributions of Active Members 858, , , ,956
16 9 CALCULATION OF EMPLOYER NORMAL COST A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2016 October 1, 2015 After Plan and Assumption Changes After Assumption Change Before Changes B. Normal Cost for 1. Service Retirement Benefits $ 370, , ,612 $ 252, Vesting Benefits 71,796 53,971 53,443 46, Disability Benefits 32,052 11,827 11,629 10, Preretirement Death Benefits 5,200 3,816 8,700 8, Return of Member Contributions 15,786 16,265 16,625 14, Total for Future Benefits 495, , , , Assumed Amount for Administrative Expenses 58,431 58,431 58,431 46, Total Normal Cost 553, , , ,305 C. Expected Member Contribution 121, , , ,295 D. Employer Normal Cost: B8-C 432, , , ,010 E. Employer Normal Cost as % of Covered Payroll % % % %
17 10 LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY A. UAAL Amortization Period and Payments Original UAAL Current UAAL Amortization Year Period Years Established Source (Years) Amount Remaining Amount Payment 10/1/2010 Initial UAAL 20 $ 1,255, $ 1,035,974 $ 113,521 10/1/2011 (Gain)/Loss 20 (219,482) 15 (173,423) (18,276) 10/1/2011 Assumption Change , ,760 20,735 10/1/2012 (Gain)/Loss 20 (31,824) 16 (26,348) (2,681) 10/1/2012 Assumption Change , ,422 22,735 10/1/2013 (Gain)/Loss 20 (170,866) 17 (146,858) (14,481) 10/1/2013 Assumption Change , ,580 24,413 10/1/2014 (Gain)/Loss , (117,110) (11,224) 10/1/2015 (Gain)/Loss 20 (139,559) 19 (130,548) (12,194) 10/1/2015 Assumption Change 20 (194,843) 19 (182,263) (17,024) 10/1/2016 (Gain)/Loss , ,076 49,281 10/1/2016 Assumption Change 20 2, , /1/2016 Amendment 20 2,679, ,679, ,543 4,149, ,564 B. Amortization Schedule The UAAL is being liquidated as a level dollar amount over the number of years remaining in the amortization period. The following schedule illustrates the expected amortization of the UAAL: Amortization Schedule Year Expected UAAL 2016 $ 4,149, ,031, ,904, ,767, ,620, ,462, ,475, ,181,
18 11 ACTUARIAL GAINS AND LOSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based on long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and loss for the period involved. If significant long term experience reveals consistent deviation from what has been expected and that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as follows: 1. Last Year's UAAL $ 1,020, Last Year's Employer Normal Cost 284, Last Year's Contributions 466, Interest at the Assumed Rate on: a. 1 and 2 for one year 97,869 b. 3 from dates paid 8,875 c. a - b 88, This Year's Expected UAAL Prior to Revision: c 927, Change in UAAL Due to Changes in Actuarial Assumptions 2, Change in UAAL Due to Plan Amendments 2,679, This Year's Expected UAAL: ,609, This Year's Actual UAAL 4,149, Net Actuarial Gain (Loss): 8-9 (540,076) 11. Gain (Loss) Due to Investments 4, Gain (Loss) from Other Sources (544,404)
19 12 Net actuarial gains in previous years have been as follows: Year Ended Gain (Loss) 9/30/1992 $ 44,072 9/30/ ,584 9/30/1994 (16,809) 9/30/ ,649 9/30/ ,931 9/30/ ,203 9/30/ ,985 9/30/ ,042 9/30/ ,381 9/30/2001 (95,175) 9/30/2002 (172,924) 9/30/2003 (115,119) 9/30/2004 (162,031) 9/30/2005 (23,944) 9/30/ ,319 9/30/2007 (16,513) 9/30/2008 (157,717) 9/30/2009 (250,566) 9/30/ ,556 9/30/ ,482 9/30/ ,824 9/30/ ,866 9/30/ ,291 9/30/ ,559 9/30/2016 (540,076)
20 13 Actuarial Gain (+) or Loss (-) Thousands Thousands Plan Year End Gain or Loss Cumulative
21 14 The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years. Investment Return Salary Increases Year Ending Actual Assumed Actual Assumed 9/30/1991 N/A 8.00 % 16.5 % 7.0 % 9/30/ % /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ Averages 7.6 % % --- The actual investment return rates shown above are based on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations both at the beginning and the end of each year.
22 15 History of Investment Return Based on Actuarial Value of Assets 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% Plan Year End Actual Assumed History of Salary Increases 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Plan Year End Compared to Previous Year Actual Assumed
23 16 Actual (A) Compared to Expected (E) Decrements Among Active Employees Number Added During Normal & DROP Disability Terminations Active Members Year Year Retirement Retirement Death Vested Other Totals End of Ended A E A E A E A E A A A E Year 9/30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ /30/ Yr Totals * * Totals are through current Plan Year only.
24 17 Cumulative Actuarial Gains (Losses) Year Balance at Ending Beginning of Gain (Loss) Balance at 9/30 Year Interest for Year COLA End of Year 2000 $ 0 $ 0 $ 101,381 $ 0 $ 101, ,381 8,110 (95,175) 0 14, ,316 1,145 (172,924) 0 (157,463) 2003 (157,463) (12,597) (115,119) 0 (285,179) 2004 (285,179) (22,814) (162,031) 0 (470,024) 2005 (470,024) (37,602) (23,944) 0 (531,570) 2006 (531,570) (42,526) 76,319 0 (497,777) 2007 (497,777) (39,822) (16,513) 0 (554,112) 2008 (554,112) (44,329) (157,717) 0 (756,158) 2009 (756,158) (60,493) (250,566) 0 (1,067,217) 2010 (1,067,217) (85,377) 292,556 0 (860,038) 2011 (860,038) (67,728) 219,482 0 (708,284) 2012 (708,284) (54,892) 31,824 0 (731,352) 2013 (731,352) (55,766) 170,866 0 (616,252) 2014 (616,252) (46,219) 131,291 0 (531,180) 2015 (531,180) (39,839) 139,559 0 (431,460) 2016 (431,460) (32,360) (540,076) 0 (1,003,896)
25 Valuation Date Number of Active Inactive Members Members RECENT HISTORY OF VALUATION RESULTS Covered Annual Payroll Actuarial Value of Assets UAAL Employer Normal Cost Amount % of Payroll 10/1/ $ 693,073 $ 488,819 $ 0 $ 61, % 10/1/ , , , /1/ , , , /1/ , , , /1/ ,011, , , /1/ ,933 1,063, , /1/ ,644 1,271, , /1/ ,347 1,368, , /1/ ,096 1,647, , /1/ ,020,463 1,947, , /1/ ,192,651 2,174, , /1/ ,252,026 2,415, , /1/ ,457,905 2,704, , /1/ ,466,225 2,952, , /1/ ,599,814 3,303, , /1/ ,560,307 3,776, , /1/ ,729,150 4,670, , /1/ ,801,385 5,168, , /1/ ,758,203 5,792, , /1/ ,677,543 6,709,645 1,255, , /1/ ,690,206 7,596,301 1,365, , /1/ ,662,329 8,484,349 1,557, , /1/ ,725,851 9,491,707 1,626, , /1/ ,613,718 10,507,296 1,435, , /1/ ,547,076 11,336,875 1,020, , /1/ ,732,401 12,207,384 4,149, ,
26 RECENT HISTORY OF UAAL AND FUNDED RATIO Actuarial Valuation Date Actuarial Value of Assets (a) Actuarial Accrued Liability (AAL) - Entry Age (b) Unfunded AAL (UAAL) - Entry Age (b) - (a) Funded Ratio (a) / (b) Covered Payroll (c) UAAL As % of Covered Payroll (b - a) / c 10/1/1991 $ 488,819 $ 478,352 $ (10,467) % $ 693,073 (1.5) % 10/1/ , ,345 (19,216) ,226 (2.6) 10/1/ , ,318 (57,598) ,341 (7.2) 10/1/ , ,896 (78,461) ,884 (9.3) 10/1/ , ,566 (144,202) ,018,442 (14.2) 10/1/1996 1,063,750 1,183, , , /1/1997 1,271,036 1,251,842 (19,194) ,644 (2.1) 10/1/1998 1,368,123 1,273,447 (94,676) ,347 (10.6) 10/1/1999 1,647,026 1,414,842 (232,184) ,096 (26.0) 10/1/2000 1,947,011 1,589,940 (357,071) ,020,463 (35.0) 10/1/2001 2,174,946 2,434, , ,192, /1/2002 2,415,505 2,821, , ,252, /1/2003 2,704,054 3,283, , ,457, /1/2004 2,952, , , ,466, /1/2005 3,303,351 4,284, , ,599, /1/2006 3,776,705 4,645, , ,560, /1/2007 4,670,639 5,596, , ,729, /1/2008 5,168,480 6,280,340 1,111, ,801, /1/2009 5,792,687 7,270,006 1,477, ,758, /1/2010 6,709,645 7,965,445 1,255, ,677, /1/2011 7,596,301 8,962,174 1,365, ,690, /1/2012 8,484,349 10,041,459 1,557, ,662, /1/2013 9,491,707 11,117,866 1,626, ,725, /1/ ,507,296 11,942,528 1,435, ,613, /1/ ,336,875 12,357,632 1,020, ,547, /1/ ,207,384 16,356,986 4,149, ,732,
