County of Orange Retiree Medical Program
|
|
- Carol Beasley
- 6 years ago
- Views:
Transcription
1 County of Orange Retiree Medical Program Unfunded Liability Status Report March 20, 2007
2 The Starting Point Retiree Medical Program Unfunded Actuarial Accrued Liability (UAAL) $1,600 $1,400 $1,200 $ in Millions $1,000 $800 $600 $400 $200 $0 $1.413 Billion Total County UAAL as of June 30, 2005 March 20,
3 2006 Restructuring of Retiree Medical Program Split the pool (actives/retirees) 3% per year cap on Retiree Medical Grant increases (vs. 5%) Reduce Grants by 50% at Medicare eligible age Modified exceptions for current retirees March 20,
4 2006 Restructuring of Retiree Medical Program 1% Employee contribution phased out Create Retiree Medical Trust Higher rate of return on plan assets (from 4.25% to 7%) Implement Incentives Grants reduced by 7.5% for each year retiring before age 60 Grants increased by 7.5% for each year retiring after age 60 March 20,
5 2006 Restructuring of Retiree Medical Program Reduced the UAAL from $1.413B to $835M with agreements with OCEA and SEIU Further reduced the UAAL to $598M with agreements with remaining bargaining units, with the exception of AOCDS AFSCME opted out of the program OCEA: Orange County Employees Association SEIU: Service Employees International Union AFSCME: American Federation of State, County and Municipal Employees AOCDS: Association of Orange County Deputy Sheriffs March 20,
6 The 2006 Restructuring Retiree Medical Program Unfunded Actuarial Accrued Liability $1,600 $1,400 $1,200 $ in Millions $1,000 $800 $600 $400 $200 $1.413 Billion $598 Million $0 Prior Plan Current Restructured Plan * * AOCDS included with no change to current Retiree Medical Program March 20,
7 Changes to Retiree Medical Program Letter sent to retirees November 30, 2006 explains restructuring changes to Retiree Medical Program County is working with Retired Employees Association of Orange County (REAOC) to develop alternative retiree health plan designs Several plan design options have been discussed. Five meetings with REAOC to date January 4, :30-3:00 p.m. February 8, :00-5:00 p.m. February 22, :15-11:15 a.m. February 28, :30-5:00 p.m. March 15, :00-2:45 p.m. March 20,
8 Annual Required Contribution (ARC) Definition of ARC Cost of amortizing unfunded liability over a 30 year period, plus Normal cost (future cost of benefits being earned in current year) The combination of amortization costs and normal is the ARC Portion of ARC not paid annually becomes a liability on balance sheet of reporting agency March 20,
9 Annual Required Contribution (ARC) The ARC was $131M before any changes were made to the program After the restructuring in 2006, the ARC was reduced to approximately $54M* Reduction to County cost of $77M per year* *Includes no change to total liability for AOCDS March 20,
10 ARC as % of Payroll Employee Group Before Current General 11.9% 3.4% Probation 16.7% 3.2% Law Enforcement* 18.2% 2.6% AOCDS** 18.6% 18.6% *Law Enforcement excluding AOCDS **AOCDS data broken out from total Law Enforcement employee group March 20,
11 Restructuring of the AOCDS Retiree Medical Program With no change to the AOCDS Retiree Medical Program, the ARC related to their existing $239M UAAL is approximately 18.6% of the related payroll. With the following changes made in sequence, the liability and ARC will be reduced to: Potential Changes Liability Reduction Remaining UAAL ARC $239 M 18.6% 1. 7% Discount (vs. 4.25%) -$80 M $159 M 12.8% 2. 3% CAP (vs. 5%) -$26 M $133 M 10.4% 3. 50% Reduction at age 65 -$16 M $117 M 9.2% 4. Split the Pool -$63 M $55 M 3.8% March 20,
12 Retiree Medical Program Restructuring (in millions) Total County AOCDS Only Total County (No Change (No Change) (if AOCDS to AOCDS) is Restructured) Liability $598 M $239 M $421 M ARC $54.2 M $24 M $35.2 M Currently AOCDS makes up 44% of the County s total ARC and 40% of the County s total liability. March 20,
13 Retiree Medical Program Annual Required Contribution (ARC) $140 $131 Million $120 AOCDS $24 M $100 $ in Millions $80 $60 $40 All others $107 M $54.2 Million AOCDS $24 M $35.2 Million AOCDS $5 M $20 All others $30.2 M All others $30.2 M $0 Prior Plan - ARC Current (no change to AOCDS) Total if AOCDS is Restructered March 20,
