Subject: Safety Members Pension Fund Annual Reports for FY 2009
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- Mabel Patience Skinner
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1 Office of the City Manager CONSENT CALENDAR December 8, 2009 To: From: Honorable Mayor and Members of the City Council Phil Kamlarz, City Manager Submitted by: Robert Hicks, Director, Finance Subject: Safety Members Pension Fund Annual Reports for FY 2009 RECOMMENDATION Accept the Safety Members Pension Fund (SMPF) annual reports for fiscal year ended June 30, FISCAL IMPACTS OF RECOMMENDATION None. CURRENT SITUATION AND ITS EFFECTS On November 17, 2009, the SMPF Board held its annual meeting, reviewed and approved the SMPF annual reports for the fiscal year ended June 30, In accordance with Ordinance No. 6,551-N.S., the annual report of the SMPF for FY 2009 is being submitted to Council for acceptance. BACKGROUND Ordinance No. 6,551-N.S. requires an annual report be submitted to the City Council on or before the first day of December of each year. SMPF is a single employer defined benefit pension plan for fire and police officers who retired prior to March It is a closed plan and is administered by the Safety Members Pension Board. The benefit plan covers only uniformed personnel and only those who elected not to transfer to PERS. As of June 30, 2009, there were 31 retirees and beneficiaries receiving benefits. 23 of these retired firefighters and police officers, who became members of the fire or police pension systems prior to June 16, 1944, belong to a fluctuating pension system. These pensioners are entitled to a pension salary that is calculated as a percent of current salaries for their former position, plus the current dollar value of the following four benefits: uniform allowance, dental insurance, family medical insurance and holiday pay Milvia Street, Berkeley, CA Tel: (510) TDD: (510) Fax: (510) manager@ci.berkeley.ca.us Website:
2 Safety Members Pension Fund Annual Reports for FY 2009 CONSENT CALENDAR December 8, 2009 There is a second group of pensioners, 8 retired fire and police personnel (or their survivors) who joined the workforce subsequent to June 16, 1944 and retired from service prior to March 1973, who were permitted a maximum 3% annual cost of living increase (fixed basis). These 8 fixed retiree s pension benefits had increasingly fallen behind the larger group s pension award because the larger group was provided a fluctuating cost of living award. For the year ended June 30, 2009, the City s annual required contribution was $1,736,185 and was equal to the benefit payments and professional services cost during the year. The City contributed this amount for the year through a $745,376 payment from the annuity and $990,809 paid from the General Fund. CONTACT PERSON Jenny Chew, Systems Accountant, Finance Department, Attachments: 1: SMPF Annual Reports for FY : SMPF Board Meeting Agenda 3: SMPF Actuarial Valuation Report, Valuation Date of July 1, : Summary of Activity in SMPF, July 1, 2008 through June 30, : Pension Payments as of July 1, 2009
3 Attachment 1 City of Berkeley Department of Finance Accounting Division Safety Members Pension Fund Financial Report For the Fiscal Year Ended June 30, 2009 Prepared by: Accounting Division Department of Finance Accounting 2180 Milvia Street, Berkeley CA 94704
4 Department of Finance Accounting Division City of Berkeley Safety Members Pension Fund Financial Report For the Fiscal Year Ended June 30, 2009 Table of Contents Page A. Statement of Plan Net Assets 1 B. Statement of Changes in Plan Net Assets 2 C. Notes to Financial Statements 3-6
5 Department of Finance Accounting Division CITY OF BERKELEY SAFETY MEMBERS PENSION FUND STATEMENT OF PLAN NET ASSETS AS OF JUNE 30, 2009 ASSETS Cash $ 45,220 Investment Guaranteed Investment Contract 3,042,686 Total Assets 3,087,906 LIABLITLIES Accrued salaries and related liabilities 45,220 Total Liabilities 45,220 NET ASSETS Held in trust for pension benefits $ 3,042,686 See accompanying notes to SMPF financial statements 2180 Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 1