27 RECENT HISTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS Valuation End of Required Contributions Year To Which Employer & State Estimated State Net Employer Actual Contributions Valuation % of % of % of Applies Amount Payroll Amount Payroll Amount Payroll Employer State Total 10/1/91 9/30/92 $ 64, % $ 35, % $ 28, % $ 30,105 $ 33,919 $ 64,024 10/1/92 9/30/93 65, , , ,862 34,458 66,320 10/1/93 9/30/94 56, , , ,948 32,495 56,443 10/1/94 9/30/95 66, , , ,635 33,464 68,099 10/1/95 9/30/96 105, , , ,256 74, ,910 10/1/96 9/30/97 96, , , ,921 80, ,330 10/1/97 9/30/98 78, , ,572 70,823 78,395 10/1/98 9/30/99 66, , ,235 75,235 10/1/99 9/30/00 53, , ,927 76,927 10/1/00 9/30/01 70, , ,424 71,424 10/1/01 9/30/02 203, , , ,398 75, ,340 10/1/02 9/30/03 233, , , ,233 86, ,463 10/1/03 9/30/04 294, , , ,768 86, ,998 10/1/04 9/30/05 335, , , ,990 86, ,220 10/1/04 9/30/06 348, , , ,356 92, ,909 10/1/05 9/30/07 408, , , ,435 92, ,988 10/1/06 9/30/08 380, , , ,001 92, ,554 10/1/07 9/30/09 423, , , ,310 92, ,863 10/1/08 9/30/10 452, , , ,860 85, ,810 10/1/09 9/30/11 506, , , ,736 81, ,137 10/1/10 9/30/12 420, , , ,233 92, ,786 10/1/11 9/30/13 451, , , ,132 87, ,086 10/1/12 9/30/14 465, , , ,272 92, ,825 10/1/13 9/30/15 500, , , ,040 92, ,593 10/1/14 9/30/16 466, , , , , ,726 10/1/15 9/30/17 415, , , /1/16 9/30/18 904, , ,
28 21 Recent History of Required and Actual Contributions Thousands $950 $900 $850 $800 $750 $700 $650 $600 $550 $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 Fiscal Year End Required Contribution Actual Contribution
29 22 ACTUARIAL ASSUMPTIONS AND COST METHOD Valuation Methods Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered before and after the valuation date were determined using an Individual Entry-Age Actuarial Cost Method having the following characteristics: (i) the annual normal cost for each individual active member, payable from the date of employment to the date of retirement, is sufficient to accumulate the value of the member s benefit at the time of retirement; (ii) each annual normal cost is a constant percentage of the member s year by year projected covered pay. Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability. Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar contributions over a reasonable period of future years. Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected return on actuarial value and actual return on market value of assets at the rate of 20% per year. The Actuarial Value of Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will tend to be greater than Market Value. Valuation Assumptions The actuarial assumptions used in the valuation are shown in this Section. Economic Assumptions The investment return rate assumed in the valuation is 7.50% per year, compounded annually (net after investment expenses). The Inflation Rate assumed in this valuation is 3.00% per year. The Inflation Rate is defined to be the expected long-term rate of increases in the prices of goods and services. The assumed real rate of return over inflation is defined to be the portion of total investment return that is more than the assumed inflation rate. Considering other economic assumptions, the 7.50% investment return rate translates to an assumed real rate of return over inflation of 4.50%. The rates of salary increase used for individual members are in accordance with the following table. This assumption is used to project a member s current salary to the salaries upon which benefits will be based. % Increase in Salary Years of Service All Merit and Seniority 3.0% Base (Economic) 3.0% Total Increase 6.0%
30 23 Demographic Assumptions The mortality table is the RP-2000 Combined Healthy Participant Mortality Table (for pre-retirement mortality) and the RP-2000 Mortality Table for Annuitants (for post-retirement mortality), with mortality improvements projected to all future years after 2000 using Scale BB. For males, the base mortality rates include a 90% blue collar adjustment and a 10% white collar adjustment. For females, the base mortality rates include a 100% white collar adjustment. These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2016 FRS Valuation, as mandated by Florida House Bill FRS Healthy Post-Retirement Mortality for Special Risk Class Members Sample Probability of Future Life Attained Dying Next Year Expectancy (years) Ages (in 2016) Men Women Men Women % 0.23 % For disabled retirees, the mortality table used was 60% of the RP-2000 for Disabled Annuitants with ages set back 4 years for males and set forward 2 years for females, and 40% of the RP2000 Annuitant Mortality Table with a White Collar adjustment with no age setback, both with no provision being made for future mortality improvements. These are the same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2016 FRS Valuation, as mandated by Florida House Bill The rates of retirement used to measure the probability of eligible members retiring during the next year were as follows: Number of Years After First Eligibility Probability of for Normal Retirement Normal Retirement 0 80 %
31 Rates of separation from active membership were as shown below (rates do not apply to members eligible to retire and do not include separation on account of death or disability). This assumption measures the probabilities of members remaining in employment. 24 Rates of disability among active members: Sample Years of % of Active Members Ages Service Separating Within Next Year 20 All 9.3 % Sample Ages 20 % Becoming Disabled within Next Year 0.14 %
32 25 Miscellaneous and Technical Assumptions Administrative & Investment Expenses Benefit Service Cost of Living Adjustments (COLA) Decrement Operation Decrement Timing Eligibility Testing Forfeitures Incidence of Contributions Marriage Assumption Normal Form of Benefit Pay Increase Timing Service Credit Accruals The investment return assumption is intended to be the return net of investment expense. Annual administrative expenses are assumed to be equal to the average of the expenses over the previous two years. Assumed administrative expenses are added to the Normal Cost. Exact fractional service is used to determine the amount of benefit payable. The COLA for members who retire on or after October 1, 2017 is assumed to be 2.5% per year. Disability and mortality decrements operate during retirement eligibility. Decrements of all types are assumed to occur at the beginning of the year. Eligibility for benefits is determined based upon the age nearest birthday and service nearest whole year on the date the decrement is assumed to occur. For vested separations from service, it is assumed that 0% of members separating will withdraw their contributions and forfeit an employer financed benefit. It was further assumed that the liability at termination is the greater of the vested deferred benefit (if any) or the member s accumulated contributions. Employer contributions are assumed to be made at the end of each calendar quarter. Member contributions are assumed to be received continuously throughout the year based upon the computed percent of payroll shown in this report, and the actual payroll payable at the time contributions are made. 100% of males and 100% of females are assumed to be married for purposes of death-in-service benefits. Male spouses are assumed to be three years older than female spouses for active member valuation purposes. A life annuity with 10 years certain is the normal form of benefit. Middle of fiscal year. This is equivalent to assuming that reported pays represent amounts paid to members during the year ended on the valuation date. It is assumed that members accrue one year of service credit per year.