14 The End Result Retiree Medical Program Unfunded Actuarial Accrued Liability (UAAL) $1,600 $1,400 $ in Millions $1,200 $1,000 $800 $600 $400 $200 $0 Total UAAL $1.413 B Reductions: OCEA + SEIU $578 M Reductions: Other Groups $237 M Total UAAL $598 M Reductions: OCEA + SEIU $578 M Reductions: Other Groups $237 M Reduction: AOCDS** $177 M Total UAAL $421 M Prior Plan Current Plan* Total County if AOCDS is Restructured *AOCDS included with no change to current Retiree Medical Program ** AOCDS restructuring, if approved March 20,
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULE BUDGETARY BASIS -- ALL GOVERNMENTAL FUNDS AND ENTERPRISE FUNDS For the Fiscal Year Ended June 30, 2015 GOVERNMENTAL ENTERPRISE FUND TYPES FUND TYPES BASIS ACTUAL BASIS ACTUAL
More informationCITY OF ST. AUGUSTINE, FLORIDA
CITY OF ST. AUGUSTINE, FLORIDA City of St. Augustine, Florida Capital Improvement Refunding Revenue Bonds, Series 2013, $20,645,000, Dated: February 15, 2013 City of St. Augustine, Florida Capital Improvement
More informationCITY OF WILSON, NORTH CAROLINA
LAW ENFORCEMENT OFFICERS' SPECIAL SEPARATION ALLOWANCE SCHEDULE OF CHANGES IN TOTAL PENSION LIABILITY FOR YEAR ENDING JUNE 30, 2017 Beginning balance $ 4,608,320 Service Cost 197,759 Interest on the total
More informationFunding Basics of Retirement Programs
Funding Basics of Retirement Programs Monroe County Employees Retirement System Monroe County Retiree Health Care Plan Presented by: Mark Buis, F.S.A. September 11, 2012 Copyright 2012 GRS All rights reserved.
More informationCounty of Orange Employer/Employee Contribution Rates For Safety Members Effective Pay Period 15, July 6, 2018
County of Orange Employer/Employee Contribution Rates For Safety Members Effective Pay Period 15, July 6, 2018 Employer Contribution Rates For Safety Members Rate Group Plan Rate #7 E & F Normal 25.63%
More informationCITY OF HOWELL, MICHIGAN
, MICHIGAN Prepared by: Finance Department 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
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION DW SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS DURING THE MEASUREMENT PERIOD County Miscellaneous, Agent Multiple Employer Plan Measurement Period
More informationFinal Notice of Illinois Municipal Retirement Fund. Contribution Rate for Calendar Year Date November 2012
Final Notice of Illinois Municipal Retirement Fund Contribution Rate for Calendar Year 2013 Date November 2012 Employer name KANE COUNTY Employer No. The contribution rates on earnings paid by your participating
More informationGASB Pension Accounting Standards
GASB Pension Accounting Standards Michelle Czerkawski, Senior Project Manager Governmental Accounting Standards Board The views expressed in this presentation are those of Ms. Czerkawski. Official positions
More informationCITY OF ST. AUGUSTINE, FLORIDA
CITY OF ST. AUGUSTINE, FLORIDA Water and Sewer Revenue Refunding Bonds, Series 2012, $15,930,000, Dated: December 11, 2012 Water and Sewer Revenue Refunding Bonds, Series 2005, $21,435,000, Dated: July
More information1.02 TRINITY COUNTY. County Contract No. Board Item Request Form Department Personnel. Contact Carol Martin
County Contract No. Department Personnel TRINITY COUNTY 1.02 Board Item Request Form 2016-09-20 Contact Carol Martin Phone 530-623-1325 Requested Agenda Location Presentations Requested Board Action: Receive
More informationGASB OPEB Valuation Results Fiscal Year Justin Kindy, FSA, MAAA Deborah L. Donaldson, FSA, FCA, MAAA November 19, 2009
GASB OPEB Valuation Results Fiscal Year 2009 Justin Kindy, FSA, MAAA Deborah L. Donaldson, FSA, FCA, MAAA November 19, 2009 Agenda Terminology Southern Nevada Health District s (SNHD s) GASB OPEB Plans
More informationSeptember 15, Mr. Randall Blum Deputy Finance Director City of Eastpointe Eastpointe, Michigan Dear Mr. Blum:
September 15, 2011 Mr. Randall Blum Deputy Finance Director Eastpointe, Michigan 48021 Dear Mr. Blum: This report contains the results of an actuarial valuation of the liabilities associated with retiree
More informationOneida County. Key Benefit Concepts, LLC
Key Benefit Concepts, LLC Accounting Report of Liabilities for Participants Other Post Employment Benefits (OPEB) Valuation as of December 31, 2016 Liabilities measured as of December 31, 2017 April 2018
