Packet. Documents: SPBD PDF. Handout. Documents: HANDOUTS PDF
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1 1. Packet Documents: SPBD PDF 2. Handout Documents: HANDOUTS PDF
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30 GRAND TRAVERSE COUNTY REPORT ON UNFUNDED PENSION & RETIREE HEALTH CARE LIABILITIES Prepared By Mary Lannoye March
31 PRESENTATION SUMMARY Overall County Finances Defined Benefit Plan (DB) Other Post Employment Benefits (OPEB) Options 2
32 OVERALL COUNTY FINANCES 2016 Total Budget $155.6 million 2016 General Fund Budget 37.8 million 3
33 Defined Benefit Pension and OPEB County Joined MERS (Michigan Employee Retirement System) in 1967 County has provided Defined Benefit Pension plans that are based upon a multiplier, years of service, and the final average compensation. County has provided Other Post Employment Benefits Retiree Healthcare Benefits Unfunded Pension Liabilities (projected thru 2016) $ 51,157,000 Unfunded OPEB Liabilities (projected thru 2016) $ 7,704,335 TOTAL UNFUNDED LIABILITIES $ 58,861,331 County s DEFINED BENEFIT Plan is ONLY 48% FUNDED Average rate is 76% Grand Traverse County is the lowest funded Defined Benefit Plan of all counties in the MERS plan. 4
34 Independent Financial Analysis Projects Shortfalls General Fund Projected Shortfalls Expenditures Exceed Revenues Revenues Expenditures Est. SHORTFALL 2017 $ 37,640,283 $ 41,752,050 $ 4,111, $ 38,392,409 $ 43,003,138 $ 4,610, $ 39,159,566 $ 43,799,030 $ 4,636, $ 39,942,057 $ 45,032,004 $ 5,089,947 In FY 2016, $500,000 shortfall, eliminated services, all department budget reductions Rehman Robson November
35 DB PENSION & OPEB CONTRIBUTORS TO THE GF SHORTFALLS DB OPEB 2017 $440,000 $100, , , , , , ,000 CBIZ Retirement Plan Services Sept. 3, 2015 letter regarding projections of employer contributions 6
36 DB COST VS DC COST FOUR YEAR PROJECTION DB COSTS GROWS FASTER THAN DC DEFINED BENEFIT Cost will increase from $4.8 to $6.5 million A $1.6 million or 35% increase 400+ Participants ( retirees, actives, & vested) DEFINED CONTRIBUTION Cost will increase from $1.6 to million* A $125,000 or 7.8% increase 300+ Active Employees *Assumes a 1.9% annual payroll increase CBIZ Retirement Plan Services Sept. 3, 2015 letter regarding projections of employer contributions 7
37 GRAND TRAVERSE COUNTY HISTORY OF THE DB PLAN Joined Municipal Retirement System (MERS) in 1967 Benefit Multipliers Range from 2.25% to 2.8% 14 Divisions In 2000 Twelve Divisions Closed to New Hires In 2012 Two Divisions Closed to New Hires UAL in 2000 was $20.6 million Funded Status in % 8
38 DB EVENTS LEADING TO DECREASE IN FUNDED STATUS & INCREASE IN UAL 2000 Close 12 Divisions to New Hires 2000 Early Out Incentives 2005 Early out Incentives MERS did not Hit Investment Targets Three Year Freeze on Amortization 2008 MERS did not Hit Investment Target 2015 County ended the last open DB plan Circuit Court 9
39 EMPLOYER CONTRIBUTION HISTORY A 50% INCREASE YEAR CONTRIBUTION 2004 $3,188, ,023, ,572, ,879, ,466, ,782,300 MERS 2014 Annual Valuation 10
40 BREAKDOWN OF THE EMPLOYER CONTRIBUTIONS FOR THE 2014 VALUATION Normal Cost $ 545,844* UAL Cost 4,236,456 Total Contribution 4,782,300 *Normal Cost is the cost of future benefits earned by employees in the current year MERS 2014 Valuation 11
