Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section

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March 9, 2018 VIA EMAIL Ms. Julie Enright Plan Administrator 555 S. Washington Avenue Titusville, FL 32796 Re: City of Oviedo Firefighters' Pension Trust Fund Section 112.

1 March 9, 2018 VIA Ms. Julie Enright Plan Administrator 555 S. Washington Avenue Titusville, FL Re: City of Oviedo Firefighters' Pension Trust Fund Section , Florida Statutes Compliance Dear Julie: Please find enclosed the annual disclosures that satisfy the October 1, 2017 financial reporting requirements made under Section Our office will submit this information electronically to the Department of Management Services. However, it is important for you to be aware that this report must also be made available on the Plan or Plan Sponsor s website, if such website exists. A deadline for this website publication is not made clear in the law. In addition to the enclosed report, the Plan or Plan Sponsor's website must provide a link to the Division of Retirement's Actuarial Summary Fact Sheet for the Plan, and also report the previous five years' assumed and actual rates of return, along with their respective asset allocations. The Board should contact its Investment Consultant for this information. If there are any questions, concerns, or comments about any of the items contained in this report, please feel free to contact me. Respectfully submitted, Foster & Foster, Inc. By: DHL/lke Enclosures Douglas H. Lozen, EA, MAAA Enrolled Actuary # cc via Scott R. Christiansen, Board Attorney Parker Commons Blvd., Suite 104 Fort Myers, FL (239) Fax (239)

CITY OF OVIEDO FIREFIGHTERS' PENSION TRUST FUND SECTION 112.

2 CITY OF OVIEDO FIREFIGHTERS' PENSION TRUST FUND SECTION , FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained in Section (1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, meet the requirements of Section (1), Florida Statutes, and Rule 60T , Florida Administrative Code. By: Date: 3/9/2018 Douglas H. Lozen, EA, MAAA Enrolled Actuary #

3 INTRODUCTION When reviewing the following schedules, please note the following: 1) The purpose of producing this report is solely to satisfy the requirements set forth by Section , Florida Statutes, and is mandatory for every Florida public pension fund, excluding the Florida Retirement System (FRS). 2) None of the schedules shown have any impact on the funding requirements of the Plan. These schedules are for statutory compliance purposes only. 3) In the schedules that follow, the columns labeled ACTUAL represent the final recorded GASB 67/68 results. The columns labeled HYPOTHETICAL illustrate what the results would have been if different assumptions were used. 4) It is our opinion that the Plan s actual assumptions utilized in the October 1, 2017 Actuarial Valuation Report, as adopted by the Board of Trustees, are reasonable individually and in the aggregate, and represent our best estimate of future Plan experience. 5) The Number of Years Expected Benefit Payments Sustained calculated in Section II: Asset Sustainability should not be interpreted as the number of years the Plan has left until it is insolvent. This calculation is required by , Florida Statutes, but the numeric result is irrelevant, since in its calculation we are to assume there will be no further contributions to the Fund. As long as the Actuarially Determined Contribution is made each year the Plan will never become insolvent. City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 3

4 SECTION I - GASB SCHEDULE OF CHANGES IN NET PENSION LIABILITY FISCAL YEAR SEPTEMBER 30, 2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational Total Pension Liability Service Cost 493, , ,515 Interest 1,175,695 1,152,849 1,157,156 Changes of Benefit Terms Differences Between Expected and Actual Experience (127,274) (122,316) (120,488) Changes of Assumptions Contributions - Buy Back 20,777 20,777 20,777 Benefit Payments, Including Refunds of Employee Contributions (392,736) (392,736) (392,736) Net Change in Total Pension Liability 1,170,113 1,457, ,224 Total Pension Liability - Beginning 14,872,977 19,447,336 11,750,118 Total Pension Liability - Ending (a) $ 16,043,090 $ 20,904,488 $ 12,729,342 Plan Contributions - Employer 160, , ,663 Contributions - State 234, , ,633 Contributions - Employee 193, , ,905 Contributions - Buy Back 20,777 20,777 20,777 Net Investment Income 1,598,869 1,598,869 1,598,869 Benefit Payments, Including Refunds of Employee Contributions (392,736) (392,736) (392,736) Administrative Expenses (43,071) (43,071) (43,071) Net Change in Plan 1,773,040 1,773,040 1,773,040 Plan - Beginning 11,942,138 11,942,138 11,942,138 Plan - Ending (b) $ 13,715,178 $ 13,715,178 $ 13,715,178 Net Pension Liability - Ending (a) - (b) $ 2,327,912 $ 7,189,310 $ (985,836) City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 4