More informationGOGEBIC COUNTY EMPLOYEES RETIREMENT SYSTEM ACTUARIAL FUNDING POLICY
GOGEBIC COUNTY EMPLOYEES RETIREMENT SYSTEM ACTUARIAL FUNDING POLICY WHEREAS, the Gogebic County Employees Retirement System ( Retirement System ) is established and administered pursuant to the County
More informationFOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS RETIREE HEALTH INSURANCE TRUST FUND ANNUAL FINANCIAL REPORT
FOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS ANNUAL FINANCIAL REPORT For the Years Ended December 31, 2014 and 2013 FOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS TABLE OF CONTENTS Page(s) INDEPENDENT
More informationAn Analysis of Connecticut s State Employees Retirement System (SERS): Final Report
An Analysis of Connecticut s State Employees Retirement System (SERS): Final Report Jean-Pierre Aubry Center for Retirement Research at Boston College Connecticut Pension Analysis Nov 10th, 2015 Hartford,
More informationCharter Township of Independence. Other Post Employment Benefits
Other Post Employment Benefits as of December 31, 2017 Submitted by: Boomershine Consulting Group, LLC Executive Center 1 3300 North Ridge Road, Suite 300 Ellicott City, MD 21043 May, 2018 May 11, 2018
More informationMacomb County, Michigan NOTES TO THE BASIC FINANCIAL STATEMENTS. December 31,2017
December 31,2017 NOTE 12 - EMPLOYEES' RETIREMENT SYSTEM Pension Plan Description Plan Administration The county sponsors the Macomb County Employees' Retirement System (the "System"), a single employer
More informationOverview of GASB 74/75. The new OPEB accounting standard. Joshua Mayhue, F.S.A. Consulting Actuary
1 Overview of GASB 74/75 The new OPEB accounting standard Joshua Mayhue, F.S.A. Consulting Actuary GASB 74/75 Implementation 2 GASB 74 Plan Accounting (only applies if plan is funded) Replaces GASB 43
More informationGwinnett County Retirement System Health Insurance Plan Report of Actuary on the Retiree Medical Valuation. Prepared as of January 1, 2018
Gwinnett County Retirement System Health Insurance Plan Report of Actuary on the Retiree Medical Valuation Prepared as of January 1, 2018 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and
More informationCITY OF CONCORD JUNE 30, 2015 REQUIRED SUPPLEMENTARY INFORMATION
91 SCHEDULE OF FUNDING PROGRESS The tables below shows a three-year analysis of the actuarial value of assets as a percentage of the actuarial accrued liability and the unfunded actuarial liability as
More informationJerry Burnett Deputy Commissioner Department of Revenue March 17, Alaska Municipal League PERS Summit
Jerry Burnett Deputy Commissioner Department of Revenue March 17, 22016 Alaska Municipal League PERS Summit Closing the Budget Gap (Millions) FY16 Budget $ 5,200 FY17 Baseline Revenue (after proposed legislation)
More informationCITY OF CAPE CORAL MUNICIPAL FIREFIGHTERS' RETIREMENT PLAN SECTION , FLORIDA STATUTES COMPLIANCE
CITY OF CAPE CORAL MUNICIPAL FIREFIGHTERS' RETIREMENT PLAN SECTION 112.664, FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained
More informationTCDRS Funding Policy. Effective as of the Dec. 31, 2014 Valuation
TCDRS Funding Policy Effective as of the Dec. 31, 2014 Valuation Approved by the TCDRS Board of Trustees on June 25, 2015 Table of Contents Introduction... 3 TCDRS funding overview... 3 Methodology for
More informationOPEB Reporting Overview: Implications of the Choice to Fund or Not Fund
OPEB Reporting Overview: Implications of the Choice to Fund or Not Fund Dean Michael Mead Research Manager, Governmental Accounting Standards Board March 12, 2008 Disclaimer: The opinions expressed in
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION Florida Retirement System (FRS) Defined Benefit Pension Plan Schedule of the County's Proportionate Share of the Net Pension Liability Last Ten Fiscal Years (*) County's
More informationCITY OF YPSILANTI ACCOUNTING FOR POST EMPLOYMENT BENEFIT PLANS UNDER GASB #45 AS OF JUNE 30, 2017 FOR FISCAL YEAR ENDING JUNE 30, 2017
CITY OF YPSILANTI ACCOUNTING FOR POST EMPLOYMENT BENEFIT PLANS UNDER GASB #45 AS OF JUNE 30, 2017 FOR FISCAL YEAR ENDING JUNE 30, 2017 OCTOBER 2017 TABLE OF CONTENTS BACKGROUND Summary of Principal Results...
