CITY OF ORMOND BEACH FIREFIGHTERS PENSION TRUST FUND ACTUARIAL VALUATION AND REPORT AS OF OCTOBER 1, 2017

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1 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

2 December 15, 2017 Board of Trustees City of Ormond Beach Firefighters Pension Trust Fund 22 South Beach Street Ormond Beach, FL Re: City of Ormond Beach Firefighters Pension Trust Fund Dear Board: We are pleased to present to the Board this report of the annual actuarial valuation of the City of Ormond Beach Firefighters Pension Trust Fund. Included are the related results for GASB Statements No. 67 and No. 68. The funding valuation was performed to determine whether the assets and contributions are sufficient to provide the prescribed benefits and to develop the appropriate funding requirements for the applicable plan year. The calculation of the liability for GASB results was performed for the purpose of satisfying the requirements of GASB Statements No. 67 and No. 68. Use of the results for other purposes may not be applicable and may produce significantly different results. The valuations have been conducted in accordance with generally accepted actuarial principles and practices, including the applicable Actuarial Standards of Practice as issued by the Actuarial Standards Board, and reflect laws and regulations issued to date pursuant to the provisions of Chapters 112 and 175, Florida Statutes, as well as applicable federal laws and regulations. In our opinion, the assumptions used in the valuations, as adopted by the Board of Trustees, represent reasonable expectations of anticipated plan experience. Future actuarial measurements may differ significantly from the current measurements presented in this report for a variety of reasons including: changes in applicable laws, changes in plan provisions, changes in assumptions, or plan experience differing from expectations. In conducting the valuations, we have relied on personnel, plan design, and asset information supplied by the City of Ormond Beach, financial reports prepared by the custodian bank, and the actuarial assumptions and methods described in the Actuarial Assumptions section of this report. While we cannot verify the accuracy of all this information, the supplied information was reviewed for consistency and reasonableness. As a result of this review, we have no reason to doubt the substantial accuracy of the information and believe that it has produced appropriate results. This information, along with any adjustments or modifications, is summarized in various sections of this report Parker Commons Blvd., Suite 104 Fort Myers, FL (239) Fax (239)

3 The total pension liability, net pension liability, and certain sensitivity information shown in this report are based on an actuarial valuation performed as of October 1, The total pension liability was rolled-forward from the valuation date to the plan s fiscal year ending September 30, 2017 using generally accepted actuarial principles. It is our opinion that the assumptions used for this purpose are internally consistent, reasonable, and comply with the requirements under GASB No. 67 and No. 68. The undersigned is familiar with the immediate and long-term aspects of pension valuations, and meets the Qualification Standards of the American Academy of Actuaries necessary to render the actuarial opinions contained herein. All of the sections of this report are considered an integral part of the actuarial opinions. To our knowledge, no associate of Foster & Foster, Inc. working on valuations of the program has any direct financial interest or indirect material interest in the City of Ormond Beach, nor does anyone at Foster & Foster, Inc. act as a member of the Board of Trustees of the City of Ormond Beach Firefighters Pension Trust Fund. Thus, there is no relationship existing that might affect our capacity to prepare and certify this actuarial report. If there are any questions, concerns, or comments about any of the items contained in this report, please contact me at Respectfully submitted, Foster & Foster, Inc. By: Patrick T. Donlan, M.A.A.A., A.S.A. Enrolled Actuary # PTD\lke Enclosures

4 TABLE OF CONTENTS Section Title Page I Introduction a. Summary of Report 5 b. Changes Since Prior Valuation 7 c. Contribution Impact of Annual Changes 8 d. Comparative Summary of Principal Valuation Results 9 II Valuation Information a. Reconciliation of Unfunded Actuarial Accrued Liabilities 15 b. Detailed Actuarial (Gain)/Loss Analysis 17 c. Actuarial Assumptions and Methods 18 d. Glossary 20 e. Partial History of Premium Tax Refunds 22 f. Supplemental Chapter 175 Share Plan Activity 23 III Trust Fund 24 IV Member Statistics a. Statistical Data 30 b. Age and Service Distribution 31 c. Valuation Participant Reconciliation 32 V Summary of Plan Provisions 33 VI Governmental Accounting Standards 36 Board Disclosure Information City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 4

5 SUMMARY OF REPORT The regular annual actuarial valuation of the City of Ormond Beach Firefighters Pension Trust Fund, performed as of October 1, 2017, has been completed, and the results are presented in this Report. The results of this valuation are applicable to the plan/fiscal year ended September 30, The contribution requirements developed in this valuation, compared with amounts developed in the October 1, 2016 valuation, are as follows: Valuation Date Applicable Plan/Fiscal Year End 10/1/2017 9/30/ /1/2016 9/30/2018 Total Required Contribution % of Total Annual Payroll 67.7% 65.7% Member Contributions (Est.) % of Total Annual Payroll 8.4% 8.4% City and State Required Contribution % of Total Annual Payroll 59.3% 57.3% State Contribution (Est) ¹ 305, ,774 % of Total Annual Payroll 11.8% 11.8% Balance from City ² % of Total Annual Payroll 47.5% 45.5% ¹ Represents the amount received in calendar ² As requested by the Division of Retirement, the required contribution from the combination of City and State sources for the year ending September 30, 2019, is 59.3% of the actual payroll realized in that year. As a budgeting tool, the City may contribute 47.5% of each Member s Salary and then make a one-time adjustment to account for the actual State Monies received. Please note that the City has a shortfall contribution of $17, that is due for the prior year. As can be seen, the Total Required Contribution has increased when expressed as a percentage of Total Annual Payroll. This is partially due to unfavorable experience over the past year. The principal components of unfavorable experience included unfavorable turnover and retirement experience and no retiree mortality. These losses were partially offset by the effect of a favorable distribution of individual salary increases and a 7.44% investment return (Actuarial Asset Basis) that exceeded the 7.00% City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 5

