As required, we will timely upload the required data to the State s online portal.

June 30, 2017 Mr. Jeff Templeton Plan Administrator Winter Park Firefighters Retirement System 9154 Lake Burkett Drive Orlando, Florida 32817 Re: Winter Park Firefighters Retirement System Dear Jeff: As requested, we are pleased to enclose ten (10) copies of the October 1, 2016 Chapter 112.664 Compliance Report for the City of Winter Park Firefighters Retirement System (System). As required, we will timely upload the required data to the State s online portal. Please note we understand the following items must be posted on the System s website and must be posted on any website containing budget information relating to the City or actuarial or performance information relating to the System: this compliance report most recent financial statement most recent actuarial valuation report a link to the Division of Retirement Actuarial Summary Fact Sheet http://www.dms.myflorida.com/workforce_operations/retirement/local_retirement_plans/loca l_retirement_section/actuarial_summary_fact_sheets for the previous five years - a side-by-side comparison of the System s assumed rate of return compared to the actual rate of return as well as the percentages of cash, equity, bond and alternative investments in the System portfolio the System s funded ratio as determined in the most recent actuarial valuation 85.0% on a market value of assets basis as of October 1, 2016 We appreciate the opportunity to work with the Board on this important assignment. If you should have any questions concerning the above, please do not hesitate to contact us. Sincerest regards, Lawrence F. Wilson, A.S.A. Senior Consultant and Actuary Enclosures

City Of Winter Park Firefighters Retirement System CHAPTER 112.664, F.S. COMPLIANCE REPORT In Connection with the October 1, 2016 Funding Actuarial Valuation Report and the System s Financial Reporting for the Year Ended September 30, 2016

June 30, 2017 Board of Trustees c/o Mr. Jeff Templeton, Plan Administrator Winter Park Firefighters Retirement System 9154 Lake Burkett Drive Orlando, Florida 32817 Re: October 1, 2016 Chapter 112.664 Compliance Report Dear Board Members: Gabriel, Roeder, Smith & Company (GRS) has been engaged by the Board of Trustees (Board) of the City of Winter Park Firefighters Retirement System (System) to prepare a disclosure report to satisfy the requirements set forth in Chapter 112.664, F.S. and as further required pursuant to Chapter 60T 1.0035, F.A.C. This report was prepared at the request of the Board and is intended for use by the Board and those designated or approved by the Board. This reportt may be provided to parties other than the Board only in its entirety and only with the permission of the Board. The purpose of the report is to provide the required information specified in Chapter 112.664, F.S. and to supplement this information with additional exhibits. This report should not be relied on for any purpose other than the purpose described above. Future actuarial measurements may differ significantly from the current measurements presented in this report due to such factors as the following: System experiencee differing from that anticipated by the economicc or demographic assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the natural operation of the methodology used for these measurements (such ass the end of an amortization period or additional cost or contribution requirements based on the System ss funded status); and changes in System provisions or applicable law. The scope of this engagement does not include an analysis of the potential range of such measurements. This report was based upon information furnished by the City and the Board concerning System benefits, System provisions and System members as used in the corresponding Actuarial Valuation Reports for the Valuation Dates indicated. Financial information was provided by the City and Board as of September 30, 2016. We reviewed the information provided for internal and year to year consistency, but did not audit the data. The System is responsible for the accuracy of the data.

Board of Trustees June 30, 2017 Page Two Except where specific assumptions are required by Chapter 112.664, F.S, this report was prepared using actuarial assumptions adopted by the Board as described in Section C. The Board s assumptions s are based on past and expected future System experiencee and represent an estimate of future System experience. The mortalityy assumptions are prescribed by statute. The investment return assumption of 2% higher than the investment return assumption utilized in the Actuarial Valuation Report does not represent an estimate off future System experience nor observation of the estimatess inherent in market data. This assumption is provided as a counterpart to the Chapter 112.664, F.S. requirement too utilize an investment return assumption of 2% lower than the investment return assumption utilized in the Actuarial Valuation Report. Inclusion of an investment return assumption 2% higher than the investment return assumption utilized in the Actuarial Valuation Report shows a more complete assessment of the potential range of results as opposed to the one sided range required by statute. If all actuarial assumptions are met and if all current andd future minimum required contributions are paid System assets will be sufficient too pay all System benefits, future contributions are expected to remain relatively stable ass a percent of payroll and the funded status is expected to improve. System minimum required contributions are determined in compliance with the requirements of the Florida Protection of Public Employeee Retirementt Benefits Act and Firefighters Retirement Chapter 175 with normal cost determined as a level percent of covered payroll and a level percent of pay amortization payment using an initial amortization period of 20 years. The System s fundedd ratio as of October 1, 2016 is 85.0% defined ass the ratio of the market value of System assets to the actuarial accrued liability. The System s fundedd ratio and the GASB Net Pension Liability may not be appropriate for assessing the sufficiency of System assets to meet the estimated cost of settling benefit obligations but may be appropriate for assessing the need for or the amount of future contributions. The undersigned are members of the American Academy of Actuaries and meet the Qualification Standards of the American Academy of Actuaries to render the actuarial opinions contained herein. The signing actuaries are independent of the System sponsor. This report has been prepared by actuaries who have substantial experience valuing public employee retirement systems. To the best of our knowledge the information contained in this report is accurate and presents the actuarial position of the System as of the valuation date as required by statute. All calculations have been made in conformity with generally accepted

