Laborers Pension Trust Fund for Northern California
|
|
- Liliana Jasmin Carson
- 5 years ago
- Views:
Transcription
1 Laborers Pension Trust Fund for Actuarial Valuation and Review as of June 1, 2016 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing requirements of federal government agencies. This valuation report may not otherwise be copied or reproduced in any form without the consent of the Board of Trustees and may only be provided to other parties in its entirety. The measurements shown in this actuarial valuation may not be applicable for other purposes. Copyright 2017 by The Segal Group, Inc. All rights reserved.
2 100 Montgomery Street, Suite 500 San Francisco, CA T March 14, 2017 Board of Trustees Laborers Pension Trust Fund for Fairfield, California Dear Trustees: We are pleased to submit the Actuarial Valuation and Review as of June 1, It establishes the funding requirements for the current year and analyzes the preceding year s experience. It also summarizes the actuarial data and includes the actuarial information that is required to be filed with Form 5500 to federal government agencies. The census information upon which our calculations were based was prepared by the Fund Office, under the direction of Byron Loney. That assistance is gratefully acknowledged. The actuarial calculations were completed under the supervision of Mark Hamwee, FSA, MAAA, Enrolled Actuary. We look forward to reviewing this report with you at your next meeting and to answering any questions you may have. Sincerely, Segal Consulting, a Member of The Segal Group By: TH/hy Frederick C. K. Herberich Senior Vice President cc: Luis Arteaga Edwin Embry Nickolas King Alex W. Miller, CPA Jill Bohnet Jose Gamez Concepcion E. Lozano-Batista, Esq. Susan J. Olson, Esq Matt Clizbe Gemma Ganoy Byron Loney Ronald L. Richman, Esq. Patricia Davis, Esq. Barry E. Hinkle, Esq. Larissa Manalansan Jennifer Snow, CPA Benefits, Compensation and HR Consulting. Member of The Segal Group. Offices throughout the United States and Canada
3 Table of Contents Laborers Pension Trust Fund for Actuarial Valuation and Review as of June 1, 2016 Section 1: Actuarial Valuation Summary Summary of Key Valuation Results... 8 A. Developments Since Last Valuation... 9 B. Funded Percentage and Funding Standard Account C. Scheduled Cost Margin D. Risk Comparison of Funded Percentages Section 2: Actuarial Valuation Results Participant Information Financial Information Actuarial Experience Actuarial Assumptions Plan Provisions Contribution Rate Changes Pension Protection Act of Funding Standard Account (FSA) Scheduled Cost Risk Disclosure Requirements Section 3: Supplementary Information Exhibit A - Table of Plan Coverage Exhibit B - Participant Population Exhibit C - Employment History Exhibit D - Summary Statement of Income and Expenses on an Actuarial Basis Exhibit E - Investment Return Actuarial Value vs. Market Value Exhibit F - Annual Funding Notice for Plan Year Beginning June 1, 2016 and Ending May 31, Exhibit G - Funding Standard Account Exhibit H - Maximum Deductible Contribution Exhibit I - Pension Protection Act of Section 4: Certificate of Actuarial Valuation Certificate of Actuarial Valuation Exhibit 1 - Summary of Actuarial Valuation Results Exhibit 2 - Actuarial Present Value of Accumulated Plan Benefits Exhibit 3 - Current Liability Exhibit 4 - Information on Plan Status as of June 1, Exhibit 5 - Schedule of Projection of Expected Benefit Payments Exhibit 6 - Schedule of Active Participant Data Exhibit 7 - Funding Standard Account Exhibit 8 - Statement of Actuarial Assumptions/Methods Exhibit 9 - Summary of Plan Provisions Section 5: General Background Changes in Contribution Rates and Benefit Amounts Other Developments
4 Introduction There are several ways of evaluating funding adequacy for a pension plan. In monitoring the Plan s financial position, the Trustees should keep in mind all of these concepts. Funding Standard Account Zone Information Solvency Projections Scheduled Cost Withdrawal Liability The ERISA Funding Standard Account (FSA) measures the cumulative difference between actual contributions and the minimum required contributions. If actual contributions exceed the minimum required contributions, the excess is called the credit balance. If actual contributions fall short of the minimum required contributions, a funding deficiency occurs. The Pension Protection Act of 2006 (PPA 06) called on plan sponsors to actively monitor the projected FSA credit balance, the funded percentage (the ratio of the actuarial value of assets to the present value of benefits earned to date) and cash flow sufficiency. Based on these measures, plans are then categorized as critical (Red Zone), endangered (Yellow Zone), or neither (Green Zone). The Multiemployer Pension Reform Act of 2014 (MPRA), among other things, made the zone provisions permanent. Pension plan funding anticipates that, over the long term, both contributions and investment earnings will be needed to cover benefit payments and expenses. To the extent that contributions are less than benefit payments, investment earnings and fund assets will be needed to cover the shortfall. In some situations, a plan may be faced with insufficient assets to cover its current obligations and may need assistance from the Pension Benefit Guaranty Corporation (PBGC). MPRA provides options for some plans facing insolvency. The Scheduled Cost is an annual amount based on benefit levels and assets that allows a comparison to current contribution levels, given the expectation of a continuing Plan. ERISA provides for assessment of withdrawal liability to employers who withdraw from a multiemployer plan based on unfunded vested benefit liabilities. A separate report is available. 4
5 Important Information about Actuarial Valuations An actuarial valuation is a budgeting tool with respect to the financing of future uncertain obligations of a pension plan. As such, it will never forecast the precise future contribution requirements or the precise future stream of benefit payments. In any event, it is an estimated forecast the actual cost of the plan will be determined by the benefits and expenses paid, not by the actuarial valuation. In order to prepare a valuation, Segal Consulting ( Segal ) relies on a number of input items. These include: Plan Provisions Participant Information Financial Information Actuarial Assumptions Plan provisions define the rules that will be used to determine benefit payments, and those rules, or the interpretation of them, may change over time. Even where they appear precise, outside factors may change how they operate. For example, a plan may require the award of a Social Security disability pension as a condition for receiving a disability pension from the plan. If so, changes in the Social Security law or administration may change the plan s costs without any change in the terms of the plan itself. It is important for the Trustees to keep Segal informed with respect to plan provisions and administrative procedures, and to review the plan summary included in our report to confirm that Segal has correctly interpreted the plan of benefits. An actuarial valuation for a plan is based on data provided to the actuary by the plan. Segal does not audit such data for completeness or accuracy, other than reviewing it for obvious inconsistencies compared to prior data and other information that appears unreasonable. For most plans, it is not possible nor desirable to take a snapshot of the actual workforce on the valuation date. It is not necessary to have perfect data for an actuarial valuation: the valuation is an estimated forecast, not a prediction. The uncertainties in other factors are such that even perfect data does not produce a perfect result. Notwithstanding the above, it is important for Segal to receive the best possible data and to be informed about any known incomplete or inaccurate data. Part of the cost of a plan will be paid from existing assets the balance will need to come from future contributions and investment income. The valuation is based on the asset values as of the valuation date, typically reported by the auditor. Some plans include assets, such as private equity holdings, real estate, or hedge funds, that are not subject to valuation by reference to transactions in the marketplace. A snapshot as of a single date may not be an appropriate value for determining a single year s contribution requirement, especially in volatile markets. Plan sponsors often use an actuarial value of assets that differs from market value to gradually reflect year-to-year changes in the market value of assets in determining the contribution requirements. In preparing an actuarial valuation, Segal starts by developing a forecast of the benefits to be paid to existing plan participants for the rest of their lives and the lives of their beneficiaries. This requires actuarial assumptions as to the probability of death, disability, withdrawal, and retirement of participants in each year, as well as forecasts of the plan s benefits for each of those events. The forecasted benefits are then discounted to a present value, typically based on an estimate of the rate of return that will be achieved on the plan s assets. All of these factors are uncertain and unknowable. Thus, there will be a range of reasonable assumptions, and the results may vary materially based on which assumptions the actuary selects within that range. That is, there is no right answer (except with hindsight). It is important for any user of an actuarial valuation to understand and accept this constraint. The actuarial model may use approximations and estimates that will have an immaterial impact on our results and will have no impact on the actual cost of the plan (the total of benefits and expenses paid out over time). In addition, the actuarial assumptions may change over time, and while this can have a significant impact on the reported results, it does not mean that the previous assumptions or results were unreasonable or wrong. 5