6 Department of Finance Accounting Division SAFETY MEMBERS PENSION FUND STATEMENT OF CHANGES IN PLAN NET ASSETS FOR THE YEAR ENDED JUNE 30, 2009 ADDITIONS: General Fund Contribution $ Investment Income - Net 291,339 Total Additions $ 1,282,148 DEDUCTIONS: Benefit Payments - Service 1,222,403 Benefit Payments - Disability 506,182 Professional Services 7,600 Total Deductions 1,736,185 Changes in net assets (454,037) Net Assets - beginning 3,496,723 Net Assets - ending $ 3,042,686 See Acccompanying Notes to SMPF financial statements Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 2
7 Department of Finance Accounting Division Notes to the Financial Statements Safety Members Pension Fund For the Fiscal Year Ended June 30, 2009 A. Description of the Reporting Entity The original Town of Berkeley was incorporated on April 4, The first Charter was adopted under authority of the state Constitution and approved by the Legislature on March 5, The City operates under the Council-Manager form of government. The City Council is comprised of the mayor and eight members. It is responsible for enacting ordinances, resolutions and regulations governing various statutory and advisory boards. As Chief Administrative Officer, the City Manager is responsible for the administration and enforcement of all laws and ordinances. B. Basis of Accounting The City of Berkeley Safety Members Pension Fund financial statements are prepared using the accrual basis of accounting under which revenues are recognized when earned and expenses are recognized when incurred. C. Description of the Pension Fund The City pays Safety Members Pension Fund (SMPF) benefits on a pay-as-you-go basis. The City maintains the SMPF, a single employer defined benefit pension plan for fire and police officers who retired prior to March This closed benefit plan is administered by the Safety Members Pension Board. All active fire and police officers were transferred from SMPF to the Public Employees Retirement System (PERS) in March The SMPF covers only uniformed personnel and only those who elected not to transfer to PERS. Although the SMPF presents separate financial statements, it is also a component unit of the City s financial reporting entity. As of June 30, 2009, there were 31 retirees and beneficiaries receiving benefits. 23 of these retired firefighters and police officers, who became members of the fire or police pension systems prior to June 16, 1944, belong to a fluctuating pension system. These pensioners are entitled to a pension salary that is calculated as a percent of current salaries for their former position, plus the current dollar value of the following four benefits: uniform allowance, dental insurance, family medical insurance and holiday pay Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 3
8 Notes to the Financial Statements Safety Member Pension Fund For the Fiscal Year Ended June 30, 2009 There is a second group of pensioners, 8 retired fire and police personnel (or their survivors) who joined the workforce subsequent to June 16, 1944 and retired from service prior to March 1973, who were permitted a maximum 3% annual cost of living increase (fixed basis). These 8 fixed retirees pension benefits had increasingly fallen behind the larger group s pension award because the larger group was provided a fluctuating cost of living award. D. Description of the Funding Agreement The City is required to pay all pension benefit obligations. To help finance payments for its pensioners, the City entered into funding agreements with the Berkeley Civic Improvement Corporation (BCIC), and with Massachusetts Mutual in February The resulting annuity is to provide payments to the Safety Member s Pension fund sufficient to cover the City s pension obligation, not including full-fluctuating and cost of living increases. Annuity activity for the year is summarized below: City of Berkeley Safety Members Pension Fund Pension Obligation Financing Beginning Value Gross Interest Earned Annuity Payment Ending Value Year Ending June 30, 2009 $ 3,496, ,339 (745,376) $ 