5 SECTION II - ASSET SUSTAINABILITY Table 1 Plan Assumptions: 7.75% and RP-2000 Generational Mortality PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Fiscal Year Beginning 10/1 Projected Beginning Projected Total Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,569, ,695-1,023,224 13,859, ,859, ,944-1,043,947 14,124, ,124, ,777-1,064,453 14,409, ,409, ,813-1,086,320 14,710, ,710, ,488-1,107,878 14,987, ,987, ,274-1,128,416 15,261, ,261, ,463-1,149,499 15,552, ,552, ,952-1,167,231 15,736, ,736, ,225-1,181,579 15,937, ,937,148-1,005,744-1,196,156 16,127, ,127,560-1,050,821-1,209,167 16,285, ,285,906-1,024,422-1,222,461 16,483, ,483,945-1,042,374-1,237,114 16,678, ,678,685-1,065,044-1,251,328 16,864, ,864,969-1,175,284-1,261,493 16,951, ,951,178-1,226,201-1,266,201 16,991, ,991,178-1,240,097-1,268,763 17,019, ,019,844-1,285,334-1,269,231 17,003, ,003,741-1,282,856-1,268,079 16,988, ,988,964-1,325,056-1,265,299 16,929, ,929,207-1,343,449-1,259,955 16,845, ,845,713-1,328,281-1,254,072 16,771, ,771,504-1,320,715-1,248,614 16,699, ,699,403-1,309,180-1,243,473 16,633, ,633,696-1,293,371-1,238,993 16,579, ,579,318-1,266,633-1,235,815 16,548, ,548,500-1,249,690-1,234,083 16,532, ,532,893-1,226,244-1,233,782 16,540, ,540,431-1,200,644-1,235,358 16,575, ,575,145-1,170,499-1,239,217 16,643, ,643,863-1,137,059-1,245,838 16,752, ,752,642-1,104,027-1,255,549 16,904, ,904,164-1,068,315-1,268,676 17,104, ,104,525-1,031,260-1,285,639 17,358, ,358, ,013-1,306,875 17,673, ,673, ,624-1,332,841 18,054, ,054, ,082-1,364,034 18,509, ,509, ,154-1,400,995 19,045, ,045, ,632-1,444,248 19,669, ,669, ,695-1,494,320 20,388, ,388, ,849-1,551,751 21,208, ,208, ,485-1,617,090 22,139, ,139, ,240-1,690,888 23,187, ,187, ,699-1,773,690 24,359, ,359, ,108-1,866,053 25,663, ,663, ,571-1,968,564 27,107, ,107, ,177-2,081,845 28,699, ,699, ,820-2,206,569 30,450, ,450, ,322-2,343,473 32,369, ,369, ,411-2,493,366 34,468,624 City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 5

6 SECTION II - ASSET SUSTAINABILITY Table 1 Plan Assumptions: 7.75% and RP-2000 Generational Mortality PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Fiscal Year Beginning 10/1 Projected Beginning Projected Total Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,468, ,929-2,657,139 36,759, ,759, ,605-2,835,766 39,256, ,256, ,070-3,030,324 41,975, ,975, ,199-3,241,992 44,931, ,931, ,821-3,472,049 48,142, ,142, ,992-3,721,881 51,628, ,628, ,822-3,992,974 55,409, ,409, ,376-4,286,922 59,507, ,507, ,734-4,605,437 63,947, ,947, ,099-4,950,352 68,753, ,753, ,852-5,323,621 73,953, ,953, ,218-5,727,325 79,575, ,575,689-88,302-6,163,694 85,651, ,651,081-73,267-6,635,120 92,212, ,212,934-60,026-7,144,176 99,297, ,297,084-48,603-7,693, ,942, ,942,122-38,955-8,286, ,189, ,189,672-30,875-8,926, ,084, ,084,800-24,210-9,615, ,676, ,676,224-18,777-10,359, ,016, ,016,627-14,407-11,160, ,162, ,162,950-10,905-12,024, ,176, ,176,751-8,133-12,955, ,124, ,124,501-5,972-13,959, ,077, ,077,946-4,308-15,040, ,114, ,114,512-3,058-16,206, ,317, ,317,710-2,126-17,462, ,777, ,777,624-1,447-18,815, ,591, ,591, ,273, ,863, ,863, ,844, ,707, ,707, ,537, ,244, ,244, ,361, ,605, ,605, ,326, ,932, ,932, ,444, ,377, ,377, ,726, ,103, ,103, ,185, ,289, ,289, ,834, ,124, ,124, ,689, ,813, ,813, ,765, ,579, ,579, ,079, ,659, ,659, ,651, ,310, ,310, ,499, ,809, ,809, ,645, ,454, ,454, ,112, ,567,302 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 7.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 6