41 Grand Traverse County Compared to Other Municipalities Average employee contribution to the MERS DB pension plan is between % in other communities. In 2014 only 9 of Grand Traverse County s active 88 MERS participants contribute. The Grand Traverse County contributing members rate are only.67% and 2%. Average funded status of ALL DB plans administered by MERS is 78%. The funded status of all Counties in the MERS DB plan is 76%. Grand Traverse County s 48% funded status is the lowest of all counties in MERS. Absent changes in the County s DB plan, it will require an increase in funding of $4.78 million or 84% from the County between Funding in 2026 will increase to $8.8 million Source: MERS Summary Report of the 69 th Annual Actuarial Valuations as of 12/31/14 for the 728 DB Plan & Hybrid Plan Municipalities, Sept, 22,
42 PREFERRED OPTIONS TO ELIMINATE AND/OR REDUCE UAL & EMPLOYER CONTRIBUTIONS Bridge Benefit Plan Frozen FAC and a 1.0 multiplier would lower employer s contribution by $750,000 the 1st year FAC Based on termination, with a 1.0 multiplier would lower employer s contribution by $450,000 the 1 st year Increase Employee Contribution Each 1% increase in the employee s contribution would save about $45,000 per year Increase Employer Contribution Increase the 2017 employer s contribution ($5.24 million) by an additional $100,000, $500,000, $1 million or any amount each year 13
43 OTHER OPTIONS TO ELIMINATE AND/OR REDUCE UALs & EMPLOYER CONTRIBUTIONS Hybrid Pension Plans Combination of DB & DC options. Example DB multiplier of 1.0 and an employer contribution of 2% to a DC plan. Issue Pension Obligation Bonds Municipal Securities County could issue municipal securities for all or a portion of the UAL. 14
44 POBs/MUNICIPAL SECURITIES Public Act 34 of 2001 as amended authorizes certain municipalities to issue municipal securities in order to reduce or eliminate pension and OPEB shortfalls Issuance requires approval of the State of Michigan s Department of Treasury DB proceeds would be forwarded to MERS 15
45 POB RISKS & REWARDS POBs could reduce or eliminate UALs for DB & OPEB Actually trading one debt for another Debt payments on the bonds would be built into the County s annual budget. Employer Contribution for DB and OPEB would be reduced Budget savings are at risk of volatile stock market If POBs are pursued without other structural changes the County s credit rating could be at risk No guarantee the Treasury Department would approve the issuance of POBs 16
46 OPEB FUNDING Funded Status 0% UAL as of 12/31/15 $7.3 million Projected UAL as of 12/31/16 $7.7 million Liability Analytics, 2015 Valuation Report for Grand Traverse County, November 25,
47 OPEB ANNUAL REQUIRED CONTRIBUTION (ARC) Assuming a 30 year amortization period 2016 ARC $640, Budget 250,000 Shortfall 390,000 Liability Analytics, 2015 Valuation Report for Grand Traverse County, November 24,
48 PREFERRED OPTIONS TO REDUCE OPEB UAL Close access to retiree health insurance for all new hires Increase the retiree s and future retirees premiums share for employees represented by a Collective Bargaining Agreement Phase in an annual increase to the employer s ARC 19
49 POBs/MUNICIPAL SECURITIES Public Act 34 of 2001 as amended authorizes certain municipalities to issue municipal securities in order to reduce or eliminate pension and OPEB shortfalls Issuance requires approval of the State of Michigan s Department of Treasury OPEB proceeds would be deposited into a irrevocable trust fund. 20
