Post-Employment Benefits Other than Pension Actuarial Valuation
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1 Post-Employment Benefits Other than Pension Actuarial Valuation Actuarial Valuation as of July 1, 2008 SEPTEMBER, 2008 Aon Consulting 500 East Pratt Street Baltimore, MD tel: 410/ fax: 410/
2 September 2, 2008 This report presents the June 30, 2008 actuarial valuation results for the Montgomery College Post-Employment Benefit Plans. The purposes of this report are to: (1) Determine the plan s June 30, 2008 obligations; (2) Determine the College s 2008/09 fiscal year accrual under the Governmental Accounting Standards Board (GASB) Statement No. 45; and (3) Provide information that may be helpful in future planning for the Post- Employment Benefit Plans. A summary of the major results is shown in the Executive Summary, while the Principal Valuation Results section provides more detail. The Accounting Information section summarizes GASB Other Post-Employment Benefit (OPEB) accounting treatment including the 2008/09 accrual and projected June 30, 2009 Net OPEB Obligation. This report s costs and liabilities are based upon the data and plan provisions provided by the College, as summarized in the Demographic Information and Plan Provisions Sections, respectively, and the funding method and actuarial assumptions outlined in the Methods and Assumptions Section of this report. This Report presents our best estimate of the costs of the Post-Employment Benefit Plans in accordance with accepted actuarial principles and our understanding of GASB Statement No. 45. Aon Consulting
3 Table Of Contents Page Executive Summary... 1 Principal Valuation Results... 2 Accounting Information... 4 Benefit Payment Projection... 6 Demographic Information... 7 Plan Provisions... 8 Valuation Methods and Assumptions i:\clients\db\montcoll\2008\gasb\val\gasb report 2008.doc Aon Consulting
4 Executive Summary Montgomery College provides healthcare, dental, and life insurance benefits to retirees and their dependents. The College pays a portion of the cost for retirees, spouses and dependants. The following table summarizes the valuation results. These results have been calculated based upon assumptions as to current claims cost, projected increases in health care costs, morbidity, turnover, and interest discount. Information on plan provisions and participation was provided by the College. This summary identifies the value of benefits at June 30, 2008 and costs for the 2008/09 fiscal year based on the College adopting a funding strategy which phases fully funding the Annual Required Contribution over a five year period: Total Present Value of all Projected Benefits (PVPB) $63,640,812 Present Value of benefits earned to date (AAL) 52,188, /08 Annual Required Contribution (ARC) 3,484, /08 Annual OPEB Cost (AOC) 3,567, /08 Expected Benefit Payments 1,836,502 Expected Contribution Including Benefit Payments The balance of this report provides greater detail for the above results. 2,495,693 1 Aon Consulting
5 Principal Valuation Results This section presents detailed valuation results for the College s Post-Employment Benefits programs based on a funding strategy which phases fully funding the Annual Required Contribution over a five year period: The Present Value of all Projected Benefits (PVPB) is the total present value of all expected future benefits, based on certain actuarial assumptions. The PVPB is a measure of total liability or obligation. Essentially, the PVPB is the value (on the valuation date) of the benefits promised to current and future retirees. The Plan s PVPB (at June 30, 2008) is $63,640,812. The Actuarial Accrued Liability (AAL) is the liability or obligation for benefits earned through the valuation date, based on certain actuarial methods and assumptions. The Plan s AAL (at June 30, 2008) is $52,188,571. The AAL represents approximately 82% of the PVPB. Normal Cost is the portion of PVPB allocated to the current fiscal year, again based on certain actuarial methods and assumptions. The 2008/09 Normal Cost is $1,765,560 including interest through the end of the year. This report develops the AAL and Normal Cost using the Projected Unit Credit actuarial cost method. 2 Aon Consulting
6 Principal Valuation Results The following highlights the College s recognition of the above amounts: The June 30, 2008 assets are $25,459,619 1 The 2008/09 ARC is $3,484,480 Expected 2008/09 benefit payments are $1,836,502 The following table shows results by active and retired employee groups. Total Present Value of Projected Benefits Actives $39,778,866 Retirees 23,861,946 Total 63,640,812 Actuarial Accrued Liability (AAL) Actives $28,326,625 Retirees 23,861,946 Total 52,188,571 Assets 25,459,619 Unfunded AAL 26,728,952 Normal Cost 1,765,560 1 Under the GASB No. 45 standard, only funds set aside exclusively to pay plan benefits are considered plan assets. 3 Aon Consulting
