June 30, 2015 GASB 45 Actuarial Valuation
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1 YOLO-SOLANO AIR QUALITY MANAGEMENT DISTRICT RETIREE HEALTHCARE PLAN June 30, 2015 GASB 45 Actuarial Valuation Doug Pryor, Vice President & Actuary Daniel Park, Actuarial Analyst Matthew Childs, Actuarial Analyst Bartel Associates, LLC February 23, 2016 CONTENTS Topic Page Benefit Summary 1 Implied Subsidy 3 Participant Statistics 5 Actuarial Assumptions Highlights 7 Assets 9 Results 13 Actuarial Certification 27 Exhibits Premiums E - 1 Data Summary E - 3 Actuarial Assumptions E -13 Actuarial Methods E -17 o:\clients\yolo-solano aqmd\projects\ val\report\ba yolosolanoaqmd opeb valuation results.docx
2 BENEFIT SUMMARY Eligibility Retiree Medical Surviving Spouse Benefit CalPERS Service or disability retirement directly from the District Caps: Coverage Active Cap Retiree Cap 1 Single $ 550 $ Party 1,100 1,071 Family 1,430 1,088 District contribution based on 5% per years of District participation in PEMHCA multiplied by active cap Different rule applied prior to 2008 District joined PEMHCA in 1989 Due to $100/month annual increase, contribution not equal to 100% of 2015 active contribution for dual/family coverage Based on CalPERS retirement plan election benefit continues to surviving spouse 1 One former management retiree receives District contribution up to dual coverage February 23, BENEFIT SUMMARY Other Pay-As-You- Go 2 No dental, vision, life or Medicare part B reimbursement Fiscal Year Medical 2014/15 $ 95, /14 78, /13 67, /12 51, /11 32, /10 34, / / / /06 28,574 23,923 12,883 11,424 2 Does not include administrative fees 3 Reflects 2 month PPO premium holiday February 23,
3 IMPLIED SUBSIDY For PEMHCA, employer cost for allowing retirees to participate at active rates. General trend: $800 $700 $600 $500 $400 Sample active age 40, retire age 60: $ Blended Premium Cost by Age Premiums $600 Active $600 Retiree PEMHCA $1,200 Cost of Benefits $500 Active $700 Retiree February 23, IMPLIED SUBSIDY GASB 45 defers to actuarial standards of practice. Prior Actuarial Standards of Practice No. 6 4 (ASOP 6) allowed community rated plans to value liability using premiums, resulting in no implied subsidy. In May 2014, Actuarial Standards Board released revised ASOP 6: Requires implied subsidy valued for community rated plans such as PEMHCA. Timing: effective with all valuations on or after March 31, 2015 with earlier implementation encouraged The June 30, 2015 valuation includes the implied subsidy. 4 Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions. February 23,
4 PARTICIPANT STATISTICS Actives 6/30/09 6/30/12 6/30/13 6/30/15 Actives Count Average Age District service CalPERS service Pay $ 66,400 $ 73,600 $ 77,200 $ 84,200 Total payroll (000 s) 1,727 1,544 1,698 1,768 February 23, PARTICIPANT STATISTICS Retirees 6/30/09 6/30/12 6/30/13 6/30/15 Retirees Count Average Age Retirement age Monthly benefit $384 $554 $525 $607 5 Excludes 1 waived retiree. February 23,
5 ACTUARIAL ASSUMPTIONS HIGHLIGHTS June 30, 2013 Valuation Valuation Date June 30, /15 & 2015/16 Discount Rate 7.25% Full pre-funding CERBT Option 1 Payroll Increases Aggregate Increases: 3.25% June 30, 2015 Valuation June 30, /17 & 2017/18 Mortality, Termination, Disability CalPERS Experience Study Mortality improvement projected with Scale AA CalPERS Experience Study Projection Scale MP-14 with 15 year convergence in 2022 applied to mortality rates February 23, ACTUARIAL ASSUMPTIONS HIGHLIGHTS Medical Trend June 30, 2013 Valuation Increase from Prior Year Non-Medicare Medicare Year HMO & PPO HMO & PPO 2013 Actual Premiums 2014 Actual Premiums % 8.3% % 7.8% % 7.2% % 6.7% % 6.1% % 5.6% % 5.0% Cap Increases None June 30, 2015 Valuation Increase from Prior Year Non-Medicare Medicare Year HMO & PPO HMO & PPO 2013 n/a 2014 n/a 2015 Actual Premiums 2016 Actual Premiums % 7.2% % 6.7% % 6.1% % 5.6% % 5.0% PPACA Excise Tax n/a 2.0% cash subsidy load February 23,