More informationMarch 25, Mr. Randall Blum Finance Director City of Eastpointe Eastpointe, Michigan Dear Mr. Blum:
March 25, 2012 Mr. Randall Blum Finance Director Eastpointe, Michigan 48021 Dear Mr. Blum: This report contains the results of an actuarial valuation of the liabilities associated with retiree health benefits
More informationPOLK COUNTY, IOWA. Required Supplementary Information Schedule of Funding Progress For the Year Ended June 30, 2017
Schedule of Funding Progress UAAL as a Actuarial Actuarial Percentage of Fiscal Actuarial Value of Accrued Unfunded Funded Covered Covered Year Valuation Assets Liability UAAL Ratio Payroll Payroll Entity
More informationDecember Mr. Randall Blum Finance Director City of Eastpointe Eastpointe, Michigan Dear Mr. Blum:
December 16. 2014 Mr. Randall Blum Finance Director Eastpointe, Michigan 48021 Dear Mr. Blum: This report contains the results of an actuarial valuation of the liabilities associated with retiree health
More informationGASB 75 Accounting and Financial Reporting For Postemployment Benefits Other Than Pensions
GASB 75 Accounting and Financial Reporting For Postemployment Benefits Other Than Pensions Presented By: Marianne Van Duyne, CPA Managing Partner R.S. Abrams & Co., LLP 1 New York State Government Finance
More informationJune 30, 2008 GASB 45 Actuarial Valuation. Agenda
PERALTA COMMUNITY COLLEGE DISTRICT RETIREE HEALTHCARE PLAN June 30, 2008 GASB 45 Actuarial Valuation JOHN BARTEL & DOUG PRYOR May 18, 2009 Agenda Topic Page Benefit Summary 1 Data Summary 5 Methods & Assumptions
More informationRespectfully submitted,
June 25, 2016 County of Jackson 120 W. Michigan Ave. Jackson, Michigan 49201 Attention: Mr. James Latham, Finance Officer This report contains the results of an actuarial valuation of the liabilities associated
More informationKey Benefit Concepts, LLC
Accounting and Sample Funding Report of Liabilities for Participants Post Employment Benefits as of July 1, 2012 Thru End of the Year June 30, 2013 May 2013 This report, its text, charts, content and formatting
More informationSystem Keynotes. Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics
City Council Working Session February 13, 2012 Agenda System Keynotes Trust Performance, Market Returns, Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics 1 City Ordinance
More informationGASB 75 Overview. Presented by Josh Harner, WVDE School of Finance. GASB Statement No. 75
GASB 75 Overview Presented by Josh Harner, WVDE School of Finance GASB Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions 2 1 General Information Objective
More informationLouis Kosiba IMRF Executive Director Richard DeCleene IMRF Chief Financial Officer
Louis Kosiba IMRF Executive Director Richard DeCleene IMRF Chief Financial Officer 1 How Employer Rates Are Calculated How to Understand Funded Status Reducing the Unfunded Actuarial Accrued Liability
More informationKey Benefit Concepts, LLC
Key Benefit Concepts, LLC Accounting and Sample Funding Report of Liabilities for Participants Post Employment Benefits as of July 1, 2013 Thru End of the Year June 30, 2014 April 2014 This report, its
More informationTO MEMBERS OF THE FINANCE AND CAPITAL STRATEGIES COMMITTEE: DISCUSSION ITEM
F7 Office of the President TO MEMBERS OF THE FINANCE AND CAPITAL : For Meeting of DISCUSSION ITEM ANNUAL ACTUARIAL VALUATIONS FOR THE UNIVERSITY OF CALIFORNIA RETIREMENT PLAN AND ITS SEGMENTS AND FOR THE
More informationKALKASKA COUNTY ROAD COMMISSION OPEB BENEFITS Kalkaska County Road Commission
Kalkaska County Road Commission ACCOUNTING REPORT AND VALUATION AS PROVIDED FOR UNDER THE ALTERNATE CALCULATION PROVISIONS OF GASB STATEMENTS NO. 43 & 45 For the Period January 1, 2016 to December 31,
More informationJune 1, 2017 City #00004
June 1, 2017 City #00004 City Official City of Abernathy P.O. Box 310 Abernathy, TX 79311-0310 Subject: 2018 Municipal Contribution Rate Dear City Official: Presented below are your city s contribution
More informationProtecting Local Government Retirement and Benefits Act Corrective Action Plan: Retirement Health Benefit Systems