6 assumption. The funding requirements also increased when expressed as a percentage of Total Annual Payroll because of a reduction in the Total Annual Payroll. For informational purposes, the City s funding requirement, when expressed as a percentage of payroll, including an estimate of the annual pay for the DROP participants, is approximately 40% for the fiscal year ending September 30, It is important to note that this funding rate is for illustration purposes only. The City should budget based on the information provided on page 5. The balance of this Report presents additional details of the actuarial valuation and the general operation of the Fund. The undersigned would be pleased to meet with the Board of Trustees in order to discuss the Report and any pending questions concerning its contents. Respectfully submitted, FOSTER & FOSTER, INC. By: Patrick T. Donlan, EA, ASA, MAAA By: Christine M. O Neal, EA, FSA, MAAA City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 6

7 CHANGES SINCE PRIOR VALUATION Plan Changes Since Prior Valuation Ordinance No was adopted on October 3, 2017 and provided that a member who is applying for disability retirement and is eligible for Early Retirement may begin drawing retirement benefits pending disability adjudication, among other changes to the Disability Benefits section, and clarified that Share Benefits for terminated or deceased members will be valued as of the end of the quarter preceding termination or death. These changes did not have an immediate effect on the funding requirements to the Plan. Actuarial Assumption/Method Changes As mandated by Chapter , Laws of Florida, the assumed rates of mortality were changed from the mortality table used for special-risk employees by the Florida Retirement System actuary in the July 1, 2015 actuarial valuation to the corresponding rates used in the July 1, 2016 valuation. No methods were changed since the prior valuation. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 7

8 CONTRIBUTION IMPACT OF ANNUAL CHANGES (1) Contribution Determined as of October 1, % (2) Summary of Contribution Impact by component: Change in Available State Money 0.8% Change in Normal Cost Rate 0.0% Change in Administrative Expense Percentage 0.0% Payroll Change Effect on UAAL Amortization 1.3% Investment Return (Actuarial Asset Basis) -0.4% Salary Increases -0.3% Active Decrements 0.5% Inactive Mortality 0.4% Assumption Change 0.0% Other 0.5% Total Change in Contribution 2.8% (3) Contribution Determined as of October 1, % City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 8

9 COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS A. Participant Data 10/1/ /1/2016 Actives Service Retirees DROP Retirees 6 3 Beneficiaries 2 2 Disability Retirees 3 2 Terminated Vested 4 4 Total Total Annual Payroll $2,593,141 $2,685,761 Payroll Under Assumed Ret. Age 2,593,141 2,685,761 Annual Rate of Payments to: Service Retirees 1,517,377 1,517,377 DROP Retirees 312, ,848 Beneficiaries 69,657 69,657 Disability Retirees 81,263 32,970 Terminated Vested 75, ,561 B. Assets Actuarial Value (AVA) ¹ 28,611,915 26,697,253 Market Value (MVA) ¹ 28,683,590 25,707,312 C. Liabilities Present Value of Benefits Actives Retirement Benefits 16,298,844 16,715,747 Disability Benefits 76,336 80,265 Death Benefits 48, ,111 Vested Benefits 878, ,164 Refund of Contributions 46,207 45,942 Service Retirees 17,265,664 17,498,858 DROP Retirees ¹ 4,736,094 2,317,120 Beneficiaries 816, ,364 Disability Retirees 976, ,222 Terminated Vested 712,434 1,321,050 Share Plan Balances ¹ 186, ,718 Total 42,042,601 40,355,561 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 9

10 C. Liabilities - (Continued) 10/1/ /1/2016 Present Value of Future Salaries 13,120,882 13,464,638 Present Value of Future Member Contributions 1,102,154 1,131,030 Normal Cost (Retirement) 625, ,636 Normal Cost (Disability) 10,282 10,737 Normal Cost (Death) 4,535 9,972 Normal Cost (Vesting) 70,101 69,083 Normal Cost (Refunds) 6,997 6,675 Total Normal Cost 717, ,103 Present Value of Future Normal Costs 3,442,646 3,611,651 Accrued Liability (Retirement) 13,320,575 13,616,296 Accrued Liability (Disability) 34,682 36,825 Accrued Liability (Death) 30,978 72,225 Accrued Liability (Vesting) 510, ,576 Accrued Liability (Refunds) 9,448 10,656 Accrued Liability (Inactives) ¹ 24,506,766 22,281,614 Share Plan Balances ¹ 186, ,718 Total Actuarial Accrued Liability (EAN AL) 38,599,955 36,743,910 Unfunded Actuarial Accrued Liability (UAAL) 9,988,040 10,046,657 Funded Ratio (AVA / EAN AL) 74.1% 72.7% City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 10