3,042,686 This annuity agreement provides annual payments through 2018 and an annual guaranteed 9.68% rate of return (net of expenses). The shortfall between the annuity and actual pension liability is paid from the General Fund. Additional amounts may be paid, in 2009 through 2017, under a Risk Agreement to compensate the City for the difference between the amounts paid by the City to its pensioners and the actuarially determined amounts. Government Accounting Standards Board Statement No. 27 requires the City to determine the plan s annual pension cost based on the most recent actuarial valuation. The annual pension cost equals the plan s annual required contribution, adjusted for historical differences between the annual required contribution and amounts contributed. The actuary has determined the City s annual required contribution is the greater of (a) a 20-year amortization of the unfunded actuarial liability, or (b) actual benefit payments made for the year. For the year ended June 30, 2009, the City s annual required contribution was $1,736,185 and was equal to the benefit payments and professional services cost during the year. The City contributed this amount for the year through a payment of $745,376 from the annuity and $ 990,809 paid from the General Fund. The actuarial liability was determined using the projected unit credit actuarial cost method Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 4
9 Notes to the Financial Statements Safety Member Pension Fund For the Fiscal Year Ended June 30, 2009 E. Actuarial Valuation An actuarial valuation of the pension benefits is required once every two years. The following is a synopsis of the most recent report issued by the actuary dated August 13, City of Berkeley Safety Members Pension Fund Schedule of Employer Contributions ($ Amount in Thousands) Fiscal Year Annual Required Contribution (ARC) Percentage of ARC Contributed 6/30/99 $ 3, % 6/30/00 3, % 6/30/01 2, % 6/30/02 2, % 6/30/03 2, % 6/30/04 2, % 6/30/05 2, % 6/30/06 1, % 6/30/07 1, % 6/30/08 1, % 6/30/09 1, % Prior to 1997, the actuarial valuation did not calculate an Annual Required Contribution. The 1997 through 2000 amounts are based on: 1) Unit Credit Actuarial Funding Method; 2) Actuarial assumptions; mortality = 1992 CalPERS Experience Table; interest rate = 8%; cost of living (COL) full fluctuating 5%, COL Consumer Price Index (CPI) = 3%. 3) Unamortized Actuarial Liability (UAL) = level amount over 20 year period beginning July 1, Actuarial Valuation Date Actuarial Value of Assets (A) City of Berkeley Safety Members Pension Fund Required Supplementary Information Schedule of Funding Progress (000 s omitted) Actuarial Accrued Liability (B) Unfunded Actuarial Accrued Liability (UAAL) (B A) Funded Ratio (A / B) Covered payroll UAAL as a Percentage of Covered Payroll 6/30/97 $ 12,085 $ 21,910 $ 9, % N/A N/A 6/30/98 11,024 21,397 10, % N/A N/A 6/30/99 10,014 21,763 11, % N/A N/A 6/30/00 9,049 20,029 10, % N/A N/A 6/30/01 8,202 16,831 8, % N/A N/A 6/30/02 7,323 16,281 8, % N/A N/A 6/30/03 6,534 14,299 7, % N/A N/A 2180 Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 5
10 Notes to the Financial Statements Safety Member Pension Fund For the Fiscal Year Ended June 30, /30/04 5,803 12,973 7, % N/A N/A 6/30/05 5,138 11,458 6, % N/A N/A 6/30/06 4,540 10,510 5, % N/A N/A 6/30/07 3,994 8,748 4, % N/A N/A 6/30/08 3,497 8,153 4, % N/A N/A 6/30/09 3,043 7,612 4, % N/A N/A E. Investment Guaranteed Investment Contract As of June 30,2009, the balance of Massachusetts Mutual GIC is $ 3,042, Milvia Street, 4th rd Floor, Berkeley, CA Tel: 510_ 981_7308 TDD: Fax: 510_ 981_ finance@ci.berkeley.ca.us 6
