HomeMy WebLinkAboutDocumentation_Regular_Tab 14_02/14/2019 �� � �
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Memorandum
To: Honorable Mayor and Village Council
Thru: James M. Weinand, Acting Viilage Manage
From: Merlene Reid, H.R. Director � , /
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Date: January 22, 2019
Subject: MOU Approval - Village of Tequesta/PBA Retirement Article Amendments
The attached MOU (Appendix A) represents the conclusion of negotiations between the
PBA and the Village in respect of amendments to Retirement Article number 29. This
article has been ratified by the PBA.
Full-time police officers hired between June 9, 2011 to May 31, 2018 who elected to
leave their existing 401(a) plan and join the reopened Tequesta Public Safery
Retirement Plan, and full-time Police Officers hired after May 31, 2018 will receive the
same terms and conditions of the plan as other Officers in the plan, except for their:
a.) Years of service which will be credited at a rate of 2.75% per year; and
b.) Their contribution rate, which will be six percent (6%) of salary.
The Plan will also be modified to include an individual defined contribution component,
with funding to be shared as stated in the MOU. The anticipated cost of this item is
outlined in GRS Retirement Consulting Supplemental Actuarial Valuation Report dated
June 8, 2018 (Appendix B).
On behalf of the Village Manager and staff and in keeping with your directive to staff,
this agenda item is therefore being submitted for your final review and approval, which
will authorize the Village Manager to execute this agreement.
Finally, Council is reminded that approval of a 2.75% multiplier for the PBA triggers a
matching increase in the IAFF's multiplier for employees hired after October 1, 2010,
pursuant to Article 34 (Pensions), Section 6.
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APPENDIX A
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MEMORANDUM OF UNDERSTANDING ("MOU") WITH REGARD TO ALL FULL-
TIME PERSONNEL EMPLOYED BY THE VILLAGE OF TEQUESTA
REPRESENTED BY THE PALM BEACH COUNTY POLiCE BENEVOLENT
ASSOCIATION, INC., WRHIN PERC BARGAINING UNIT NUMBERED 1615 AND
PERTAINING TO RETIREMENT
THE VILLAGE OF TEQUESTA, FLORIDA (hereinafter referred to as
"VILLAGE°) and THE PALM BEACH COUNTY POLICE BENEVOLENT
ASSOCIATION, INC. (hereinafter referred to as the "PBA°) agree as follows:
AFtTICLE 29
RETIREMENT
Section 1. The Tequesta Public Safety Retirement Plan as cuRently written will remain
unchanged for the police officers hired between January 1, 1996 and June 9,2011,except
as modified below.
Section 2. Full-time police officers hired between June 9, 2011 to May 31, 2018 who
elected to leave their existing 401(a) plan and join the reopened Tequesta Public Safety
Retirement Plan, and full-time Police Officers hired after May 31, 2Q18 will�receive the
same terms and conditions of the plan as the othe�Police Officers in the plan, except for
the following:
a.) Years of senrice will be credited at a rate of 2.75%per year; and
b.) The employee contribution rate wili be six percent(6%) of salary. �
Section 3. The Tequesta Public Safety Retirement Plan shall be modified to inciude an
individual defined contribution component(refer to Table 1).
These plan modifications are contingent upon receipt of the approximate funding ou�ined
in GRS' June 8, 2018, letter, as follows:
a.) $269,284.00 of 401(a) money will be transferred into the Tequesta Public
Safety Retirement Plan;
b.) $471,094.00 of previously unreceived Chapter 185 funds for�l(E 2014-2017
will be received by the Village, which shall be used to offset required
contributions.
c.) All future Chapter 185 funds received can be used by the Village to offset
required contributions.
d.) The plan currently holds $333,315.00 in unused Chapter 185 money.
Bargaining unit members agree to forgo 50% of this money to the Village
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(which can be used by the Village to offset required contributions), and to
divide the bargaining uniYs portion between all bargaining unit members on a
prarated basis by months of service. These pro-rated shares of Chapter 185
monies shall be deposited into individual defined confibution share accounts
as defined in Section 3, based on the calculations outlined in Table 1 below
and shall be subject to the plan's rate of retum.