11 D. Actuarial Present Value of Accrued Benefits 10/1/ /1/2016 Vested Accrued Benefits Inactives + Share Plan Balances ¹ 24,693,619 22,463,332 Actives 9,049,426 9,262,799 Member Contributions 2,297,449 2,356,338 Total 36,040,494 34,082,469 Non-vested Accrued Benefits 283, ,782 Total Present Value Accrued Benefits (PVAB) 36,324,415 34,371,251 Funded Ratio (MVA / PVAB) 79.0% 74.8% Increase (Decrease) in Present Value of Accrued Benefits Attributable to: Plan Amendments 0 Assumption Changes 0 New Accrued Benefits 1,293,200 Benefits Paid (1,686,979) Interest 2,346,943 Other 0 Total 1,953,164 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 11

12 Valuation Date 10/1/ /1/2016 Applicable to Fiscal Year Ending 9/30/2019 9/30/2018 E. Pension Cost Normal Cost (with interest) $742,373 $769,112 % of Total Annual Payroll ² Administrative Expenses (with interest) 48,227 50,672 % of Total Annual Payroll ² Payment Required to Amortize Unfunded Actuarial Accrued Liability over 30 years (as of 10/1/2017, with interest) 964, ,499 % of Total Annual Payroll ² Total Required Contribution 1,754,610 1,765,283 % of Total Annual Payroll ² Expected Member Contributions 217, ,604 % of Total Annual Payroll ² Expected City and State Contribution 1,536,786 1,539,679 % of Total Annual Payroll ² F. Past Contributions Plan Years Ending: 9/30/2017 Total Required Contribution 1,663,368 City and State Requirement 1,451,023 Actual Contributions Made: Members (excluding buyback) 212,345 City 1,145,249 State 305,774 Total 1,663,368 G. Net Actuarial (Gain)/Loss 124,956 ¹ The asset values and liabilities include accumulated DROP and Share Plan Balances as of 9/30/2017 and 9/30/2016. ² Contributions developed as of 10/1/2017 are expressed as a percentage of total annual payroll at 10/1/2017 of $2,593,141. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 12

13 H. Schedule Illustrating the Amortization of the Total Unfunded Actuarial Accrued Liability as of: Year Projected Unfunded Actuarial Accrued Liability ,988, ,690, ,372, ,410, ,099, I. (i) 3 Year Comparison of Actual and Assumed Salary Increases Actual Assumed Year Ended 9/30/ % 5.50% Year Ended 9/30/ % 5.50% Year Ended 9/30/ % 5.50% (ii) 3 Year Comparison of Investment Return on Actuarial Value Actual Assumed Year Ended 9/30/ % 7.00% Year Ended 9/30/ % 7.00% Year Ended 9/30/ % 7.00% (iii) Average Annual Payroll Growth (a) Payroll as of: 10/1/2017 $2,593,141 10/1/2007 3,167,598 (b) Total Increase % (c) Number of Years (d) Average Annual Rate -1.98% City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 13

14 STATEMENT BY ENROLLED ACTUARY This actuarial valuation was 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, the techniques and assumptions used are reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation. Patrick T. Donlan, EA, ASA, MAAA Enrolled Actuary # Please let us know when the report is approved by the Board and unless otherwise directed we will provide copies of the report to the following offices to comply with Chapter 112, Florida Statutes: Mr. Keith Brinkman Bureau of Local Retirement Systems Post Office Box 9000 Tallahassee, FL Ms. Sarah Carr Municipal Police and Fire Pension Trust Funds Division of Retirement Post Office Box 3010 Tallahassee, FL City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 14

15 RECONCILIATION OF UNFUNDED ACTUARIAL ACCRUED LIABILITIES (1) Unfunded Actuarial Accrued Liability as of October 1, 2016 $10,046,657 (2) Sponsor Normal Cost developed as of October 1, ,499 (3) Expected administrative expenses for the year ended September 30, ,958 (4) Expected interest on (1), (2) and (3) 741,204 (5) Sponsor contributions to the System during the year ended September 30, ,451,023 (6) Expected interest on (5) 40,211 (7) Expected Unfunded Actuarial Accrued Liability as of September 30, 2017 (1)+(2)+(3)+(4)-(5)-(6) 9,863,084 (9) Change to UAAL due to Actuarial (Gain)/Loss 124,956 (10) Unfunded Actuarial Accrued Liability as of October 1, ,988,040 Type of Date Years 10/1/2017 Amortization Base Established Remaining Amount Amount 10/1/ (15,297) (3,487) 10/1/ ,319 2,085 10/1/ ,897 5,866 10/1/ ,268 4,856 10/1/ ,906 22,690 10/1/ ,350 13,395 10/1/ ,346, ,791 Method Change 10/1/ ,659, ,859 Actuarial Loss 10/1/ ,620, ,140 Actuarial Loss 10/1/ ,059 4,558 Actuarial Gain 10/1/ (271,338) (24,535) Actuarial Gain 10/1/ (770,558) (67,977) Benefit Change 10/1/ ,005,398 88,694 Actuarial Loss 10/1/ ,823 10,249 Method Change 10/1/ ,293 26,677 Actuarial Loss 10/1/ ,393 15,580 Benefit Change 10/1/ (81,216) (6,862) Benefit Change 10/1/ ,701 2,425 Actuarial Loss 10/1/ ,604, ,989 Assumption 10/1/ ,612, ,686 Benefit Change 10/1/ (75,297) (6,243) City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 15