Board of Trustees June 30, 2017 Page Three actuarial principles and practices, with the Actuarial Standards of Practice issued by the Actuarial Standards Board and with applicable statutes. With respect to the reporting standards for defined benefit retirement plans or systems contained in Section 112.664(1), F.S., the actuarial disclosures required under this section were prepared and completed by me or under my direct supervision and I acknowledge responsibility for the results. To the best of our knowledge and belief, the results are complete and accurate, and in our opinion, meet the requirements of Section 112.664(1), F..S., and Section 60T 1.0035, F.A.C. Respectfully submitted, GABRIEL, ROEDER, SMITH AND COMPANY By Lawrence F. Wilson, M.A. A.A Enrolled Actuary No. 17 02802 Senior Consultant & Actuary By Jennifer M. Borregard, M.A. A.A Enrolled Actuary No. 17 07624 Consultant & Actuary Date: June 30, 2017

TABLE OF CONTENTS Section Title Page A Chapter 112.664, F.S. Results Net Pension Liability 1. Using financial reporting assumptions per GASB Statement No. 67 and No. 68 1 2. Using assumptions required under Section 112.664(1)(a), F.S. 2 3. Using assumptions required under Section 112.664(1)(b), F.S. 3 4. Using assumptions required under Section 112.664(1)(a), F.S. plus 2% 4 Asset and Benefit Payments Projection 1. Using financial reporting assumptions per GASB Statement No. 67 and No. 68 and using assumptions required under Section 112.664(1)(a), F.S. 5 2. Using assumptions required under Section 112.664(1)(b), F.S. 6 3. Using assumptions required under Section 112.664(1)(a), F.S. plus 2% 7 Actuarially Determined Contribution 8 Unfunded Actuarial Accrued Liabilities Bases and Amortization Payments 9 B Summary of System Provisions 10 C Actuarial Assumptions and Cost Methods Used for Funding 14 D Glossary 18

SECTION A CHAPTER 112.664, F.S. RESULTS

Net Pension Liability Using Financial Reporting Assumptions per GASB Statements No. 67 and No. 68 Measurement Date September 30, 2016 A. Total Pension Liability (TPL) Service Cost $ 1,094,871 Interest 4,273,512 Benefit Changes 0 Difference Between Actual and Expected Experience 401,430 Assumption Changes 0 Benefit Payments (3,712,026) Contribution Refunds 0 Other 0 Net Change in Total Pension Liability $ 2,057,787 Total Pension Liability (TPL) (beginning of year) 55,504,181 Total Pension Liability (TPL) (end of year) $ 57,561,968 B. System Fiduciary Net Position Contributions City $ 1,563,461 Contributions State 406,405 Contributions Member 288,518 Net Investment Income 4,289,420 Benefit Payments (3,712,026) Contribution Refunds 0 Administrative Expenses (114,691) Other 0 Net Change in System Fiduciary Net Position $ 2,721,087 System Fiduciary Net Position (beginning of year) 46,938,709 System Fiduciary Net Position (end of year) $ 49,659,796 C. Net Pension Liability (NPL) (end of year): (A) (B) $ 7,902,172 Valuation Date October 1, 2015 Certain Key Assumptions Investment Return Assumption 7.75% Mortality Table: Healthy Members: RP 2000CombinedHealthy ParticipantMortalityTables, separate ratesfor malesand females, with fully generational mortality improvements projected to each future payment date with Scale AA. Disabled Members: RP 2000 Disabled Mortality Tables, separate rates for males and females, with fully generational mortality improvements projected to each future payment date with Scale AA. City Of Winter Park Firefighters Retirement System 1

Net Pension Liability Using Assumptions Required Under 112.664(1)(a), F.S. Measurement Date September 30, 2016 A. Total Pension Liability (TPL) Service Cost $ 1,101,102 Interest 4,280,731 Benefit Changes 0 Difference Between Actual and Expected Experience 389,399 Assumption Changes 0 Benefit Payments (3,712,026) Contribution Refunds 0 Other 0 Net Change in Total Pension Liability $ 2,059,206 Total Pension Liability (TPL) (beginning of year) 55,603,129 Total Pension Liability (TPL) (end of year) $ 57,662,335 B. System Fiduciary Net Position Contributions City $ 1,563,461 Contributions State 406,405 Contributions Member 288,518 Net Investment Income 4,289,420 Benefit Payments (3,712,026) Contribution Refunds 0 Administrative Expenses (114,691) Other 0 Net Change in System Fiduciary Net Position $ 2,721,087 System Fiduciary Net Position (beginning of year) 46,938,709 System Fiduciary Net Position (end of year) $ 49,659,796 C. Net Pension Liability (NPL) (end of year): (A) (B) $ 8,002,539 Valuation Date October 1, 2015 Certain Key Assumptions Investment Return Assumption 7.75% Mortality Table: RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with fully generational mortality improvements projected to each future payment date with Scale AA. City Of Winter Park Firefighters Retirement System 2

