The City of Frederick. Other Post-Employment Benefits Actuarial Valuation
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1 Other Post-Employment Benefits as of July 1, 2016 Submitted by Boomershine Consulting Group, LLC Executive Center North Ridge Road, Suite 300 Ellicott City, MD November, 2016
2 November 1, 2016 Mr. Gerald D. Kolbfleisch, CPFO Director of Finance 101 North Court Street Frederick, MD This report presents the July 1, 2016 actuarial valuation results for s (the City ) Other Post-Employment Benefit Plan. The purposes of this report are to: (1) Determine the City's OPEB obligation as of July 1, 2016; (2) Determine the City's 2016/2017 fiscal year accrual under Governmental Accounting Standards Board (GASB) Statement 45 and establish the basis for GASB 74; and (3) Provide information that may be helpful in future planning for the Other Post- Employment Benefit ( OPEB ) Plans. A summary of the major results is shown in the Executive Summary, while the Principal Valuation Results section provides more detail. The Accounting Information section summarizes GASB Other Post-Employment Benefit (OPEB) accounting treatment including the Annual OPEB cost and net OPEB obligation. The actuarial costs and liabilities shown in this report are based upon the data and plan provisions provided by the City, as summarized in the Demographic Information and Plan Provisions Sections, respectively, and the funding method and actuarial assumptions outlined in the Methods and Assumptions Section of this report. This Report presents our best estimate of the costs of the Post-Employment Benefit Plans in accordance with generally accepted actuarial principles and our understanding of GASB Statements 43 and 45. This report is intended for the sole use of the addressee. It is intended only to supply sufficient information for the City to comply with the stated purposes of the report, and may not be appropriate for other business purposes. Reliance on information contained in the report by anyone for other than the intended purposes is not appropriate due to potential confusion or failure to understand applicable assumptions, methodologies, or limitations of the report s conclusions. The undersigned are members of the American Academy of Actuaries, and are qualified to render the opinions presented herein. The undersigned are members of the American Academy of Actuaries, and is qualified to render the actuarial opinions herein. Respectfully submitted, Sunita K. Bhatia, EA, ASA, ACA, MAAA Senior Actuary Gregory M Stump, FSA, EA, MAAA, FCA Vice President and Chief Actuary
3 Table of Contents Page Executive Summary 1 Principal Valuation Results 2 Plan Asset Information 3 Accounting Information 4 Payout Projection 7 Demographic Information 8 Plan Provisions 9 Methods and Assumptions 11
4 Executive Summary (the City) provides healthcare and prescription drug insurance benefits to eligible retirees and their dependents. All full time active employees (hired prior to September 1, 2013) who retire or are disabled directly from the City and meet the eligibility criteria may participate. The cost sharing between the City and the retiree depends on the retiree s date of hire, years of service, and date of retirement. Medicare eligible retirees are required to contribute $50 per month towards coverage. This cost sharing is the same for the spouse. Life insurance is also provided to retirees who were hired before July 1, The following table summarizes the key valuation results. These results have been calculated based on assumptions as to turnover, mortality, expected claims cost and increases in such, and interest discount. Information on plan provisions and participation was provided by the City. This summary identifies the value of benefits at July 1, 2016 and costs for the 2016/2017 fiscal year, reflecting the partial funding approach, utilizing a discount rate of 6.00%, and amortizing the Unfunded Actuarial Accrued Liability as a level percentage of payroll (28 years remaining). Present Value of all Projected Benefits (PVPB) As of July 1, 2016* As of July 1, 2016** As of July 1, 2014 $150,513,751 $148,386,735 $ 144,967,948 Actuarial Accrued Liability (AAL) 132,166, ,193, ,136,169 Plan Asset Value 26,895,005 26,895,005 20,245,974 Funding Ratio 