7 Accounting Information The following shows the Annual Required Contribution (ARC), Annual OPEB Cost (AOC), and Projected June 30, 2008 Net OPEB Obligation (NOO). Annual Required Contribution (ARC) The standard sets the method for determining the College s Post-Employment Benefits accrual to include both the value of benefits allocated to the current year (Normal Cost) and an amortization of the unfunded Actuarial Accrued Liability (AAL). The following table shows the College s 2008/09 accrual based on an open-period 30 year amortization of the unfunded AAL as a level percent of pay based on a funding strategy which phases fully funding the Annual Required Contribution over a five year period: Total Service Cost 1,765,560 Unfunded AAL Amortization 1,460,810 Interest 258,110 Total ARC 3,484,480 Annual OPEB Cost (AOC) The following table shows the College s 2008/09 based on a funding strategy which phases fully funding the Annual Required Contribution over a five year period is adopted:. Total AOC Summary: ARC 3,484,480 Interest Adjusted on NOO 262,946 Amortization of Prior NOO (179,634) AOC 3,567,792 Fiscal Year Percentage of Annual Ending AOC OPEB Cost Contributed Net OPEB Obligation 6/30/2008 4,877, % 3,286,822 4 Aon Consulting
8 Accounting Information Projected June 30, 2009 Net OPEB Obligation Based on the AOC developed above, the following is the projected June 30, 2009 Net OPEB Obligation based on a funding strategy which phases fully funding the Annual Required Contribution over a five year period: Total June 30, 2008 Net OPEB Obligation (NOO) 3,286,822 Annual OPEB Cost (AOC) 3,567,792 Expected Benefit Payments 2 1,836,502 Funding Phase-In ( 40% of AOC Benefit Payments) 659,191 Expected June 30, 2009 Net OPEB Obligation (NOO) 1,072,099 Required Supplementary Information Below is the Projected Schedule of Funding Progress if a funding strategy which phases fully funding the Annual Required Contribution over a five year period is adopted: Valuation Date Actuarial Actuarial Accrued Unfunded UAAL as a Value of Liability (AAL) - AAL Funded Covered Percentage of Assets (a) Projected Unit Credit (b) (UAAL) (b-a) Ratio (a / b ) Payroll (c) Covered Payroll (b a) / (c) 6/30/ ,072,058 62,263,511 39,191, % 96,333, % 6/30/ ,459,619 52,188,571 26,728, % 104,590, % 2 Actual NOO will be determined from actual 2008/09 benefit payments and contributions. 5 Aon Consulting
9 Benefit Payment Projection Annual Payments expected based on assumptions and contributions detailed in the Methods and Assumptions section. Year Ending Total 6/30/2009 1,836,502 6/30/2010 1,999,868 6/30/2011 2,181,814 6/30/2012 2,376,541 6/30/2013 2,607,090 6/30/2014 2,852,377 6/30/2015 3,105,753 6/30/2016 3,407,131 6/30/2017 3,721,206 6/30/2018 4,064,925 6/30/2019 4,403,195 6 Aon Consulting
10 Demographic Information The following table summarizes active and retiree demographic information for the retiree Health Plan, not including spouses: Total Counts Active 1,292 Retired 553 Total 1,845 Average Age Active Average Age Retired Average Service The following table summarizes active and retiree demographic information for the retiree Life Insurance Plan: Total Counts Active 1,598 Retired 354 Total 1,952 Average Age Active Average Age Retired Average Salary 65,451 Average Service Aon Consulting
11 Plan Provisions Calculations under GASB 45 are required to reflect the plan of benefits as mutually understood by the plan sponsor and by covered participants. This may reflect formal or informal promises to employees, treatment of benefits not specifically addressed in the documents and the employer's practices that have become standard in altering cost sharing arrangements. The substantive plans for health, dental and life insurance as we understand them are set forth in this section. SUBSTANTIVE PLAN HEALTH COVERAGE Eligibility for participants in the State Pension Plan and TIAA- CREF: Eligibility for participants in the State Retirement Plan: Premiums as calculated by CIGNA and Kaiser for the calendar year 2008: Employee Contributions: Benefit Provisions: Participating employees retiring with an immediate pension annuity at age 62 or later with at least 5 years of service, or retiring at age 55 or later with at least 15 years of service. Employees must have 5 years of participating health care coverage prior to retirement. Participating employees retiring with an immediate pension annuity at age 60 or later with at least 2 years of service, or retiring at any age with at least 25 years of service. Employees must have 5 years of participating health care coverage prior to retirement. Pre 65: CIGNA PPO CIGNA POS Kaiser From 65: CIGNA PPO Kaiser Retirees contribute approximately 40% of premium. Retirees have access to two medical plans offered by CIGNA (Comprehensive/PPO and a POS plan). Retirees can also choose one of two HMOs. The Comprehensive/PPO plan has 80% Coinsurance after $150 deductible, with a $2,000 Out-of-pocket maximum for medical. The POS plan has a $10/$20 Office visit copay with $10/$20/$30 copay for prescription drugs. The majority of participants age 65 and older are enrolled in an indemnity Medicare Supplement plan administered by CIGNA. Benefits are coordinated with Medicare on a carve-out basis. 8 Aon Consulting
