February 13, Board Members:
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1 200 Galleria Parkway SE Suite 1900 Atlanta GA February 13, 2017 Board of Trustees The City of Gainesville Consolidated Police Officers and Firefighters Retirement Plan 200 East University Avenue Gainesville, FL Re: The City of Gainesville Consolidated Police Officers and Firefighters Retirement Plan GASB 68 Disclosures for Fiscal Year Ending September 30, 2016 Based on a Measurement Date of September 30, 2015 Board Members: This valuation provides information concerning the City of Gainesville Consolidated Police Officers and Firefighters Retirement Plan ( the Retirement Plan ), in accordance with the Governmental Accounting Standards Board (GASB) Statement No. 68. This Statement is an amendment of Statements No. 27, Accounting for Pensions by State and Local Governmental Employers, effective for the fiscal year ending September 30, We certify that the information contained in this Actuarial Report has been prepared in accordance with generally accepted actuarial principles and practices. To the best of our knowledge, the information fairly presents the actuarial position of the Retirement Plan in accordance with the requirements of GASB Statement No. 68 as of September 30, 2016, based upon a Measurement Date of September 30, GASB Statement No. 68 sets forth certain items of information to be disclosed in the financial statements of the Plan Sponsor. Please refer to the GASB Statement No. 67 letter published in August of 2016 for information regarding the Plan s financial statements. The Board may use this report for the review of the operation of the plan and as a source of information for the City s financial statements. Use of this report for any other purpose or by anyone other than the Board or the staff of the Board may not be appropriate and may result in mistaken conclusions because of failure to understand applicable assumptions, methods, or inapplicability of the report for that purpose. No one may make any representations or warranties based on any statements or conclusions contained in this report without Conduent s prior written consent. Future actuarial measurements may differ significantly from current measurements due to plan experience differing from that anticipated by the economic and demographic assumptions, increases or decreases expected as part of the natural operation of the methodology used for these measurements, and changes in plan provisions or applicable law. An analysis of the potential range of such future differences is beyond the scope of this valuation.
2 Board of Trustees February 13, 2017 In preparing the actuarial results, we have relied upon information provided by the City of Gainesville regarding plan provisions, plan participants, plan assets, contribution rates and other matters used in the actuarial valuation. Although we did not audit the data, we reviewed the data for reasonableness and consistency with the prior year s information. The accuracy of the results presented herein is dependent on the accuracy of the data. The economic and demographic assumptions used in the valuation were adopted by the Board in consultation with Conduent. The Board s established practice is to review the experience of the Plan at least once every five years to determine if any changes to the valuation assumptions are warranted. In general, the assumptions used in the valuation are based on recommendations made and approved by the Board as part of an experience study covering the 5 year period ending September 30, As a result of plan amendments first reflected in the October 1, 2012 actuarial valuation, the assumed retirement rates and the valuation methodology for the assumed increase in benefit service for accumulated sick leave and accumulated vacation paid upon termination were changed. Payroll growth assumptions were updated in 2012 and 2013 as required under Chapter 112 of Florida Statues. The investment return assumption was lowered from 8.4% to 8.3% as of October 1, 2014, and has been lowered to 8.2% as of September 30, The Board reviewed the investment rate of return assumption in February of 2015 based on an asset liability study reflecting the investment policy of the Plan. In our opinion, the actuarial assumptions used are appropriate for purposes of the valuation and are reasonably related to the experience of the Retirement Plan and to reasonable long-term expectations. The mortality improvement assumption was selected in accordance with Actuarial Standard of Practice No. 35. A summary of the census data, assumptions, methods and plan provisions used in the preparation of this required accounting information is presented in The City of Gainesville Consolidated Police Officers and Firefighters Retirement Plan Information Required Under Governmental Accounting Standards Board Statement No. 67 as of September 30, 2015 report dated August This was prepared under the supervision of Joseph L. Griffin, an Associate of the Society of Actuaries, an Enrolled Actuary, and a Member of the American Academy of Actuaries, who has met who has met the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. I am available to answer any questions on the content of the report. Please let us know if you require additional information. Sincerely, Joseph L. Griffin, ASA, EA, MAAA, FCA Principal, Atlanta Retirement Practice Leader Conduent 2