33 26 GLOSSARY OF TERMS Actuarial Accrued Liability (AAL) Actuarial Assumptions Actuarial Cost Method Actuarial Equivalent Actuarial Present Value (APV) Actuarial Present Value of Future Benefits (APVFB) Actuarial Valuation Actuarial Value of Assets The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members; and other items. A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits, and inactive, nonretired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 67. The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year-to-year volatility of calculated results, such as the funded ratio and the Actuarially Determined Contribution (ADC).
34 27 Amortization Method Amortization Payment Amortization Period Actuarially Determined Contribution (ADC) A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. That portion of the plan contribution or ADC which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. The period used in calculating the Amortization Payment. The employer s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The ADC consists of the Employer Normal Cost and Amortization Payment. Closed Amortization Period Employer Normal Cost Equivalent Single Amortization Period Experience Gain/Loss A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. On the other hand, losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected.
35 28 Funded Ratio GASB GASB No. 67 and GASB No. 68 Normal Cost Open Amortization Period Unfunded Actuarial Accrued Liability Valuation Date The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Governmental Accounting Standards Board. These are the governmental accounting standards that set the accounting rules for public retirement systems and the employers that sponsor or contribute to them. Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement systems, while Statement No. 67 sets the rules for the systems themselves. The annual cost assigned, under the Actuarial Cost Method, to the current plan year. An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30-year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date.
36 SECTION C PENSION FUND INFORMATION
37 29 Statement of Plan Assets at Market Value September 30 Item A. Cash and Cash Equivalents (Operating Cash) $ 4,696 $ 5,276 B. Receivables 1. Member Contributions $ 4,451 $ 4, Employer Contributions State Contributions Investment Income and Other Receivables 12,355 26, Total Receivables $ 16,806 $ 30,916 C. Investments 1. Short Term Investments $ 130,578 $ 181, Domestic Equities 6,195,554 5,723, International Equities 1,830,715 1,461, Domestic Fixed Income 3,082,047 3,803, International Fixed Income Real Estate 1,144, Private Equity Total Investments $ 12,383,860 $ 11,169,783 D. Liabilities 1. Benefits Payable $ - $ (11,182) 2. Prepaid Town Contribution (135,295) - 3. Accrued Expenses and Other Payables (43,764) (5,275) 4. Total Liabilities $ (179,059) $ (16,457) E. Total Market Value of Assets Available for Benefits $ 12,226,303 $ 11,189,518 F. Reserves 1. State Contribution Reserve $ - $ (52,351) 2. DROP Accounts (281,814) (176,806) 3. Total Reserves $ (281,814) $ (229,157) G. Market Value Net of Reserves $ 11,944,489 $ 10,960,361 H. Allocation of Investments 1. Short Term Investments 1.1% 1.6% 2. Domestic Equities 50.0% 51.2% 3. International Equities 14.8% 13.1% 4. Domestic Fixed Income 24.9% 34.1% 5. International Fixed Income 0.0% 0.0% 6. Real Estate 9.2% 0.0% 7. Private Equity 0.0% 0.0% 8. Total Investments 100.0% 100.0%
38 30 Reconciliation of Plan Assets September 30 Item A. Market Value of Assets at Beginning of Year $ 11,189,518 $ 10,967,374 B. Revenues and Expenditures 1. Contributions a. Employee Contributions $ 120,049 $ 105,492 b. Employer Contributions 294, ,040 c. State Contributions 119, ,886 d. Purchased Service Credit - - e. Total $ 534,424 $ 615, Investment Income a. Interest, Dividends, and Other Income $ 404,180 $ 300,640 b. Net Realized/Unrealized Gains/(Losses)* 622,555 (334,921) c. Investment Expenses (39,478) (29,701) d. Net Investment Income $ 987,257 $ (63,982) 3. Benefits and Refunds a. Regular Monthly Benefits $ (342,958) $ (270,957) b. Refunds (31,262) (6,834) c. Lump Sum Benefits - - d. DROP Distributions (45,315) - e. Total $ (419,535) $ (277,791) 4. Administrative and Miscellaneous Expenses $ (65,361) $ (51,501) 5. Transfers $ - $ - C. Market Value of Assets at End of Year $ 12,226,303 $ 11,189,518 D. Reserves 1. State Contribution Reserve $ - $ (52,351) 2. DROP Accounts (281,814) (176,806) 3. Total Reserves $ (281,814) $ (229,157) E. Market Value Net of Reserves $ 11,944,489 $ 10,960,361 * The breakdown between realized and unrealized gains/(losses) is not available.