7 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 2 Hypothetical Assumptions: 5.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected Total Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,569, , ,166 13,595, ,595, , ,358 13,576, ,576, , ,208 13,554, ,554, , ,823 13,526, ,526, , ,872 13,448, ,448, , ,754 13,343, ,343, , ,566 13,227, ,227, , ,323 12,976, ,976, , ,961 12,713, ,713,632-1,005, ,119 12,410, ,410,007-1,050, ,364 12,042, ,042,550-1,024, ,994 11,681, ,681,122-1,042, ,696 11,280, ,280,444-1,065, ,006 10,833, ,833,406-1,175, ,131 10,247, ,247,253-1,226, ,964 9,575, ,575,016-1,240, ,911 8,849, ,849,830-1,285, ,912 8,036, ,036,408-1,282, ,211 7,178, ,178,763-1,325, ,684 6,228, ,228,391-1,343, ,508 5,204, ,204,450-1,328, ,068 4,137, ,137,237-1,320, ,921 3,016, ,016,443-1,309, ,807 1,843, ,843,070-1,293,371-68, , ,491-1,266, *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 5.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 7

8 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 3 Hypothetical Assumptions: 9.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected Total Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,569, ,695-1,287,281 14,123, ,123, ,944-1,339,099 14,683, ,683, ,777-1,393,673 15,297, ,297, ,813-1,453,283 15,966, ,966, ,488-1,516,183 16,651, ,651, ,274-1,581,830 17,378, ,378, ,463-1,652,562 18,172, ,172, ,952-1,723,918 18,913, ,913, ,225-1,796,247 19,728, ,728,677-1,005,744-1,874,516 20,597, ,597,449-1,050,821-1,957,024 21,503, ,503,652-1,024,422-2,046,665 22,525, ,525,895-1,042,374-2,145,459 23,628, ,628,980-1,065,044-2,251,905 24,815, ,815,841-1,175,284-2,362,249 26,002, ,002,806-1,226,201-2,475,496 27,252, ,252,101-1,240,097-2,596,625 28,608, ,608,629-1,285,334-2,726,681 30,049, ,049,976-1,282,856-2,867,333 31,634, ,634,453-1,325,056-3,019,763 33,329, ,329,160-1,343,449-3,184,100 35,169, ,169,811-1,328,281-3,364,303 37,205, ,205,833-1,320,715-3,563,184 39,448, ,448,302-1,309,180-3,782,387 41,921, ,921,509-1,293,371-4,024,295 44,652, ,652,433-1,266,633-4,291,864 47,677, ,677,664-1,249,690-4,587,650 51,015, ,015,624-1,226,244-4,914,244 54,703, ,703,624-1,200,644-5,275,072 58,778, ,778,052-1,170,499-5,673,798 63,281, ,281,351-1,137,059-6,114,500 68,258, ,258,792-1,104,027-6,601,411 73,756, ,756,176-1,068,315-7,139,147 79,827, ,827,008-1,031,260-7,732,859 86,528, ,528, ,013-8,388,179 93,924, ,924, ,624-9,111, ,084, ,084, ,082-9,908, ,084, ,084, ,154-10,788, ,007, ,007, ,632-11,758, ,945, ,945, ,695-12,826, ,996, ,996, ,849-14,004, ,269, ,269, ,485-15,300, ,883, ,883, ,240-16,727, ,967, ,967, ,699-18,297, ,663, ,663, ,108-20,024, ,125, ,125, ,571-21,924, ,525, ,525, ,177-24,012, ,048, ,048, ,820-26,307, ,900, ,900, ,322-28,829, ,305, ,305, ,411-31,600, ,511,887 City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 8