6 Given the above, the user of Segal s actuarial valuation (or other actuarial calculations) needs to keep the following in mind: The actuarial valuation is prepared for use by the Trustees. It includes information for compliance with federal filing requirements and for the plan s auditor. Segal is not responsible for the use or misuse of its report, particularly by any other party. An actuarial valuation is a measurement at a specific date it is not a prediction of a plan s future financial condition. Accordingly, Segal did not perform an analysis of the potential range of financial measurements, except where otherwise noted. Actuarial results in this report are not rounded, but that does not imply precision. Critical events for a plan include, but are not limited to, decisions about changes in benefits and contributions. The basis for such decisions needs to consider many factors such as the risk of changes in employment levels and investment losses, not just the current valuation results. ERISA requires a plan s enrolled actuary to provide a statement for inclusion in the plan s annual report disclosing any event or trend that the actuary has not taken into account, if, to the best of the actuary s knowledge, such an event or trend may require a material increase in plan costs or required contribution rates. If the Trustees are currently aware of any event that was not considered in this valuation and that may materially increase the cost of the Plan, they must advise Segal, so that we can evaluate it and take it into account. A certification of zone status under PPA 06 is a separate document from the actuarial valuation. Segal does not provide investment, legal, accounting, or tax advice. This valuation is based on Segal s understanding of applicable guidance in these areas and of the plan s provisions, but they may be subject to alternative interpretations. The Trustees should look to their other advisors for expertise in these areas. While Segal maintains extensive quality assurance procedures, an actuarial valuation involves complex computer models and numerous inputs. In the event that an inaccuracy is discovered after presentation of Segal s valuation, Segal may revise that valuation or make an appropriate adjustment in the next valuation. Segal s report shall be deemed to be final and accepted by the Trustees upon delivery and review. Trustees should notify Segal immediately of any questions or concerns about the final content. As Segal Consulting has no discretionary authority with respect to the management or assets of the Plan, it is not a fiduciary in its capacity as actuaries and consultants with respect to the Plan. 6
7 ACTUARIAL VALUATION OVERVIEW Participant Information Plan Provisions Financial Information Experience Actuarial Assumptions Actuarial Modeling Zone Information Funding Standard Account Scheduled Cost Disclosures Withdrawal Liability Solvency Projections 7
8 Section 1: Actuarial Valuation Summary Summary of Key Valuation Results Certified Zone Status Endangered Endangered Demographic Data: Number of active participants 15,349 16,672 Number of inactive participants with vested rights 7,206 7,254 Number of retired participants and beneficiaries, including suspensions 10,977 11,177 Assets: Market value of assets (MVA) $2,065,163,582 $2,131,898,558 Actuarial value of assets (AVA) 2,044,611,572 2,250,998,521 AVA as a percent of MVA 99.0% 105.6% Statutory Funding Information: Minimum required contribution $31,800,001 $0 Maximum deductible contribution 4,895,546,904 5,019,673,349 Annual Funding Notice percentage 71.3% 76.5% FSA deficiency projected in Plan Year beginning None None Amount Per Hour Amount Per Hour Scheduled Cost and Employer Contributions: Projected contributions 1 $233,795,968 $8.96 $253,947,904 $8.96 Scheduled Cost 154,862, ,934, Margin/(Deficit) 78,933, ,013, Projected contributions for the upcoming year 233,795, ,947,904 Actual contributions 262,800, Cost Elements on a Scheduled Cost Basis: Normal cost, including administrative expenses $37,519,035 $40,029,764 Actuarial accrued liability 3,061,473,149 3,144,201,838 Unfunded actuarial accrued liability (based on AVA) 1,016,861, ,203,317 1 Based on the Trustees long-term employment assumption of 1,700 hours per active participant per year. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 8
9 This June 1, 2016 actuarial valuation report is based on financial and demographic information as of that date. Changes subsequent to that date are not reflected unless specifically identified, and will affect future results. Segal is prepared to work with the Trustees to analyze the effects of any subsequent developments. The current year s actuarial valuation results follow. A. Developments Since Last Valuation 1. The rate of return on the market value of plan assets was -0.80% for the plan year. The rate of return on the actuarial value of assets was 5.89%. Given the low fixed income interest rate environment, target asset allocation and expectations of future investment returns for various asset classes, we will continue to monitor the Plan s actual and anticipated investment returns relative to the assumed long-term rate of return on investments of 7.50%. 2. The active population increased by 8.6% over the past year and the contributory hours increased from 27.2 million for the year ending July 31, 2015 to 29.7 million through July 31, Based on this experience, the projected future hours have increased since the last valuation, and the change has a positive effect on the plan s Scheduled Cost margin and credit balance projections. 3. The Trustees last updated their Funding Improvement Plan (FIP) in December Pursuant to collective bargaining and internal allocations out of a total wage package, the total pension contribution rate remains at $8.96 per hour. This rate is consistent with the Alternative Schedule (as updated) of the FIP, the schedule already in effect for all or virtually all plan participants. 4. The 2016 certification, issued on August 29, 2016, based on the liabilities calculated in the 2014 actuarial valuation, projected to May 31, 2016, and estimated asset information as of May 31, 2016, classified the Plan as endangered (in the Yellow Zone) because the funded percentage was 76.0% and the credit balance in the FSA was projected to be positive for at least seven years. This projection was based on the Trustees industry activity assumption of 23 million total contributory hours each year. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 9
10 B. Funded Percentage and Funding Standard Account 1. Based on this June 1, 2016 actuarial valuation, the funded percentage that will be reported on the 2016 Annual Funding Notice is 76.5%. 2. The credit balance in the FSA as of May 31, 2016 was $240,855,843, an increase of $97,624,396 from the prior year. A projection of the FSA indicates the credit balance is expected to remain positive and steadily increase over the next 30 years, assuming experience emerges as projected and no changes in the Plan, actuarial assumptions, law or regulations. 3. We are available to work with the Trustees to develop additional credit balance projections. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 10
11 C. Scheduled Cost Margin 1. The projected annual contributions of $8.96 per hour exceed the Scheduled Cost of $5.22 per hour, resulting in a margin of $3.74 per hour, or 41.8% of contributions as compared to a margin of 33.8% of contributions in the prior valuation. This improvement in the margin is primarily due to the prior year s contribution exceeding the Scheduled Cost and higher projected contribution income due to the increase in actives. 2. The investment experience in the past years has only been partially recognized in the actuarial value of assets. As the deferred net loss is recognized in future years, the Scheduled Cost of the Plan is likely to increase unless the net loss is offset by future experience gains. If the current year s actuarial value of assets were equal to the current market value of assets, the Scheduled Cost margin of $3.74 per hour would decrease to a margin of $3.24 hour, or 36.2% of contributions. 3. The projected annual contributions reflect the $8.96 hourly contribution rate, as required by the Funding Improvement Plan ( FIP ) and adopted by the collective bargaining parties. Once the Plan is no longer subject to the FIP, the Trustees should review the Scheduled Cost policy that is directed toward preserving the long-term adequacy of contribution rates. 4. The amortization period to compute the Scheduled Cost has 13 years remaining. The period is declining each year to provide an adequate and stable basis for assessing the funding needs of the Plan. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 11