11 SMPF - Attachment 2 Finance Department Office of the Director MEETING AGENDA Safety Members Pension Fund Board Meeting November 17, 2009, 1:00 p.m. to 2:00 p.m. Pepperwood Conference Room, 2180 Milvia St. - 5 th Floor 1. Unaudited Financial Statements - FY 2009 Accept SMPF annual report for FY June 30, Approve the above financial reports to Council for the December 8, 2009 Council meeting. Pursuant to BMC Section , the board shall render an annual report to the City Council on or before the first day of December of each year showing the receipts and disbursements from the fund during the previous fiscal year together with the names of the pensioners and the amounts paid them and the balance remaining in the fund. The board shall also render such reports from Board Meetings 2. Future Board Meeting Propose and to decide on future meeting dates. Pursuant to BMC Section , the board shall hold meetings upon the call of the chairman, or the call of the majority of the members of the board in the absence of the chairman as the affairs of the board may require. Attachments: Unaudited SMPF annual report for FY June 30, 2009 Summary of Activity in safety members Pension Fund, July 1, 2008 through June 30, 2009 SMPF Actuarial Valuation Report, Valuation Date of July 1, 2009
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18 Attachment 4 Summary of Activity in Safety Members Pension Fund July 1, 2008 through June 30, 2009 Number Name of Deceased Type of Retirement Date of Death Eligible Widow 31 Beall, William Jr. Service 01/11/09 Anita As of June 30, 2009 there are 31 participants in the Safety Members Pension Fund. Total membership: 31 Male pensioners: 9 Female pensioners (widows) 22 Normal (service) retirements: 20 Male pensioners: 7 Female pensioners (widows) 13 Disability retirements: 11 Male pensioners: 2 Female pensioners (widows) 9 Summary of SMPF Membership Disability Retirements: Widow Disability Retirements: 1. Merlin Campbell 1. Anne Ingram 2. Jack Young 2. Cora Swicegood 3. Doris Colby 4. Elizabeth Piantanida 5. Elsie Chedester 6. Mildred Harbarth 7. Mildred Hipkiss 8. Phyllis Lee 9. Shirley Wilen C:\Program files\stellent\ibpm\checkouts\ \att 4 smpf sum of act thru doc Prepared by Ann del Rosario Auditor s Office August 15, 2008
19 Attachment 5 CITY OF BERKELEY - SAFETY MEMBERS' PENSION FUND - POLICE AND FIRE - AS OF 7/1/09 Pensioner's Pensioner's Employment Type of Benefit Amount Last Name First Name Sex Category Pension as of '7/1/09 -A- -B- -C- -D- -E- -H- -I- 1 BEALL ANITA M Police normal $ 5, CAMPBELL MERLIN M COL Fire Disability 2, CHAPMAN PAUL M Fire normal 6, CHAPMAN CECIL F Police normal 3, CHEDESTER ELSIE F Fire Disability 5, COLBY DORIS F Fire W-Disability 5, CONSTANTINE GENEVIEVE F Fire normal 3, DORAN MADELINE F COL Police normal GIBBS LOA LU F Fire normal 3, HARBARTH MILDRED F Fire W-Disability 3, HIPKISS MILDRED F Fire W-Disability 5, HURYCH PAUL M Police normal 5, INGRAM ANNE F Police W-Disability 4, LEE PHYLLIS F Fire W-Disability 5, MACQUARRIE ROSELLA F Fire normal 3, MOLLER MILDRED F Fire normal 5, PEDERSEN MARIE F Police normal 3, PIANTANIDA ELIZABETH F COL Fire W-Disability 1, PORTER G. RODNEY M Fire normal 11, PROSSER LESLIE M Police normal 4, ROSANO JOANNE F Fire normal 3, STAHR PAULA F Police normal 4, STEVENS GEORGE M Fire normal 5, SWICEGOOD CORA F COL Fire W-Disability 1, THOMAS IVIS F Police normal 3, VAN METER GLADYS F COL Police normal WILEN SHIRLEY F COL Police W-Disability 2, WILLIAMS IDA MAE F COL Fire normal WULFERDINGER ROBERT M Fire normal 6, YOUNG JACK M COL Fire Disability 2, YOUNG RICHARD M Police normal 9, $ 132, Column E: Pensioners designated "Fire" or "Police" have pensions calculated on current salaries and benefits, reflecting rank and years of service. Column E: Pensioners coded "COL" belong to a group of 16 who have cost of living increases tied to the West Coast COL Indes, effective April 1st ea Column G: A spouses birth date does not necessarily mean there is an eligible spouse living. Our office is not usually notified upon the death of a spou Column I: Pension amounts given: COL Police were effective 04/05/09 (2%) and Fire amounts were eff. 06/29/08 (3.5%). Column I: The pension benefit amount given is paid 13 times a year. For the annual pension, multiply by 13. FIRE Association COLA rate - unknown, still under negotiation. POLICE Association COLA rate effective 10/04/09 = 2% NOTE: Anne Ingram passed away on 07/05/09. att 5 pol fire xlsprepared 12/2/2009 Page 1 of 1
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