16 Type of Date Years 10/1/2017 Amortization Base Established Remaining Amount Amount Actuarial Loss 10/1/ ,240, ,104 Benefit Change 10/1/ ,849 9,766 Actuarial Gain 10/1/ (515,295) (41,325) Benefit Change 10/1/ (6,196) (497) Actuarial Gain 10/1/ (1,034,210) (81,733) Assumption 10/1/ ,269 59,372 Benefit Change 10/1/ ,252 3,813 Actuarial Gain 10/1/ (688,477) (53,679) Assumption 10/1/ ,128 64,334 Benefit Change 10/1/ ,041 2,966 Benefit Change 10/1/ (12,694) (990) Benefit Change 10/1/ (149,339) (11,499) Actuarial Gain 10/1/ (882,886) (67,984) Assumption 10/1/ ,313 73,023 Actuarial Gain 10/1/ (579,439) (44,107) Actuarial Loss 10/1/ ,956 9,411 9,988, ,411 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 16

17 DETAILED ACTUARIAL (GAIN)/LOSS ANALYSIS (1) Unfunded Actuarial Accrued Liability (UAAL) as of October 1, 2016 $10,046,657 (2) Expected UAAL as of October 1, ,863,084 (3) Summary of Actuarial (Gain)/Loss, by component: Investment Return (Actuarial Asset Basis) (117,385) Salary Increases (83,813) Active Decrements 152,144 Inactive Mortality 136,354 Other 37,656 Increase in UAAL due to (Gain)/Loss 124,956 Assumption Changes 0 (4) Actual UAAL as of October 1, 2017 $9,988,040 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 17

18 ACTUARIAL ASSUMPTIONS AND METHODS Mortality Rates Healthy Active Lives: Female: RP2000 Generational, 100% Combined Healthy (previously Annuitant) White Collar, Scale BB Male: RP2000 Generational, 10% Combined Healthy (previously Annuitant) White Collar / 90% Combined Healthy (previously Annuitant) Blue Collar, Scale BB Healthy Inactive Lives: Female: RP2000 Generational, 100% Annuitant White Collar, Scale BB Male: RP2000 Generational, 10% Annuitant White Collar / 90% Annuitant Blue Collar, Scale BB Disabled Lives: Female: 60% RP2000 Disabled Female set forward two years / 40% Annuitant White Collar with no setback, no projection scale Male: 60% RP2000 Disabled Male setback four years / 40% Annuitant White Collar with no setback, no projection scale The assumed rates of mortality were mandated by Chapter , Laws of Florida. This law mandates the use of the assumptions used in either of the two most recent valuations of the Florida Retirement System (FRS). The above rates are those outlined in the July 1, 2016 FRS actuarial valuation report for special risk employees. We feel these assumptions sufficiently accommodate future mortality improvement. Previously, the rates used were those outlined in the July 1, 2015 FRS actuarial valuation report for special risk employees. Termination Rates Disability Rates Pension Age See Tables on following page (1302). This assumption is supported by the results of an experience study dated August 10, See Tables on following page (1201). This assumption is consistent with those used by other Florida municipal public safety plans. 100% at first eligibility for Normal Retirement. Also, any Member who has reached Normal Retirement eligibility is assumed to continue employment for one City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 18

19 additional year. We feel this is reasonable based on Plan provisions. Early Pension Interest Rate Commencing at the member s eligibility for Early Pension (age 50), members are assumed to retire with an immediate, subsidized benefit at the rate of 5% per year. We feel this is reasonable based on Plan provisions. 7.00% per year, compounded annually, net of investment related expenses. This is supported by the target asset class allocation of the trust and the expected long-term return by asset class. DROP/BACDROP Interest Load Salary Increases Payroll Growth Administrative Expenses Funding Method Asset Valuation Method Normal Retirement benefits are increased by 0.5% for Members hired before May 20, 2014 to account for the interest floor on the DROP and BACDROP benefits. 5.5% per year up to the assumed Pension age; see Table below. Projected salary at Pension is increased individually to account for non-regular payments. This rate is consistent with similar Firefighter Plans across the State. 0.0% for purpose of amortizing the unfunded actuarial accrued liability. $46,596 annually, based on prior year s actual expenses. Entry Age Normal Actuarial Cost Method. Each year, the prior Actuarial Value of Assets is brought forward utilizing the historical geometric 4-year average Market Value return (net of fees). It is possible that over time this technique will produce an insignificant bias above or below Market Value of Assets. % Terminating % Becoming Disabled Current Salary as % Age During the Year During the Year of Salary at age % 0.03% 15.4% City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 19

20 GLOSSARY Total Annual Payroll is the projected annual rate of pay for the year beginning on the valuation date of all covered Members. Present Value of Benefits is the single sum value on the valuation date of all future benefits to be paid to current Members, Retirees, Beneficiaries, Disability Retirees and Vested Terminations. Normal (Current Year's) Cost is the current year's cost for benefits yet to be funded. Unfunded Accrued Liability is a liability which arises when a pension plan is initially established or improved and such establishment or improvement is applicable to all years of past service. Total Required Contribution is equal to the Normal Cost plus an amount sufficient to amortize the Unfunded Accrued Liability over no more than 30 years. The required amount is adjusted for interest according to the timing of contributions during the year. Entry Age Normal Cost Method - Under this method, the normal cost is the sum of the individual normal costs for all active participants. For an active participant, the normal cost is the participant s normal cost accrual rate, multiplied by the participant s current compensation. (a) The normal cost accrual rate equals: (i) the present value of future benefits for the participant, determined as of the participant s entry age, divided by (ii) the present value of the compensation expected to be paid to the participant for each year of the participant s anticipated future service, determined as of the participant s entry age. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 20