6 ASSETS Market Value of Plan Assets 2012/ / /15 Market Value (Beginning of Year) $ - $ 106 $ 166 Contributions Benefit Payments - (79) (89) Administration Expenses (0) (0) (0) Investment Earnings Market Value (End of Year) Approximate MVA Return 1.8% 16.5% (0.1%) February 23, ASSETS Actuarial Value of Plan Assets 2012/ / /15 Actuarial Value (Beginning of Year) $ - $ 108 $ 155 Contributions Benefit Payments - (79) (89) Credited Return Actuarial Value (End of Year) Approximate AVA Return 6.2% 8.8% 6.8% February 23,
7 ASSETS 25% Historical Returns 20% 15% 10% 5% 0% (5%) (10%) (15%) 13/14 14/15 15/16 MVA 16.5% -0.1% 7.3% Expected Return 7.3% 7.3% 7.3% AVA 8.8% 6.8% 6.9% February 23, ASSETS $300 Historical Assets $250 $200 $150 $100 $50 $0 6/30/13 6/30/14 6/30/15 MVA AVA 80% MVA 120% MVA February 23,
8 RESULTS Funded Status 6/30/2012 6/30/2013 6/30/2015 Present Value of Benefits Actives $ 672 $ 772 $ 1,227 Retirees ,424 Total 1,418 1,636 2,652 Actuarial Accrued Liability Actives Retirees ,424 Total 1,101 1,274 2,064 Actuarial Value of Assets Unfunded Actuarial Accrued Liability 1,101 1,166 1,857 Normal Cost Pay-As-You-Go Cost February 23, RESULTS $2,500 Funded Status $2,000 $1,500 $1,000 $500 $0 6/30/09 6/30/12 6/30/13 6/30/15 Retiree pay-go Retiree AAL less pay-go Active AAL AVA MVA February 23,
9 RESULTS Actuarial Accrued Liability Gain/Loss AAL Actual 6/30/13 $ 1,274 Expected 6/30/15 1,375 Changes Implied Subsidy 454 Excise Tax 32 Mortality Projected with MP CalPERS Experience Study 10 Premiums/caps less than expected (37) Retirements greater than expected 155 Other 38 Total 689 Actual 6/30/15 2,064 February 23, RESULTS This page intentionally blank February 23,
10 RESULTS ARC - $ Annual Required Contributions (ARC) 6 6/30/2013 Valuation 6/30/2015 Valuation 2014/ / / /18 Normal Cost $ 45 $ 47 $ 71 $ 73 UAAL Amortization Total Projected Payroll 1,753 1,810 1,825 1,885 ARC - % Normal Cost 2.6% 2.6% 3.9% 3.9% UAAL Amortization 4.4% 4.4% 7.1% 7.1% Total 7.0% 7.0% 11.0% 11.0% 6 Actuarially Determined Contribution (ADC) for 2017/18. February 23, RESULTS Annual Required Contributions (ARC) 7 7 Actuarially Determined Contribution (ADC) for 2017/18. February 23,
11 RESULTS Outstanding Balance Amortization Bases 6/30/13 Valuation 6/30/15 Valuation 6/30/14 6/30/15 6/30/16 6/30/17 Initial UAAL $ 1,799 $ 1,812 $ 1,823 $ 1,830 (Gains)/Losses 2012 Valuation (1,249) (1,258) (1,265) (1,270) 2013 Valuation Valuation Contribution (Gain)/Loss Total 1,187 1,196 1,892 1,899 February 23, RESULTS Amort. Payment - $ Amortization Payments 6/30/13 Valuation 6/30/15 Valuation 2014/ / / /18 Initial UAAL $ 117 $ 121 $ 125 $ 129 (Gains)/Losses 2012 Valuation (81) (84) (87) (90) 2013 Valuation Valuation Contribution (Gain)/Loss Total Approximate amortization years February 23,
12 RESULTS Net OPEB Obligation (NOO) Projection CAFR Estimate 2013/ / / / /18 NOO at Beginning of Year $ 499 $ 420 $ 309 $ 298 $ 299 Annual OPEB Cost Annual Required Contribution (ARC) n/a Interest on NOO n/a Adjustment to ARC (32) (33) (34) (20) n/a Annual OPEB Cost n/a Contributions Benefit Payments Cash n/a Benefit Payments Implied Subsidy n/a Trust Pre-Funding n/a Total Contribution n/a NOO at End of Year n/a February 23, RESULTS Estimated Net OPEB Obligation (NOO) Projection Begin Year NOO Contribution Annual OPEB Cost (AOC) Contrib % of Payroll Fiscal Year Ben Pmts Pre Funding Total Contrib Payroll 2016/17 $ 298 $ - $ 201 $ 201 $ 202 $ 1, % 2017/ n/a 1, % 2018/19 n/a n/a 1, % 2019/20 n/a n/a 2, % 2020/21 n/a n/a 2, % 2021/22 n/a n/a 2, % 2022/23 n/a n/a 2, % 2023/24 n/a n/a 2, % 2024/25 n/a n/a 2, % 2025/26 n/a n/a 2, % February 23,