20.35% 21.31% 16.99% Unfunded Actuarial Accrued Liability 105,271,497 99,298,496 98,890,195 Annual Required Contribution (ARC) 8,181,452 8,580,160 8,471,456 Annual OPEB Cost (AOC) 8,376,097 8,732,966 Net OPEB Obligation (NOO) at 6/30/2015 Net OPEB Obligation (NOO) at 6/30/2016 * After assumption and method changes ** Before assumption and method changes $25,690,734 $26,642,528 A number of demographic assumption changes were made based on a recent experience study conducted by BCG, and approved by the City in The actuarial cost method was changed to Entry Age to establish the basis for GASB 74, which will be implemented as of June 30, The balance of this report provides greater detail for the above results. 1
5 Principal Valuation Results This section presents detailed valuation results for the City's retiree OPEB programs. The Present Value of Projected Benefits (PVPB) is the total present value of all expected future benefits, based on certain actuarial assumptions. The PVPB is a measure of total liability or obligation. Essentially, the PVPB is the value (on the valuation date) of the benefits promised to current and future retirees. The Plan's PVPB (at July 1, 2016) is $150,513,751. About 50% ($74,462,706) of this liability is for current active employees (future retirees). The Actuarial Accrued Liability (AAL) is the liability or obligation for benefits earned through the valuation date, based on certain actuarial methods and assumptions. The Plan's AAL (at July 1, 2016) is $132,166,502. About 43% of this obligation is for active employees. The AAL represents approximately 88% of the PVPB. The Normal Cost is the value of benefits expected to be earned during the year, again based on certain actuarial methods and assumptions. The 2016/2017 Normal Cost is $2,171,153. The AAL and Normal Cost figures shown below have been determined using the Entry Age actuarial cost method for 2016 and Projected Unit Credit actuarial cost method for 2014 and the prior assumption column for The following table shows results by active and retired employee groups. Present Value of Projected Benefits As of July 1, 2016* As of July 1, 2016** As of July 1, 2014 Actives $74,462,706 $75,458,751 $78,981,276 Retirees 76,051,045 72,927,984 65,986,672 Total $150,513,751 $148,386,735 $144,967,948 Actuarial Accrued Liability (AAL) Actives $56,115,457 $53,265,517 $53,149,497 Retirees 76,051,045 72,927,984 65,986,672 Total $132,166,502 $126,193,501 $119,136,169 Assets $26,895,005 $26,895,005 $20,245,974 Unfunded AAL 105,271,497 99,298,496 98,890,195 Normal Cost $2,171,153 $2,862,036 $3,144,638 * After assumption and method changes ** Before assumption and method changes Note: Under GASB 43, only funds set aside exclusively to pay plan benefits are considered plan assets. 2
6 Plan Asset Information Other Postemployment Benefits Trust Funds For the Year Ended June 30, 2016 Assets: Equity in Pool Cash Account $ 591, Investments 26,888, Accrued Interest Receivable 0.00 Accounts Receivable - Retirees Allowance for Doubtful Accounts (50.00) Total Assets 27,480, Liabilities: Vouchers Payable 3, Estimated Claims Payable 581, Total Liabilities 585, Net Assets Held for OPEB Benefits $ 26,895, Additions: Contributions - employer $ 6,453, Contributions - employee 110, Interest earnings 549, Realized Gains/Losses 165, Unrealized Gains/(Losses) (565,434.76) Total Additions 6,713, Deductions: OPEB Benefits 3,744, Service charges 480, Total Deductions 4,224, Change in Net Assets 2,489, Net Assets, beginning 24,405, Net Assets, ending $ 26,895, The information above was provided to BCG by the City. 3
7 Accounting Information The following shows the development of the Annual Required Contribution (ARC), Annual OPEB Cost (AOC), and Net OPEB Obligation (NOO). Annual Required Contribution (ARC) GASB 45 sets the method for determining the City's retiree Post-Retirement Benefits accrual to include both the value of benefits earned during the year (Normal Cost) and an amortization of the Unfunded Actuarial Accrued Liability (AAL). The following table shows the City s 2016 Annual Required Contribution based on a closed-period amortization (28 years remaining as of 7/1/2016) of the unfunded AAL, as a level percent of pay. As of July 1, 2016 As of July 1, 2014 Normal Cost $ 2,171,153 $ 3,144,638 Unfunded AAL Amortization 5,547,198 4,847,302 Total Accrual, beginning of year 7,718,351 7,991,940 Total Accrual, end of year $8,181,452 $ 8,471,456 The following illustrates the City s Annual OPEB Cost (AOC), which is equal to the ARC plus adjustments due to the prior year s Net OPEB Obligation (NOO). FY17 FY16 Annual Required Contribution (ARC) $ 8,181,452 $ 8,471,456 Interest on NOO 1,598,552 1,541,444 Adjustment to the ARC (1,403,907) (1,259,283) Annual OPEB Cost $ 8,376,097 $ 8,753,617 4