12 D. Risk Since the actuarial valuation results are dependent on a given set of assumptions, there is a risk that emerging results may differ significantly as actual experience proves to be different from the assumptions. We have included a discussion of various risks that may affect the Plan in Section 2. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 12
13 Comparison of Funded Percentages Funded Percentages as of June Liabilities Assets 1. Present Value of Future Benefits 63.0% 67.4% $3,339,832,514 $2,250,998, Actuarial Accrued Liability 66.8% 71.6% 3,144,201,838 2,250,998, PPA 06 Liability and Annual Funding Notice 71.3% 76.5% 2,942,704,549 2,250,998, Accumulated Benefits Liability 72.0% 72.4% 2,942,704,549 2,131,898, Current Liability 42.7% 42.0% 5,071,191,179 2,131,898,558 Notes: 1. The value of benefits earned through the valuation date (accrued benefits) plus the value of benefits projected to be earned in the future for current participants. Used to develop the actuarial accrued liability, based on the long-term funding investment return assumption of 7.50% and the actuarial value of assets. The funded percentage using market value of assets is 63.6% for 2015 and 63.8% for The portion of the present value of future benefits allocated by the actuarial cost method to years prior to the valuation date. Used in determining Scheduled Cost, based on the long-term funding investment return assumption of 7.50% and the actuarial value of assets. The funded percentage using market value of assets is 67.5% for 2015 and 67.8% for The present value of benefits earned through the valuation date (accrued benefits) defined by PPA 06, based on the long-term funding investment return assumption of 7.50% and compared to the actuarial value of assets. 4. The present value of accrued benefits for disclosure in the audited financial statements, based on long-term funding investment return assumption of 7.50%, and compared to the market value of assets. 5. The present value of accrued benefits based on a government-prescribed mortality table and investment return assumption of 3.35% for 2015 and 3.20% for 2016, and compared to the market value of assets. Used to develop the maximum tax-deductible contribution and shown on the Schedule MB if less than 70%. Disclosure: These measurements are not necessarily appropriate for assessing the sufficiency of Plan assets to cover the estimated cost of settling the Plan s benefit obligations or the need for or the amount of future contributions. Section 1: Actuarial Valuation Summary as of June 1, 2016 for the Laborers Pension Trust Fund for 13
14 Section 2: Actuarial Valuation Results Participant Information The Actuarial Valuation is based on demographic data as of May 31, There are 16,672 active participants in the current valuation, compared to 15,349 in the prior valuation. The ratio of non-actives to actives has decreased slightly to 1.1 from 1.2 in the prior year. More details on the historical information are included in Section 3, Exhibits A and B. POPULATION AS OF MAY 31 RATIO OF NON-ACTIVES TO ACTIVES AS OF MAY 31 18, , , ,000 10,000 8,000 6, , , Active Inactive Vested In Pay Status Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 14
15 Active Participants There were 16,672 active participants this year, an increase of 8.6% compared to 15,349 in the prior year. The age and service distribution is included in Section 4, Exhibit 6. Distribution of Active Participants as of May 31, ,000 ACTIVES BY AGE 6,000 ACTIVES BY YEARS OF CREDITED SERVICE 2,500 5,000 2,000 4,000 1,500 3,000 1,000 2, , Average age 41.7 Average years of Credited Service 9.4 Prior year average age 41.8 Prior year average years of Credited Service 9.8 Difference -0.1 Difference -0.4 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 15
16 Historical Employment The charts below show a history of hours worked over the last ten years. Additional detail is in Section 3, Exhibit C. The 2016 zone certification was based on an industry activity assumption of 23 million total contributory hours per year. The valuation is based on 16,672 actives and a long-term employment projection of 1,700 hours. Recent total hours have been increasing and average hours have been relatively level. Millions TOTAL HOURS AS OF JULY 31 AVERAGE HOURS AS OF JULY ,000 1,800 1,600 1,400 1,200 1, Historical Average Total Hours Historical Average Hours Last year 29,689,136 Last year 1,781 Last five years 25,810,122 Last five years 1,742 Last 10 years 24,924,255 Last 10 years 1,694 Long-term assumption 1,700 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 16
17 Inactive Vested Participants A participant who is not currently active and has satisfied the requirements for, but has not yet commenced, a pension is considered an inactive vested participant. There were 7,254 inactive vested participants this year, an increase of 0.7% compared to 7,206 last year. 1,600 1,400 1,200 1, Distribution of Inactive Vested Participants as of May 31, 2016 INACTIVE VESTEDS BY AGE INACTIVE VESTEDS BY MONTHLY AMOUNT 2,500 2,000 1,500 1, Average age 48.7 Average amount $805 Prior year average age 48.5 Prior year average amount $799 Difference 0.2 Difference $6 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 17
18 New Pensions Awarded During the fiscal year ended May 31, 2016, there were 414 pensions awarded The average monthly pension awarded, after adjustment for optional forms of payment, was $1,539. Year Ended May 31 Number Total Regular Early Disability Vested Prorata Service Average Amount Number Average Amount Number Average Amount Number Average Amount Number Average Amount Number Average Amount Number Average Amount $1, $ $1, $ $ $1, $2, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,685 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 18
19 Pay Status Information May 31, 2015 vs. May 31, ,176 pensioners and 1,732 beneficiaries 9,255 pensioners and 1,848 beneficiaries $13,882,193 total monthly benefits received $14,263,604 total monthly benefits received 69 suspensions 74 suspensions Distribution of Pensioners as of May 31, ,000 1,800 1,600 1,400 1,200 1, PENSIONERS BY TYPE AND BY AGE 2,500 2,000 1,500 1, PENSIONERS BY TYPE AND MONTHLY AMOUNT Regular Early Disability Vested Prorata Service Regular Early Disability Vested Prorata Service Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 19
20 Progress of Pension Rolls Over the Past Ten Years Year Number IN PAY STATUS AT YEAR END Average Age Average Amount Terminations 1 Additions , $1, , , , , , , , , , , , , , , , , , , Terminations include pensioners who died or were suspended during the prior plan year. 2 Additions to the pension rolls include new pensions awarded and suspended pensioners who have been reinstated. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 20
21 Financial Information Benefits and expenses are funded solely from contributions and investment earnings. Additional detail is in Section 3, Exhibit D. For the last 2 years, benefit payments and expenses were 0.7 times contributions. COMPARISON OF EMPLOYER CONTRIBUTIONS WITH BENEFITS AND EXPENSES PAID $ Millions Contributions Expenses Benefits Paid Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 21
22 Determination of Actuarial Value of Assets The asset valuation method gradually recognizes annual market value fluctuations to help mitigate volatility in the actuarial cost calculations. Less volatility in the actuarial cost better aligns with a negotiated contribution rate. 1 Market value of assets, May 31, 2016 $2,131,898,558 Original Unrecognized 2 Calculation of unrecognized return Amount* Return** (a) Year ended May 31, $174,800,106 -$139,840,084 (b) Year ended May 31, ,051,993-29,431,196 (c) Year ended May 31, ,198,258 26,479,303 (d) Year ended May 31, ,460,070 23,692,014 (e) Year ended May 31, ,546,892 0 (f) Total unrecognized return -$119,099,963 3 Preliminary actuarial value: (1) - (2f) 2,250,998,521 4 Adjustment to be within 20% corridor 0 5 Final actuarial value of assets as of May 31, 2016: (3) + (4) 2,250,998,521 6 Actuarial value as a percentage of market value: (5) (1) 105.6% 7 Amount deferred for future recognition: (1) - (5) -$119,099,963 * Total return minus expected return on a market value basis ** Recognition at 20% per year over 5 years Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 22
23 Asset History for Years Ended May ACTUARIAL VALUE OF ASSETS VS. MARKET VALUE OF ASSETS 2.00 $ Billions Actuarial Value Market Value Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 23
