HomeMy WebLinkAboutDocumentation_Workshop_Tab 02_12/03/2018INTEROFFICE MEMORANDUM
TO: MAYOR, VICE -MAYOR AND VILLAGE COUNCIL
FROM: JAMES M. WEIN
SUBJECT: PENSIONS
DATE: NOVEMBER 20, 2018
In February 2018, you reached an agreement with the Palm Beach
County Benevolent Association to amend Article 29 Pensions.
The effective date of this amendment is to be June 1, 2018.
On September 13, 2018, the Village ratified the IAFF Contract.
In Article 34 Pensions, Section 6 states, "For employees hired
after October 1, 2010, the Village will match the fire
department's multiplier to that of the police's multiplier."
Therefore, the Fire Department's Pension Plan must be
modified to match the plan of the Police Department.
An actuarial report has been authorized for accurate data on
this subject but it has not been completed at the time of
this writing. However, we did obtain an estimate from the
actuarial firm for the 2.75% benefit multiplier provision if
granted to the firefighters. Please see attached email dated
November 16, 2018.
Regardless if you increase the Police Department's Retirement
Plan or not, the Fire Departments Pension Plan needs to be
modified to the terms agreed to with the Palm Beach County
Benevolent Association in February 2018.
James Weinand
From:
Chris Quirk
Sent:
Friday, November 16, 2018 9:08 AM
To:
James Weinand
Cc:
Michelle Gload
Subject:
FW: Tequesta Public Safety Officers - Firefighters Me Too Clause
FYI -Important
ektiWo/rk.,-t 2". 67W. ;WSW evo
Finance Director
Village of Tequesta, R.
From: Trisha.Amrose@grsconsulting.com <Trisha.Amrose@grsconsulting.com>
Sent: Friday, November 16, 2018 8:57 AM
To: Chris Quirk <cquirk@tequesta.org>
Cc: kerry@resourcecenters.com; bonni@robertdklausner.com; bsjteam@robertdklausner.com;
Jeffrey.Amrose@grsconsulting.com; C103570@grsconsulting.com
Subject: Tequesta Public Safety Officers - Firefighters Me Too Clause
Good morning Chris,
As requested, we have estimated the cost impact if the 2.75% benefit multiplier which is proposed for the new tier of
police officers is also provided to firefighters who are hired on or after August 14, 2015. The current benefit multiplier
for firefighters who are hired on or after August 14, 2015 is 2% for the first ten years of service and 2.5% thereafter
The Village cost for these firefighters in the new tier would increase by approximately 3.4% of their covered payroll if
their benefit multiplier is increased to 2.75% per year of service. As of October 1, 2017, the covered payroll for
firefighters hired on or after August 14, 2015 was about $200,000. The initial impact of increasing the multiplier for
these firefighters would be an increase of approximately $6,000 in the Village's annual required contribution. This
amount would increase as more of the payroll is comprised of firefighters in this tier.
This estimate is based on the data, assumptions, methods, and plan provisions used for the October 1, 2017 actuarial
valuation report.
If you would like us to prepare a study showing the projected costs for firefighters before and after this potential
change, please let us know.
Thank you,
Trisha
6'"""G
fQGR
Trisha Amrose, EA, MAAA
o Consultant
one East Broward Boulevard I Suite 505 1 Fort Lauderdale, FL 33301
+Phone: 954.527.1616 1 Fax:954.525.0083
trisha.amrose @grsconsultina com
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�y� � � Retirement P'954.527J616 F:954.525.0083 www.brsconsultinb.com
Consulting
�
June 8, 2018
Ms. Kerry Dutton
Resource Centers, LLC
4360 Northlake Boulevard,Suite 206
Palm Beach Gardens, Florida 33410
Re: Village of Tequesta Public Safety Officers Pension Trust Fund
Supplemental Actuarial Valuation Report
Dear Kerry:
As requested,we have prepared the enclosed 30-year projections showing the financial impact on the
Village of Tequesta Public Safety Officers Pension Trust Fund of the proposed Plan changes detailed
below.
■ Scenario 1(Updated Baseline)—These are the updated baseline results, reflecting the benefit
changes adopted in the most recent collective bargaining agreement for police officers. The Pension
Plan would be re-opened for police officers. The 12 current police officers who currently participate
in the 401(a) Plan would not receive credit for service earned prior to entering the Pension Plan. The
benefit multiplier for new members would be equal to 2%for the first three years of service, 2.35%
for the next three years of service,and 2.75%for each year of service thereafter. The member
contribution rate for these members would be 6%of pensionable earnings.