39 31 Year Ended 9/30 Balance at Beginning of Year Credits (Net of Expenses) Interest Distributions Balance at End of Year $ $ 63,111 $ 1,546 $ - $ 64,657 $ * $ 116,608 $ (5,168) $ - $ 176,806 $ $ 130,419 $ 19,904 $ (45,315) $ 281, , ,806 *Reflects an adjustment Reconciliation of DROP Accounts
40 Development of Actuarial Value of Assets Valuation Date September A. Actuarial Value of Assets Beginning of Year $ 10,614,971 $ 11,566,032 B. Market Value End of Year 11,189,518 12,226,303 C. Market Value Beginning of Year 10,967,374 11,189,518 D. Non-Investment/Administrative Net Cash Flow 286,126 49,528 E. Investment Income E1. Actual Market Total: B-C-D (63,982) 987,257 E2. Assumed Rate of Return 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% E3. Assumed Amount of Return 806, ,310 E4. Amount Subject to Phase-In: E1 E3 (870,835) 117,947 F. Phased-In Recognition of Investment Income F1. Current Year: 0.2 x E4 (174,167) 23,589 F2. First Prior Year 53,269 (174,167) 23,589 F3. Second Prior Year 58,708 53,269 (174,167) 23,589 F4. Third Prior Year 42,929 58,708 53,269 (174,167) 23,589 F5. Fourth Prior Year (122,657) 42,929 58,708 53,269 (174,167) 23,589 F6. Total Phase-Ins (141,918) 4,328 (38,601) (97,309) (150,578) 23,589 G. Actuarial Value of Assets End of Year G1. Preliminary Actuarial Value of Assets End of Year: A+D+E3+F6 $ 11,566,032 $ 12,489,198 G2. Upper Corridor Limit: 120%*B 13,427,422 14,671,564 G3. Lower Corridor Limit: 80%*B 8,951,614 9,781,042 G4. Actuarial Value of Assets End of Year 11,566,032 12,489,198 G5. State Contribution Reserve (52,351) - G6. DROP Accounts (176,806) (281,814) G7. Final Actuarial Value of Assets End of Year 11,336,875 12,207,384 H. Difference between Market and Actuarial Value of Assets (376,514) (262,895) I. Actuarial Rate of Return 6.18% 7.54% J. Market Value Rate of Return -0.58% 8.80% K. Ratio of Actuarial Value of Assets to Market Value % % 32
41 33 Year Ending Investment Rate of Return* Market Value Basis Actuarial Value Basis 9/30/ % 12.9 % 9/30/ /30/1994 (13.8) 5.6 9/30/ /30/ /30/ /30/ /30/ /30/ /30/2001 (7.7) 8.2 9/30/2002 (6.0) 3.3 9/30/ /30/ /30/ /30/ /30/ /30/2008 (11.0) 2.0 9/30/ /30/ /30/2011 (0.9) 7.6 9/30/ /30/ /30/ /30/2015 (0.6) 6.2 9/30/ Average Returns: Last 5 Years 8.0 % 7.7 % Last 10 Years 6.6 % 7.3 % All Years 7.7 % 7.6 % * Net of investment expenses after 2010 The above rates are based on the retirement systems financial information reported to the actuary. They may differ from figures that the investment consultant reports, in part because of differences in the handling of administrative and investment expenses, and in part because of differences in the handling of cash flows.
42 SECTION D FINANCIAL ACCOUNTING INFORMATION
43 34 FASB NO. 35 INFORMATION A. Valuation Date October 1, 2016 October 1, 2015 B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments $ 6,279,833 $ 5,097,886 b. Terminated Vested Members 1,258, ,180 c. Other Members 6,065,670 4,809,542 d. Total 13,603,674 10,488, Non-Vested Benefits 362, , Total Actuarial Present Value of Accumulated Plan Benefits: 1d ,966,004 10,792, Accumulated Contributions of Active Members 858, ,956 C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 10,792,141 10,182, Increase (Decrease) During the Period Attributable to: a. Plan Amendment 2,119,249 0 b. Change in Actuarial Assumptions (6,053) (157,961) c. Latest Member Data, Benefits Accumulated and Decrease in the Discount Period 1,565,306 1,162,169 d. Benefits Paid (504,639) (394,399) e. Net Increase 3,173, , Total Value at End of Period 13,966,004 10,792,141 D. Market Value of Assets 11,944,489 10,960,361 E. Actuarial Assumptions - See page entitled Actuarial Assumptions and Methods
44 35 SCHEDULE OF CHANGES IN THE EMPLOYER S NET PENSION LIABILITY AND RELATED RATIOS GASB Statement No. 67 Fiscal year ending September 30, 2017* Total Pension Liability Service Cost $ 362,009 $ 343,544 $ 357,506 $ 390,463 Interest 1,018, , , ,826 Benefit Changes 3,021, Difference between actual & expected experience 512,020 (298,613) (113,373) (847) Assumption Changes 5,673 (221,282) - - Benefit Payments (512,642) (388,273) (270,957) (247,244) Refunds (6,051) (31,262) (6,834) (716) Other (Increase in State Contribution Reserve) - 27,147 9,333 2,279 Net Change in Total Pension Liability 4,401, , , ,761 Total Pension Liability - Beginning 13,480,162 13,059,412 12,155,666 11,157,905 Total Pension Liability - Ending (a) $ 17,881,292 $ 13,480,162 $ 13,059,412 $ 12,155,666 Plan Fiduciary Net Position Contributions - Employer (from Town) $ 295,894 $ 429,970 $ 408,040 $ 377,272 Contributions - Employer (from State) 119, , ,886 95,532 Contributions - Member 121, , , ,001 Net Investment Income 925, ,257 (63,982) 992,243 Benefit Payments (512,642) (388,273) (270,957) (247,244) Refunds (6,051) (31,262) (6,834) (716) Administrative Expense (58,431) (65,361) (51,501) (42,022) Other Net Change in Plan Fiduciary Net Position 885,348 1,172, ,144 1,286,066 Plan Fiduciary Net Position - Beginning 12,361,598 11,189,518 10,967,374 9,681,308 Plan Fiduciary Net Position - Ending (b) $ 13,246,946 $ 12,361,598 $ 11,189,518 $ 10,967,374 Net Pension Liability - Ending (a) - (b) 4,634,346 1,118,564 1,869,894 1,188,292 Plan Fiduciary Net Position as a Percentage of Total Pension Liability % % % % Covered Payroll $ 1,732,401 $ 1,704,833 $ 1,507,029 $ 1,585,729 Net Pension Liability as a Percentage of Covered Payroll % % % % * These figures are estimates only. Actual figures will be provided after the end of the fiscal year.
45 36 SCHEDULE OF THE EMPLOYER S NET PENSION LIABILITY GASB Statement No. 67 Total Plan Net Position Net Pension Liability FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of September 30, Liability Position Liability Pension Liability Payroll Covered Payroll 2014 $ 12,155,666 $ 10,967,374 $ 1,188, % $ 1,585, % ,059,412 11,189,518 1,869, % 1,507, % ,480,162 12,361,598 1,118, % 1,704, % 2017* 17,881,292 13,246,946 4,634, % 1,732, % * These figures are estimates only. Actual figures will be provided after the end of the fiscal year.