8 Accounting Information Net OPEB Obligation (NOO) Based on the AOC developed above, the following is the June 30, 2016 Net OPEB Obligation. June 30, 2015 Net OPEB Obligation (NOO) $25,690,734 Annual OPEB Cost (AOC) $8,753,617 Expected Employer Contributions - Implicit Rate Subsidy $1,347,908 - To Trust Fund $6,453,915 Total $7,801,823 June 30, 2016 Net OPEB obligation (NOO) $26,642,528 5
9 Accounting Information AOC Summary Fiscal Year Ending Annual OPEB Cost (AOC) Employer Contributions Contributions as a Percentage of the AOC Net OPEB Obligation 06/30/2009 $7,474,000 $2,229, % $5,244,800 06/30/2010 $12,488,000 $3,299, % $14,433,073 06/30/2011 $11,024,157 $11,598, % $13,859,114 06/30/2012 $11,028,222 $5,882, % $19,005,257 06/30/2013 $8,869,359 $6,913, % $20,961,561 06/30/2014 $9,345,148 $6,496, % $23,810,504 06/30/2015 $8,732,966 $6,852, % $25,690,734 06/30/2016 $8,753,617 $7,801, % $26,642,528 06/30/2017 $ 8,376,097 To Be Determined Schedule of Funding Progress Actuarial Value of Assets (a) Actuarial Accrued Liability (AAL) (b) Unfunded AAL (UAAL) (b-a) Funded Ratio (a / b) Covered Payroll (c) UAAL as a Percentage of Covered Payroll (b a) / (c) Valuation Date 07/01/2006 $0 $88,005,000 $88,005, % $24,235, % 07/01/2008 $0 $157,062,000 $157,062, % $24,517, % 07/01/2010 $0 $127,998,804 $127,998, % $29,103, % 07/01/2012 $10,457,567 $114,742,755 $104,285, % $23,077, % 07/01/2014 $20,245,974 $119,136,169 $98,890, % $24,438, % 07/01/2016 $26,895,005 $132,166,502 $105,271, % $23,850, % 6
10 Accounting Information Projected Benefit Payments Annual (employer paid) benefit payments expected to be paid over the next 10 years, based on the assumptions and detailed in the Methods and Assumptions section. The amounts below include explicit premium/claims costs as well as implicit subsidies. Year Ending Expected Benefit Payouts 06/30/2017 $ 4,245,197 06/30/2018 4,595,742 06/30/2019 5,065,109 06/30/2020 5,565,625 06/30/2021 5,972,314 06/30/2022 6,407,284 06/30/2023 6,788,747 06/30/2024 7,259,699 06/30/2025 7,588,434 06/30/2026 8,128,286 7
11 Demographic Information The following table summarizes active and retiree demographic information. Number of Participants Valued 7/1/2016 7/1/2014 Actives 314* 366* Retiree and beneficiaries Spouses Total Participants Average Age (Medical/Drug) 7/1/2016 7/1/2014 * Active * Retired and beneficiaries Average Service (for actives) * Includes only those eligible to receive benefits (i.e., hired prior to September 1, 2013). 8
12 Plan Provisions Medical/Drug Plan CIGNA Access Plus High deductible/hsa, CIGNA Open Access Plus In-Network, CIGNA Open Access Plus, Aetna (Medicare) Medical Premiums (7/1/2016 6/30/2017, bi-weekly amount) Open Access Plus In-Network (OAPIN) Employee Only $ Employee + 1 $ Family $ Open Access Plus (OAP) Employee Only $ Employee + 1 $ Family $ Average total monthly cost of post-medicare coverage is $ The following summary describes principal plan provisions assumed in calculating the cost of your pension plan. General Eligibility Rules Retirement Hired Prior to July, 2012 Employees or former employees of who are receiving pensions are currently eligible for benefits under the plan. Participants must meet the retirement eligibility requirements of their respective pension plan, which are: A) for 22-Year Plan Age 62 with 5 years of service Age 63 with 4 years of service Age 64 with 3 years f service Age 65 with 2 years of service Age 55 with 15 years of service 22 years of service B) for 25-Year Plan Age 62 with 5 years of service Age 63 with 4 years of service Age 64 with 3 years f service Age 65 with 2 years of service Age 55 with 15 years of service 25 years of service 9