• Scenario 2—Same as Scenario 1 except the benefit multiplier would be equal to 2.75%for each
year of service.
■ Scenario 3—Same as Scenario 2 except the 12 police officers who currently participate in the
401(a) Plan would receive credit for both future service and service earned prior to entering the
Pension Plan. The 401(a) Plan balances for these 12 police officers would be transferred to the
Pension Plan. This transfer amount would be equal to the Village contributions to the 401(a) Plan
for these 12 members plus the contributions these members would have paid to the Pension Plan,
including interest. We have estimated the transfer amount to be$269,284. Under this scenario,
we have assumed the Plan would be eligible to receive future annual Chapter 185 revenue. We
have assumed that the full amount of annual Chapter 185 revenue($157,450 was allocated for
FYE 2017)would be used as an offset to the Village required contribution, but this would be
subject to negotiations between the Union and the Village.
• Scenario 4—Same as Scenario 3 except we assume the Plan would also receive the annual Chapter
185 revenue that was allocated, but not received,for FYE 2014—2017. The unreceived Chapter
185 revenue for these years totaled $471,094. We have assumed that this full amount of
previously unreceived Chapter 185 revenue would be used as an offset to the Village required
contributions.
• - � - � :��
Ms. Kerry Dutton
June 8,2018
Page 2
Under all scenarios,the remaining benefits for these police officers are assumed to be the same as the
current Pension Plan provisions for police officers.
Under each of these scenarios, we have assumed that all 1� police officers would transfer to the Pension
Plan. If there are any police officers that do not transfer to the Pension Plan,the Division of Retirement
would need to determine if the Chapter 185 revenue would still be available to the Plan. We recommend
that this be confirmed in writing before any final decision is made.
Additionally, under all scenarios,the calculations do not include an allocation of the accumulated unused
balance of Chapter 185 money of$333,315. The use of this reserve is subject to negotiations between the
Union and the Village. The funds can be used for share accounts,to offset the Village's contribution, or
other uses defined by the parties.
It is important to note that potential effects on other benefit plans were not considered in this study. This
study does not reflect the Village's savings in the 401(a) Plan for police officers who would join the Pension
Plan.
Under Scenario 3,the required Village contributions would decrease as compared to the updated baseline
results. The decrease is based on the Plan receiving future Chapter 185 revenue. The Village required
contribution for FYE 2018 would also be reduced by the Chapter 185 revenue received in August 2018.
Under Scenario 4,the required Village contributions would decrease as compared to the updated baseline
results. The net required Village contributions are projected to be$0 for the fiscal years ending 2019
through 2022. The decrease is based on the Plan receiving future Chapter 185 revenue as well as the
previously unreceived Chapter 185 revenue for FYE 2014—2017. We have assumed that the previously
unreceived Chapter 185 revenue of$471,094 would be applied as an offset each year starting in FYE 2019
to reduce the required Village contribution to$0 until the balance is fully used. The Village required
contribution for FYE 2018 would also be reduced by the Chapter 185 revenue received in August 2018.
We have assumed that Chapter 185 revenue would remain level at$157,450 for the fiscal years ending
2017 through 2019 then increase by 2.5%a each future year. Administrative expenses are also assumed
to increase by 2.5%each future year.
The projections are deterministic, meaning throughout the projection period, Plan experience is
expected to match the assumptions used during all future years beginning with the fiscal year ending
September 30, 2018, including the assumed investment return of 7.25%each year.
i� ��` Retiremegt
J Consultin
Ms. Kerry Dutton
June 8, 2018
Page 3
Additional Disclosures
This report was prepared at the request of the Board of Trustees and is intended for use by the Pension
Plan and those designated or approved by them. This report may be provided to parties other than the
Plan only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized
use of this report.
This report is intended to describe the financial effect of the proposed plan changes. No statement in this
report is intended to be interpreted as a recommendation in favor of the changes,or in opposition to
them. Except as otherwise noted, potential effects on other benefit plans were not considered.
The calculations in this report are based upon data provided by the Village covering the 12 police officers
currently in the 401(a)Plan as well as information furnished by the Plan Administrator for the October 1,
2017 Actuarial Valuation concerning Plan benefits,financial transactions, plan provisions and active
members,terminated members, retirees and beneficiaries. We reviewed this information for internal and
year-to-year consistency, but did not audit the data. We are not responsible for the accuracy or
completeness of the information provided by the Plan Administrator.