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 TABLE OF CONTENTS Section Title
More informationCITY OF HOLLYWOOD GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2012
CITY OF HOLLYWOOD GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2012 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2014 TABLE OF CONTENTS Section
More informationCITY OF CLEARWATER EMPLOYEES PENSION PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2016
CITY OF CLEARWATER EMPLOYEES PENSION PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2017 TABLE OF CONTENTS Section Title
More informationCity of. icipal Police 30, 2019
City of Eustis Mun icipal Police Officers Pension and Retirement System Actuarial Valuation Report as of October 1, 2017 Annual Employer Contribu ution for the Fiscal Year Ending September 30, 2019 April
More informationCity of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending
City of Clearwater Employees Pension Plan Actuarial Valuation Report as of January 1, 2018 Annual Employer Contribution for the Fiscal Year Ending September 30, 2019 TABLE OF CONTENTS Section Title
More informationACTUARIAL VALUATION REPORT AS OF OCTOBER 1, City of Plantation Police Officers Retirement System
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 City of Plantation Police Officers Retirement System ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE FISCAL YEAR ENDING SEPTEMBER 30,
More informationORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
ORLANDO UTILITIES COMMISSION PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 TABLE OF CONTENTS Section Title
More informationACTUARIAL VALUATION REPORT AS OF OCTOBER 1, City of Plantation General Employees Retirement System
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 City of Plantation General Employees Retirement System ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE FISCAL YEAR ENDING SEPTEMBER
More informationCITY OF MOUNT DORA GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
CITY OF MOUNT DORA GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 TABLE OF CONTENTS Section
More informationCity of Hollywood General Employees Retirement System ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
City of Hollywood General Employees Retirement System ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 July 21, 2017 Board of
More informationCity of Boynton Beach Municipal Police Officers Retirement Fund Actuarial Valuation Report as of October 1, 2018
City of Boynton Beach Municipal Police Officers Retirement Fund Actuarial Valuation Report as of October 1, 2018 Annual Employer Contribution for the Fiscal Year Ending September 30, 2020 April 3, 2019
More informationCITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015
CITY OF HOMESTEAD POLICE OFFICERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2015 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 30, 2017 TABLE
More informationJacksonville Police and Fire Pension Fund ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017
Jacksonville Police and Fire Pension Fund ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 January 25, 2018 Board of Trustees
More informationON FO OY OR B R YE AS NT N P R TO N PL EP O LO PO Y T
C P G A A T S CI PE G ACT AN HI EP IT E E TU N IS PT TY N N UA UA VA TEM Y NS NE AR AL AL M O SI E IA L E LU BE O IO R AL EM UA ER F O RA VA MP ATI R 3 F B N A AL PLO O 30, B N L LU OY N, 2 O P E UA YE
More informationCITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT
CITY OF TAMARAC POLICE OFFICERS' PENSION TRUST FUND ACTUARIAL VALUATION REPORT FOR THE YEAR BEGINNING OCTOBER 1, 2014 TABLE OF CONTENTS I Discussion a. Discussion of Valuation Results... 1 b. Financial
More informationCITY OF TALLAHASSEE PENSION PLANS ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
CITY OF TALLAHASSEE PENSION PLANS ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018 AND SEPTEMBER 30, 2019 March 13, 2017 Board
More informationAs required, we will timely upload the required data to the State s online portal prior to the filing deadline.
June 22, 2016 Mr. Ricky Thompson City Clerk City of Starke Firefighters Retirement System P.O. Box C 209 N. Thompson Street Starke, Florida 32091-1278 Re: City of Starke Firefighters Retirement System
More informationCOUNTY OF VOLUSIA VOLUNTEER FIREFIGHTERS PENSION SYSTEM
COUNTY OF VOLUSIA VOLUNTEER FIREFIGHTERS PENSION SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2015 OUTLINE OF CONTENTS REPORT OF THE OCTOBER 1, 2015 ACTUARIAL VALUATION Pages Items - - Cover Letter
More informationAs required, we will timely upload the required data to the State s online portal prior to the filing deadline.
June 22, 2016 Mr. Ricky Thompson City Clerk City of Starke General Employees Retirement System P.O. Box C 209 N. Thompson Street Starke, Florida 32091-1278 Re: City of Starke General Employees Retirement
More informationCITY OF DEARBORN CHAPTER 22 RETIREMENT SYSTEM
CITY OF DEARBORN CHAPTER 22 RETIREMENT SYSTEM 50 TH ANNUAL ACTUARIAL VALUATION JUNE 30, 2016 January 31, 2017 Board of Trustees City of Dearborn Chapter 22 Retirement System Dearborn, Michigan Re: City
More informationCITY OF WINTER SPRINGS DEFINED BENEFIT PLAN CHAPTER , F.S. COMPLIANCE REPORT
CITY OF WINTER SPRINGS DEFINED BENEFIT PLAN CHAPTER 112.664, F.S. COMPLIANCE REPORT In Connection with the October 1, 2015 Funding Actuarial Valuation Report and the Plan s Financial Reporting for Fiscal
More informationCONTENTS. 1-2 Summary of Benefit Provisions 3 Asset Information 4-6 Retired Life Data Active Member Data Inactive Vested Member Data
CITY OF ST. CLAIR SHORES POLICE AND FIRE RETIREMENT SYSTEM 66TH ANNUAL ACTUARIAL VALUATION REPORT JUNE 30, 2015 CONTENTS Section Page 1 Introduction A Valuation Results 1 Funding Objective 2 Computed Contributions
More informationST. JOHN S RIVER POWER PARK SYSTEM EMPLOYEES RETIREMENT PLAN A C T U A R I A L V A L U A T I O N R E P O R T O C T O B E R 1, 201 4
ST. JOHN S RIVER POWER PARK SYSTEM EMPLOYEES RETIREMENT PLAN A C T U A R I A L V A L U A T I O N R E P O R T O C T O B E R 1, 201 4 ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION TO BE PAID
More informationP H O E N I X P O L I C E D E P T. ( 022) A R I Z O N A P U B L I C S A F E T Y P E R S O N N E L R E T I R E M E N T S Y S T E M JUNE 30, 201 3
P H O E N I X P O L I C E D E P T. ( 022) A R I Z O N A P U B L I C S A F E T Y P E R S O N N E L R E T I R E M E N T S Y S T E M JUNE 30, 201 3 October 11, 2013 The Board of Trustees Arizona Public Safety
More informationCounty of Volusia Volunteer Firefighters Pension System Actuarial Valuation Report as of October 1, 2017
County of Volusia Volunteer Firefighters Pension System Actuarial Valuation Report as of October 1, 2017 Annual Employer Contribution for the Fiscal Years Ending September 30, 2018 and September 30, 2019
More informationAs required, we will timely upload the required data to the State s online portal.