9 SECTION II - ASSET SUSTAINABILITY PROJECTION OF THE NUMBER OF YEARS ASSETS WILL SUSTAIN BENEFIT PAYMENTS Table 3 Hypothetical Assumptions: 9.75% and RP-2000 Generational Mortality Fiscal Year Beginning 10/1 Projected Beginning Projected Total Contributions Projected Benefit Payments* Projected Administrative Expense Projected Investment Earnings Projected Ending ,511, ,929-34,644, ,790, ,790, ,605-37,988, ,439, ,439, ,070-41,660, ,788, ,788, ,199-45,692, ,194, ,194, ,821-50,121, ,055, ,055, ,992-54,983, ,803, ,803, ,822-60,322, ,914, ,914, ,376-66,184, ,910, ,910, ,734-72,620, ,365, ,365, ,099-79,686, ,907, ,907, ,852-87,442, ,226, ,226, ,218-95,956,961 1,080,078, ,080,078,313-88, ,303,331 1,185,293, ,185,293,342-73, ,562,529 1,300,782, ,300,782,604-60, ,823,378 1,427,545, ,427,545,956-48, ,183,361 1,566,680, ,566,680,714-38, ,749,471 1,719,391, ,719,391,230-30, ,639,140 1,886,999, ,886,999,495-24, ,981,271 2,070,956, ,070,956,556-18, ,917,349 2,272,855, ,272,855,128-14, ,602,673 2,494,443, ,494,443,394-10, ,207,699 2,737,640, ,737,640,188-8, ,919,522 3,004,551, ,004,551,577-5, ,943,488 3,297,489, ,297,489,093-4, ,504,977 3,618,989, ,618,989,762-3, ,851,353 3,971,838, ,971,838,057-2, ,254,107 4,359,090, ,359,090,038-1, ,011,208 4,784,099, ,784,099, ,449,684 5,250,548, ,250,548, ,928,451 5,762,476, ,762,476, ,841,425 6,324,317, ,324,317, ,620,933 6,940,938, ,940,938, ,741,455 7,617,679, ,617,679, ,723,735 8,360,403, ,360,403, ,139,292 9,175,542, ,175,542, ,615,369 10,070,157, ,070,157, ,840,365 11,051,997, ,051,997, ,077,569,799 12,129,567, ,129,567, ,182,632,854 13,312,200, ,312,200, ,297,939,557 14,610,140, ,610,140, ,424,488,663 16,034,628, ,034,628, ,563,376,308 17,598,005, ,598,005, ,715,805,498 19,313,810, ,313,810, ,883,096,534 21,196,907,135 *All DROP Balances paid in Number of Years Expected Benefit Payments Sustained: This projection assumes no further contributions, assumes no further benefit accruals, and assumes Market Value of Assets earn 9.75% interest. It is important to note that as long as the Actuarially Determined Contribution is made each year, the Plan will never become insolvent. Furthermore, State and local laws mandate that the Actuarially Determined Contribution be made each year. City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 9

10 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational Total Required Contribution (Fixed $) $746,006 $1,321,216 $308,339 Total Required Contribution (% of Payroll) 24.9% 44.1% 10.3% Expected Member Contribution 209, , ,803 Expected State Money 234, , ,633 Expected Sponsor Contribution (Fixed $) $301,570 $876,780 $0 Expected Sponsor Contribution (% of Payroll) 10.1% 29.3% 0.0% ASSETS Actuarial Value ¹ 13,361,307 13,361,307 13,361,307 Market Value ¹ 13,569,232 13,569,232 13,569,232 LIABILITIES Present Value of Benefits Active Members Retirement Benefits 14,990,814 23,334,304 10,227,831 Disability Benefits 176, , ,148 Death Benefits 104, ,269 77,310 Vested Benefits 856 1, Refund of Contributions 47,444 50,011 45,130 Service Retirees 3,290,356 4,028,407 2,766,836 DROP Retirees ¹ 1,872,716 2,223,930 1,621,342 Beneficiaries 278, , ,714 Disability Retirees 375, , ,612 Terminated Vested 140, ,389 98,598 Share Plan Balances ¹ Total: 21,278,725 31,063,039 15,511,021 Present Value of Future Salaries 30,556,985 35,384,436 26,803,627 Present Value of Future Member Contributions 2,138,989 2,476,911 1,876,254 Total Normal Cost 431, , ,325 Present Value of Future Normal Costs (Entry Age Normal) 5,256,113 10,144,908 2,831,543 Total Actuarial Accrued Liability ¹ 16,022,612 20,918,132 12,679,479 Unfunded Actuarial Accrued 3,522,497 8,418, ,364 Liability (UAAL) City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 10

11 SECTION III - FUNDING ACTUAL AND HYPOTHETICAL CONTRIBUTIONS APPLICABLE TO THE FISCAL YEAR ENDING SEPTEMBER 30, 2019 Valuation Date: 10/1/2017 ACTUAL HYPOTHETICAL 7.75% 5.75% 9.75% RP-2000 RP-2000 RP-2000 Generational Generational Generational PENSION COST Normal Cost (with interest) 447, , ,066 Administrative Expenses (with interest) 44,740 44,309 45,171 Payment Required To Amortize UAAL (with interest) 253, ,937 32,102 Total Required Contribution $746,006 $1,321,216 $308,339 ¹ The asset values and liabilities include accumulated DROP and Share Balances as of 9/30/2017. City of Oviedo Firefighters' Pension Trust Fund FOSTER & FOSTER 11

Please find enclosed the annual disclosures that satisfy the October 1, 2016 financial reporting requirements made under Section

Please find enclosed the annual disclosures that satisfy the October 1, 2016 financial reporting requirements made under Section April 17, 2017 VIA EMAIL Ms. Julie Enright, Plan Administrator City of Titusville Post Office Box 2806 Titusville, FL 32781-2806 Re: City of Titusville Police Officers' and Firefighters' Pension Plan Senate