21 (b) In calculating the present value of future compensation, the salary scale is applied both retrospectively and prospectively to estimate compensation in years prior to and subsequent to the valuation year based on the compensation used for the valuation. (c) The accrued liability is the sum of the individual accrued liabilities for all participants and beneficiaries. A participant s accrued liability equals the present value, at the participant s attained age, of future benefits less the present value at the participant s attained age of the individual normal costs payable in the future. A beneficiary s accrued liability equals the present value, at the beneficiary s attained age, of future benefits. The unfunded accrued liability equals the total accrued liability less the actuarial value of assets. (d) Under this method, the entry age used for each active participant is the participant s age at the time he or she would have commenced participation if the plan had always been in existence under current terms, or the age as of which he or she first earns service credits for purposes of benefit accrual under the current terms of the plan. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 21

22 PARTIAL HISTORY OF PREMIUM TAX REFUNDS Received During Increase from Fiscal Year Amount Previous Year , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % , % City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 22

23 SUPPLEMENTAL CHAPTER 175 SHARE PLAN ACTIVITY October 1, 2016 through September 30, /30/2016 Balance 181,718 Prior Year Adjustment (88) Plus Additions 0 Investment Return Less Expenses 19,979 Less Distributions (14,756) 9/30/2017 Balance 186,853 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 23

24 STATEMENT OF FIDUCIARY NET POSITION SEPTEMBER 30, 2017 ASSETS COST VALUE MARKET VALUE Cash and Cash Equivalents: Money Market 1,411, ,411, Total Cash and Equivalents 1,411, ,411, Receivables: Member Contributions in Transit Additional City Contributions 17, , State Contributions 3, , Investment Income 42, , Total Receivable 64, , Investments: Fixed 8,166, ,149, Equities 15,131, ,950, Miscellaneaous 97, , Total Investments 23,395, ,208, Total Assets 24,870, ,683, LIABILITIES Total Liabilities NET POSITION RESTRICTED FOR PENSIONS 24,870, ,683, City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 24

25 STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2017 Market Value Basis ADDITIONS Contributions: Member 212, City 1,145, State 305, Total Contributions 1,663, Investment Income: Net Realized Gain (Loss) 1,214, Unrealized Gain (Loss) 1,463, Net Increase in Fair Value of Investments 2,677, Interest & Dividends 511, Less Investment Expense¹ (142,862.47) Net Investment Income 3,046, Total Additions 4,709, DEDUCTIONS Distributions to Members: Benefit Payments 1,657, Lump Sum DROP Distributions 0.00 Lump Sum Share Distributions 14, Refunds of Member Contributions 14, Total Distributions 1,686, Administrative Expense 46, Total Deductions 1,733, Net Increase in Net Position 2,976, NET POSITION RESTRICTED FOR PENSIONS Beginning of the Year 25,707, End of the Year 28,683, ¹Investment related expenses include investment advisory, custodial and performance monitoring fees. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 25

26 ACTUARIAL ASSET VALUATION SEPTEMBER 30, 2017 Actuarial Assets for funding purposes are developed by increasing the Actuarial Assets used in the most recent actuarial valuation of the Fund by the average annual market value rate of return (net of investment related expenses) for the past four years. Actuarial Assets shall not be less than 80% nor greater than 120% of Market Value of Assets. Details of the derivation are set forth as follows: Plan Year End Rate of Return¹ 09/30/ % 09/30/ % 09/30/ % 09/30/ % Annualized Rate of Return for prior four (4) years: 7.44% (A) 10/01/2016 Actuarial Assets: $26,697, (I) Net Investment Income: 1. Interest and Dividends 511, Realized Gains (Losses) 1,214, Change in Actuarial Value 402, Investment Related Expenses (142,862.47) Total 1,984, (B) 10/01/2017 Actuarial Assets: $28,611, Actuarial Asset Rate of Return = 2I/(A+B-I): 7.44% 10/01/2017 Limited Actuarial Assets: $28,611, /01/2017 Market Value of Assets: $28,683, Actuarial Gain/(Loss) due to Investment Return (Actuarial Asset Basis) $117, ¹Market Value Basis, net of investment related expenses. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 26

27 CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS SEPTEMBER 30, 2017 Actuarial Asset Basis REVENUES Contributions: Member 212, City 1,145, State 305, Total Contributions 1,663, Earnings from Investments: Interest & Dividends 511, Net Realized Gain (Loss) 1,214, Change in Actuarial Value 402, Total Earnings and Investment Gains 2,127, EXPENDITURES Distributions to Members: Benefit Payments 1,657, Lump Sum DROP Distributions 0.00 Lump Sum Share Distributions 14, Refunds of Member Contributions 14, Total Distributions 1,686, Expenses: Investment related¹ 142, Administrative 46, Total Expenses 189, Change in Net Assets for the Year 1,914, Net Assets Beginning of the Year 26,697, Net Assets End of the Year² 28,611, ¹Investment related expenses include investment advisory, custodial and performance monitoring fees. ²Net Assets may be limited for actuarial consideration. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 27

28 DEFERRED RETIREMENT OPTION PLAN ACTIVITY October 1, 2016 to September 30, 2017 Beginning of the Year Balance 399, Plus Additions 259, Investment Return Earned 39, Less Distributions 0.00 End of the Year Balance 699, Note: Investment Return Earned is based on available data through June 30, 2017 for members choosing investment return based on the Plan's investment experience. Therefore, earnings for the quarter ending September 30, 2016 are included. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 28