Table 1
Name Eli ibilit Date Shared Amounts
1. Smolen, Keith 2/6/2001 $ 27,479.40
2. Fabiano, Jose h 4/4/2005 $ 21,245.65
3. Lall , Maximilian 10/29/2007 $ 17,301.85
4. Korkowski, Ra mond 11/19/2007 $ 17,174.63
5. Ramirez, Ariel 12/22/2008 $ 15,520.77
6. Blanc, Kurt 5/22/2011 $ 11,831.41
7. Johnson, Aaron 6/20/2011 $ 11,322.53
8. Yildiz, Emir 12/31/2012 $ 8,778.14
9. Muniz, Matthew 3/3J2014 $ 7,633.17
10. Wa chows , Daniel 6/M2014 $ 7,251.51
11. Franklin, Jonathan 7/30/2014 $ 6,997.07
12. Jarrell, Thomas 11/1/2016 $ 3,562.15
13. Scaduto, Christo her 11/1/2016 $ 3,562.15
14. Lone , Michael 3/20/2017 $ 2,926.05
15. Baldwin, Timoth 9/14/2017 $ 2,289.95
16. Donadio, Tana 3/M2018 $ 1,526.63
17. Robinson, Calvin 12/17/2018 $ 254.44
Total: $166,657.50
Section 4. Upon ratification of this MOU by both parties, the Village will take appropriate
legislative steps to amend the Village ordinance that establishes the Public Safety
Officers' Pension Trust Fund to incorporate the abovementioned agreement of the parties
reached in collective bargaining sessions.
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Village and the PBA Agree Further:
1. That this MOU shatl be effective from its full execution through and including
September 30, 2019; and,
2. That A�icle 29 will not be open for negotiation for the 2019-2022 Collective
Bargaining Agreement.
3. That the Parties have full legaf authority to enter into this MOU.
IN WITNESS THEREOF, the Parties have caused this MOU to be signed by their
duly authorized representatives on this day of , 201 g.
FOR THE VILLAGE FOR THE PBA
.,
James Weinand, Acting Village Manager Joh azanji , President
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lori McWilliams, Village Clerk Brennan Keeler, Legal Counsel
APPENDIX B
�`';�G R S Retirement �'9Sa.511.1010 F 95=3 525.0083 rn:ri.�rsconsult�n�.c�rn
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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 Tn�st Fund
Suppiemental ActuaNal 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,refiecting the benefit
changes adopted in the most recent collective bargaining agreement for police office�s. 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,235%
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 696 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 tra�sferred to the
Pension Plan. This transfer amount would be equal to the Village cantributions 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
suhject 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 Yllage 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 12 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 stili be available to the Plan. We recommend
that this be confirmed in writing before any final decision is made.
Additionaliy,under ail 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 co�sidered 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—2Q17. We have assumed that the previously
unreceived Chapter 185 revenue of$471,094 would be applied as an offset each year starti�g 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 2.596 each future year. Administrative expenses are also assumed
to increase by 2.59b 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 7.2596 each year.
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Ms.Kerry Dutton
lune 8,2018
Page 3
Additional Disclosures
This report was prepared at the request of the eoard of Trustees and is intended for use by the Pension
Plan and those designated or app�oved hy 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 financlal 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 cakulations 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 beneflts,financial transactions,plan provisions and active
members,terminated members,retirees and beneflciaries. We reviewed this information for internal and
year-to-year cansistency,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 sign'rficantly 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
demogrephic assumptions;changes in ec�nomic 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 amo�tization period or additional cost or contrihution requirements based o�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 calculatio�s were made,you should contact the author of the report prior to relying on
information in the report.
leffrey 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 actuary 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 aduarial principles and practices,and with the Actuarial Standards
of Practice issued by the Actuarial Standards Board and with applicable statutes.
t7 IZ S <<,��-.�,iu����
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Ms. Kerry Dutton
June 8,2018
Page 4
We welcome your questions and comments.
Sincerely yours,
// ��� ���� _ . /,
/ C�i'�"'U` l�G� (/�rr�✓s.�._
leffre mrose,EA,MAAA Trisha Amrose,EA,MAAA
$feni onsultant&Actuary Consultant&Actuary
Enclosures
This communication shall not be construed to provide tax advice,legal advice or investment advice.