Michigan Department of Treasury 5597 (08-18) Protecting Local Government Retirement and Benefits Act Corrective Action Plan: Retirement Health Benefit Systems Issued under authority of Public Act 202 of
More informationMIDLAND COUNTY RETIREE HEALTH CARE PLAN
MIDLAND COUNTY RETIREE HEALTH CARE PLAN TWENTY THIRD ACTUARIAL VALUATION DECEMBER 31, 2015 August 12, 2016 The Retiree Health Plan Board Midland County Midland, Michigan Dear Board Members: Submitted in
More informationGrand Strand Water and Sewer Authority Retiree Health Care Benefit Plan
Grand Strand Water and Sewer Authority Retiree Health Care Benefit Plan Report on Financial Statements For the year ended June 30, 2014 Contents Page Independent Auditor's Report... 1-2 Financial Statements
More informationJune 1, 2017 City #01180
June 1, 2017 City #01180 City Official City of Silsbee 105 South 3rd St. Silsbee, TX 77656-4953 Subject: 2018 Municipal Contribution Rate Dear City Official: Presented below are your city s contribution
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION THIS PAGE LEFT BLANK INTENTIONALLY REQUIRED SUPPLEMENTARY INFORMATION LAW ENFORCEMENT OFFICERS AND FIREFIGHTERS (LEOFF1) SCHEDULE OF FUNDING PROGRESS Actuarial Accrued
More informationADDENDUM # 1. Page 1 of 2
ADDENDUM # 1 From: Lena L. Butler, Purchasing Supervisor To: All Prospective Firms Project: Other Post-Employment Benefits (OPEB) Services Date: July 7, 2017 This addendum is issued to update information
More informationAccounting for the OPEB Obligation
Accounting for the OPEB Obligation Tom Swain, F.S.A. August 18, 2016 Agenda Overview and effective dates Significant changes Sample balance sheet pre/post changes Plan sponsor implications Planning steps
More informationST. CLAIR COUNTY EMPLOYEES RETIREMENT SYSTEM
ST. CLAIR COUNTY EMPLOYEES RETIREMENT SYSTEM TWENTY FOURTH ANNUAL ACTUARIAL VALUATION OF THE RETIREE HEALTH BENEFITS DECEMBER 31, 2008 CONTENTS Section Page Introduction A 1-4 Executive Summary B 1 Financial
More informationBudget Hearing Agenda. 1. CAO Presentation 2. Public Comment 3. Board Discussion/Action
Budget Hearing Agenda 1. CAO Presentation 2. Public Comment 3. Board Discussion/Action 2 Budget Drivers/Challenges Recognize sacrifice by Employees that were needed to address long term structural issues
More informationUniversity Of California Retiree Health Benefit Program. Actuarial Valuation as of July 1, 2009
University Of California Retiree Health Benefit Program Actuarial Valuation as of July 1, 2009 Table of Contents Table of Contents Section Description Page Actuarial Valuation Certification... ii I. Executive
More informationActuarial Concepts 101. Presented By: Jason L. Franken, FSA, EA, MAAA
Actuarial Concepts 101 Presented By: Jason L. Franken, FSA, EA, MAAA ROLE OF THE ACTUARY Determine the Timing and Pattern of Annual Contributions Help Maintain the Health of the Pension Fund Ensure that
More informationBenefits & Retirement Overview
Benefits & Retirement Overview January 25, 2012 Employee Groups 7 Executive Management (Unrepresented) 17 Managers (Unrepresented) 16 Tech Svcs 18 Other (Unrepresented) Eng Admin / Clerical 26 49 OCEA
More informationDistrict's proportion of the FRS net pension liability % %
SCHEDULE OF THE DISTRICT S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN District's proportion of the FRS net pension liability 0.4656% 0.4634% District's proportionate
More informationStatus of Local Pension Funding Fiscal Year 2012: An Evaluation of Ten Local Government Employee Pension Funds in Cook County
Status of Local Pension Funding Fiscal Year 2012: An Evaluation of Ten Local Government Employee Pension Funds in Cook County October 2, 2014 ACKNOWLEDGEMENTS The Civic Federation would like to thank the
More informationConsiderations for Pre-Funding an OPEB liability
Considerations for Pre-Funding an OPEB liability GFOA TX Spring Conference April 14, 2014 Austin, TX Mehdi Riazi ASA, EA, MAA Copyright 2014 GRS All rights reserved. Introduction The balance sheet liability