The calculations are based upon assumptions regarding future events,which may or may not materialize.
They are also based on the assumptions, methods,and plan provisions outlined in this report. Future
actuarial measurements may differ significantly from the current measurements presented in this report
due to such factors as the following: plan experience differing from that anticipated by the economic 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 as the
end of an amortization period or additional cost or contribution requirements based on the plan's funded
status);and changes in plan provisions or applicable law. If you have reason to believe that the
assumptions that were used are unreasonable,that the plan provisions are incorrectly described,that
important plan provisions relevant to this proposal are not described,or that conditions have changed
since the calculations were made,you should contact the author of the report prior to relying on
information in the report.
Jeffrey Amrose and Trisha Amrose 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 undersigned aduary is independent of the plan 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
fairly presents the actuarial position of the Plan as of the valuation date. All calculations have been made
in conformity with generally accepted actuarial principles and practices,and with the Actuarial Standards
of Practice issued by the Actuarial Standards Board and with applicable statutes.
Retirement
C,'J � Consuitinp
Ms. Kerry Dutton
June 8,2018
Page 4
We welcome your questions and comments.
Sincerely yours,
C� ��<�
Je re mrose, EA, MAAA Trisha Amrose, EA, MAAA
ni onsultant&Actuary Consultant&Actuary
Enclosures
This communication shall not be construed to provide tax advice, legal advice or investment advice.
cc: Bonni Jensen
G R S Retirement
Consulting
Village of Tequesta Public Safety Officers Pension Trust Fund
30-Year Projedion of Required Village Contributions for Police Officers
Scenario 1(Updated Baseline) Scenario 2
Required Contribution Funded Ratio Required Contribution Funded Ratio Cost/(Savings)
Fiscal Year Pensionable Total State Net Village Net wllage on Valuation Total State Net Village Ne[Village e��aluation
Ending Payrdl $Amount 5 Amount $Amount %of Payrdl Date $Amount $Amourrt $Amount %of Pa roll Date
y $Amount %of Payroll
2019 1,168,605 244,355 0 244,355 20.91% 147% 253,470 0 253,470 21.69% 147% 9,ll5 OJS%
2020 1,223,041 256,390 0 256,390 20.96% 139% 266,347 0 266,347 21J8% 138% 9,957 0.82%
2021 1,288,879 251,750 0 251,750 19.53% 136% 263,641 0 263,641 20.46% 135% 11,891 0.93%
2022 1,357,448 264,030 0 264,030 19.45% 135% 276,844 0 276,844 20.39% 135% 12,814 0.94%
2023 1,428,891 276,705 0 276,705 19.37% 134% 290,477 0 290,G77 20.33% 133% 13,772 0.96%
2024 1,501,149 259,871 0 289,871 19.31% 133% 304,797 0 304,797 20.30% 132% 14,926 0.99%
2025 1,564,948 303,059 0 303,059 19.37% 131% 319,155 0 319,155 2039% 130% 16,096 1.02%
2026 1,625,756 311,294 0 311,294 19.15% 130% 326,924 0 326,924 20.11% 129% 15,630 0.96%
2027 1,648,688 315,151 0 315,151 19.12% 129% 332,396 0 332,396 20.16% 128% 17,245 1.04%
2028 1,659,703 315,100 0 315,100 18.99% 128% 334,218 0 334,218 20.14% 127% 19,118 1.15%