June 30, 2017 Mr. Jeff Templeton Plan Administrator Winter Park Firefighters Retirement System 9154 Lake Burkett Drive Orlando, Florida 32817 Re: Winter Park Firefighters Retirement System Dear Jeff: As
More informationArkansas Judicial Retirement System Annual Actuarial Valuation and Experience Gain/(Loss) Analysis Year Ending June 30, 2018
Arkansas Judicial Retirement System Annual Actuarial Valuation and Experience Gain/(Loss) Analysis Year Ending June 30, 2018 Outline of Contents Section Pages Items -- Cover letter A B C D E Valuation
More informationC I T Y O F S T. C L A I R S H O R E S E M P L O Y E E S R E T I R E M E N T S Y S T E M 6 4 T H A C T U A R I A L V A L U A T I O N R E P O R T A S
C I T Y O F S T. C L A I R S H O R E S E M P L O Y E E S R E T I R E M E N T S Y S T E M 6 4 T H A C T U A R I A L V A L U A T I O N R E P O R T A S O F J U N E 3 0, 2 0 1 6 Contents Section Page Introduction
More informationCITY OF DEARBORN HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM
CITY OF DEARBORN HEIGHTS POLICE AND FIRE RETIREMENT SYSTEM ANNUAL ACTUARIAL VALUATION REPORT JULY 1, 2014 TABLE OF CONTENTS Section Page Transmittal Letter Section A Valuation Results Funding Objective
More informationCITY OF WINTER GARDEN PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
CITY OF WINTER GARDEN PENSION PLAN FOR GENERAL EMPLOYEES ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE CITY'S PLAN/FISCAL YEAR ENDING SEPTEMBER 30, 2018 March 6, 2017
More informationAs required, we will timely upload the required data to the State s online portal.
July 25, 2017 Ms. Kim Free Pension Plan Administrator Utility Board of the City of Key West 6900 Front Street Key West, Florida 33040-6935 Re: January 1, 2017 Chapter 112.664 Compliance Report Dear Kim:
More informationA R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S
A R K A N S A S P U B L I C E M P L O Y E E S R E T I R E M E N T S Y S T E M ( I N C L U D I N G D I S T R I C T J U D G E S ) G A S B S T A T E M E N T N O S. 6 7 A N D 6 8 A C C O U N T I N G A N D
More informationREPORT OF THE ANNUAL ACTUARIAL VALUATION AND GAIN/LOSS ANALYSIS
A R K A N S A S S T A T E P O L I C E R E T I R E M E N T S Y S T E M ANNUAL ACTUARIAL VALU A T I O N A N D T H E GAIN/LOSS ANALYSIS O F E X P E R I E N C E JUNE 30, 2016 REPORT OF THE ANNUAL ACTUARIAL
More informationActuarial Section. Actuarial Section THE BOTTOM LINE. The average MSEP retirement benefit is $15,609 per year.
Actuarial Section THE BOTTOM LINE The average MSEP retirement benefit is $15,609 per year. Actuarial Section Actuarial Section 89 Actuary s Certification Letter 91 Summary of Actuarial Assumptions 97 Actuarial
More informationPolice Officers Retirement Fund
Freiman Little Actuaries, LLC (321) 453-6542 office 4105 Savannahs Trail (321) 453-6998 facsimile Merritt Island, FL 32953 City of Vero Beach Police Officers Retirement Fund Actuarial Valuation as of October
More informationArkansas State Police Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2017
Arkansas State Police Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2017 November 13, 2017 Board of Trustees Arkansas State Police Retirement
More informationArkansas State Police Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2018
Arkansas State Police Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2018 November 16, 2018 Board of Trustees Arkansas State Police Retirement
More informationArkansas Judicial Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2017
Arkansas Judicial Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2017 November 13, 2017 Board of Trustees Arkansas Judicial Retirement System Little
More informationARKANSAS JUDICIAL RETIREMENT SYSTEM GASB STATEMENT NOS. 67 AND 68 ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS
ARKANSAS JUDICIAL RETIREMENT SYSTEM GASB STATEMENT NOS. 67 AND 68 ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS JUNE 30, 2016 November 21, 2016 The Board of Trustees Arkansas Judicial Retirement System
More informationCITY OF WINTER SPRINGS DEFINED BENEFIT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2008
CITY OF WINTER SPRINGS DEFINED BENEFIT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2008 This Valuation Determines the Annual Contribution for the Plan Year October 1, 2008 through September 30, 2009 with
More informationCITY OF ALLEN PARK EMPLOYEES RETIREMENT SYSTEM
CITY OF ALLEN PARK EMPLOYEES RETIREMENT SYSTEM GASB STATEMENTS NO. 67 AND NO. 68 ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS DECEMBER 31, 2015 August 29, 2016 Board of Trustees Dear Board Members:
More informationJune 7, Dear Board Members:
CITY OF MANCHESTER EMPLOYEES' CONTRIBUTORY RETIREMENT SYSTEM GASB STATEMENT NOS. 67 AND 68 ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS DECEMBER 31, 2015 June 7, 2016 Board of Trustees City of Manchester
More informationGeneral Employees Retirement Plan
Freiman Little Actuaries, LLC Phone 321 453 6542 4105 Savannahs Trail Fax 321 453 6998 Merritt Island, FL 32953 City of Rockledge General Employees Retirement Plan Actuarial Valuation as of October 1,
More informationCITY OF NAPLES FIREFIGHTERS PENSION AND RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
CITY OF NAPLES FIREFIGHTERS PENSION AND RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE CITY'S PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2018 November 28,
More informationCity of St. Clair Shores Employees Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2018
City of St. Clair Shores Employees Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions June 30, 2018 September 19, 2018 Board of Trustees City of St. Clair Shores
More informationPENSION BOARD CONSULTANTS, INC. Actuarial Report as of October 1, 2015
PENSION BOARD CONSULTANTS, INC. CONSULTING, ACTUARIAL & ADMI NISTRATIV E SERVICES J ARMON WELCH. A.S. A. PRESIDE N T KELLY SHELTON ACT UARY D I RECT: 678-445-349 95 FOURTEENTH ST, NE SU ITE 37 ATLANTA,
More informationReport on the Annual Valuation of the Public Employees Retirement System of Mississippi
Report on the Annual Valuation of the Public Employees Retirement System of Mississippi Prepared as of June 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve
More informationP U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A
P U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A GENERAL EMPLOYEES RET I R E M E N T P L A N ACTUARIAL V A L U A T I O N R E P O R T A S O F J U L Y 1, 2013
More informationCavanaugh Macdonald. The experience and dedication you deserve. Assumption Previous Current. a select & ultimate rate of 2.25% and 2.
New Mexico Judicial Retirement Fund Annual Actuarial Valuation as of June 30, 2018 October 25, 2018 The Retirement Board Public Employees Retirement Association Santa Fe, New Mexico Members of the Board:
More informationCITY OF KISSIMMEE MUNICIPAL FIREFIGHTERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2017
CITY OF KISSIMMEE MUNICIPAL FIREFIGHTERS RETIREMENT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN YEAR ENDED SEPTEMBER 30, 2018, AND THE CITY'S FISCAL YEAR ENDED SEPTEMBER
More informationActuary s Certification Letter (Pension Trust Fund)
Actuarial Actuary s Certification Letter (Pension Trust Fund) May 22, 2015 Board of Trustees Texas Municipal Retirement System ( TMRS or the System ) Austin, Texas Dear Trustees: In accordance with the
More informationCavanaugh Macdonald. The experience and dedication you deserve. Assumption Previous Current. a select & ultimate rate of 2.25% and 2.