50 RANKING St.Joseph Mecosta Branch Lapeer Osceola Tuscola Oceana Washtenaw Roscommon Ionia Ogemaw Kalkaska Antrim Iron Cass Delta Newago Mason Leelanau Clinton Lake Cheboygan Ottawa Clare Gladwin Huron Keweenaw Chippewa Mackinac Presque Isle Ontonagon Missaukee Isabela Manistee Muskegon Alger Gratiot Barry Arenac Livingston Charlevoix Baraga Benzie Ingham Otsego Alcona Schoolcraft Iosco VanBuren Menominee Allegan Alpena Wexford Crawford Oscoda Dickinson Marquette Eaton Houghton Montmorency Saginaw Shiawassee Hillsdale Luce Calhoun Grand Traverse
51 ACCRUED ANNUAL $ ANNUAL % VALUATION ANNUAL $ ANNUAL % VALUATION FUNDED CURR YR PREV YR CUM YEAR LIABILITIES LIABILITY DIFF LIABILITY DIFF ASSETS ASSETS DIFF ASSETS DIFF ASSETS PERCENT UAL UAL LIABILITY 1984 $4,850,659 $5,205,441 $5,205, % ($354,782) $0 ($354,782) 1985 $5,390,556 $539, % $6,225,956 $1,020, % $6,225, % ($835,400) ($354,782) ($480,618) 1986 $6,123,017 $732, % $7,586,532 $1,360, % $7,586, % ($1,463,515) ($835,400) ($628,115) 1987 $6,077,788 ($45,229) -0.74% $8,655,326 $1,068, % $8,655, % ($2,577,538) ($1,463,515) ($1,114,023) 1988 $7,175,462 $1,097, % $9,232,053 $576, % $9,232, % ($2,056,591) ($2,577,538) $520, $8,345,592 $1,170, % $10,318,638 $1,086, % $10,318, % ($1,973,046) ($2,056,591) $83, $11,798,400 $3,452, % $11,900,680 $1,582, % $11,900, % ($102,280) ($1,973,046) $1,870, $13,412,549 $1,614, % $13,285,482 $1,384, % $13,285, % $127,067 ($102,280) $229, $18,220,601 $4,808, % $15,012,939 $1,727, % $15,012, % $3,207,662 $127,067 $3,080, $27,864,025 $9,643, % $17,275,766 $2,262, % $17,275, % $10,588,259 $3,207,662 $7,380, $31,413,306 $3,549, % $19,471,835 $2,196, % $19,471, % $11,941,471 $10,588,259 $1,353, $38,774,211 $7,360, % $22,411,599 $2,939, % $22,411, % $16,362,612 $11,941,471 $4,421, $43,253,171 $4,478, % $26,085,634 $3,674, % $26,085, % $17,167,537 $16,362,612 $804, $40,464,588 ($2,788,583) -6.45% $25,824,854 ($260,780) -1.00% $25,824, % $14,639,734 $17,167,537 ($2,527,803) 1998 $46,657,486 $6,192, % $29,945,269 $4,120, % $29,945, % $16,712,217 $14,639,734 $2,072, $52,077,669 $5,420, % $35,531,831 $5,586, % $35,531, % $16,545,838 $16,712,217 ($166,379) 2000 $56,377,005 $4,299, % $35,782,574 $250, % $35,782, % $20,594,431 $16,545,838 $4,048, $63,054,329 $6,677, % $37,124,063 $1,341, % $37,124, % $25,930,266 $20,594,431 $5,335, $68,579,572 $5,525, % $37,803,420 $679, % $37,803, % $30,776,152 $25,930,266 $4,845, $73,682,260 $5,102, % $40,355,536 $2,552, % $40,355, % $33,326,724 $30,776,152 $2,550, $78,893,261 $5,211, % $42,747,512 $2,391, % $42,747, % $36,145,749 $33,326,724 $2,819, $71,993,673 ($6,899,588) -8.75% $35,193,962 ($7,553,550) % $35,193, % $36,799,711 $36,145,749 $653, $74,170,541 $2,176, % $36,695,376 $1,501, % $36,695, % $37,475,165 $36,799,711 $675, $76,407,968 $2,237, % $38,487,034 $1,791, % $38,487, % $37,920,934 $37,475,165 $445, $78,874,560 $2,466, % $39,109,567 $622, % $39,109, % $39,764,993 $37,920,934 $1,844, $79,212,816 $338, % $39,448,510 $338, % $39,448, % $39,764,306 $39,764,993 ($687) 2010 $80,396,593 $1,183, % $40,647,280 $1,198, % $40,647, % $39,749,313 $39,764,306 ($14,993) 2011 $82,943,903 $2,547, % $41,634,521 $987, % $41,634, % $41,309,382 $39,749,313 $1,560, $85,327,602 $2,383, % $41,910,582 $276, % $41,910, % $43,417,020 $41,309,382 $2,107, $86,837,752 $1,510, % $42,433,906 $523, % $42,433, % $44,403,846 $43,417,020 $986, $88,858,803 $2,021, % $43,044,874 $610, % $43,044, % $45,813,929 $44,403,846 $1,410,083 $45,813,929
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