29 RECONCILIATION OF CITY'S SHORTFALL/(PREPAID) CONTRIBUTION FOR THE FISCAL YEAR ENDED (FYE) SEPTEMBER 30, 2017 (1) Total Required Contribution Rate 65.80% (2) Pensionable Payroll Derived from Member Contributions $2,527, (3) Total Required Contribution (1) x (2) 1,663, (4) Less Actual Member Contributions (212,344.83) (5) Less Allowable State Contribution (305,774.13) (6) Equals Required City Contribution for Fiscal ,145, (7) Less 2016 Prepaid Contribution 0.00 (8) Less Actual City Contributions (1,127,362.13) (9) Equals City's Shortfall/(Prepaid) Contribution as of $17, September 30, 2017 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 29

30 STATISTICAL DATA 10/1/ /1/ /1/ /1/2017 Actives Number Average Current Age Average Age at Employment Average Past Service Average Annual Salary $61,732 $65,007 $63,947 $64,829 Service Retirees Number Average Current Age N/A Average Annual Benefit $46,413 $47,077 $47,418 $47,418 DROP Retirees Number Average Current Age N/A Average Annual Benefit $55,246 $55,246 $50,283 $52,050 Beneficiaries Number Average Current Age N/A Average Annual Benefit N/A $25,833 $34,829 $34,829 Disability Retirees Number Average Current Age N/A Average Annual Benefit $16,485 $16,485 $16,485 $27,088 Terminated Vested Number Average Current Age N/A Average Annual Benefit ¹ $23,224 $25,220 $31,890 $25,220 ¹ The Average Annual Benefit excludes participants awaiting a refund of contributions. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 30

31 AGE AND SERVICE DISTRIBUTION PAST SERVICE AGE Total Total City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 31

32 VALUATION PARTICIPANT RECONCILIATION 1. Active lives a. Number in prior valuation 10/1/ b. Terminations i. Vested (partial or full) with deferred benefits 0 ii. Non-vested or full lump sum distribution received (2) c. Deaths i. Beneficiary receiving benefits 0 ii. No future benefits payable 0 d. Disabled 0 e. Retired 0 f. DROP (3) g. Continuing participants 37 h. New entrants 3 i. Total active life participants in valuation Non-Active lives (including beneficiaries receiving benefits) Service Retirees, Vested Receiving Receiving Receiving DROP Death Disability Vested Benefits Benefits Benefits Benefits Deferred Total a. Number prior valuation Retired DROP Vested Deferred Death, With Survivor Death, No Survivor Disabled Refund of Contributions Rehires Expired Annuities Data Corrections b. Number current valuation City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 32

33 SUMMARY OF PLAN PROVISIONS Through Ordinance No Eligibility Credited Service Salary Average Final Compensation Member Contributions City and State Contributions Employees who are classified as full-time Firefighters shall participate in the System as a condition of employment. Total years and fractional parts of years of service with the City as a Firefighter. Total compensation reportable on the member s W-2 form plus all tax deferred, tax sheltered, and tax exempt items of income. Overtime hours are limited to 300 hour per year and the maximum personal leave that can be included is the amount as of May 20, Average Salary for the best 5 years of Credited Service. 8.4% of Salary. Remaining amount required in order to pay current costs and amortize unfunded past service cost, if any, as provided in Part VII of Chapter 112, Florida Statutes. Normal Pension Date Earlier of Age 60, Age 55 and 10 years of Credited Service, or 20 years of Credited Service. For Members hired on or after May 20, 2014 the earlier of Age 60, Age 55 and 10 years of Credited Service, or Age 52 and the completion of 25 years of Credited Service. Benefit For Members hired before May 20, 2014, 3.37% of Average Final Compensation times Credited Service. For Members hired on or after May 20, 2014, 2.75% of Average Final Compensation times Credited Service. Form of Benefit Ten Year Certain and Life Annuity (options available). These options include a partial (up to 25%) lump sum of the full value of their Pension benefits in exchange for a monthly benefit that is reduced by that same percentage. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 33

34 Early Pension Eligibility Benefit Age 50 and 10 Years of Credited Service. Accrued benefit, reduced 3% per year. Vesting Schedule Benefit Amount 100% after 10 years of Credited Service. Member will receive the vested portion of his (her) accrued benefit payable at the otherwise Normal Pension Date. Disability Eligibility Service Incurred Non-Service Incurred Exclusions Benefit Duration Covered from Date of Employment. 10 years of Credited Service. Disability resulting from use of drugs, illegal participation in riots, service in military, etc. Benefit accrued to date of disability but not less than 42% of Average Final Compensation (Service Incurred). Payable for life with ten years certain or until recovery (as determined by the Board). Options available. Death Benefits Pre-Pension Vested Non-Vested Post-Pension Monthly accrued benefit payable to designated beneficiary for 10 years. Refund of accumulated contributions without interest. Benefits payable to beneficiary in accordance with option selected at Pension. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 34

35 Board of Trustees a. Two Commission appointees, b. Two Members of the Department elected by the membership, and c. Fifth Member elected by other 4 appointed by Commission. Deferred Pension Option Plan Eligibility Participation Rate of Return Form of Distribution Hired before May 20, 2014 and satisfaction of Normal Pension requirements (Earlier of Age 60, Age 55 and 10 years of Credited Service, or 20 years of Credited Service). Not to exceed 60 months, or the date on which the Member completes 35 years of Service, if earlier. Rate of return earned by the fund with a minimum of 0% for each quarter. Cash lump sum (options available) at termination of employment. BAC-DROP Eligibility Participation Rate of Return Form of Distribution Hired before May 20, 2014 and satisfaction of Normal Pension requirements. Upon election to retroactively enter DROP, the BAC-DROP period will not exceed 60 months, or the date on which the Member completes 35 years of Service, if earlier. Rate of return earned by the fund with a minimum of 0% for each quarter. Cash lump sum (options available) at termination of employment. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 35