Net Pension Liability Using Assumptions Required Under 112.664(1)(b), F.S. Measurement Date September 30, 2016 A. Total Pension Liability (TPL) Service Cost $ 1,796,884 Interest 4,120,149 Benefit Changes 0 Difference Between Actual and Expected Experience 759,056 Assumption Changes 0 Benefit Payments (3,712,026) Contribution Refunds 0 Other 0 Net Change in Total Pension Liability $ 2,964,063 Total Pension Liability (TPL) (beginning of year) 71,045,029 Total Pension Liability (TPL) (end of year) $ 74,009,092 B. System Fiduciary Net Position Contributions City $ 1,563,461 Contributions State 406,405 Contributions Member 288,518 Net Investment Income 4,289,420 Benefit Payments (3,712,026) Contribution Refunds 0 Administrative Expenses (114,691) Other 0 Net Change in System Fiduciary Net Position $ 2,721,087 System Fiduciary Net Position (beginning of year) 46,938,709 System Fiduciary Net Position (end of year) $ 49,659,796 C. Net Pension Liability (NPL) (end of year): (A) (B) $ 24,349,296 Valuation Date October 1, 2015 Certain Key Assumptions Investment Return Assumption 5.75% Mortality Table: RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with fully generational mortality improvements projected to each future payment date with Scale AA. City Of Winter Park Firefighters Retirement System 3

Net Pension Liability Using Assumptions Required Under 112.664(1)(a), F.S. Plus 2% on Investment Return Assumption Measurement Date September 30, 2016 A. Total Pension Liability (TPL) Service Cost $ 703,889 Interest 4,321,002 Benefit Changes 0 Difference Between Actual and Expected Experience 126,101 Assumption Changes 0 Benefit Payments (3,712,026) Contribution Refunds 0 Other 0 Net Change in Total Pension Liability $ 1,438,966 Total Pension Liability (TPL) (beginning of year) 45,258,556 Total Pension Liability (TPL) (end of year) $ 46,697,522 B. System Fiduciary Net Position Contributions City $ 1,563,461 Contributions State 406,405 Contributions Member 288,518 Net Investment Income 4,289,420 Benefit Payments (3,712,026) Contribution Refunds 0 Administrative Expenses (114,691) Other 0 Net Change in System Fiduciary Net Position $ 2,721,087 System Fiduciary Net Position (beginning of year) 46,938,709 System Fiduciary Net Position (end of year) $ 49,659,796 C. Net Pension Liability (NPL) (end of year): (A) (B) $ (2,962,274) Valuation Date October 1, 2015 Certain Key Assumptions Investment Return Assumption 9.75% Mortality Table: RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with fully generational mortality improvements projected to each future payment date with Scale AA. City Of Winter Park Firefighters Retirement System 4

Asset and Benefit Payment Projection Not Reflecting Any Future Contributions Using Financial Reporting Assumptions per GASB Statements No. 67 and No. 68 and Using Assumptions Required Under 112.664(1)(a), F.S. FYE Market Value of Assets (BOY) Expected Investment Return Projected Benefit Payments Market Value of Assets (EOY) 2017 45,612,962 3,437,839 2,341,310 46,709,491 2018 46,709,491 3,514,048 2,552,692 47,670,847 2019 47,670,847 3,582,000 2,710,592 48,542,255 2020 48,542,255 3,638,992 2,964,612 49,216,635 2021 49,216,635 3,684,065 3,137,887 49,762,813 2022 49,762,813 3,719,788 3,297,058 50,185,543 2023 50,185,543 3,746,947 3,432,073 50,500,417 2024 50,500,417 3,766,421 3,550,831 50,716,007 2025 50,716,007 3,776,847 3,702,216 50,790,638 2026 50,790,638 3,777,388 3,828,536 50,739,490 2027 50,739,490 3,768,758 3,940,985 50,567,263 2028 50,567,263 3,751,454 4,036,321 50,282,396 2029 50,282,396 3,725,752 4,123,648 49,884,500 2030 49,884,500 3,691,950 4,195,108 49,381,342 2031 49,381,342 3,649,560 4,276,909 48,753,993 2032 48,753,993 3,598,220 4,342,455 48,009,758 2033 48,009,758 3,537,783 4,408,941 47,138,600 2034 47,138,600 3,467,952 4,464,748 46,141,804 2035 46,141,804 3,388,758 4,511,545 45,019,017 2036 45,019,017 3,299,767 4,559,156 43,759,628 2037 43,759,628 3,200,655 4,595,527 42,364,756 2038 42,364,756 3,091,391 4,623,511 40,832,636 2039 40,832,636 2,971,658 4,647,456 39,156,838 2040 39,156,838 2,841,329 4,658,401 37,339,766 2041 37,339,766 2,699,902 4,672,956 35,366,712 2042 35,366,712 2,547,275 4,666,092 33,247,895 2043 33,247,895 2,383,315 4,660,117 30,971,093 2044 30,971,093 2,207,488 4,645,059 28,533,522 2045 28,533,522 2,019,983 4,611,142 25,942,363 2046 25,942,363 1,821,054 4,565,706 23,197,711 2047 23,197,711 1,610,845 4,505,427 20,303,129 2048 20,303,129 1,389,517 4,433,097 17,259,549 2049 17,259,549 1,157,003 4,352,039 14,064,513 2050 14,064,513 913,474 4,253,582 10,724,405 2051 10,724,405 659,279 4,141,221 7,242,463 2052 7,242,463 394,593 4,016,779 3,620,277 2053 3,620,277 120,452 3,879,063 Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits reflecting no contributions from the City, Members or State: 36.92 Certain Key Assumptions Investment return assumption 7.75% Mortality Table: For healthy participants during employment, RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For healthy participants post employment, RP 2000 Annuitant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For disabled male participants, 60% RP 2000 Disabled Male Mortality Table setback four years / 40% RP 2000 Annuitant Male Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. For disabled female participants, 60% RP 2000 Disabled Female Mortality Table set forward two years / 40% RP 2000 Annuitant Female Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. Note: As required in Section 112.664(c) of the Florida Statutes, the projection of System assets does not include future contributions from the City, Members or State. For this reason, this projection should not be viewed as representative of the amount of time the System can sustain benefit payments. Under the Government Accounting Standards Board standards which include City, Member and State contributions, the System is expected to be able to pay all future benefit payments. City Of Winter Park Firefighters Retirement System 5

