CITY OF HOWELL, MICHIGAN
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1 , MICHIGAN Prepared by: Finance Department
2 SYSTEMS ASSETS AND LIABILITIES/CHANGES 12/31/2017 Actuarial Accrued Liability 9,488,958 Actuarial Value of Assets 5,223,872 Unfunded (4,265,086) Funded Ratio 55.1% Actuarial Accrued Liability 5,366,543 Actuarial Value of Assets 3,677,932 Unfunded (1,688,611) Funded Ratio 68.5% Actuarial Accrued Liability 6,417,487 Actuarial Value of Assets 4,802,011 Unfunded (1,615,476) Funded Ratio 74.8% Actuarial Accrued Liability 94,062 Actuarial Value of Assets 89,785 Unfunded (4,277) Funded Ratio 95.5% Actuarial Accrued Liability 63,277 Actuarial Value of Assets 58,730 Unfunded (4,547) Funded Ratio 92.8% Actuarial Accrued Liability 4,004,998 Actuarial Value of Assets 1,760,305 Unfunded (2,244,693) Funded Ratio 44.0% Actuarial Accrued Liability 108,217 Actuarial Value of Assets 81,398 Unfunded (26,819) Funded Ratio 75.2% Total City of Howell Actuarial Accrued Liability 25,543,542 Actuarial Value of Assets 15,694,033 Unfunded (9,849,509) Funded Ratio 61.4% Page 1 of 4
3 EMPLOYER CONTIBUTION DETAILS Estimated Monthly Contribution Percentage Normal Cost 4,754 N/A division Amortization of Unfunded Liability 23,835 N/A Total Employer Contribution 28,589 N/A Normal Cost 2,293 N/A division Amortization of Unfunded Liability 9,218 N/A Total Employer Contribution 11,511 N/A Normal Cost 3,938 N/A division Amortization of Unfunded Liability 8,342 N/A Total Employer Contribution 12,280 N/A Normal Cost 3, % Amortization of Unfunded Liability % Total Employer Contribution 3, % Normal Cost 2, % Amortization of Unfunded Liability % Total Employer Contribution 2, % Normal Cost 3,622 N/A division Amortization of Unfunded Liability 12,610 N/A Total Employer Contribution 16,232 N/A Normal Cost 2, % Amortization of Unfunded Liability % Total Employer Contribution 2, % Member Contribution Average 3.68% Page 2 of 4
4 PARTICIPANT SUMMARY Average Annual Annual Benefits Number Payroll * Benefits Age Service Active Employees , Vested Former Employees , Retirees and Beneficiaries ,419 17, Active Employees 5 366, Vested Former Employees 8 114, Retirees and Beneficiaries ,928 27, Active Employees , Vested Former Employees 2 21, Retirees and Beneficiaries ,233 21, Active Employees 5 284, Vested Former Employees Active Employees 5 269, Active Employees 6 479, Retirees and Beneficiaries 7 233,938 33, Active Employees 6 356, Total City of Howell Active Employees 52 3,284, Vested Former Employees , Retirees and Beneficiaries 59 1,312,518 22, * Annual payroll for active employees: annual deferred benefits payable for vested former employees; annual benefits being paid for retirees and beneficiaries. Page 3 of 4
5 ASSUMPTIONS/PERFORMANCE Investment Performance 1 Year 13.20% 3 Years 7.45% 5 Years 8.67% 7 Years 8.03% 10 Years 5.56% System Administration & Investment Expenses Administration 0.19% Investment Expenses 0.13% Total 0.32% Actuarial Investment Return 7.75% Actuarial Long term Inflation Rate 3.75% Smoothing Method 5 Years Initial Gain/Loss Amortization Method Years UAL UAL Actuarial Cost Method Entry Age Normal Method ed or Membership Division NONUNION POLICE GNRL AFSCME CHIEFS/LTS/SGT NONUNION After 07/2013 PUBLIC SERVICE After 07/2013 CHIEFS/LTS/SGT After 07/2013 POLICE After 07/2013 If below 60% funded, what actions have been taken to reduce the systems UAL? Not Applicable Page 4 of 4
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