New Mexico Magistrate Retirement Fund Annual Actuarial Valuation as of June 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve October 25, 2018 The Retirement
More informationC I T Y O F F O R T P I E R C E R E T I R E M E N T A N D B E N E F I T S Y S T E M
C I T Y O F F O R T P I E R C E R E T I R E M E N T A N D B E N E F I T S Y S T E M F I F T Y - S E V E N T H ANNUAL ACTUARIAL VALU A T I O N R E P O R T FOR THE YEAR ENDING S E P T E M B E R 3 0, 2 0
More informationTEACHERS RETIREMENT SYSTEM OF GEORGIA REPORT OF THE ACTUARY ON THE VALUATION PREPARED AS OF JUNE 30, 2016
TEACHERS RETIREMENT SYSTEM OF GEORGIA REPORT OF THE ACTUARY ON THE VALUATION PREPARED AS OF JUNE 30, 2016 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve May 10,
More informationNovember Public Employees Retirement Association of Minnesota General Employees Retirement Plan St. Paul, Minnesota
MINNESOTA GENERAL EMPLOYEES RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JULY 1, 2012 November 2012 Public Employees Retirement Association of Minnesota St. Paul, Minnesota Dear Trustees of the : The
More informationCity of Ann Arbor Employees' Retirement System. Actuarial Valuation and Report June 30, 2018
Actuarial Valuation and Report Table of Contents Introduction... 1 Actuarial Certification... 3 Summary of Report... 4 Comparative Summary of Membership Data... 5 Comparative Summary of Key Actuarial Valuation
More informationCITY OF DUNEDIN FIREFIGHTERS RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017
CITY OF DUNEDIN FIREFIGHTERS RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE CITY'S PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2019 February 19, 2018 Board
More informationDecember 4, Minnesota State Retirement System Legislators Retirement Fund St. Paul, Minnesota. Dear Board of Directors:
MINNESOTA STATE RETIREMENT SYSTEM LEGISLATORS RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF JULY 1, 2013 December 4, 2013 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors:
More informationCavanaugh Macdonald. The experience and dedication you deserve
Volunteer Firefighters Retirement Fund of New Mexico Annual Actuarial Valuation as of June 30, 2016 November 17, 2016 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve
More informationTOWN OF MEDLEY DEFINED BENEFIT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2017
TOWN OF MEDLEY DEFINED BENEFIT PLAN ACTUARIAL VALUATION AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2018 May 10, 2018 Roy Danzinger Town of Medley 7777 NW
More informationPolice Employees Retirement Plan
Freiman Little Actuaries, LLC Phone 321 453 6542 4105 Savannahs Trail Fax 321 453 6998 Merritt Island, FL 32953 City of Rockledge Police Employees Retirement Plan Actuarial Valuation as of October 1, 2016
More informationRETIREMENT PLAN FOR T H E E M P L O Y E E S R E T I R E M E N T FUND OF THE CITY OF D A L L A S ACTUARIAL VALUATION R E P O R T AS OF D E C E M B E R
RETIREMENT PLAN FOR T H E E M P L O Y E E S R E T I R E M E N T FUND OF THE CITY OF D A L L A S ACTUARIAL VALUATION R E P O R T AS OF D E C E M B E R 3 1, 2 0 1 3 May 13, 2014 Board of Trustees Employees
More informationCITY OF MIAMI GENERAL EMPLOYEES AND SANITATION EMPLOYEES RETIREMENT TRUST STAFF PENSION PLAN
CITY OF MIAMI GENERAL EMPLOYEES AND SANITATION EMPLOYEES RETIREMENT TRUST STAFF PENSION PLAN Actuarial Valuation Report as of October 1, 2016 TABLE OF CONTENTS Page Number Letter to the Board of Trustees
More informationCity of Manchester Employees Contributory Retirement System GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than
City of Manchester Employees Contributory Retirement System GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans December 31, 2017 May 18, 2018 Board of
More informationNovember Minnesota State Retirement System State Patrol Retirement Fund St. Paul, Minnesota. Dear Board of Directors:
MINNESOTA STATE PATROL RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF JULY 1, 2012 November 2012 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors: The results of the July
More informationReport on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio
Report on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio Prepared as of June 30, 2011 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication
More informationCITY OF MELBOURNE GENERAL EMPLOYEES' AND SPECIAL RISK CLASS EMPLOYEES' PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017
CITY OF MELBOURNE GENERAL EMPLOYEES' AND SPECIAL RISK CLASS EMPLOYEES' PENSION PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED SEPTEMBER 30,
More informationCity of Madison Heights Police and Fire Retirement System Actuarial Valuation Report June 30, 2017
City of Madison Heights Police and Fire Retirement System Actuarial Valuation Report June 30, 2017 Table of Contents Page Items -- Cover Letter Basic Financial Objective and Operation of the Retirement
More informationCITY OF WALTHAM CONTRIBUTORY RETIREMENT SYSTEM. Actuarial Valuation Report. January 1, 2008
CITY OF WALTHAM CONTRIBUTORY RETIREMENT SYSTEM Actuarial Valuation Report January 1, 2008 City of Waltham Contributory Retirement System TABLE OF CONTENTS Page REPORT SUMMARY Highlights 1 Introduction
More informationCITY OF BOCA RATON EXECUTIVE EMPLOYEES RETIREMENT PLAN 2018 ACTUARIAL VALUATION MARCH 2019
CITY OF BOCA RATON EXECUTIVE EMPLOYEES RETIREMENT PLAN 2018 ACTUARIAL VALUATION MARCH 2019 ACTUARIAL VALUATION AS OF OCTOBER 1, 2018 FOR THE PLAN YEAR BEGINNING OCTOBER 1, 2019 TO DETERMINE CONTRIBUTIONS
More informationActuary s Certification Letter (Pension Trust Fund)
Actuarial Actuary s Certification Letter (Pension Trust Fund) May 19, 2017 Board of Trustees Texas Municipal Retirement System ( TMRS or the System ) Austin, Texas Dear Trustees: In accordance with the
More informationDear Trustees of the Local Government Correctional Service Retirement Plan:
MINNESOTA LOCAL GOVERNMENT CORRECTIONAL SERVICE RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JULY 1, 2012 November 2012 Public Employees Retirement Association of Minnesota St. Paul, Minnesota Dear
More informationCITY OF CAPE CORAL MUNICIPAL GENERAL EMPLOYEES' RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
CITY OF CAPE CORAL MUNICIPAL GENERAL EMPLOYEES' RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2018 February 28, 2017
More informationCavanaugh Macdonald. The experience and dedication you deserve
Connecticut State Teachers Retirement System Actuarial Valuation as of June 30, 2016 November 2, 2016 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve Board of Directors
More informationOctober 7, The Board of Trustees City of Pontiac General Employees Retirement System Pontiac, Michigan
October 7, 2011 The Board of Trustees Retirement System Pontiac, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the City of Pontiac General Employees Retirement System, as
More informationCITY OF KISSIMMEE MUNICIPAL POLICE OFFICERS RETIREMENT FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017
CITY OF KISSIMMEE MUNICIPAL POLICE OFFICERS RETIREMENT FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN YEAR ENDED SEPTEMBER 30, 2018, AND THE CITY'S FISCAL YEAR ENDED
More informationCITY OF PINELLAS PARK FIREFIGHTERS PENSION FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2016
CITY OF PINELLAS PARK FIREFIGHTERS PENSION FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/ FISCAL YEAR ENDED SEPTEMBER 30, 2018 January 30, 2017 Board of Trustees City
More informationCity of Manchester Employees Contributory Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions December
City of Manchester Employees Contributory Retirement System GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pensions December 31, 2017 May 10, 2018 Board of Trustees City of Manchester
More informationCity of Winter Springs Defined Benefit Plan Actuarial Valuation
February 28, 2011 Mr. Shawn Boyle Finance and Administrative Services Director City of Winter Springs 1126 East State Road 434 Winter Springs, Florida 32708 Re: City of Winter Springs Actuarial Valuation
More informationCity of Fort Pierce Retirement and Benefit System Fifty-Ninth Annual Actuarial Valuation Report for the Year Ending September 30, 2017 GRS
City of Fort Pierce and Benefit System Fifty-Ninth Annual Actuarial Valuation Report for the Year Ending September 30, 2017 GRS Outline of Contents Report of September 30, 2017 Actuarial Valuation Pages
More informationAs you are aware, a copy of the Report should be filed with the State at the following address upon approval by the Board.