Asset and Benefit Payment Projection Not Reflecting Any Future Contributions Using Assumptions Required Under 112.664(1)(b), F.S. FYE Market Value of Assets (BOY) Expected Investment Return Projected Benefit Payments Market Value of Assets (EOY) 2017 45,612,962 2,550,446 2,341,310 45,822,098 2018 45,822,098 2,555,944 2,552,692 45,825,350 2019 45,825,350 2,551,255 2,710,592 45,666,013 2020 45,666,013 2,534,249 2,964,612 45,235,650 2021 45,235,650 2,504,152 3,137,887 44,601,915 2022 44,601,915 2,462,798 3,297,058 43,767,655 2023 43,767,655 2,410,658 3,432,073 42,746,240 2024 42,746,240 2,348,260 3,550,831 41,543,669 2025 41,543,669 2,274,437 3,702,216 40,115,890 2026 40,115,890 2,188,439 3,828,536 38,475,793 2027 38,475,793 2,090,661 3,940,985 36,625,469 2028 36,625,469 1,981,324 4,036,321 34,570,472 2029 34,570,472 1,860,465 4,123,648 32,307,289 2030 32,307,289 1,728,125 4,195,108 29,840,306 2031 29,840,306 1,583,747 4,276,909 27,147,144 2032 27,147,144 1,426,867 4,342,455 24,231,556 2033 24,231,556 1,257,167 4,408,941 21,079,782 2034 21,079,782 1,074,217 4,464,748 17,689,251 2035 17,689,251 877,816 4,511,545 14,055,522 2036 14,055,522 667,407 4,559,156 10,163,773 2037 10,163,773 442,508 4,595,527 6,010,754 2038 6,010,754 202,845 4,623,511 1,590,088 2039 1,590,088 11,740 4,647,456 2040 4,658,401 2041 4,672,956 2042 4,666,092 2043 4,660,117 2044 4,645,059 2045 4,611,142 2046 4,565,706 2047 4,505,427 2048 4,433,097 2049 4,352,039 2050 4,253,582 2051 4,141,221 2052 4,016,779 2053 3,879,063 Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits reflecting no contributions from the City, Members or State: 22.33 Certain Key Assumptions Investment return assumption 5.75% Mortality Table: For healthy participants during employment, RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For healthy participants post employment, RP 2000 Annuitant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For disabled male participants, 60% RP 2000Disabled Male Mortality Table setback four years / 40% RP 2000Annuitant Male Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. For disabled female participants, 60% RP 2000 Disabled Female Mortality Table set forward two years / 40% RP 2000 Annuitant Female Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. Note: As required in Section 112.664(c) of the Florida Statutes, the projection of System assets does not include future contributions from the City, Members or State. For this reason, this projection should not be viewed as representative of the amount of time the System can sustain benefit payments. Under the Government Accounting Standards Board standards which include City, Member and State contributions, the System is expected to be able to pay all future benefit payments. City Of Winter Park Firefighters Retirement System 6