12 Plan Provisions SUBSTANTIVE PLAN DENTAL COVERAGE Eligibility for participants in the State Pension Plan and TIAA- CREF: Eligibility for participants in the State Retirement Plan: Premiums for 2008 as calculated by the insurer: Employee Contributions: Benefit Provisions: Participating employees retiring with an immediate pension annuity at age 62 or later with at least 5 years of service, or retiring at age 55 or later with at least 15 years of service. Participating employees retiring with an immediate pension annuity at age 60 or later with at least 2 years of service, or retiring at any age with at least 25 years of service. $45.96 per month for single coverage and $91.92 per month for twoparty coverage Retirees contribute approximately 40% of premium. Retirees have access to a dental plan offered by CIGNA (Indemnity/PPO plan). This plan covers Preventive care at 100% with no deductible, Basic and Major Restorative have a $50 deductible (Basic is covered at 80% and Major at 60%), and Orthodontia/Periodontia has a $50 deductible and is covered at at 60%). Calendar Year Max is $2,000 for Preventive, Basic and Major, and is $1,000 for Orthodontia and Periodontia. SUBSTANTIVE PLAN LIFE INSURANCE COVERAGE Eligibility for participants in the State Pension Plan and TIAA- CREF: Eligibility for participants in the State Retirement Plan: Benefit: Employee Contributions: Participating employees retiring with an immediate pension annuity at age 62 or later with at least 5 years of service, or retiring at age 55 or later with at least 15 years of service. Participating employees retiring with an immediate pension annuity at age 60 or later with at least 2 years of service, or retiring at any age with at least 25 years of service. The pre-retirement benefit is two times pay with a maximum benefit of $100,000. The benefit immediately after retirement is 50% of the preretirement benefit (maximum $50,000). This benefit reduces by 20% each year after retirement (or age 60, if later, for disabled employees), but not below $5,000. An immaterial number of current retirees contribute nothing. All other current and future retirees contribute 20% of premiums. 9 Aon Consulting
13 Valuation Methods and Assumptions The plan sponsor approved the actuarial assumptions that were used for GASB 45 calculations. The same assumptions were used both for the calculation of the net periodic post-retirement benefit cost and the accumulated post-retirement benefit cost. The assumptions used are set forth below. Economic Assumptions 1. Discount rate: 8.00% per annum for fiscal 2007 disclosure and 2007 expense as selected by the plan sponsor. 8.00% per annum for fiscal 2008 disclosure. We (Aon) make no representations as to the appropriateness of the rate selected. 2. Compensation increases: 4.00% per annum (4.00% in 2007). Because the life insurance benefit quickly grades down to a flat $5,000, the calculations are relatively insensitive to this assumption. 3. Market-related value of assets: Market value of assets. Employee Demographic Assumptions 4. Rates of turnover: Sample turnover rates are illustrated in the following table: Age Rate % % % % % % % % 10 Aon Consulting
14 Valuation Methods and Assumptions 5. Rates of retirement: Assumed % Assumed % Age Retiring Retiring Rates of disablement: No explicit assumption 7. Rates of mortality: The RP-2000 Mortality Table for healthy males and females. Mortality for disabled lives was based on the mortality for healthy lives, set forward 10 years. 8. Percentage of employees with dependents at retirement: Actual marital status of retirees was used. 45% of active employees were assumed to elect two-party coverage at retirement. 9. Spouse age difference: Husbands assumed to be 3 years older than wives where actual ages were not available. Assumptions For Retiree Health Care Benefits 10. Administrative expense: Health coverage included in annual per employee cost. Dental coverage included in annual per employee cost. Life insurance included in annual per employee cost. 11 Aon Consulting
15 Valuation Methods and Assumptions 11. Employees expected to elect coverage: Health coverage 100% of employees eligible at retirement. Dental coverage 100% of employees eligible at retirement. Life insurance coverage 85% of employees eligible at retirement. 12. Cost trend rates: Health and dental coverage trend rates were assumed as follows: Assumed Trend Rates Inclusive of General Inflation Medical Rate Fiscal Year Calculations as of 06/30/2008 Calculations as of 06/30/2007 Pre % 9.0% 8.0% % 8.5% 7.0% % 8.0% 6.0% % 7.5% 5.0% % 7.0% 5.0% % 6.5% 5.0% % 6.0% 5.0% % 5.5% 5.0% % 5.0% 5.0% % 5.0% 5.0% 2018 and later 5.0% 5.0% 5.0% 13. Are the foregoing assumptions consistent with the prior period? The assumed rates of medical inflation were changed. See item 14 above. 14. Other significant assumptions: All benefit obligations presented in this report represent employer cost only. Figures are net of employee contributions. 12 Aon Consulting
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