2029 1,703,793 313,680 0 313,680 17.99% 128% 331,407 0 331,407 19.00% 127% 17,727 1.01%
2030 1,810,89) 328,571 0 328,571 18.14% 128% 347,435 0 347,435 19.19% 127% 18,864 1.05%
2031 1,891,001 337,177 0 337,177 17.83% 128% 355,822 0 355,822 18.82% 127% 18,645 0.9996
2032 1,981,242 350,393 0 350,393 17.69% 127% 369,745 0 369,745 18.66% 126% 19,352 0.97%
2033 2,075,391 365,864 0 365,864 17.63% 127% 386,153 0 386,153 18.61% 126% 20,289 0.98%
2034 2,145,630 382,043 0 382,043 17.81% 127% 403,296 0 403,296 18.80% 126% 21,252 0.999G
2035 2,240,103 390,706 0 390,706 17.44% 127% 413,608 0 413,608 18.46% 126% 22,902 1.02%
2036 2,326,239 406,639 0 406,639 17.48% 126% 430,577 0 430,577 18.51% 125% 23,938 1.03%
2037 2,413,486 420,069 0 420,069 17.41% 126% 444,766 0 444,766 18.43% 125% 24,698 1.02%
2038 2,424,697 434,001 0 434,001 17.90% 126% 459,604 0 459,604 18.96% 125% 25,603 1.06%
2039 2,411,807 433,366 0 433,366 17.97% 126% 460,632 0 460,632 19.10% 125% 27,266 1.13%
2040 2,385,169 427,746 0 42J,746 17.93% 127% 456,945 0 456,945 19.16% 125% 29,199 7.23%
2041 2,478,529 420,819 0 420,819 16.98% 127% 451,120 0 451,120 18.20% 126% 30,302 1.22%
2042 2,522,183 435,575 0 435,575 17.27% 128% 466,932 0 466,932 18.51% 127% 31,357 1.24%
2043 2,623,939 441,743 0 441,743 16.84% 129% 474,821 0 474,821 18.10% 127% 33,079 1.26%
2044 2,551,076 458,507 0 458,507 17.97% 129% 492,980 0 492,980 19.32% 128% 34,473 1.35%
2045 2,587,923 447,393 0 447,393 17.29% 130% 483,799 0 483,799 18.69% 129% 36,407 1.4096
2046 2,681,099 454,524 0 454,524 16.95% 132% 491,855 0 491,855 18.35% 13096 37,331 1.409G
2047 2,772,613 670,047 0 470,047 16.95% 133% 508,691 0 508,691 18.35% 131% 38,643 1.409G
2048 2,862,288 485,426 0 485,426 16.96% 134% 525,327 0 525,327 18.35% 132% 39,901 1.39%
Total 11,031,993 0 11,031,993 11,723,764 0 11,723,784 691,791
Total Present Value 4,233,977 0 9,233,977 4,471,772 0 4,471,772 237,795
5
Village of Tequesta Public Safety Officers Pension Trust Fund
3QYear Projedion of Required Village Contributions for Police Officers
Scenario 1(Updated Baseline) Scenario 3
Required Contribution Funded Ratio Required Contribution Funded Ratio �st/(Savings)
Fiscal Year Pensionable Total State NM Village Net Yllage on Valuation Total State Net Village Net Village on Valuation
Erding Payrdl $Amount $Amount $Amount %of Fayroll Date $Amount $Amount S Amount %of Pa roll Date
y S Amount %of Payroll
2019 1,168,605 244,355 0 244,355 20.91% 147% 250,783 157,450 93,333 7.99% 135% (151,022) (12.92�%
2020 1,223,041 256,390 0 256,390 20.96% 139% 263,756 161,386 102,369 8.37% 134% (154,020) (12.59�%
2021 1,288,879 251,750 0 251,750 19.53% 136% 261,156 165,421 95,735 7.43% 132% (156,015) (72.10�%
2022 1,357,448 264,030 0 264,030 19.45% 135% 274,293 169,556 104,737 7.72% 131% (159,294) (11.73�%
2023 1,428,891 276,705 0 276,705 19.37% 134% 288,072 173,795 114,277 8.00% 130% (162,428) (1137�%
2024 1,501,149 289,871 0 289,871 19.31% 133% 302,374 178,140 124,236 8.28% 129% (165,637) (11.03�%
2025 1,564,948 303,059 0 303,059 19.37% 131% 307,176 182,594 124,581 7.96% 128% (178,478) (11.41�%
2026 1,625,756 311,294 0 311,294 19.15% 1309G 320,766 187,159 133,608 8.22% 127% (177,686) (10.93�%
2027 1,648,688 315,151 0 315,151 19.12% 129% 326,179 191,838 134,342 8.15% 126% (180,810) (10.97�%