Asset and Benefit Payment Projection Not Reflecting Any Future Contributions Using Assumptions Required Under 112.664(1)(a), F.S. Plus 2% on Investment Return Assumption FYE Market Value of Assets (BOY) Expected Investment Return Projected Benefit Payments Market Value of Assets (EOY) 2017 45,612,962 4,325,371 2,341,310 47,597,023 2018 47,597,023 4,507,812 2,552,692 49,552,143 2019 49,552,143 4,690,215 2,710,592 51,531,766 2020 51,531,766 4,870,004 2,964,612 53,437,158 2021 53,437,158 5,046,758 3,137,887 55,346,029 2022 55,346,029 5,224,587 3,297,058 57,273,558 2023 57,273,558 5,405,491 3,432,073 59,246,976 2024 59,246,976 5,591,717 3,550,831 61,287,862 2025 61,287,862 5,782,822 3,702,216 63,368,468 2026 63,368,468 5,979,105 3,828,536 65,519,037 2027 65,519,037 6,182,931 3,940,985 67,760,983 2028 67,760,983 6,396,557 4,036,321 70,121,219 2029 70,121,219 6,622,134 4,123,648 72,619,705 2030 72,619,705 6,862,016 4,195,108 75,286,613 2031 75,286,613 7,117,781 4,276,909 78,127,485 2032 78,127,485 7,391,353 4,342,455 81,176,383 2033 81,176,383 7,685,159 4,408,941 84,452,601 2034 84,452,601 8,001,685 4,464,748 87,989,538 2035 87,989,538 8,344,100 4,511,545 91,822,093 2036 91,822,093 8,715,296 4,559,156 95,978,233 2037 95,978,233 9,118,626 4,595,527 100,501,332 2038 100,501,332 9,558,171 4,623,511 105,435,992 2039 105,435,992 10,038,054 4,647,456 110,826,590 2040 110,826,590 10,563,067 4,658,401 116,731,256 2041 116,731,256 11,138,014 4,672,956 123,196,314 2042 123,196,314 11,768,715 4,666,092 130,298,937 2043 130,298,937 12,461,532 4,660,117 138,100,352 2044 138,100,352 13,222,953 4,645,059 146,678,246 2045 146,678,246 14,061,064 4,611,142 156,128,168 2046 156,128,168 14,984,797 4,565,706 166,547,259 2047 166,547,259 16,003,796 4,505,427 178,045,628 2048 178,045,628 17,128,653 4,433,097 190,741,184 2049 190,741,184 18,370,690 4,352,039 204,759,835 2050 204,759,835 19,742,634 4,253,582 220,248,887 2051 220,248,887 21,258,666 4,141,221 237,366,332 2052 237,366,332 22,934,096 4,016,779 256,283,649 2053 256,283,649 24,785,704 3,879,063 277,190,290 Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits reflecting no contributions from the City, Members or State: 99.99 Certain Key Assumptions Investment return assumption 9.75% Mortality Table: For healthy participants during employment, RP 2000 Combined Healthy Participant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For healthy participants post employment, RP 2000 Annuitant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For disabled male participants, 60% RP 2000Disabled Male Mortality Table setback four years / 40% RP 2000 Annuitant Male Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. For disabled female participants, 60% RP 2000 Disabled Female Mortality Table set forward two years / 40% RP 2000 Annuitant Female Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. Note: As required in Section 112.664(c) of the Florida Statutes, the projection of System assets does not include future contributions from the City, Members or State. For this reason, this projection should not be viewed as representative of the amount of time the System can sustain benefit payments. Under the Government Accounting Standards Board standards which include City, Member and State contributions, the System is expected to be able to pay all future benefit payments. City Of Winter Park Firefighters Retirement System 7

ACTUARIALLY DETERMINED CONTRIBUTION Valuation Assumptions and 112.664(1)(a), F.S. Assumptions 112.664(1)(b), F.S. Assumptions 112.664(1)(a), F.S. Assumptions Plus 2% on Investment Return Assumption A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2016 B. Actuarial Determined Contribution to Be Paid During Fiscal Year Ending September 30, 2018 September 30, 2018 September 30, 2018 C. Annual Payroll of Active Employees $ 4,915,236 $ 4,915,236 $ 4,915,236 D. Total Minimum Funding Requirement 1. Total Normal Cost $ 1,363,353 $ 2,161,713 $ 912,288 2. Annual Payment to Amortize Unfunded Actuarial Liability 1,041,652 2,355,165 (83,389) 3. Interest Adjustment 97,298 131,910 47,976 4. Total Minimum Funding Requirement $ 2,502,303 $ 4,648,788 $ 876,875 E. Expected Payroll of Active Employees for Following Plan Year ($ / % of pay) (C x 1.000) $ 4,915,236 100.00% $ 4,915,236 100.00% $ 4,915,236 100.00% F. Expected Contribution Sources ($ / % of pay) 1. City $ 1,800,984 36.64% $ 3,947,469 80.31% $ 175,556 3.57% 2. Member 294,914 6.00% 294,914 6.00% 294,914 6.00% 3. State 406,405 8.27% 406,405 8.27% 406,405 8.27% 4. Total $ 2,502,303 50.91% $ 4,648,788 94.58% $ 876,875 17.84% City Of Winter Park Firefighters Retirement System 8