24 Actuarial Experience Assumptions should reflect experience and should be based on reasonable expectations for the future. Each year actual experience is compared to that projected by the assumptions. Differences are reflected in the contribution requirement as an experience gain or loss. Assumptions are not changed if experience is believed to be a short-term development and that, over the long run, experience will return to assumed levels. The net experience variation for the year, other than investment experience, was 0.4% of the projected actuarial accrued liability from the prior valuation, and was not significant when compared to that liability. EXPERIENCE FOR THE YEAR ENDED MAY 31, Net loss from investments -$33,606,733 2 Net gain from administrative expenses 49,035 3 Net gain from other experience 11,587,333 4 Net experience loss: $21,970,365 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 24
25 Actuarial Value Investment Experience Net investment income consists of expected investment income at the actuarially assumed rate of return (net of investment expenses) and an adjustment for market value changes. The actuarial value of assets does not yet fully recognize past investment gains and losses, which will affect future actuarial investment returns. INVESTMENT EXPERIENCE FOR THE YEAR ENDED MAY 31, Net investment income $122,870,984 2 Average actuarial value of assets 2,086,369,555 3 Rate of return: % 4 Assumed rate of return 7.50% 5 Expected net investment income: 2 x 4 $156,477,717 6 Actuarial loss: 1-5 -$33,606,733 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 25
26 Historical Investment Returns Actuarial planning is long term. The obligations of a pension plan are expected to continue for the lifetime of all its participants. The assumed long-term rate of return of 7.50% considers past experience, the Trustees asset allocation policy and future expectations. MARKET VALUE AND ACTUARIAL RATES OF RETURN FOR YEARS ENDED MAY 31 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Actuarial Value Market Value Average Rates of Return Actuarial Value Market Value Most recent year return: 5.89% -0.80% Most recent five-year average return: 6.58% 5.46% Most recent ten-year average return: 5.93% 5.25% 20-year average return: 6.95% 6.10% Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 26
27 Non-Investment Experience Administrative Expenses Administrative expenses for the year ended May 31, 2016 totaled $4,702,574, as compared to the assumption of $4,750,000. Mortality Experience Mortality experience (more or fewer than expected deaths) yields actuarial gains or losses. The mortality assumptions were updated two years ago. The average number of deaths for nondisabled pensioners over the past 2 years was 304 per year compared to 270 projected deaths per year. The average number of deaths for disabled pensioners over the past 2 years was 53 per year compared to 40 projected deaths per year. Other Experience Other differences between projected and actual experience include the extent of turnover among the participants, retirement experience (earlier or later than projected) and the number of disability retirements. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 27
28 Actuarial Assumptions There were no changes in assumptions since the prior valuation. Details on actuarial assumptions and methods are in Section 4, Exhibit 8. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 28
29 Plan Provisions There were no changes in plan provisions since the prior valuation. A summary of plan provisions is in Section 4, Exhibit 9. Contribution Rate Changes There were no changes in contribution rates since the prior valuation. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 29
30 Pension Protection Act of Actuarial Status Certification PPA 06 requires trustees to actively monitor their plans financial prospects to identify emerging funding challenges so they can be addressed effectively. Details are shown in Section 3, Exhibit I. The 2016 certification, completed on August 29, 2016, was based on the liabilities calculated in the June 1, 2014 actuarial valuation, adjusted for subsequent events and projected to May 31, 2016, and estimated asset information as of May 31, The Trustees provided an industry activity projection of 23 million total contributory hours each year. This Plan was classified as endangered (in the Yellow Zone) because the funded percentage was 76.0% and the credit balance in the FSA was projected to be positive for at least seven years. Funding Improvement Plan This plan has been classified as being in endangered status since The Trustees adopted a Funding Improvement Plan (FIP) with various schedules of benefit cuts and/or contribution increases. The FIP has been reviewed and updated each year since In response to the FIP schedules, the Union allocated the following new amounts of additional money to the pension fund out of a total wage package: Effective June 28, 2010 June 27, 2011 July 1, 2012 July 1, 2013 Amount $0.39 per hour $0.39 per hour $1.85 per hour $0.57 per hour As per the schedules, no benefit reductions have resulted from these allocations, except for the changes that (1) increased the minimum hours threshold from 435 to 500 for various service and participation requirements after August 1, 2013 and (2) added a minimum age of 55 (60) for Service Pension eligibility on new participants hired after August 1, 2013 (August 1, 2015). Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 30
31 After reflecting the 3-year extension, as permitted under WRERA, the Funding Improvement Period ends on May 31, For the 2015 FIP update, the Trustees removed the Default Schedule, so that currently the FIP includes only a single schedule (the Alternative Schedule). Segal will continue to assist the Trustees to evaluate and update the FIP and to prepare the required assessment of Scheduled Progress. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 31
32 Funding Standard Account (FSA) On May 31, 2016, the FSA had a credit balance of $240,855,843, as shown on the 2015 Schedule MB. Contributions meet the legal requirement on a cumulative basis if that account shows no deficiency. The minimum funding requirement for the year beginning June 1, 2016 is $0. Based on the assumption that 16,672 participants will work an average of 1,700 hours at a $8.96 contribution rate, the contributions projected for the year beginning June 1, 2016 are $253,947,904. The credit balance is projected to increase by approximately $73 million to $315 million as of May 31, A summary of the ERISA minimum funding requirements and the FSA for the year ended May 31, 2016 is included in Section 3, Exhibit G. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 32
33 Funding Standard Account Projection A 30-year projection indicates the credit balance will remain positive, assuming that: The Plan will earn a market rate of return equal to 7.50% each year. All other experience emerges as assumed, no assumption changes are made, and There are no plan amendments or changes in law/regulation. The projection is based on a level number (16,672) of active employees and 1,700 hours per active CREDIT BALANCE AS OF MAY 31 $ Billions Additional scenarios would demonstrate sensitivity to investment return, employment and other alternative assumptions. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 33
34 PPA 06 Funded Percentage Historical Information $ Billions % 80% 70% 60% 50% 40% 30% 20% 10% 0% PRESENT VALUE OF ACCRUED BENEFITS (PVAB) VS. ACTUARIAL VALUE OF ASSETS AS OF JUNE PVAB Actuarial Value of Assets PPA 06 FUNDED PERCENTAGE AS OF JUNE % 76.5% The Trustees have adopted a Funding Improvement Plan that is designed to increase the plan s funded percentage. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 34
35 Scheduled Cost The Scheduled Cost is an annual contribution objective, reflecting benefit levels and current assets that is compared to projected contributions to assess the Plan s long-term financial position. As of June 1, 2016, the unfunded actuarial accrued liability totaled $893,203,317 (actuarial accrued liability of $3,144,201,838 less assets of $2,250,998,521). Simply avoiding an FSA funding deficiency is not a stable basis for funding the Plan. The Scheduled Cost uses a single amortization schedule (13 years remaining) for the total unfunded actuarial accrued liability, rather than the ERISA minimum funding approach. The plan of benefits and actuarial assumptions are unchanged from our prior valuation and are the same as those used for the FSA for the year beginning June 1, The Actuarial Cost Method used to determine Scheduled Cost is Entry Age Normal, different from the Unit Credit method used for the Funding Standard Account. The contribution rate is unchanged from that reflected in our prior valuation. The projected annual contributions include those adopted by the collective bargaining parties, as required by the Funding Improvement Plan. As the short-term funding issues are being resolved through the Funding Improvement Plan, the Trustees should review the Scheduled Cost to assess the long-term adequacy of contribution rates. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 35