2028 1,659,703 315,100 0 315,100 18.99% 128% 327,806 196,633 131,172 7.90% 126% (183,928) (11.09�%
2029 1,743,793 313,680 0 313,680 ll.99% 128% 324,649 201,549 123,100 7.06% 125% (190,580) (10.93�%
2030 1,810,897 328,571 0 328,571 18.14% 128% 340,512 206,588 133,924 7.40% 125% (194,647) (10.74)%
2031 1,891,001 337,177 0 337,177 17.83% 128% 348,753 211,753 137,000 7.24% 125% (200,177) (10.59)%
2032 1,981,242 350,393 0 350,393 17.69% 127% 362,426 217,047 145,380 734% 125% (205,013) (10.35)%
2033 2,075,391 365,564 0 365,864 17.63% 127% 378,607 222,473 156,135 7.52% 125% (209,729) (10.11�%
2034 2,145,630 382,043 0 382,043 17.51% 127% 395,600 228,035 167,566 7.81% 124% (214,477) (10.00�%
2035 2,240,103 390,706 0 390,706 17.44% 127% 407,258 233,735 173,523 7.75% 124% (217,183) (9.69�%
2036 2,326,239 406,639 0 406,639 ll.48% 126% 421,792 239,579 182,213 7.83% 124% (224,426) (9.65�%
2037 2,413,486 420,069 0 420,069 ll.41% 126% 438,159 245,568 192,591 7.98% 124% (227,478) (9.43)%
2038 2,424,697 434,001 0 434,001 17.90% 126% 452,830 251,707 201,122 8.29% 124% (232,879) (9.61)%
2039 2,411,807 033,366 0 433,366 17.97% 126% 453,883 258,000 195,883 8.12% 124% (237,483) (9.85)%
2040 2,385,169 427,746 0 427,746 17.93% 127% 450,906 264,450 186,456 7.82% 124% (241,290� (10.11�%
2041 2,478,529 420,819 0 420,819 16.98% 127% 438,208 271,061 167,147 6.74% 125% (253,672) (10.24�%
2042 2,522,183 435,575 0 435,575 17.27% 128% 454,564 277,838 176,726 7.01% 126% (258,849) (10.26�%
2043 2,623,939 441,743 0 441,743 16.84% 129% 456,195 284,784 171,411 6.53% 127% (270,331) (30.31�%
2044 2,551,076 458,507 0 458,507 17.97% 129% 468,335 291,903 176,431 6.92% 128% (282,075) (11.05�%
2045 2,587,923 447,393 0 447,393 17.29% 130% 485,305 299,201 186,104 7.19% 129% (261,289) (10.10�%
2046 2,681,099 454,524 0 454,524 16.95% 132% 494,355 306,681 187,674 7.00% 1309G (266,851) (9.95�%
2047 2,772,613 470,047 0 470,047 16.95% 133% 510,910 314,348 196,562 7.09% 131% (273,485) (9.86)%
2048 2,862,288 485,426 0 485,426 16.96% 134% 527,801 322,207 205,594 718% 132% (279,832� (9J8�%
Total 11,031,993 0 11,031,993 11,533,409 6,912,481 4,620,928 (6,411,065)
Total Present Value 4,233,977 0 4,233,977 4,399,017 2,641,693 1,757,325 (2,476,652)
6
Village of Tequesta Public Safety Officers Pension Trust Fund
30-Year Projedion of Required Village Contributions for Police O�cers
Scenario 1(Updated Baseline) Scenario 4
Required Contribution Funded Ratio Required Contribution Funded Ratio �st/(Savings)
Fiscal Year Pensionable ToGI State Net Village Net Village on Valuation Total State Net Village Net Village on Valuation
Ending Vayrdl $Amount $Amount $Amount %of Payroll Date $Amount $Amount $Amount %of Payroll Date $Amount %of Payroll
2019 1,168,605 244,355 0 244,355 20.91% 147% 250,783 250,783 0 0.00% 135% (244,355) (20.91�%
2020 1,223,041 256,390 0 256,390 20.96% 139% 263,J56 263,755 0 0.009G 134% (256,389) (20.96�%
2021 1,288,979 251,750 0 251,750 19.53% 136% 261,156 261,156 0 0.009G 132% (251,750) (19.53�%
2022 1,357,448 264,030 0 264,030 19.45% 135% 274,293 274,293 0 0.00% 131% (264,031) (19.45�%
2023 1,428,891 276,705 0 276,705 19.37% 134% 288,072 248,715 39,357 2.75% 130% (237,348) (16.62�%
2024 1,501,149 289,871 0 289,871 19.31% 133% 302,374 178,140 124,234 8.28% 129% (165,637) (11.03�%