Unfunded Actuarial Accrued Liabilities Bases and Amortization Payments Amortization Base Current Unfunded Liabilities Valuation and 112.664(1)(a), F.S. Assumptions Amortization Payment 112.664(1)(b), F.S. Assumptions 112.664(1)(a), F.S. Assumptions Plus 2% Remaining Funding Period 10/01/2009 Combined Charge & Credit Bases $ 2,523,580 $ 582,727 $ 562,667 $ 602,704 5 years 10/01/2007 Actuarial Loss / (Gain) 69,078 13,763 13,180 14,346 6 years 10/01/2008 Actuarial Loss / (Gain) (8,785) (1,553) (1,475) (1,631) 7 years 10/01/2008 Assumption Changes 1,226,180 109,362 94,209 125,087 22 years 10/01/2009 Actuarial Loss / (Gain) 1,013,473 117,372 106,682 128,321 13 years 10/01/2010 Actuarial Loss / (Gain) 749,643 83,168 75,089 91,461 14 years 10/01/2011 Actuarial Loss / (Gain) 1,587,883 169,549 152,088 187,512 15 years 10/01/2011 System Amendment (263,207) (28,104) (25,210) (31,082) 15 years 10/01/2012 Actuarial Loss / (Gain) (155,645) (16,060) (14,315) (17,858) 16 years 10/01/2013 Actuarial Loss / (Gain) (782,707) (78,313) (69,379) (87,536) 17 years 10/01/2014 Actuarial Loss / (Gain) (755,428) (73,516) (64,742) (82,586) 18 years 10/01/2015 Actuarial Loss / (Gain) 372,276 35,332 30,936 39,881 19 years 10/01/2016 Actuarial Loss / (Gain) 1,570,744 145,725 126,883 165,249 20 years 10/01/2016 Assumption Changes (191,868) (17,800) (15,499) (20,185) 20 years 10/01/2016 Assumption Change 112.664(1)(b), F.S. Assumptions 17,133,861 N/A 1,384,051 N/A 20 years 10/01/2016 Assumption Change 112.664(1)(a), F.S. Assumptions Plus 2% (11,378,545) N/A N/A (1,197,072) 20 years City Of Winter Park Firefighters Retirement System 9

SECTION B SUMMARY OF SYSTEM PROVISIONS

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) A. Effective Date: October 1, 1992. Most recently amended by Ordinance No. 2942 13 adopted October 28, 2013. B. Eligibility: All regular uniformed members of the Fire Department; includes active volunteers. C. Member: An actively employed Firefighter who fulfills the eligibility requirements. D. Contributions: Employee: State: City: 6.0% of compensation. Premium Tax Revenue. Balance required to maintain Plan on sound actuarial basis. E. Credited Service: Total years and fractional parts of years of service as a Firefighter with member contributions. F. Purchase of Prior Military Service: A participant may purchase from 1 year up to 4 years of credited service for military service prior to employment. The cost shall be an amount actuarially determined to fund the cost to the plan of adding this credited service. G. Compensation: Total pay, excluding special detail pay (includes vacation and comp time accrual as of September 30, 2011). H. Average Final Compensation (AFC): Average monthly compensation during the best 60 calendar months out of the last 120 calendar months preceding date of retirement (or termination). City Of Winter Park Firefighters Retirement System 10

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) I. Normal Retirement: 1. Eligibility: Earlier of: (a) Attainment of age 55 with completion of 10 years of credited service. (b) Completion of 20 years of credited service. 2. Benefit: 3.0% times AFC times credited service. J. Early Retirement: 1. Eligibility: Attainment of age 50 with completion of 10 years of credited service. 2. Benefit: Benefit accrued to date of retirement, reduced by 3% for each year early retirement date precedes normal retirement date, payable immediately. K. Delayed Retirement: Computed the same as set forth under Normal Retirement, based upon AFC and credited service as of delayed retirement date. L. Disability Retirement: 1. Service Incurred: Accrued benefit, but not less than 42% of AFC. 2. Non Service Incurred: a. Eligibility: b. Benefit: 10 or more years of credited service; totally and permanently disabled. Accrued benefit, but not less than 25% of AFC. City Of Winter Park Firefighters Retirement System 11

M. Pre Retirement Death Benefit: 1. Service Incurred: 2. Non Service Incurred: Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) The greater of (a) the accrued benefit at the time of death or (b) 30% of monthly salary at time of death payable to the spouse until death. a. Eligible for Normal Retirement: b. Not Eligible for Normal Retirement: Determined as though had retired on the date of death. Less than 10 years of credited service return of employee contributions. 10 or more years accrued benefit payable for 10 years. N. Termination Benefits: 1. Eligibility: 100% vesting upon the completion of 10 years of credited service. Employees who have not completed 10 years of credited service at date of termination of employment shall only be entitled to the return of their employee contributions. 2. Benefit: Accrued benefit based upon credited service and AFC as of date of termination, payable at age 55. O. Normal Form of Retirement Income: Monthly benefit payable for ten (10) years certain and life thereafter. P. Deferred Retirement Option Program (DROP) 1. Eligibility: Participant must be eligible for Normal Retirement. 2. Benefit: Retirement benefits are transferred to a hypothetical DROP account within the pension fund. Interest is credited or debited quarterly based upon either the rate of return earned by the Fund or a 6.5% fixed rate of return, as elected by the Member. A deduction is made each quarter for administrative expenses. The period of participation in the DROP is limited to at least 12 months but no more than 84 months. The benefit is paid as a lump sum upon actual termination of employment. City Of Winter Park Firefighters Retirement System 12