36 Scheduled Cost and Reconciliation Year Beginning June 1 Cost Element Normal cost $32,950,524 $35,461, Administrative expenses 4,568,511 4,568,511 Amortization of the unfunded actuarial accrued liability 111,426, ,252,417 24% Adjustment for monthly payments 5,917,026 5,652,312 Annual Scheduled Cost, payable monthly $154,862,686 $147,934,493 69% 3% 4% Scheduled Cost as of June 1, 2015 $154,862,686 Effect of contributions more than Scheduled Cost -13,395,109 Effect of investment loss 4,000,078 Effect of other gains and losses on accrued liability -143,632 Effect of net other changes, including composition and number of participants 2,610,470 Total change -$6,928,193 Scheduled Cost as of June 1, 2016 $147,934,493 Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 36
37 Scheduled Cost vs. Contribution Projected annual employer contributions of $253,947,904 are based on the Trustees assumption that 16,672 active participants will work 1,700 hours at the $8.96 negotiated contribution rate. This exceeds the Scheduled Cost of $147,934,493 by $106,013,411, or 41.7% of projected contributions. Scheduled Cost ($5.22 per hour) Projected Contributions Normal Cost Expenses Amortization of UAL $1.30 $0.17 $3.75 $3.74 per hour margin $8.96 Prior net investment losses/gains are not fully recognized in the actuarial value of assets. Using the current market value of assets, the margin would be $91,837,407 ($3.24 per hour, or 36.2% of projected contributions). Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 37
38 Scheduled Cost vs. Projected Contributions Historical Information The margin or deficit is represented by the difference between projected contributions at the negotiated contribution rate and the Scheduled Cost $ Millions Scheduled Cost Projected Contributions Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 38
39 Risk Since the actuarial valuation results are dependent on a given set of assumptions, there is a risk that emerging results may differ significantly as actual experience proves to be different from the assumptions. We have not been engaged to perform a detailed analysis of the potential range of future measurements. However, we have included a brief discussion of some risks that may affect the Plan. Investment Risk (the risk that returns will be different than expected). Longevity Risk (the risk that mortality experience will be different than expected). Contribution Risk (the risk that actual contributions will be different from projected contributions). Demographic Risk (the risk that participant experience will be different than assumed). Examples of this risk include: Actual retirements occurring earlier or later than assumed. More or less active participant turnover than assumed. Return to covered employment of previously inactive participants. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 39
40 Disclosure Requirements Annual Funding Notice The actuarial information to be provided in the annual funding notice is shown in Section 3, Exhibit F. The value of plan benefits earned to date as of June 1, 2016 is $2,942,704,549 using the long-term funding interest rate of 7.50%. As the actuarial value of assets is $2,250,998,521, the Plan s funded percentage is 76.5%, compared to 71.3% in the prior year. Current Liability The Plan s current liability as of June 1, 2016 is $5,071,191,179 using an interest rate of 3.20%. As the market value of assets is $2,131,898,558, the funded current liability percentage is 42.0%. This is required to be disclosed on the 2016 Schedule MB of IRS Form 5500 since it is less than 70%. Details are shown in Section 4, Exhibit 3. Accounting Information The Financial Accounting Standards Board (FASB) requires determination of the present value of accumulated plan benefits - the single-sum value of the benefits, vested or not, earned by participants as of the valuation date. Additional details on the present value of the accumulated plan benefits can be found in Section 4, Exhibit 2. Section 2: Actuarial Valuation Results as of June 1, 2016 for the Laborers Pension Trust Fund for 40
41 Section 3: Supplementary Information EXHIBIT A - TABLE OF PLAN COVERAGE Year Ended May 31 Category Change from Prior Year Participants in Fund Office tabulation 16,206 17, % Less: Participants with less than one year of Credited Service 857 1,118 N/A Active participants in valuation: Number 15,349 16, % Average age Average years of Credited Service Contribution rate for upcoming year $8.96 $ % Number with unknown age % Total active vested participants 9,813 9, % Inactive participants with rights to a pension: Number 7,206 7, % Average age Average monthly benefit $799 $ % Pensioners (including disableds): Number in pay status 9,176 9, % Average age Average monthly benefit $1,425 $1, % Number in suspended status % Beneficiaries: Number in pay status 1,732 1, % Average age Average monthly benefit $466 $ % Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 41
42 Year Ended May 31 EXHIBIT B - PARTICIPANT POPULATION Active Participants Inactive Vested Participants Pensioners and Beneficiaries Ratio of Non-Actives to Actives ,082 4,750 9, ,310 5,269 9, ,601 6,044 9, ,371 6,962 10, ,207 7,007 10, ,258 6,659 10, ,008 6,683 10, ,700 6,686 11, ,349 7,206 10, ,672 7,254 11, Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 42
43 EXHIBIT C - EMPLOYMENT HISTORY Total Hours of Contributions Active Participants Average Hours of Contributions Year Ended July 31 Number Percent Change Number Percent Change Number Percent Change ,219, % 17, % 1, % ,563, % 16, % 1, % ,548, % 14, % 1, % ,423, % 12, % 1, % ,436, % 12, % 1, % ,446, % 13, % 1, % ,037, % 14, % 1, % ,687, % 14, % 1, % ,189, % 15, % 1, % ,689, % 16, % 1, % Five-year average hours: 1,742 Ten-year average hours: 1,694 Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 43
44 EXHIBIT D - SUMMARY STATEMENT OF INCOME AND EXPENSES ON AN ACTUARIAL BASIS Year Ended May 31, 2015 Year Ended May 31, 2016 Contribution income: Employer contributions $237,626,731 $262,779,592 Withdrawal liability payments 21,221 21,221 Less administrative expenses -4,357,733-4,702,574 Net contribution income $233,290,219 $258,098,239 Investment income: Expected investment income $138,005,480 $156,477,717 Adjustment toward market value 34,194,461-33,606,733 Net investment income 172,199, ,870,984 Total income available for benefits $405,490,160 $380,969,223 Less benefit payments -$168,613,085 -$174,582,274 Change in reserve for future benefits $236,877,075 $206,386,949 Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 44
45 EXHIBIT E - INVESTMENT RETURN ACTUARIAL VALUE VS. MARKET VALUE Actuarial Value Investment Return Market Value Investment Return Year Ended May 31 Amount Percent 1 Amount Percent Actuarial Value Investment Return Market Value Investment Return Year Ended May 31 Amount Percent 1 Amount Percent 1997 $150,450, % $118,672, % 2007 $116,714, % $199,813, % ,183, % 187,306, % ,774, % 34,991, % ,814, % 135,152, % ,296, % -278,409, % ,805, % 61,900, % ,993, % 141,965, % ,430, % 57,584, % ,497, % 229,457, % ,883, % -32,021, % ,251, % -27,955, % ,429, % 38,923, % ,697, % 225,053, % ,388, % 71,839, % ,322, % 192,595, % ,415, % 95,075, % ,199, % 96,195, % ,221, % 87,016, % ,870, % -16,780, % Total $1,847,049,836 $1,618,375,414 Most recent five-year average return: 6.58% 5.46% Most recent ten-year average return: 5.93% 5.25% 20-year average return: 6.95% 6.10% Note: Each year s yield is weighted by the average asset value in that year. 1 The investment return for 2006 includes the effect of a change in the method for determining the actuarial value of assets. Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 45
46 EXHIBIT F - ANNUAL FUNDING NOTICE FOR PLAN YEAR BEGINNING JUNE 1, 2016 AND ENDING MAY 31, Plan Year 2015 Plan Year 2014 Plan Year Actuarial valuation date June 1, 2016 June 1, 2015 June 1, 2014 Funded percentage 76.5% 71.3% 64.9% Value of assets $2,250,998,521 $2,044,611,572 $1,807,734,497 Value of liabilities 2,942,704,549 2,869,102,330 2,783,922,378 Fair market value of assets as of plan year end Not available 2,131,898,558 2,065,163,582 Critical or Endangered Status The Plan was in endangered status in the plan year because the funded percentage was less than 80% and there was no projected Funding Standard Account deficiency within 7 years. Section 3: Supplementary Information as of June 1, 2016 for the Laborers Pension Trust Fund for 46
Sheet Metal Workers' National Pension Fund
Sheet Metal Workers' National Actuarial Valuation and Review as of January 1, 2018 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting
More informationSEIU Affiliates Officers and Employees Pension Plan
SEIU Affiliates Officers and Employees Pension Plan Actuarial Valuation and Review as of January 1, 2016 This report has been prepared at the request of the Board of Trustees to assist in administering