More informationTable A City Contribution Rate Impact of the New Plan:
Mr. William S. Raggio February 27, 2013 Page 2 Table A City Contribution Rate Impact of the New Plan: Actuarial Assumptions (percentage of payroll): Beginning of Year 15 - July Biweekly Retirement 2.94%
More informationBOROUGH OF SWARTHMORE POLICE PENSION PLAN DELAWARE COUNTY, PENNSYLVANIA AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2014
BOROUGH OF SWARTHMORE POLICE PENSION PLAN DELAWARE COUNTY, PENNSYLVANIA AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2014 BOROUGH OF SWARTHMORE POLICE PENSION PLAN TABLE OF CONTENTS INDEPENDENT AUDITOR'S
More informationActuarial Valuation and Review as of December 31, 2010
Orange County Employees Retirement System Actuarial Valuation and Review as of December 31, 2010 Copyright 2011 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company
More informationCITY OF HAINES CITY GENERAL EMPLOYEES' PENSION PLAN SECTION , FLORIDA STATUTES COMPLIANCE
CITY OF HAINES CITY GENERAL EMPLOYEES' PENSION PLAN SECTION 112.664, FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained in Section
More informationGASB UPDATE. Kathryn Barrett, CPA Freed Maxick CPAs, PC Alexandria Battaglia, CPA R.S. Abrams & Co., LLP
GASB UPDATE Kathryn Barrett, CPA Freed Maxick CPAs, PC Alexandria Battaglia, CPA R.S. Abrams & Co., LLP 1 Effective for June 30, 2018 Statement No. 75 OPEB (employers) Statement No. 81 Irrevocable Split
More informationReport on the Actuarial Valuation for Virginia Retirement System. Prepared as of June 30, 2014
R Report on the Actuarial Valuation for Virginia Retirement System Prepared as of June 30, 2014 December 19, 2014 The Board of Trustees Page 2 The promised benefits of VRS are included in the calculated
More informationMEMORANDUM. CAFR Changes
MEMORANDUM DATE: February 2, 2015 TO: Members of the Board of Retirement FROM: Brenda Shott, Assistant CEO, Finance and Internal Operations SUBJECT: GASB 67/68 Update Recommendation: Receive and file.
More informationManaging Pension & OPEB Obligations. CARFAC Presentation to the Board of Commissioners December 10, 2012
Managing Pension & OPEB Obligations CARFAC Presentation to the Board of Commissioners December 10, 2012 Managing Pension & OPEB Obligations CARFAC Presentation to the Board of Commissioners December 10,
More informationYourPublicMoney.Com Memo 6/21/2010 v.1c. One Page Summary - Key Proposed Changes
Possible Changes in Pension Accounting and Financial Reporting Plain-Language Supplement to Preliminary Views Governmental Accounting Standards Board June 16, 2010 YourPublicMoney.Com Memo 6/21/2010 v.1c
More informationReport on a Possible New Plan Design for the Shelby County Retirement System
The experience and dedication you deserve Report on a Possible New Plan Design for the Shelby County Retirement System Prepared as of June 30, 2009 www.cavmacconsulting.com TABLE OF CONTENTS Section Item
More informationTotal revenues 2,735,920 2,675,087 2,675,087 -
Revenues: Local sources: THE SCHOOL BOARD OF MIAMI-DADE COUNTY, FLORIDA GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL FOR THE FISCAL YEAR ENDED Variance
More informationWashoe County, Nevada OPEB Trust Fund Financial Statements For the Fiscal Year ended June 30, 2012
Washoe County, Nevada OPEB Trust Fund Financial Statements For the Fiscal Year ended June 30, 2012 This page intentionally left blank WASHOE COUNTY, NEVADA OPEB TRUST FUND FINANCIAL STATEMENTS FOR THE
More informationEmployee Compensation Plan Prepared Pursuant to Section 18j of Public Act 51 of 1951, as Amended September 1, 2018.
Employee Compensation Plan Prepared Pursuant to Section 18j of Public Act 51 of 1951, as Amended September 1, 2018 Purpose of Plan Section 18j of Public Act 51 of 1951, as amended, requires each local
More informationSt. Clair County GASB 45 Financial Report. As of December 31, 2011
St. Clair County GASB 45 Financial Report As of December 31, 2011 Table of Contents Page Certification Actuary s Notes...... 1 Executive Summary...... 2 Valuation Results Required Supplementary Information......