cc: BonniJensen �
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V�of Tequesq Public Safety Oflicers Pension Tnat Fund
3QYear Projection of Required Villa�e Gontr�utions for Police OfRcers
Sceiarlo 1(u�ted easdrrc) scenuio 1
R�quk�d C°"M6MI°" Fud�d Rai� ��tl�0" Fuid�d Ibdo CoR!(�M�1
FkpIYNr hnqolmhl! Tod SUG N�tY�ip NUVMip onWMmtlon Tod ShM MtWip NitVMip onViMYllon
E�n6 P�M►d S Aeant S Mqut S Miw�t %dhy►oN D�te S Mornt S Mlq�lt S Mark %d��aM D� S A�nount %of F+Y►aN
2019 1,166,603 2M,355 0 241,355 2091% 147% 253,170 0 253,470 21.69% 147% 9,115 0.78%
2020 1,273,041 L56,390 0 256,390 20967f 139% 266,347 0 266,347 21.78% 138% 9,957 0.82%
2021 1,288,819 ZSI,7511 0 8I,750 19.53li 136% 263,641 0 263,641 2U.46% 135% 11,891 0.93%
2022 1,357,1/6 261A30 0 264,�0 19.45% 135% 276,611 0 276,844 I0.39li 135% 12,814 0.91%
3023 1,12l,891 176,705 0 176,fi5 19,37% 1349G 290,477 0 290,477 20.33% 133% 13,772 0.96%
2024 1,501,1�9 2�,871 0 289,671 1931% 133% 304.J97 0 301,797 2030lf 132% 14,926 0.99li
2025 1,564,9�6 3�,0� 0 3�,059 1937% 131% 319,155 0 319,155 2Q39% 130% 16,096 L02%
2026 1,Q5,756 311,294 0 311,29� 19.15% 1309L 326,92� 0 326,91� 20.11% 129% 15,630 0.98%
I027 1,6�6,686 315,151 0 315,151 19.12% 129% 332,396 0 332,396 20.16% 128% 17,215 1.04%
2028 1,659.703 315,100 0 38,100 18.999� 128% 334,2]D 0 331.218 10.14% 127% 19,118 1.15%
I029 1,743,793 313,680 0 3]3,GB0 17.99% 128% 331,4W 0 33],�07 19.U0% 127% 17,721 1.01%
2030 1,810,897 328,571 0 326,571 18.14% 128% 311,435 0 347,435 19.19% 111% 18,8W 1.05%
2031 1,�1,001 337,177 0 331,177 17.83% 128% 355,822 0 355,822 18.82% 127% 16,W5 0.99lL
7A32 1,961,2� 350,393 0 350,393 17.69li 127% 368,7�5 0 3b8,1�5 18.66ff 126% 19,352 0.97%
2033 2,075,391 365,864 0 365,l64 17.63% 121% 386,153 0 386,153 18.61% 126% 20,289 0.98f6
2�1 2,145,630 3ffiA13 0 382,043 17,81% 127% 403,296 0 103,296 18.80% 126% 21,252 Q99%
2035 1,240,103 390,706 0 390,7'O6 17.44% 127% 413,606 0 413,608 ISA6% 126% 22.90] 1.02%
2036 2,326.239 /Oi,639 0 �06,6d4 17.48% 126% 430,571 0 430,577 18.51% 125% 23,938 1.03%
2037 2,113,486 4I0,069 0 �20,069 11.41% 1I6% 44t,766 0 444,766 ]8.43% 125% 21,696 1.02lf
2�8 2,Q1,691 434,001 0 434,001 11.90% 126% 459,6M 0 459,60/ 18.%% 125% 25,603 1.06lf
2039 1,411,80J 133,366 0 433�66 1).97% 116% 460,632 0 160,632 19.10% 125% 27,266 1.13%
I04f1 2,385,169 421,716 0 417,716 17.�% 121% 156,945 0 456,98 19.16% 115% 29,199 1.1316
2(M1 1,478,529 42Q,819 0 4I0,819 16.98% 121% 451,120 0 451,120 1820% 126x 30,302 1.22l6
2012 2S2Z183 435,575 0 435,575 ]727% 128% �66,932 0 466,932 18.51% lIl% 31,357 1.21%
2043 2,623,939 41],743 0 141,743 16.84% 129li 4T4,821 0 471,821 18.10% 127X 33,W9 1.26%
IOq 2,551,076 458,507 0 458,SW 17.97% 129% 49?,980 0 492,9BD 1932% 128X 34,473 1.35%
2015 2,587,923 447,393 0 447,393 ll.29% 130X 483,799 0 1i3,799 18.69% 129% 36,407 1.40%
NM6 2,681,099 451,SI� 0 451,524 16.95% 132% 491,855 0 497,&SS 18.35% 130% 31,331 1.10%
2D97 2,772,613 470,047 0 470,W7 ifi.95% 133% 504691 0 501,�1 1835% 131% 3l,643 L40l6
2046 2,�2,288 485,�26 0 485,426 16.96% L�9i 525,321 0 525,327 18.35% 1329L 39,901 1.39l6
Tot�l 11,031,l93 0 11,031,993 11,7t3.711 0 17,723,784 691,791
T�alPrwntW�lue 4,133,977 0 4,233,l17 4,171,712 0 4,471,772 7i7,795
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8
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30-Year Projection of Funded Ratio for Police Officers
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Valuatlan Date
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9