2025 1,564,948 303,059 0 303,059 19.37% 131% 307,174 182,594 124,581 7.96% 128% (178,478) (11.41�%
2026 1,625,756 311,294 0 311,294 19.15% 130% 320,766 787,159 133,608 8.22% 127% (177,686) (10.93�%
2027 1,648,688 315,151 0 315,151 19.12% 129% 326,179 191,838 134,342 8.15% 126% (180,810) (10.97)%
2028 1,659,703 315,100 0 315,100 18.99% 128% 327,806 196,633 131,172 7.90% 126% (183,928) (11.09�%
2029 1,743,793 313,680 0 313,680 17.99% 128% 324,649 201,549 123,100 7.06% 125% (190,580) (10.93�%
2030 1,810,897 328,571 0 328,571 18.14% 128% 340,512 206,588 133,924 7.40% 125% (194,647) �10.74�%
2031 1,891,001 337,177 0 337,177 17.83% 128% 348,753 211,753 137,000 7.2C% 125% (200,177) (10.59)%
2032 1,981,242 350,393 0 350,393 17.69% 127% 362,426 217,047 145,380 7.34% 125% (205,013) (10.35)%
2033 2,075,391 365,864 0 365,864 17.63% 127% 378,607 222,473 156,135 7.52% 125% (209,729) (10.11)%
2034 2,145,630 382,043 0 382,043 17.81% 127% 395,600 228,035 167,566 7.81% 124% (214,477) (10.00�%
2035 2,240,103 390,706 0 390,706 17.44% 127% 407,258 233,735 173,523 7.75% 124% (217,183) (9.69)%
2036 2,326,239 406,639 0 406,639 17.48% 126% 421,792 239,579 182,213 7.83% 124% (224,426) (9.65�%
2037 2,413,486 420,069 0 420,069 17.41% 126% 438,159 245,568 192,591 7.98% 124% (227,478) (9.43)%
2038 2,424,697 434,001 0 434,001 17.90% 126% 452,830 251,707 201,122 8.29% 124% (232,879) (9.61�%
2039 2,611,80J 433,366 0 C33,366 17.97% 126% 653,883 258,000 195,883 8.12% 124% (237,483) (9.85�%
2040 2,385,169 427,746 0 427,746 17.93% 127% 450,906 264,450 186,456 7.82% 124% (241,290) (10.11�%
2041 2,478,529 420,819 0 420,819 16.98% 127% 438,208 271,061 167,147 6.74% 125% (253,672) (10.24�%
2042 2,522,183 435,575 0 435,575 ll.27% 128% 454,564 277,838 176,726 7A1% 126% (258,849) (10.26�%
2043 2,623,939 441,743 0 441,743 16.84% 129% 456,195 284,784 171,411 6.53% 127% (270,331) (10.31)%
2044 2,551,076 458,507 0 458,507 17.97% 129% 468,335 291,903 176,431 6.92% 128% (282,075) (11.05�%
2045 2,587,923 447,393 0 447,393 17.29% 130% 485,305 299,201 186,104 7.19% 129% (261,289) (10.10�%
2046 2,681,099 454,524 0 454,524 16.95% 132% 494,355 306,681 187,674 7.00% 130% (266,851) (9.95)%
2047 2,772,613 470,047 0 470,047 16.95% 133% 510,910 314,348 196,562 7.09% 131% (273,485) (9.86)%
2048 2,862,288 485,426 0 485,C26 16.96% 134% 527,801 322,207 205,594 718% 132% (279,832) (9J8�%
Total 11,031,993 0 11,031,993 11,533,409 7,383,575 4,149,834 (6,882,159)
Total Present Value 4,233,977 0 4,233,977 4,399,017 3,055,229 1,343,788 �2,890,189)
7
Village of Tequesta Public Safety Officers Pension Trust Fund
30-Year Projection of Required Village Contributions for Police Officers
600,o00
f5cenario 1(Updated Baseline)
500,000 �—Scenario 2
—�—Scenario 3
o tScenario 4
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Fiscal Year End
8
Village of Tequesta Public Safety Officers Pension Trust Fund
30-Year Projection of Funded Ratio for Police Officers
150% •
145% '
140%
0
� 135% -,
v
a
v
� 130% -
LL
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W
� 125� ',
.O
a`
120% �
115% i —fScenario 1(Updated Baseline)
' —�Scenario 2
110% 1 ��Scenario 3
' �Scenario 4
105� -
100% .
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Valuation Date
10/1
9