April 27, 2015 Mr. Ricky Thompson City Clerk City of Starke General Employees P.O. Box C 209 N. Thompson Street Starke, Florida 32091-1278 Re: Actuarial Valuation General Employees Dear Ricky: As requested,
More informationCITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017
CITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE CITY'S PLAN/FISCAL YEAR ENDING SEPTEMBER
More informationApril 29, Mr. Alfred Riverol Finance Director City Hall 6130 Sunset Drive South Miami, Florida 33143
April 29, 2016 Mr. Alfred Riverol Finance Director City Hall 6130 Sunset Drive South Miami, Florida 33143 Re: South Miami Pension Plan (City DB Plan) Updated Actuarial Projection Study as of October 1,
More informationCITY OF ORMOND BEACH FIREFIGHTERS PENSION TRUST FUND ACTUARIAL VALUATION AND REPORT AS OF OCTOBER 1, 2017
CITY OF ORMOND BEACH FIREFIGHTERS PENSION TRUST FUND ACTUARIAL VALUATION AND REPORT AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN/ FISCAL YEAR ENDED SEPTEMBER 30, 2019 December 15, 2017 Board
More informationP U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A
P U B L I C E M P L O Y E E S R E T I R E M E N T A S S O C I A T I O N O F M I N N E S O T A LOCAL GOVERNMENT CORR E C T I O N A L S E R V I C E RETIREMENT PLAN ACTUARIAL V A L U A T I O N R E P O R T
More informationCITY OF MELBOURNE POLICE OFFICERS' RETIREMENT TRUST FUND OCTOBER 1, 2016 ACTUARIAL VALUATION REPORT
CITY OF MELBOURNE POLICE OFFICERS' RETIREMENT TRUST FUND OCTOBER 1, 2016 ACTUARIAL VALUATION REPORT CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDED SEPTEMBER 30, 2018 February 1, 2017 Board of Trustees
More informationReport on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio
Report on the Annual Basic Benefits Valuation of the School Employees Retirement System of Ohio Prepared as of June 30, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION 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
More informationLaborers & Retirement Board and Employees Annuity and Benefit Fund of Chicago
Laborers & Retirement Board and Employees Annuity and Benefit Fund of Chicago Actuarial Valuation Report for the Year Ending December 31, 2017 May 2018 May 2, 2018 The Retirement Board of the Laborers
More informationACTUARIAL SURS2015. Letter of Certification. Actuarial Report. Analysis of Funding. Tests of Financial Soundness
ANALYZING ACTUARIAL Letter of Certification Actuarial Report Analysis of Funding Tests of Financial Soundness SURS2015 The Comprehensive Annual Financial Report for Fiscal Year Ended June 30, 2015 Letter
More informationMassachusetts Water Resources Authority Employees Retirement System
Massachusetts Water Resources Authority Employees Retirement System Actuarial Valuation and Review as of January 1, 2018 This report has been prepared at the request of the Retirement Board to assist in
More informationCITY OF OVIEDO FIREFIGHTERS' PENSION TRUST FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017
CITY OF OVIEDO FIREFIGHTERS' PENSION TRUST FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2017 CONTRIBUTIONS APPLICABLE TO THE PLAN FISCAL YEAR ENDING SEPTEMBER 30, 2019 November 22, 2017 Board of Trustees
More informationENGLEWOOD AREA FIRE CONTROL DISTRICT FIREFIGHTERS' PENSION TRUST FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2016
ENGLEWOOD AREA FIRE CONTROL DISTRICT FIREFIGHTERS' PENSION TRUST FUND ACTUARIAL VALUATION AS OF OCTOBER 1, 2016 CONTRIBUTIONS APPLICABLE TO THE PLAN/FISCAL YEAR ENDING SEPTEMBER 30, 2018 December 8, 2016
More informationCavanaugh Macdonald. The experience and dedication you deserve
Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve May 16, 2018 Dr. L. C. Evans Executive Director Teachers Retirement System of Georgia Suite 100, Two Northside 75
More informationMunicipal Fire & Police Retirement System of Iowa
ACTUARIAL VALUATION REPORT JULY 1, 2016 Municipal Fire & Police Retirement System of Iowa 11516 Miracle Hills Drive, Suite 100 Omaha, NE 68154 phone 402.964.5400 September 21, 2016 PERSONAL AND CONFIDENTIAL
More informationTABLE OF CONTENTS. Ch , F.S. Results
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND Chapter 112.664, F.S. Compliance Report In Connection with the October 1, 2015 Funding Actuarial Valuation Report And the Plan s Financial Reporting for the
More informationAugust 22, The Pension Board Redford Township Police and Fire Retirement System Redford Township, Michigan. Dear Board Members:
August 22, 2016 The Pension Board Retirement System Redford Township, Michigan Dear Board Members: The purpose of the revised annual actuarial valuation of the Redford Township Police and Fire Retirement
More informationMINNESOTA STATE RETIREMENT SYSTEM STATE EMPLOYEES RETIREMENT FUND
MINNESOTA STATE RETIREMENT SYSTEM STATE EMPLOYEES RETIREMENT FUND ACTUARIAL VALUATION REPORT AS OF JULY 1, 2015 December 14, 2015 Minnesota State Retirement System St. Paul, Minnesota Dear Board of Directors:
More informationCity of Kalamazoo Postretirement Welfare Benefits Plan Actuarial Valuation Report as of January 1, 2017
City of Kalamazoo Postretirement Welfare Benefits Plan Actuarial Valuation Report as of January 1, 2017 Section A Page Number -- 1-2 1 2 3 4-6 Table of Contents Cover Letter EXECUTIVE SUMMARY Executive
More informationCITY OF FORT LAUDERDALE GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF SEPTEMBER 30, 2014
CITY OF FORT LAUDERDALE GENERAL EMPLOYEES RETIREMENT SYSTEM ACTUARIAL VALUATION REPORT AS OF SEPTEMBER 30, 2014 ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016 OUTLINE OF CONTENTS
More information