More informationMayors & Council Members Executive Forum GASB 74/75 and the Cadillac Tax
Mayors & Council Members Executive Forum GASB 74/75 and the Cadillac Tax Presented By: Anil Comelo - City of Oakland Steve Gedestad - Keenan Patrick Clark PC Consulting June 23, 2016a License No. 0451271
More information7 - Employer Contributions
Illinois Municipal Retirement Fund Employer Contributions / SECTION 7 7 - Employer Contributions EMPLOYER CONTRIBUTIONS... 266 7.00 INTRODUCTION... 266 7.00 A. Employer Rate Notices... 266 7.00 B. Actuarial
More informationFiscal Year Budget Hearings April 21, 2015
Fiscal Year 2015-2016 Budget Hearings April 21, 2015 Budget Hearing Agenda 1. County Administrator Overview 2. Department Head Presentations o Clerk/Recorder, Joe Canciamilla o Sheriff, David Livingston
More informationFUNDING ACTUARIAL VALUATION
FUNDING ACTUARIAL VALUATION As of December 31, 2017 St. Clair County CONTACT Emily Clauss, ASA, MAAA emily.clauss@nyhart.com ADDRESS Nyhart 8415 Allison Pointe Blvd. Suite 300 Indianapolis, IN 46250 PHONE
More informationCITY OF WINTER GARDEN PENSION PLAN FOR FIREFIGHTERS AND POLICE OFFICERS SECTION , FLORIDA STATUTES COMPLIANCE
CITY OF WINTER GARDEN PENSION PLAN FOR FIREFIGHTERS AND POLICE OFFICERS SECTION 112.664, FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems
More informationGASB 67 & 68 Frequently Asked Questions (FAQs)
GASB 67 & 68 Frequently Asked Questions (FAQs) 1. When do these new standards go into effect? Statement No. 67 replaces the requirements of the existing Statement No. 25, Financial Reporting for Defined
More informationActuarial Basics. Presented by Mike Overley, Regional Manager Tony Radjenovich, Regional Manager
Actuarial Basics Presented by Mike Overley, Regional Manager Tony Radjenovich, Regional Manager 1 Objectives Funding Concepts of Retirement Plans Actuarial Valuations Actuarial Terminology 2 Funding Concepts
More informationBOROUGH OF SWARTHMORE POLICE PENSION PLAN DELAWARE COUNTY, PENNSYLVANIA AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2016
BOROUGH OF SWARTHMORE POLICE PENSION PLAN DELAWARE COUNTY, PENNSYLVANIA AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2016 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR'S REPORT 1-3 FINANCIAL STATEMENTS Statement
More informationDiscussion of Valuation Results
TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS Discussion of Valuation Results Actuarial Valuation as of June 30, 2017 Kim Nicholl, FSA, MAAA, FCA, EA Matt Strom, FSA, MAAA, EA Jake Libauskas, ASA,
More informationSt. Clair County GASB 45 Actuarial Valuation As of December 31, 2012
St. Clair County GASB 45 Actuarial Valuation As of December 31, 2012 Prepared by: Nyhart 8415 Allison Pointe Blvd., Suite 300 Indianapolis, IN 46250 Ph: (317) 845-3500 www.nyhart.com Table of Contents
More informationGenesee County Employees Retirement System. Actuarial Information for GASB Statements 67/68
Genesee County Actuarial Information for GASB Statements 67/68 December 31, 2016 May 15, 2017 The Retirement Commission 1101 Beach Street Flint, Michigan 48502-1453 Dear Retirement Commission: This document
More informationJuly 31, The Board of Trustees City of Pontiac General Employees Retirement System Pontiac, Michigan
July 31, 2014 The Board of Trustees Retirement System Pontiac, Michigan Dear Board Members: The purpose of the annual actuarial valuation of the City of Pontiac General Employees Retirement System, as
More informationCITY OF TEMPLE TERRACE POLICE OFFICERS' RETIREMENT SYSTEM SECTION , FLORIDA STATUTES COMPLIANCE
CITY OF TEMPLE TERRACE POLICE OFFICERS' RETIREMENT SYSTEM SECTION 112.664, FLORIDA STATUTES COMPLIANCE With respect to the reporting standards for defined benefit retirement plans or systems contained
More informationCOLLEGE OF THE SISKIYOUS FOLLOW UP REPORT
COLLEGE OF THE SISKIYOUS FOLLOW UP REPORT Submitted by: Siskiyou Joint Community College District 800 College Avenue Weed, CA 96094 Submitted to: Accrediting Commission for Community and Junior Colleges,
More information'. 1,! August 3, Honorable Arthur A. Garcia, Assistant Presiding Judge Santa Barbara Superior Court POBox 5369 Santa Maria, CA