36 GASB 67 STATEMENT OF FIDUCIARY NET POSITION SEPTEMBER 30, 2017 ASSETS Cash and Cash Equivalents: Money Market Total Cash and Equivalents Receivables: Member Contributions in Transit Additional City Contributions State Contributions Investment Income Total Receivable Investments: Fixed Equities Miscellaneaous Total Investments Total Assets Total Liabilities NET POSITION RESTRICTED FOR PENSIONS MARKET VALUE 1,411,513 1,411, ,887 3,565 42,247 64,029 8,149,162 18,950, ,775 27,208,048 28,683, ,683,590 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 36

37 GASB 67 STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2017 Market Value Basis ADDITIONS Contributions: Member 212,345 City 1,145,249 State 305,774 Total Contributions 1,663,368 Investment Income: Net Increase in Fair Value of Investments 2,677,908 Interest & Dividends 511,439 Less Investment Expense¹ (142,863) Net Investment Income 3,046,484 Total Additions 4,709,852 DEDUCTIONS Distributions to Members: Benefit Payments 1,657,882 Lump Sum DROP Distributions 0 Lump Sum Share Distributions 14,756 Refunds of Member Contributions 14,340 Total Distributions 1,686,978 Administrative Expense 46,596 Total Deductions 1,733,574 Net Increase in Net Position 2,976,278 NET POSITION RESTRICTED FOR PENSIONS Beginning of the Year 25,707,312 End of the Year 28,683,590 ¹Investment related expenses include investment advisory, custodial and performance monitoring fees. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 37

38 GASB 67 NOTES TO THE FINANCIAL STATEMENTS (For the Year Ended September 30, 2017) Plan Description Plan Administration The Plan is a single-employer defined benefit pension plan administered by the Plan's Board of Trustees comprised of: a. Two Commission appointees, b. Two Members of the Department elected by the Membership, and a c. Fifth Member elected by other 4 appointed by Commission. Plan Membership as of October 1, 2016: Inactive Plan Members or Beneficiaries Currently Receiving Benefits 39 Inactive Plan Members Entitled to But Not Yet Receiving Benefits 4 Active Plan Members Benefits Provided The Plan provides retirement, termination, disability and death benefits. Normal Pension: Date: Earlier of Age 60, Age 55 and 10 years of Credited Service, or 20 years of Credited Service. For Member hired on or after May 20, 2014 the earlier of Age 60, Age 55 and 10 years of Credited Service, or Age 52 and the completion of 25 years of Credited Service. Benefit: For Members hired before May 20, 2014, 3.37% of Average Final Compensation times Credited Service. For Members hired on or after May 20, 2014, 2.75% of Average Final Compensation times Credited Service. Early Pension: Eligibility: Age 50 and 10 Years of Credited Service. Benefit: Accrued benefit, reduced 3% per year. Vesting: Schedule: 100% after 10 years of Credited Service. Benefit: Member will receive the vested portion of his (her) accrued benefit payable at the otherwise Normal Pension Disability: Service Incurred: Covered from Date of Employment. Non-Service Incurred: 10 years of Credited Service. Benefit accrued to date of disability but not less than 42% of Average Final Compensation (Service Incurred). Pre-Pension Death Benefits: Vested: Monthly accrued benefit payable to designated beneficiary for 10 years. Non-Vested: Refund of accumulated contributions without interest. Contributions Member Contributions: 8.4% of Salary. City and State Contributions: Remaining amount required in order to pay current costs and amortize unfunded past service cost, if any, as provided in Part VII of Chapter 112, Florida Statutes. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 38

39 GASB 67 Investments Investment Policy: The following was the Board's adopted asset allocation policy as of September 30, 2017: Asset Class Target Allocation Domestic Equity 55% International Equity 10% Fixed Income 35% Total 100% Concentrations: The Plan did not hold investments in any one organization that represent 5 percent or more of the Pension Plan's Fiduciary Net Position. Rate of Return: For the year ended September 30, 2017, the annual money-weighted rate of return on Pension Plan investments, net of Pension Plan investment expense, was percent. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Deferred Retirement Option Program Eligibility: Hired before May 20, 2014 and satisfaction of Normal Pension requirements (Earlier of Age 60, Age 55 and 10 years of Credited Service, or 20 years of Credited Service). Participation: Not to exceed 60 months, or the date on which the Member completes 35 years of Service, if earlier. Rate of Return: Rate of return earned by the fund with a minimum of 0% for each quarter. BAC-DROP Eligibility: Hired before May 20, 2014 and satisfaction of Normal Pension requirements. Participation: Upon election to retroactively enter DROP, the BAC-DROP period will not exceed 60 months, or the date on which the Member completes 35 years of Service, if earlier. Rate of Return: Rate of return earned by the fund with a minimum of 0% for each quarter. The DROP balance as September 30, 2017 is $699,168¹. ¹ Note: Investment Return Earned is based on available data through June 30, 2017 for members choosing investment return based on the Plan's investment experience. Therefore, earnings for the quarter ending September 30, 2016 are included. City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 39