13 C). for 30-Year Plan Age 62 with 5 years of service Age 63 with 4 years of service Age 64 with 3 years f service Age 65 with 2 years of service Age 55 with 15 years of service 30 years of service Participants must also meet the OPEB eligibility requirements: Employee must have a minimum of 10 years of vesting service with the City and be hired prior to September 1, 2013 to be eligible for health insurance through this plan. Retiree Payment Upon satisfying eligibility requirements, retiree cost sharing is as follows: Hired prior to July 1, 2003 and retired prior to September 1, 2013: The retiree is required to pay no contributions for health coverage for themselves or their dependents until Medicare eligible. Hired prior to July 1, 2003 and not retired prior to September 1, 2013: The retiree is required to pay contributions based on the chart below (until Medicare eligible): Years of Service Retiree Cost Share years 50% years 25% 25 + years (or age 62) 0% Ten years of service is required to receive any City subsidy. Hired on or after July 1, 2003 but prior to September 1, 2013: The retiree is required to pay contributions based on the chart below (until Medicare eligible): Years of Service Retiree Cost Share years 75% years 50% 25 + years (or age 62) 25% Ten years of service is required to receive any City subsidy. The City requires all retirees to contribute $50 per month per retiree/spouse once they attain age 65 (Medicare eligible), and enroll in the Medicare plan. Life Insurance Employees hired prior to July 1, 2003 are eligible for $3,000 of life insurance coverage during retirement. The same service requirements, as stated above, for health care coverage are applicable for the insurance coverage. The City pays the entire cost of the coverage. 10
14 Methods and Assumptions Valuation Methodology and Terminology GASB Statement 45 accounting methodology to determine the post-retirement medical benefit obligations. Amortization Period Closed, 28 years remaining as of 7/1/2016 Amortization Method Actuarial Cost Method* Level Percentage of Pay Entry Age Normal Discount rate 6.00% Medical and Prescription Drug Trend * Year Expected Increase % % % % % % % % % % % Payroll Growth* 2.75% per year (for amortization purposes) The demographic assumptions used for this study are based on an experience study of the City s pension plans, covering 2010 through Mortality: Healthy* Mortality: Disabled* Healthy: RP2000 Blue Collar Mortality Table for males and females with static projection for 25 years with Scale BB; Last Year, the RP2000 Combined Mortality table for Males and Females was used. Disabled: RP2000 Disabled Mortality Tables. *Changed since last valuation 11
15 Methods and Assumptions (continued) Disability Rates: Turnover Rates*: Disability* Sample rates: 22-Year Plan 25-Year Plan 30-Year Plan Age Rate Age Rate Age Rate % % % % % % % % % % % % *All disablement is assumed to be ordinary. Rates 22-year Plan: Years of Service Rate 0 4 6% 5 9 3% % % % Sample rates 25 and 30-year Plans: Years of Service Rate 0 15% 2 12% 5 8% 10 4% 20 0% Rates of Retirement*: Rates 22-year Plan: Years of Service Rate 22 80% % % *Changed since last valuation 12
16 Methods and Assumptions (continued) Retirement Rates (continued): Rates 25-year plan Age years years 30 + years % 40% 100% % 40% 100% % Rates 30-year plan Age Rate % % % Expected Annual Claims*: ( basis) Age Retiree Spouse (if covered) 45 $8,668 $9, ,012 10, ,771 12, ,517 14, ,099 6, ,538 7, ,837 7, ,010 7, ,152 7,808 For retirees with family coverage, child(ren) claims are expected to be $3,398 ( basis). Children are expected to be 30 years younger than retiree. Expected claims are based on recent increases in premium rates and standard aging factors. Marriage Assumption/Age Difference Changes since Prior Valuation For actives, 95% are assumed to be married with males one year older than females. For retirees use actual marital status. Assume 20% of future retirees will have family coverage. 1. Projected Unit Credit actuarial Method to Entry Age Normal actuarial method, to prepare for GASB 74 implementation. 2. Mortality, retirement, and withdrawal rates were updated to reflect recent actual plan experience. 3. Expected claims costs were updated to reflect recent experience. 4. The ultimate trend was decreased by 0.25%, due to lower expected inflation. 13
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