--_.._._----_.._---------------------- P.O. Box4, G....:ta, CA 93116-0004 805 /968-2617 FAX805 / 562-8987 August 3, 2011 Honorable Arthur A. Garcia, Assistant Presiding Judge Santa Barbara Superior Court
More informationPAPERS NEW TRUSTEE WORKSHOP
PAPERS NEW TRUSTEE WORKSHOP WHAT DID MY ACTUARY SAY? May 24, 2017, Harrisburg, Pennsylvania 1:30 p.m. 2:20 p.m. Mark D. Meyer, JD, FSA, EA, MAAA Agenda What is an Actuary? Actuarial Concepts and Terminology
More informationTO MEMBERS OF THE FINANCE AND CAPITAL STRATEGIES COMMITTEE: ACTION ITEM
Office of the President TO MEMBERS OF THE FINANCE AND CAPITAL STRATEGIES : For Meeting of ACTION ITEM AUTHORIZATION TO INCREASE THE UNIVERSITY EMPLOYER CONTRIBUTION RATE, MAKE ADDITIONAL CONTRIBUTIONS
More informationActuarial Funding & TMRS
Actuarial Funding & TMRS Building a Foundation for the Future March 2, 2009 Hyatt Regency Austin Copyright 2009 GRS All rights reserved. Introduction to GRS GRS is the largest provider of pension and actuarial
More informationGRAND TRAVERSE COUNTY REPORT ON UNFUNDED PENSION & RETIREE HEALTH CARE LIABILITIES
GRAND TRAVERSE COUNTY REPORT ON UNFUNDED PENSION & RETIREE HEALTH CARE LIABILITIES PREPARED BY MARY LANNOYE March 2016 TABLE OF CONTENTS SECTION PAGE # EXECUTIVE SUMMARY 3 FULL REPORT 9 I. INTRODUCTION
More informationOCERS INFORMATIONAL MEETING FOR THE CONTRACT CITIES
OCERS INFORMATIONAL MEETING FOR THE CONTRACT CITIES O C T O B E R 2 5, 2 0 1 8 1 Contract Cities Presentation 2018 A PUBLIC PENSION PLAN PRIMER Contract Cities Presentation 2018 2 PENSION BENEFITS The
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION DC SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS DURING THE MEASUREMENT PERIOD Agent Multiple Employer Plan Measurement Period 2014-15 (1) 2013-14
More informationImpact of Mortality Table Projection Scales on Defined Benefit Pension Plan Valuations
Impact of Mortality Table Projection Scales on Defined Benefit Pension Plan Valuations 1. Purpose and Approach The study was conducted by David Kays of ACUFF Associates for the SOA Retirement Systems Research
More informationLINCOLN PARISH SHERIFF Ruston, Louisiana
Annual Financial Statements With Independent Auditor's Report As of and for the Year Ended June 30,2014 With Supplemental Information Schedules with the 2002 tax roll. This tax was renewed for an additional
More informationVILLAGE OF PELLSTON, MICHIGAN EMMET COUNTY. State of Michigan Economic Vitality Incentive Program Employee Compensation Plan
VILLAGE OF PELLSTON, MICHIGAN EMMET COUNTY State of Michigan Economic Vitality Incentive Program Employee Compensation Plan April 2013 INTRODUCTION The Village of Pellston has developed the following employee
More informationCity Council Report 915 I Street, 1 st Floor
Meeting Date: 12/8/2015 Report Type: Staff/Discussion Report ID: 2015-00852 23 City Council Report 915 I Street, 1 st Floor www.cityofsacramento.org Title: Strategies to Address the City's Other Post-Employment
More informationThe President s Task Force on Post Employment Benefits. Spring Local Forum
The President s Task Force on Post Employment Benefits Spring Local Forum V2 Agenda For Today Financial and Funding Issues Talent Management Issues Scope and work of the President s Post-Employment Benefit
More informationDISCUSSION ITEM EXECUTIVE SUMMARY
F2 Office of the President TO MEMBERS OF THE COMMITTEE ON FINANCE: For Meeting of DISCUSSION ITEM ANNUAL ACTUARIAL VALUATIONS FOR THE UNIVERSITY OF CALIFORNIA RETIREMENT PLAN AND ITS SEGMENTS AND FOR THE
More informationHealthcare Analytics Consulting. Actuarial Valuation of Postemployment Benefits as of Fiscal Year End June 30, Arthur J. Gallagher & Co.
Healthcare Analytics Consulting Village of Milford Actuarial Valuation of Postemployment Benefits as of Fiscal Year End June 30, 2017 July 31, 2017 Arthur J. Gallagher & Co. Healthcare Analytics Consulting
More informationJune 30, 2010 GASB 45 Actuarial Valuation Final Results
PERALTA COMMUNITY COLLEGE DISTRICT RETIREE HEALTHCARE PLAN June 30, 2010 GASB 45 Actuarial Valuation Final Results John Bartel and Doug Pryor Bartel Associates, LLC March 21, 2011 AGENDA Topic Page Benefit
More information