More informationInternational Union of Operating Engineers Local 487 Pension Trust Fund Actuarial Valuation and Review as of April 1, 2014
International Union of Operating Engineers Local 487 Pension Trust Fund Actuarial Valuation and Review as of April 1, 2014 This report has been prepared at the request of the Board of Trustees to assist
More informationAutomotive Industries Pension Plan
Automotive Industries Actuarial Valuation and Review as of January 1, 2016 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting filing requirements
More informationSheet Metal Workers' National Pension Fund
Sheet Metal Workers' National Actuarial Valuation and Review as of January 1, 2015 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund and meeting
More informationReview of October 1, 2017 Actuarial Valuation Results
SEIU Local 1 & Participating Employers Pension Trust Review of October 1, 2017 Actuarial Valuation Results Presented by: Jessica A. Streit Vice President and Benefits Consultant John Redmond, ASA, MAAA,
More informationLaborers Pension Trust Fund for Northern California Actuarial Certification of Plan Status as of June 1, 2017 under IRC Section 432
Laborers Pension Trust Fund Actuarial Certification of Plan Status as of June 1, 2017 under IRC Section 432 Copyright 2017 by The Segal Group, Inc. All rights reserved. 100 MONTGOMERY STREET, 5TH FLOOR
More informationLaborers Pension Trust Fund for Northern California
Laborers Pension Trust Fund for Northern California Withdrawal Liability Valuation as of May 31, 2015 This report has been prepared at the request of the Board of Trustees for the purposes of establishing
More informationLaborers Pension Trust Fund for Northern California Actuarial Certification of Plan Status as of June 1, 2018 under IRC Section 432
Laborers Pension Trust Fund for Northern Actuarial Certification of Plan Status as of June 1, 2018 under IRC Section 432 Copyright 2018 by The Segal Group, Inc. All rights reserved. 100 MONTGOMERY STREET,
More informationAutomotive Industries Pension Plan Actuarial Valuation and Review as of January 1, 2010
Automotive Industries Pension Plan Actuarial Valuation and Review as of January 1, 2010 Copyright 2010 by The Segal Group, Inc., parent of The Segal Company. All rights reserved. SECTION 1 SECTION 2 SECTION
More informationSheet Metal Workers' National Pension Fund Actuarial Valuation and Review as of January 1, 2012
Sheet Metal Workers' National Pension Fund Actuarial Valuation and Review as of January 1, 2012 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund
More informationSheet Metal Workers' National Pension Fund Actuarial Valuation and Review as of January 1, 2010
Sheet Metal Workers' National Pension Fund Actuarial Valuation and Review as of January 1, 2010 Copyright 2010 by The Segal Group, Inc., parent of The Segal Company. All rights reserved. THE SEGAL COMPANY
More informationCity of Orlando Police Officers' Pension Fund
City of Orlando Police Officers' Actuarial Valuation and Review as of October 1, 2017 This report has been prepared at the request of the Board of Trustees to assist in administering the Fund. This valuation
More informationSheet Metal Workers' National Pension Fund. Actuarial Valuation and Review as of January 1, Copyright 2009
Sheet Metal Workers' National Pension Fund Actuarial Valuation and Review as of January 1, 2009 Copyright 2009 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED THE SEGAL COMPANY
More informationFire and Police Pension Fund, San Antonio
Fire and Police Pension Fund, San Actuarial Valuation and Review as of January 1, 2018 This report has been prepared at the request of the Board of Trustees to assist in administering the Pension Fund.
More informationMassachusetts Water Resources Authority Employees Retirement System
Massachusetts Water Resources Authority Employees Retirement System Actuarial Valuation and Review as of January 1, 2018 This report has been prepared at the request of the Retirement Board to assist in
More informationCity of Jacksonville General Employees Retirement Plan
City of Jacksonville General Actuarial Valuation and Review as of October 1, 2017 This report has been prepared at the request of the Board of Trustees to assist in administering the Plan. This valuation
More informationThe Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2017
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2017 This report has been prepared at the request of the Board of Administration to
More informationCentral States, Southeast and Southwest Areas Pension Plan
Central States, Southeast and Southwest Areas Pension Plan Withdrawal Liability Valuation as of December 31, 2015 This report has been prepared at the request of the Board of Trustees for the purposes
More informationSEIU National Industry Pension Fund
SEIU National Industry Withdrawal Liability Valuation as of December 31, 2016 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the basis for withdrawal
More informationThe next regular meeting of the Retirement Board will be held at 8:30 a.m. on Thursday, March 15, 2018.
11. Working Capital Management Strategy S. Skoda 12. Annual Retirement Board Training Report E. Grassetti REPORTS FROM THE RETIREMENT BOARD: 13. Brief report on any course, workshop, or conference attended
More informationGovernment Employees' Retirement System of the Virgin Islands
Government Employees' Retirement System of the Virgin Islands Actuarial Valuation and Review as of October 1, 2017 This report has been prepared at the request of the Board of Trustees to assist in administering
More informationCity of Holyoke Retirement System Actuarial Valuation and Review as of January 1, 2016
City of Holyoke Retirement System Actuarial Valuation and Review as of January 1, 2016 Copyright 2016 by The Segal Group, Inc. All rights reserved. 116 Huntington Ave., 8th Floor Boston, MA 02116 T 617.424.7300
More informationCity of Los Angeles Fire and Police Pension Plan
City of Los Angeles Fire and Police Pension Plan Actuarial Valuation and Review Of Retirement and Other Postemployment Benefits (OPEB) as of June 30, 2017 This report has been prepared at the request of
More informationBoilermaker-Blacksmith National Pension Trust
Boilermaker-Blacksmith Withdrawal Liability Valuation as of December 31, 2016 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the basis for withdrawal
More informationSheet Metal Workers National Pension Fund
Sheet Metal Workers Withdrawal Liability Valuation as of December 31, 2016 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the basis for withdrawal
More informationVentura County Employees Retirement Association
Ventura County Employees Retirement Association Actuarial Valuation and Review as of June 30, 2016 This report has been prepared at the request of the Board of Retirement to assist in administering the
More informationSheet Metal Workers National Pension Fund Withdrawal Liability Valuation as of December 31, 2014
Sheet Metal Workers Withdrawal Liability Valuation as of December 31, 2014 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the basis for withdrawal
More informationSan Bernardino County Employees Retirement Association
San Bernardino County Employees Retirement Association Actuarial Valuation and Review as of June 30, 2017 This report has been prepared at the request of the Board of Retirement to assist in administering
More informationFire and Police Pension Fund, San Antonio Actuarial Valuation and Review as of January 1, 2017
Fire and Police Pension Fund, San Antonio Actuarial Valuation and Review as of January 1, 2017 Copyright 2017 by The Segal Group, Inc. All rights reserved. 2018 Powers Ferry Road, Suite 850 Atlanta, GA
More informationCopyright 2016 by The Segal Group, Inc. All rights reserved.
Sacramento County Employees Retirement System (SCERS) Governmental Accounting Standards Board Statement 67 (GASBS 67) Actuarial Valuation as of June 30, 2016 This report has been prepared at the request
More informationMassachusetts Water Resources Authority
Massachusetts Water Resources Authority Actuarial Valuation and Review of Other Postemployment Benefits (OPEB) as of This report has been prepared at the request of the Massachusetts Water Resources Authority
More informationCity of Jacksonville General Employees Retirement Plan Actuarial Valuation and Review as of October 1, 2016
City of Jacksonville General Employees Retirement Plan Actuarial Valuation and Review as of October 1, 2016 Copyright 2017 by The Segal Group, Inc. All rights reserved. 2018 Powers Ferry Road, Suite 850
More informationSheet Metal Workers National Pension Fund
Sheet Metal Workers Withdrawal Liability Valuation as of December 31, 2017 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the basis for withdrawal
More informationThe Water and Power Employees Retirement Plan of the City of Los Angeles
The Water and Power Employees Retirement Plan of the City of Los Angeles Governmental Accounting Standards (GAS) 74 Actuarial Valuation for the Death Benefit Fund as of June 30, 2017 Family Death Benefit
More informationCopyright 2016 by The Segal Group, Inc. All rights reserved.
