, MICHIGAN Prepared by: Finance Department
SYSTEMS ASSETS AND LIABILITIES/CHANGES 12/31/2017 Actuarial Accrued Liability 9,488,958 Actuarial Value of Assets 5,223,872 Unfunded (4,265,086) Funded Ratio 55.1% Actuarial Accrued Liability 5,366,543 Actuarial Value of Assets 3,677,932 Unfunded (1,688,611) Funded Ratio 68.5% Actuarial Accrued Liability 6,417,487 Actuarial Value of Assets 4,802,011 Unfunded (1,615,476) Funded Ratio 74.8% Actuarial Accrued Liability 94,062 Actuarial Value of Assets 89,785 Unfunded (4,277) Funded Ratio 95.5% Actuarial Accrued Liability 63,277 Actuarial Value of Assets 58,730 Unfunded (4,547) Funded Ratio 92.8% Actuarial Accrued Liability 4,004,998 Actuarial Value of Assets 1,760,305 Unfunded (2,244,693) Funded Ratio 44.0% Actuarial Accrued Liability 108,217 Actuarial Value of Assets 81,398 Unfunded (26,819) Funded Ratio 75.2% Total City of Howell Actuarial Accrued Liability 25,543,542 Actuarial Value of Assets 15,694,033 Unfunded (9,849,509) Funded Ratio 61.4% Page 1 of 4
EMPLOYER CONTIBUTION DETAILS Estimated Monthly Contribution Percentage Normal Cost 4,754 N/A division Amortization of Unfunded Liability 23,835 N/A Total Employer Contribution 28,589 N/A Normal Cost 2,293 N/A division Amortization of Unfunded Liability 9,218 N/A Total Employer Contribution 11,511 N/A Normal Cost 3,938 N/A division Amortization of Unfunded Liability 8,342 N/A Total Employer Contribution 12,280 N/A Normal Cost 3,055 7.52% Amortization of Unfunded Liability 4 0.01% Total Employer Contribution 3,059 7.53% Normal Cost 2,872 5.96% Amortization of Unfunded Liability 5 0.01% Total Employer Contribution 2,877 5.97% Normal Cost 3,622 N/A division Amortization of Unfunded Liability 12,610 N/A Total Employer Contribution 16,232 N/A Normal Cost 2,423 6.56% Amortization of Unfunded Liability 380 1.03% Total Employer Contribution 2,803 7.59% Member Contribution Average 3.68% Page 2 of 4
PARTICIPANT SUMMARY Average Annual Annual Benefits Number Payroll * Benefits Age Service Active Employees 12 761,392 15.5 Vested Former Employees 10 183,267 13.4 Retirees and Beneficiaries 29 519,419 17,911 70.0 Active Employees 5 366,772 17.4 Vested Former Employees 8 114,231 10.7 Retirees and Beneficiaries 11 306,928 27,903 62.3 Active Employees 13 766,457 21.1 Vested Former Employees 2 21,556 10.2 Retirees and Beneficiaries 12 252,233 21,019 66.0 Active Employees 5 284,670 2.1 Vested Former Employees 1 621 1.0 Active Employees 5 269,069 1.8 Active Employees 6 479,774 16.7 Retirees and Beneficiaries 7 233,938 33,420 71.5 Active Employees 6 356,706 2.1 Total City of Howell Active Employees 52 3,284,840 13.1 Vested Former Employees 21 319,675 11.5 Retirees and Beneficiaries 59 1,312,518 22,246 67.9 132 * Annual payroll for active employees: annual deferred benefits payable for vested former employees; annual benefits being paid for retirees and beneficiaries. Page 3 of 4
ASSUMPTIONS/PERFORMANCE Investment Performance 1 Year 13.20% 3 Years 7.45% 5 Years 8.67% 7 Years 8.03% 10 Years 5.56% System Administration & Investment Expenses Administration 0.19% Investment Expenses 0.13% Total 0.32% Actuarial Investment Return 7.75% Actuarial Long term Inflation Rate 3.75% Smoothing Method 5 Years Initial Gain/Loss Amortization Method Years UAL UAL 23 22 Actuarial Cost Method Entry Age Normal Method ed or Membership Division NONUNION POLICE GNRL AFSCME CHIEFS/LTS/SGT NONUNION After 07/2013 PUBLIC SERVICE After 07/2013 CHIEFS/LTS/SGT After 07/2013 POLICE After 07/2013 If below 60% funded, what actions have been taken to reduce the systems UAL? Not Applicable Page 4 of 4