Q. Cost of Living Adjustment (COLA) R. Changes Since Previous Valuation City of Winter Park Firefighters' Retirement System Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) A participant who terminates employment on or after October 1, 2002 is entitled to a 3.0% annual COLA on benefit payments beginning at age 60. Effective March 1, 2013, only participants who retire on or after Early or Normal Retirement Date (including DROPs) are entitled to a 3% annual COLA on benefit payments beginning at age 60. None. City Of Winter Park Firefighters Retirement System 13

SECTION C ACTUARIAL ASSUMPTIONS AND COST METHODS USED FOR FUNDING

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) A. Mortality For healthy participants during employment, RP 2000Combined Healthy Participant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For healthy participants post employment, RP 2000 Annuitant Mortality Tables, separate rates for males and females, with 90% Blue Collar Adjustment / 10% White Collar Adjustment and fully generational mortality improvements projected to each future decrement date with Scale BB. For disabled male participants, 60% RP 2000 Disabled Male Mortality Table setback four years / 40% RP 2000 Annuitant Male Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. For disabled female participants, 60% RP 2000 Disabled Female Mortality Table set forward two years / 40% RP 2000 Annuitant Female Mortality Table with White Collar Adjustment with no setback, without projected mortality improvements. Pre retirement Post retirement Sample Ages Future Life Expectancy (Years) Future Life Expectancy (Years) (2016) Men Women Men Women 55 29.61 32.40 29.10 32.20 60 24.73 27.36 24.52 27.21 62 22.86 25.40 22.74 25.29 Pre retirement Post retirement Sample Ages Future Life Expectancy (Years) Future Life Expectancy (Years) (2036) Men Women Men Women 55 31.85 34.35 31.35 34.17 60 27.00 29.30 26.81 29.17 62 25.12 27.32 25.01 27.23 B. Interest to be Earned by Fund 7.75% (net of investment expenses), compounded annually includes inflation at 2.75%. C. Allowances for Expenses or Contingencies Actual administrative expenses incurred during the prior System year. City Of Winter Park Firefighters Retirement System 14

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) D. Employee Withdrawal Rates Withdrawal rates for males and for females were used in accordance with the following illustrative example. E. Disability Rates Disability rates for males and for females were used in accordance with the following illustrative example. F. Salary Increase Factors Withdrawal Rates Disability Rates Age Per 100 Employees Per 100 Employees 20 7.20 0.14 25 6.84 0.15 30 6.00 0.18 35 4.56 0.23 40 3.12 0.30 45 1.92 0.51 Current salary is assumed to increase at a rate based on the table below includes wage inflation of 3.75%. Service Salary Increase 0 4 9.5% 5 9 8.5% 10 14 7.5% 15 19 6.5% 20 + years 5.5% City Of Winter Park Firefighters Retirement System 15

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) G. Rates of Retirement Age Annual Rate of Retirement < 50 10% 50 30% 51 54 10% 55 59 30% 60 & Over 100% 50% of employees are assumed to enter the DROP when first eligible. All active members on the valuation date are assumed to have a minimum of one year of future service. H. Loading Active liabilities and normal costs are increased by 1.35% to account for unused annual leave pay at time of retirement for Firefighters hired prior to October 1, 2011. I. Payroll Growth Assumption 3.5% per annum not greater than historical 10 year average but not less than 0% (0.0%). J. Asset Valuation Method The method used for determining the smoothed actuarial value of assets phases in the deviation between the expected and actual return on assets at the rate of 25% per year. The smoothed actuarial value of assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the fair market value of System assets and whose upper limit is 120% of the fair market value of System assets. City Of Winter Park Firefighters Retirement System 16

Outline of Principal Provisions of the Retirement Plan (as of October 1, 2016) K. Cost Method Normal Retirement, Termination, Disability, and Death Benefits: Entry Age Normal Cost Method. Under this method the normal cost for each active employee is the amount which is calculated to be a level percentage of pay that would be required annually from his entry age to his assumed retirement age to fund his estimated benefits, assuming the System had always been in effect. The normal cost for the System is the sum of such amounts for all employees. The actuarial accrued liability as of any valuation date for each active employee or inactive employee who is eligible to receive benefits under the System is the excess of the actuarial present value of estimated future benefits over the actuarial present value of current and future normal costs. The unfunded actuarial accrued liability as of any valuation date is the excess of the actuarial accrued liability over the assets of the System. L. Changes Since Previous Valuation Mortality was: For healthy participants, RP 2000 Combined Healthy Participant Tables, separate rates for males and females, and fully generational mortality improvements projected to each future payment date with Scale AA. For disabled participants, RP 2000 Disabled Mortality Tables, separate rates for males and females, and fully generational mortality improvements projected to each future payment date with Scale AA. City Of Winter Park Firefighters Retirement System 17