The Water and Power Employees Retirement Plan of the City of Governmental Accounting Standards (GAS) 67 Actuarial Valuation as of June 30, 2016 This report has been prepared at the request of the Board
More informationUniversity of California Retirement Plan
Attachment 1 University of California Retirement Plan ACTUARIAL VALUATION REPORT AS OF JULY 1, 2016 Copyright 2016 by The Segal Group, Inc. All rights reserved. 100 Montgomery Street, SUITE 500 San Francisco,
More informationThe Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2014
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2014 This report has been prepared at the request of the Board of Administration to
More informationOrange County Employees Retirement System
Orange County Employees Retirement System Actuarial Valuation and Review as of December 31, 2017 This report has been prepared at the request of the Board of Retirement to assist in administering the Fund.
More informationOrange County Employees Retirement System
Orange County Employees Retirement System Actuarial Valuation and Review as of December 31, 2016 This report has been prepared at the request of the Board of Retirement to assist in administering the Fund.
More informationEmployees' Retirement Fund of the City of Fort Worth Revised Actuarial Valuation and Review as of January 1, 2014
Employees' Retirement Fund of the City of Fort Worth Revised Actuarial Valuation and Review as of January 1, 2014 Copyright 2014 by The Segal Group, Inc. All rights reserved. 2018 Powers Ferry Road, Suite
More informationFresno County Employees Retirement Association
Fresno County Employees Retirement Association Actuarial Valuation and Review as of June 30, 2013 This report has been prepared at the request of the Board of Retirement to assist in administering the
More information100 Montgomery Street Suite 500 San Francisco, CA T
Orange County Employees Retirement System Governmental Accounting Standards Board (GASB) Statement 68 Actuarial Valuation Based on December 31, 2015 Measurement Date for Employer Reporting as of June 30,
More informationState Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2017
State Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2017 Copyright 2017 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER DRIVE, SUITE 500 CHICAGO, IL 60606
More informationSacramento County Employees Retirement System (SCERS)
Sacramento County Employees Retirement System (SCERS) Governmental Accounting Standards Board Statement 68 (GASBS 68) Actuarial Valuation Based on June 30, 2017 Measurement Date for Employer Reporting
More informationAugust 13, Segal Consulting, a Member of The Segal Group, Inc. By: JB/hy
Alameda County Employees Retirement Association Governmental Accounting Standards Board (GASB) Statement 68 Actuarial Valuation Based on December 31, 2014 Measurement Date for Employer Reporting as of
More informationActuarial Valuation and Review as of July 1, 2005
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2005 Copyright 2005 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS
More informationAlameda County Employees Retirement Association
Alameda County Employees Retirement Association Governmental Accounting Standards Board (GASB) 74 Actuarial Valuation and Review of the Benefits Provided by the Supplemental Retiree Benefits Reserve Other
More informationState Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2016
State Teachers Retirement System of Ohio Actuarial Valuation and Review as of July 1, 2016 Copyright 2016 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER DRIVE, SUITE 500 CHICAGO, IL 60606
More informationCity of Los Angeles Department of Water and Power
City of Los Angeles Department of Water and Power Actuarial Valuation and Review of Other Postemployment Benefits (OPEB) as of June 30, 2017 In accordance with GASB Statement No. 45 This report has been
More informationAGENDA EBMUD EMPLOYEES RETIREMENT SYSTEM January 17, 2013 Training Resource Center (TRC1) 8:30 a.m.
AGENDA EBMUD EMPLOYEES RETIREMENT SYSTEM January 17, 2013 Training Resource Center (TRC1) 8:30 a.m. ROLL CALL: PUBLIC COMMENT: The Retirement Board is limited by State Law to providing a brief response,
More informationLocal 25 S.E.I.U. and Participating Employers Pension Plan Actuarial Certification of Plan Status as of October 1, 2014 under IRC Section 432
Local 25 S.E.I.U. and Participating Employers Actuarial Certification of Plan Status as of October 1, 2014 under IRC Section 432 Copyright 2014 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER
More informationActuarial Valuation and Review as of June 30, 2009
Fresno County Employees' Retirement Association Actuarial Valuation and Review as of June 30, 2009 Copyright 2010 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company
More informationKern County Employees Retirement Association
Kern County Employees Retirement Association Governmental Accounting Standard (GAS) 68 Actuarial Valuation Based on June 30, 2017 Measurement Date for Employer Reporting as of June 30, 2018 This report
More informationImperial County Employees Retirement System
Imperial County Employees Retirement System Actuarial Valuation and Review as of June 30, 2014 This report has been prepared at the request of the Board of Retirement to assist in administering the Fund.
More informationTeachers Retirement System of the State of Illinois
Teachers Retirement System of the State of Illinois Preliminary Actuarial Valuation and Review of Pension Benefits as of June 30, 2018 October 16, 2018 Copyright 2018 by The Segal Group, Inc. All rights
More informationThe Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2012
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2012 Copyright 2012 by The Segal Group, Inc., parent of The Segal Company. All rights
More informationThe Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan
The Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan Review of the Disability Fund as of July 1, 2015 This report has been prepared at the request of the Board of Administration
More informationActuarial Valuation and Review as of June 30, 2009
City of Fresno Fire and Police Retirement System Actuarial Valuation and Review as of June 30, 2009 Copyright 2010 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company
More informationSheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2015 under IRC Section 432
Sheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2015 under IRC Section 432 Copyright 2015 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER
More informationas of July 1, 2006 Copyright October 2006 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED Actuarial Valuation Report
Benefits, Compensation and HR Consulting University of California Retirement Plan Actuarial Valuation Report as of July 1, 2006 Copyright October 2006 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY
More informationSheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2014 under IRC Section 432
Sheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2014 under IRC Section 432 Copyright 2014 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER
More informationAlameda County Employees Retirement Association
Alameda County Employees Retirement Association GASB Statement No. 43 (OPEB) and non-opeb Actuarial Valuation of the Benefits Provided by the Supplemental Retiree, Including Sufficiency of Funds, as of
More informationThe New York State Teamsters Conference Pension and Retirement Fund Application for Suspension of Benefits under MPRA EXHIBIT 21
The Application for Suspension of Benefits under MPRA EXHIBIT 21 DB1/ 88552986.1 New York State Teamsters Conference Pension and Retirement Fund Actuarial Valuation as of January 1, 2015 November 2, 2015
More informationWestern Conference of Teamsters Pension Plan
Western Conference of Teamsters Pension Plan January 1, 2017 Actuarial Valuation Prepared by: Milliman, Inc. Principal and Consulting Actuary Peter R. Sturdivan, FSA, EA, MAAA Consulting Actuaries: Grant
More informationAGENDA BOARD OF FIRE AND POLICE PENSION COMMISSIONERS. December 1, :30 a.m.
AGENDA BOARD OF FIRE AND POLICE PENSION COMMISSIONERS December 1, 2016 8:30 a.m. Sam Diannitto Boardroom Los Angeles Fire and Police Pensions Building 701 East Third Street, Suite 400 Los Angeles, CA 90013
More informationOrange County Employees Retirement System
Orange County Employees Retirement System Actuarial Valuation and Review as of December 31, 2014 This report has been prepared at the request of the Board of Retirement to assist in administering the Fund.