13 RESULTS Actuarial Obligations June 30, 2015 Cash Subsidy Implied Subsidy Total Present Value of Benefits Actives $ 875 $ 352 $ 1,227 Retirees 1, ,424 Total 2, ,652 Actuarial Accrued Liability Actives Retirees 1, ,424 Total 1, ,064 Actuarial Value of Assets Unfunded Liability 1, ,857 Normal Cost (2016/17) Pay-As-You-Go Cost (2016/17) February 23, RESULTS Annual Required Contribution (ARC) 2016/17 Fiscal Year Cash Subsidy Implied Subsidy Total ARC - $ Normal Cost $ 52 $ 19 $ 71 UAAL Amortization Total ARC Projected Payroll 1,825 1,825 1,825 ARC - % Normal Cost 2.9% 1.0% 3.9% UAAL Amortization 5.4% 1.8% 7.1% Total ARC 8.2% 2.8% 11.0% February 23,
14 RESULTS Estimated 2016/17 Implied Subsidy Transfer for Medical Coverage For Illustrative Purposes Only 7.25% Discount Rate Before Actives Retirees Total Total Premium 9 $ Member Contribution - (41) (41) Employer Contribution After Actives Retirees Total Total Premium Member Contribution - (41) (41) Implied Subsidy Transfer (30) 30 - Employer Contribution Estimated premium based on the 6/30/15 valuation participant data, 2016 premiums and projected 2017 premiums. February 23, RESULTS Trust Contribution Approach 2016/17 Fiscal Year Cash Subsidy Implied Subsidy Total Trust Contribution - $ ARC $ 150 $ 51 $ 201 Pay-Go Credit n/a (30) (30) Net Payment February 23,
15 ACTUARIAL CERTIFICATION This report presents the Yolo-Solano Air Quality Management District Retiree Healthcare Plan ( Plan ) June 30, 2015 actuarial valuation. The purpose of this valuation is to: Determine the Governmental Accounting Standards Board Statement Nos. 43 and 45 June 30, 2015 Benefit Obligations, Determine the Plan s June 30, 2015 Funded Status, and Calculate the 2016/17 Annual Required Contribution. The report provides information intended for reporting under GASB 43 and 45, but may not be appropriate for other purposes. Information provided in this report may be useful to the District for the Plan s financial management. Future valuations may differ significantly if the Plan s experience differs from our assumptions or if there are changes in Plan design, actuarial methods, or actuarial assumptions. The project scope did not include an analysis of this potential variation. The valuation is based on Plan provisions, participant data, and asset information provided by the District as summarized in this report, which we relied on and did not audit. We reviewed the participant data for reasonableness. To the best of our knowledge, this report is complete and accurate and has been conducted using generally accepted actuarial principles and practices. Additionally, in our opinion, actuarial methods and assumptions comply with GASB 43 and 45. As members of the American Academy of Actuaries meeting the Academy Qualification Standards, we certify the actuarial results and opinions herein. Respectfully submitted, Doug Pryor, ASA, EA, MAAA Vice President Bartel Associates, LLC February 23, 2016 February 23, ACTUARIAL CERTIFICATION This page intentionally blank February 23,
16 PREMIUMS 2015 PEMHCA Monthly Medical Premiums Sacramento Area Region Non-Medicare Medicare Plan Single 2-Party Family Single 2-Party Family Anthem HMO Select $ $1, $2, $ $ $1, Anthem HMO Traditional , , , Blue Shield Access , , , Blue Shield NetValue , , , Kaiser , , United Healthcare , , PERS Choice , , , PERS Select , , , PERSCare , , , February 23, 2016 E-1 PREMIUMS 2016 PEMHCA Monthly Medical Premiums Sacramento Area Region Non-Medicare Medicare Plan Single 2-Party Family Single 2-Party Family Anthem HMO Select $ $1, $2, n/a n/a n/a Anthem HMO Traditional 1, , , n/a n/a n/a Blue Shield Access , , n/a n/a n/a Blue Shield NetValue , , n/a n/a n/a Health Net SmartCare , , n/a n/a n/a Kaiser , , $ $ $ United Healthcare , , PERS Choice , , , PERS Select , , , PERSCare , , , February 23, 2016 E-2