SECTION D GLOSSARY

GLOSSARY Actuarial Accrued Liability Actuarial Assumptions Actuarial Cost Method Actuarial Equivalent Actuarial Present Value Actuarial Present Value of Future Benefits Actuarial Valuation Actuarial Value of Assets The difference between the Actuarial Present Value of Future Benefits, and the Actuarial Present Value of Future Normal Costs. Assumptions about future plan experience that affect costs or liabilities, such as: mortality, withdrawal, disablement, and retirement; future increases in salary; future rates of investment earnings; future investment and administrative expenses; characteristics of members not specified in the data, such as marital status; characteristics of future members; future elections made by members and other items. A procedure for allocating the Actuarial Present Value of Future Benefits between the Actuarial Present Value of Future Normal Costs and the Actuarial Accrued Liability. Of equal Actuarial Present Value, determined as of a given date and based on a given set of Actuarial Assumptions. The amount of funds required to provide a payment or series of payments in the future. It is determined by discounting the future payments with an assumed interest rate and with the assumed probability each payment will be made. The Actuarial Present Value of amounts which are expected to be paid at various future times to active members, retired members, beneficiaries receiving benefits and inactive, non retired members entitled to either a refund or a future retirement benefit. Expressed another way, it is the value that would have to be invested on the valuation date so that the amount invested plus investment earnings would provide sufficient assets to pay all projected benefits and expenses when due. The determination, as of a valuation date, of the Normal Cost, Actuarial Accrued Liability, Actuarial Value of Assets, and related Actuarial Present Values for a plan. An Actuarial Valuation for a governmental retirement system typically also includes calculations of items needed for compliance with GASB No. 67. The value of the assets as of a given date, used by the actuary for valuation purposes. This may be the market or fair value of plan assets or a smoothed value in order to reduce the year to year volatility of calculated results, such as the funded ratio and the actuarially required contribution. City Of Winter Park Firefighters Retirement System 18

Amortization Method A method for determining the Amortization Payment. The most common methods used are level dollar and level percentage of payroll. Under the Level Dollar method, the Amortization Payment is one of a stream of payments, all equal, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the Amortization Payment is one of a stream of increasing payments, whose Actuarial Present Value is equal to the UAAL. Under the Level Percentage of Pay method, the stream of payments increases at the rate at which total covered payroll of all active members is assumed to increase. Amortization Payment Amortization Period Annual Required Contribution Closed Amortization Period Employer Normal Cost Equivalent Single Amortization Period Experience Gain/Loss That portion of the plan contribution which is designed to pay interest on and to amortize the Unfunded Actuarial Accrued Liability. The period used in calculating the Amortization Payment. The employer s periodic required contributions, expressed as a dollar amount or a percentage of covered plan compensation. The annual required contribution consists of the Employer Normal Cost and Amortization Payment plus interest adjustment. A specific number of years that is reduced by one each year, and declines to zero with the passage of time. For example if the amortization period is initially set at 30 years, it is 29 years at the end of one year, 28 years at the end of two years, etc. The portion of the Normal Cost to be paid by the employer. This is equal to the Normal Cost less expected member contributions. For plans that do not establish separate amortization bases (separate components of the UAAL), this is the same as the Amortization Period. For plans that do establish separate amortization bases, this is the period over which the UAAL would be amortized if all amortization bases were combined upon the current UAAL payment. A measure of the difference between actual experience and that expected based upon a set of Actuarial Assumptions, during the period between two actuarial valuations. To the extent that actual experience differs from that assumed, Unfunded Actuarial Accrued Liabilities emerge which may be larger or smaller than projected. Gains are due to favorable experience, e.g., the assets earn more than projected, salaries do not increase as fast as assumed, members retire later than assumed, etc. Favorable experience means actual results produce actuarial liabilities not as large as projected by the actuarial assumptions. Losses are the result of unfavorable experience, i.e., actual results that produce Unfunded Actuarial Accrued Liabilities which are larger than projected. City Of Winter Park Firefighters Retirement System 19

Funded Ratio GASB GASB No. 67 and GASB No. 68 Normal Cost Open Amortization Period Unfunded Actuarial Accrued Liability Valuation Date The ratio of the Actuarial Value of Assets to the Actuarial Accrued Liability. Governmental Accounting Standards Board. These are the governmental accounting standards that set the accounting rules for public retirement plans and the employers that sponsor or contribute to them. Statement No. 67 sets the accounting rules for the plans themselves, while Statement No. 68 sets the accounting rules for the employers that sponsor or contribute to public retirement plans. The annual cost assigned, under the Actuarial Cost Method, to the current plan year. An open amortization period is one which is used to determine the Amortization Payment but which does not change over time. In other words, if the initial period is set as 30 years, the same 30 year period is used in determining the Amortization Period each year. In theory, if an Open Amortization Period is used to amortize the Unfunded Actuarial Accrued Liability, the UAAL will never completely disappear, but will become smaller each year, either as a dollar amount or in relation to covered payroll. The difference between the Actuarial Accrued Liability and Actuarial Value of Assets. The date as of which the Actuarial Present Value of Future Benefits are determined. The benefits expected to be paid in the future are discounted to this date. City Of Winter Park Firefighters Retirement System 20