More informationUniversity of California Retirement Plan. Actuarial Valuation Report as of July 1, Copyright October 2005
Benefits, Compensation and HR Consulting University of California Retirement Plan Actuarial Valuation Report as of July 1, 2005 Copyright October 2005 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY
More informationEdison. Pension Trust
Edison Pension Trust Pension Funding Model Pension Plan Equation The illustration above represents the financial functioning of a pension trust. Ultimately, all benefits and expenses must be provided for
More informationActuarial Valuation and Review as of July 1, 2004
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2004 Copyright 2004 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS
More informationNew Mexico Retiree Health Care Authority
New Mexico Retiree Health Care Authority Actuarial Valuation and Review of Other Postemployment Benefits (OPEB) as of June 30, 2016 In accordance with GASB Statement No. 43 This report has been prepared
More informationACTUARIAL VALUATION REPOR
University of California Retirement Plan ACTUARIAL VALUATION REPORT AS OF JULY 1, 2013 Copyright 2013 by The Segal Group, Inc. All rights reserved. 100 Montgomery Street, SUITE 500 San Francisco, CA 941044
More informationMinneapolis Employees Retirement Fund. Actuarial Valuation and Review as of July 1, Copyright 2004
Minneapolis Employees Retirement Fund Actuarial Valuation and Review as of July 1, 2004 Copyright 2004 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company 6300
More informationMinneapolis Employees Retirement Fund. Actuarial Valuation and Review as of July 1, Copyright 2007
Minneapolis Employees Retirement Fund Actuarial Valuation and Review as of July 1, 2007 Copyright 2007 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal Company 101 North
More informationSheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2018 under IRC Section 432
Sheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2018 under IRC Section 432 Copyright 2018 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER
More informationActuarial Valuation and Review as of July 1, 2002
The Water and Power Employees' Retirement Plan of the City of Los Angeles Actuarial Valuation and Review as of July 1, 2002 Copyright 2002 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS
More informationHod Carriers Local 166 Pension Fund (East Bay)
Hod Carriers Local 166 Pension Fund (East Bay) Actuarial Valuation as of July 1, 2016 Venuti & Associates 5050 El Camino Real, Suite 106 Los Altos, California 94022 (650) 960-5700 May 2017 VENUTI & ASSOCIATES
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 informationNational. as of December 31, this report may not be applicable for other purposes.
Sheet Metal Workers National Pension Fund Withdrawal Liability Valuation as of December 31, 2012 This report has been prepared at the request of the Board of Trustees for the purposes of establishing the
More informationSheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2016 under IRC Section 432
Sheet Metal Workers' National Pension Fund Actuarial Certification of Plan Status as of January 1, 2016 under IRC Section 432 Copyright 2016 by The Segal Group, Inc. All rights reserved. 101 NORTH WACKER
More informationMiddlesex County Retirement System
Middlesex County Retirement System Governmental Accounting Standards Board (GASB) Statements No. 67 and 68 Accounting Valuation Report as of December 31, 2017 This report has been prepared at the request
More informationPublic Employees Retirement Association of Minnesota. Actuarial Valuation and Review as of July 1, Copyright 2004
Public Employees Retirement Association of Minnesota Actuarial Valuation and Review as of July 1, 2004 Copyright 2004 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED The Segal
More informationTacoma Employees Retirement System
Milliman Actuarial Valuation January 1, 2016 Actuarial Valuation Prepared by: Mark C. Olleman, FSA, EA, MAAA Consulting Actuary Daniel R. Wade, FSA, EA, MAAA Consulting Actuary Julie D. Smith, FSA, EA,
More informationThe Water and Power Employees' Retirement Plan of the City of Los Angeles Insured Lives Death Benefit Fund
The Water and Power Employees' Retirement Plan of the City of Los Angeles Insured Lives Death Benefit Fund GASB Actuarial Valuation and Review as of July 1, 2008 Copyright 2008 THE SEGAL GROUP, INC., THE
More informationThe Water and Power Employees' Retirement Plan of the City of Los Angeles Insured Lives Death Benefit Fund for Noncontributing Members
The Water and Power Employees' Retirement Plan of the City of Los Angeles Insured Lives Death Benefit Fund for Noncontributing Members GASB Actuarial Valuation and Review as of July 1, 2009 Copyright 2009
More informationFlorida Retirement System Pension Plan
Milliman Actuarial Valuation Actuarial Valuation as of July 1, 2017 Prepared by: Matt Larrabee, FSA, EA, MAAA Principal and Consulting Actuary Daniel Wade, FSA, EA, MAAA Principal and Consulting Actuary
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 informationSpecial Study to Provide Adopted Retirement Benefits for County General Tier 4 and County Safety Tier 4 Employees. Copyright 2012
FRESNO COUNTY EMPLOYEES RETIREMENT ASSOCIATION Special Study to Provide Adopted Retirement Benefits for County General Tier 4 and County Safety Tier 4 Employees Copyright 2012 THE SEGAL COMPANY, INC. THE
More informationCentral Laborers Pension Fund
Central Laborers Pension Fund P.O. Box 1267 Jacksonville, Illinois 62651 Phone 217-479-3600 Fax 217-245-1293 http://www.central-laborers.com April 27, 2018 TO: PARTICIPANTS, BENEFICIARIES, CONTRIBUTING
More informationThe City of Omaha Police & Fire Retirement System
The City of Omaha Police & Fire Retirement System Actuarial Valuation as of January 1, 2014 Cavanaugh Macdonald C O N S U L T I N G, L L C The experience and dedication you deserve July 10, 2014 Board
More informationMinnesota State Retiement System Legislators Retirement Fund. Actuarial Valuation and Review as of July 1, 2006
Minnesota State Retiement System Legislators Retirement Fund Actuarial Valuation and Review as of July 1, 2006 Copyright 2006 THE SEGAL GROUP, INC., THE PARENT OF THE SEGAL COMPANY ALL RIGHTS RESERVED
More information100 Montgomery Street, Suite 500 San Francisco, CA 94104
City of Los Angeles Fire and Police Pension Plan ACTUARIAL EXPERIENCE STUDY Analysis of Actuarial Experience During the Period July 1, 2010 through June 30, 2013 100 Montgomery Street, Suite 500 San Francisco,
More informationSan Joaquin County Employees Retirement Association
San Joaquin County Employees Retirement Association Actuarial Valuation as of January 1, 2017 Produced by Cheiron August 2017 TABLE OF CONTENTS Section Letter of Transmittal... i Foreword... ii Section
More informationThe Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan
The Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan Review of the as of July 1, 2013 This report has been prepared at the request of the Board of Administration to assist
More informationThe Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan
The Water and Power Employees Retirement, Disability and Death Benefit Insurance Plan Review of the Disability Fund as of July 1, 2014 This report has been prepared at the request of the Board of Administration
More informationCITY OF SAN JOSE FEDERATED CITY EMPLOYEES RETIREMENT SYSTEM POSTEMPLOYMENT HEALTHCARE PLAN. Audit of June 30, 2016 OPEB Actuarial Valuation
CITY OF SAN JOSE FEDERATED CITY EMPLOYEES RETIREMENT SYSTEM POSTEMPLOYMENT HEALTHCARE PLAN Audit of June 30, 2016 OPEB Actuarial Valuation 100 Montgomery Street, Suite 500 San Francisco, CA 94104 COPYRIGHT
More informationANNUAL FUNDING NOTICE. For MIDWEST OPERATING ENGINEERS PENSION TRUST FUND. Introduction. How Well Funded Is Your Plan
ANNUAL FUNDING NOTICE For MIDWEST OPERATING ENGINEERS PENSION TRUST FUND Introduction This notice includes important information about the funding status of your multiemployer pension plan (the Plan ).
More informationSan Diego City Employees Retirement System. City of San Diego. Actuarial Valuation as of June 30, Produced by Cheiron
San Diego City Employees Retirement System City of San Diego Actuarial Valuation as of June 30, 2014 Produced by Cheiron February 2015 Table of Contents Letter of Transmittal... i Section Section I Board
More informationACTUARIAL VALUATION REPORT
MARTA / ATU LOCAL 732 EMPLOYEES RETIREMENT PLAN ACTUARIAL VALUATION REPORT AS OF JANUARY 1, 2011 BHA CONSULTING LLC 5400 LAUREL SPRINGS PARKWAY, SUITE 1306 SUWANEE, GA 30024 TEL: 678-456-6200 FAX: 678-456-6205
More informationIOWA PUBLIC EMPLOYEES RETIREMENT SYSTEM
IOWA PUBLIC EMPLOYEES RETIREMENT SYSTEM Actuarial Valuation Report as of June 30, 2018 This page intentionally left blank TABLE OF CONTENTS Section Page Certification Letter I Executive Summary... 1 II
More information