3 Exhibit I Increase (Decrease) Change in the Net Pension Liability Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability (a) - (b) Balances at September 30, 2014 $ 245,915,632 $ 217,047,910 $ 28,867,722 Changes for the year: Service Cost $ 4,094,841 $ 4,094,841 Interest 23,375,806 23,375,806 Change in benefit terms 0 0 Differences between expected and actual experience (140,568) (140,568) Change in assumptions 2,608,508 2,608,508 Contributions - city $ 3,682,847 (3,682,847) Contributions - member 1,972,417 (1,972,417) Contributions - state 1,269,827 (1,269,827) Net investment income (93,259) 93,259 Benefit payments, including refunds of employee contributions (17,602,583) (17,602,583) 0 Administrative expense (609,229) 609,229 Other changes 0 0 Net changes $ 12,336,004 $ (11,379,980) $ 23,715,984 Balances at September 30, 2015 $ 258,251,636 $ 205,667,930 $ 52,583,706 1% Decrease Current Discount Rate 1% Increase Sensitivity of the Net Pension Liability to Changes in the Discount Rate (7.20%) (8.20%) (9.20%) Net Pension Liability $ 81,481,528 $ 52,583,706 $ 28,464,934 Reconciliation of Net Pension Liability Net Pension Liability at September 30, ,867,722 Pension Expense for the Fiscal Year Ended September 30, ,739,415 City Contributions made during the Fiscal Year Ending September 30, 2015, excluding City Contributions after measurement date (3,682,847) Change in Deferred Outflows during the Fiscal Year Ending September 30, 2015, excluding City Contributions after measurement date 15,671,951 Change in Deferred Inflows during the Fiscal Year Ending September 30, ,465 Net Pension Liability at September 30, ,583,706
4 Exhibit II Components of Pension Expense for the Fiscal Year Ended September 30, 2015 Service cost $ 4,094,841 Interest on the total pension liability and net cash flow 23,375,806 Projected earnings on pension plan investments (17,493,880) Current period effect of benefit changes 0 Current period difference between expected and actual experience (27,032) Current period effect of changes in assumptions 501,636 Current period difference between projected and actual investment earnings 3,517,428 Member contributions (1,972,417) State contributions (1,269,827) Pension plan administrative expenses 609,229 Current period recognition of prior years' deferred outflows of resources 504,632 Current period recognition of prior years' deferred inflows of resources (1,101,001) Total pension expense $ 10,739,415 Remaining Service Lives as of September 30, 2014 Group Number Service Average Retired members and survivors of deceased members currently receiving benefits 410 Terminated members and survivors of deceased members entitled to benefits but not yet receiving benefits 19 Active members 396 4,292 Total 825 4,
5 Exhibit III Deferred Outflows/Inflows of Resources Deferred Outflows of Resources as of September 30, 2015 Difference between expected and actual experience $ 0 Changes in assumptions 3,620,766 Difference between projected and actual investment earnings 14,069,711 Change in proportion 0 Contributions after measurement date 3,716,354 Total Deferred Outflows as of September 30, 2015 $ 21,406,831 Deferred Inflows of Resources as of September 30, 2015 Difference between expected and actual experience $ (113,536) Changes in assumptions 0 Difference between projected and actual investment earnings (3,303,002) Change in proportion 0 Total Deferred Inflows as of September 30, 2015 $ (3,416,538) Summary of Deferred Outflows/Inflows of Resources Deferred Outflows Date Established Description Initial Outstanding Balance Amortization Years Remaining 9/30/2014 Change of Assumptions 2,523,158 1,513, , /30/2015 Change of Assumptions 2,608,508 2,106, , /30/2015 Investment Loss 17,587,139 14,069,711 3,517, ,690,477 Deferred Inflows Date Established Description Initial Outstanding Balance Amortization Years Remaining 9/30/2014 Investment Gain (5,505,004) (3,303,002) (1,101,001) 3.0 9/30/3015 Liability Gain (140,568) (113,536) (27,032) 4.2 (3,416,538) Future Years' Recognition of Deferred Outflows/Inflows Fiscal Year FY 2016 $ 5,651,729 FY ,651,729 FY ,651,726 FY ,046,095 Thereafter 105,736
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