17 DATA SUMMARY Medical Plan Participation Non-Waived Participants Retirees Medical Plan Actives < Blue Shield - 17% 13% Blue Shield NetValue 28% 67% 38% Kaiser 28% 17% 25% PERS Choice 11% - 25% PERSCare 11% - - United Health 22% - - Total 100% 100% 100% February 23, 2016 E-3 DATA SUMMARY Active Medical Coverage Medical Plan Region Single 2-Party Family Waived Total Blue Shield NetValue Sacramento Kaiser Sacramento PERS Choice Sacramento PERSCare Sacramento United Health Sacramento Waived Total February 23, 2016 E-4
18 DATA SUMMARY Retiree Medical Coverage Under Age 65 Medical Plan Region Single 2-Party Family Total Blue Shield South Blue Shield NetValue Sacramento Kaiser Sacramento Total February 23, 2016 E-5 DATA SUMMARY Retiree Medical Coverage Over Age 65 Medical Plan Region Single 2-Party Total Blue Shield Sacramento Blue Shield Net Value Sacramento Kaiser Sacramento PERS Choice Sacramento 1-1 Out of State 1-1 Total February 23, 2016 E-6
19 DATA SUMMARY This page intentionally blank February 23, 2016 E-7 DATA SUMMARY Actives by Age and District Service District Service Age < Total < Total February 23, 2016 E-8
20 DATA SUMMARY Active Age Distribution Number /30/13 Valuation 6/30/15 Valuation < Age February 23, 2016 E-9 DATA SUMMARY 14 Active Service Distribution /30/13 Valuation 6/30/15 Valuation Number >25 Service February 23, 2016 E-10
21 DATA SUMMARY Retiree Medical Coverage by Age Group Age Single 2-Party Family Total Under Over Total Average Age February 23, 2016 E-11 DATA SUMMARY 6 Retiree Age Distribution 5 4 6/30/13 Valuation 6/30/15 Valuation Number < Age February 23, 2016 E-12
22 ACTUARIAL ASSUMPTIONS June 30, 2013 Valuation General Inflation 3.00% Service Retirement CalPERS Experience Study Misc Benefit ERA 59.1 June 30, 2015 Valuation CalPERS Experience Study Misc Benefit ERA 59.5 Participation at Retirement Benefit ERA 60.6 Currently covered: 100% Currently waived: 80% Benefit ERA 60.6 February 23, 2016 E-13 ACTUARIAL ASSUMPTIONS Medical Plan at Retirement Waived Retiree Re-election Marital Status Spouse Age Surviving Spouse Participation June 30, 2013 Valuation Currently covered: same as current election Currently waived: Kaiser Bay Area n/a Currently covered: same as current marital status Currently waived: 80% Males 3 years older than females if spouse birth date is unavailable 100% participation June 30, 2015 Valuation Currently covered: same as current election Currently waived: Kaiser Sacramento Area February 23, 2016 E-14
23 ACTUARIAL ASSUMPTIONS Dependents at Retirement Medicare Eligible Rate June 30, 2013 Valuation 20% until age % Everyone eligible for Medicare will elect Part B coverage June 30, 2015 Valuation February 23, 2016 E-15 ACTUARIAL ASSUMPTIONS This page intentionally blank February 23, 2016 E-16
24 ACTUARIAL METHODS June 30, 2013 Valuation Cost Method Entry Age Normal June 30, 2015 Valuation Amortization Method Actuarial Value of Assets Level percent of payroll Valuation assets projected to June 30, 2014 Asset gains/losses recognized over 5 years Shorter period but same method as CalPERS Pension Corridor: 80% & 120% of market value Valuation assets projected to June 30, 2016 Asset gains/losses recognized over 5 years Shorter period but same method as CalPERS Pension Corridor: 80% & 120% of market value February 23, 2016 E-17 ACTUARIAL METHODS Amortization Period Future New Entrants June 30, 2013 Valuation Initial UAAL 30-year fixed (closed) period (25 years remaining 6/30/14) 6/30/12 valuation Gains/Losses 27-year fixed (closed) period (25 years remaining 6/30/14) 6/30/13 valuation Gains/Losses 25-year fixed (closed) period Contribution Gains/Losses 25 year fixed (closed) period Maximum 30-year combined period None closed group June 30, 2015 Valuation Initial UAAL 30-year fixed (closed) period (23 years remaining 6/30/16) 6/30/13 valuation Gains/Losses 25-year fixed (closed) period (23 years remaining 6/30/16) 6/30/15 valuation Gains/Losses 23-year fixed (closed) period Contribution Gains/Losses 23 year fixed (closed) period Maximum 30-year combined period February 23, 2016 E-18
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