40 GASB 67 NET PENSION LIABILITY OF THE SPONSOR The components of the Net Pension Liability of the Sponsor on September 30, 2017 were as follows: Total Pension Liability $ 38,283,675 Plan Fiduciary Net Position $ (28,683,590) Sponsor's Net Pension Liability $ 9,600,085 Plan Fiduciary Net Position as a percentage of Total Pension Liability 74.92% Actuarial Assumptions: The Total Pension Liability was determined by an actuarial valuation as of October 1, 2016 updated to September 30, 2017 using the following actuarial assumptions: Inflation 2.30% Salary Increases 5.50% Discount Rate 7.00% Investment Rate of Return 7.00% Mortality Rate Healthy Lives: Female: RP2000 Generational, 100% Annuitant White Collar, Scale BB. Male: RP2000 Generational, 10% Annuitant White Collar /90% Annuitant Blue Collar, Scale BB. Mortality Rate Disabled Lives: Female: 60% RP2000 Disabled Female set forward two years / 40% Annuitant White Collar with no setback, no projection scale. Male: 60% RP2000 Disabled Male setback four years / 40% Annuitant White Collar with no setback, no projection scale. The most recent actuarial experience study used to review the other significant assumptions was dated August 10, The Long-Term Expected Rate of Return on Pension Plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of Pension Plan investment expenses and inflation) are developed for each major asset class. For 2017 the inflation rate assumption of the investment advisor was 2.50%. These ranges are combined to produce the Long-Term Expected Rate of Return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the Pension Plan's target asset allocation as of September 30, 2017 are summarized in the following table: Asset Class Domestic Equity International Equity Fixed Income Long Term Expected Real Rate of Return 7.47% 6.90% 2.45% Discount Rate: The Discount Rate used to measure the Total Pension Liability was 7.00 percent. The projection of cash flows used to determine the Discount Rate assumed that Plan Member contributions will be made at the current contribution rate and that Sponsor contributions will be made at rates equal to the difference between actuarially determined contribution rates and the Member rate. Based on those assumptions, the Pension Plan's Fiduciary Net Position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the Long-Term Expected Rate of Return on Pension Plan investments was applied to all periods of projected benefit payments to determine the Total Pension Liability. Current 1% Decrease Discount Rate 1% Increase 6.00% 7.00% 8.00% Sponsor's Net Pension Liability $ 13,927,650 $ 9,600,085 $ 6,005,058 City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 40

41 GASB 67 SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS Last 10 Fiscal Years 09/30/ /30/ /30/2015 Total Pension Liability Service Cost 774, , ,997 Interest 2,585,449 2,423,187 2,324,601 Change in Excess State Money - (334,809) - Share Plan Allocation - 167,405 - Changes of benefit terms - 15,264 25,989 Differences between Expected and Actual Experience (393,273) (137,955) 41,476 Changes of assumptions - 907,766 - Contributions - Buy Back - 17,004 1,440 Benefit Payments, including Refunds of Employee Contributions (1,686,978) (1,980,448) (1,517,760) Net Change in Total Pension Liability 1,279,539 1,852,098 1,628,743 Total Pension Liability - Beginning 37,004,136 35,152,038 33,523,295 Total Pension Liability - Ending (a) $ 38,283,675 $ 37,004,136 $ 35,152,038 Plan Fiduciary Net Position Contributions - Employer 1,145,249 1,240,944 1,136,074 Contributions - State 305, , ,368 Contributions - Employee 212, , ,220 Contributions - Buy Back - 17,004 1,440 Net Investment Income 3,046,484 2,035,686 (399,103) Benefit Payments, including Refunds of Employee Contributions (1,686,978) (1,980,448) (1,517,760) Administrative Expense (46,596) (48,958) (40,034) Net Change in Plan Fiduciary Net Position 2,976,278 1,820,283 (246,795) Plan Fiduciary Net Position - Beginning 25,707,312 23,887,029 24,133,824 Plan Fiduciary Net Position - Ending (b) $ 28,683,590 $ 25,707,312 $ 23,887,029 Net Pension Liability - Ending (a) - (b) $ 9,600,085 $ 11,296,824 $ 11,265,009 Plan Fiduciary Net Position as a percentage of the Total Pension Liability 74.92% 69.47% 67.95% Covered Employee Payroll¹ $ 2,527,915 $ 2,593,073 $ 2,829,076 Net Pension Liability as a percentage of Covered Employee Payroll % % % Notes to Schedule: ¹ The Covered Employee Payroll numbers shown are in compliance with GASB 82, except for the 09/30/2015 measurement period which includes DROP payroll. Changes of benefit terms: For measurement date 09/30/2016, amounts reported as changes of benefit terms were the following: a.) The benefit accrual rate for Firefighters hired prior to May 20, 2014 was changed to 3.37% for all years of service. The language in the Ordinance that provided that the future service accrual rate be adjusted each year based upon State Monies was deleted. Please note that before this change, the benefit accrual rate was 3.37% for service prior to January 1, 2016 and 3.35% for service on and after January 1, b.) A Share Plan was implemented for the Firefighters. The initial State Monies to be allocated was half of the Excess State Monies Reserve as of October 1, 2015 ($334,809). The other half was used to help pay down the Unfunded Actuarial Accrued Liability (UAAL). Therefore, $167,404 was used to pay down the UAAL and $167,405 went into the Share Plan. These monies are attributable to Excess State Monies received in 2006, 2007, 2008 and The impact of these changes is outlined in our Actuarial Impact Statement City of Ormond Beach Firefighters' Pension Trust Fund FOSTER & FOSTER 41

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