HomeMy WebLinkAboutHandouts_Special Meeting_Tab 03_05/29/2009G~tS
April 30, 2009
Gabriel It®eder Smith ~C C~tnpany
Consultants & Actuaries
Ms. Lori Mc~illiams
Village of Tequesta
345 Tequesta Drive
Tequesta, FL 334b9
Re: Supplemental Actuarial Valuation
Dear Lori:
®ne East Broward Blvd.
Suite 505
Ft. Lauderdale, FL 33301-~ 872.
954.527.1616 phone
954.525.0083 fax
www.ga brielroeder.com
As request, we have performed an actuarial funding study on the Village of Tequesta General Employees
Tnast Fund. The following attachments are provided to illustrate our findings in the four areas of the study:
Section A -Actuarial Assumptions and Cost Method Analysis
Section B -Actuarial Asset Methodology
Section C - 5 Year Asset Projection
Section D - I~istorical Employer Contribation Data
S 'on A - Actuarial Assamptions and Cost Metl-od Analysis
In an actuarial valuation it is necessary to evaluate key economic and demographic assumptions
occasionally to keep cost projections as accurate as possible. These assumptions include the investment rage
of retura the assets will achieve in the future, future salary increases for continuing active members, and the
life expectancy of the members of the Plan. The following scenarios were developed to address changes in
all three of these assumptions:
In Scenario 1 -Same assumption set as the October 1, 2007 Valuation.
In Scenario 2 -Change in assumed mortality rates from 1983 Group Annuity Mortality to RP-
2000 Generational Mortality.
in Scenario 3 -Same change in the mortality assumption as Scenario 2, with the assumed rate
of return lowered from 8.0% to 7.5%.
- In Scenario 4 -Same change in the rr~rtality assumeion as Scenario 2, with the assumed rate
of return lowered from 8.0% to 7.0%.
In all scenarios, results are developed by measuring assets and census data as of October 1, 200$.
The fast assurr~tion reviewed was mortality. The number of deaths in the Plan is not large enough to be
statistically significant for purposes of evaluating mortality specific to Tequesta. However, we recommend
a more current table, the RP-2000 Generational Table. The table is based on more recent mortality data and
projects future improvements in longevity.
Secondly, the investment return assumption was reviewed. The current assumption of 8.0% per year net of
invesunent fees is probably overly optimistic given the asset allocation. As of December 31, 2008 the
fund's equity allocation was under 50%. Even considering the Fund's investment policy, which permits
higher equity allocations, the assumption may be overly optimistic.
~~1~Do[~,T" tea- 51~~~~~
Ms, Lori Mcwillia~ns
Page ~ of 4
The second assumption reviewed was the rate of salary increases. The current assurnptian is a flat ~.a°I~ per
year, regardless of the member's age and service. Average salary increases far bath police officers and
firefighters have been higher than our assumption over the past decade, we recarrend changing to a table
that proj cots annual increases which are depcrident an the service of cash member. The table praj ects
increases of 8.D°Io for new hires and grades dawn such that rncmbers with 1 ~ or more gears of service are
prod ected to receive G,~% pay increases,
Finally, the investment return assumption was reviewed. The current assurr~ptian of 8.0°Io per year net of
investment fees is probably overly optimistic given the asset allocation. As of December 1, 248 the
fund's equity allocation was under 5~~10. Even considering the Fund's investment palic~r, which permits
higher equity allacatians, the assumption may be overly optimistic
In conjunction with the assumptions review, we lacked into changing the actuarial cast method. The cost
method detcr~nines the payment pattern of pension plan funding. Regardless of the method chosen, over
time the funding must be adequate to provide member benefits and caner plan expenses. The difference is
that Borne of the methods result in higher funding requirements earlier in the life of the plan than others,
The vast majority of Florida police and fire plans use one of three methods, the Aggregate Method, Entry
Age Normal ~EA]~ ar the Frozen initial Liability Method {F1I~}. Typically, the Aggregate Method results
in the highest up-front costs. EAN has the lowest and FIL falls in between, In a X007 survey it was found
that ~5°/0 of the municipal police ar~d firefighters' pension plans throughout Florida used the EAN cost
~nethad,l$°lo used the Aggregate Nicthad and mast of the rerrxainder used F'~L.
The Tequeta Plan currently uses the Aggregate Method, we locked into changing to the Entry Age
Normal Cost Mcthad which would typically result in laver short term funding requirements. Flowever,
because of characteristics specific to your plan, this was not the case. This is mainly duo to the fact that
your plan has a very small 1~ablllty associated with inactive members and is relatively well funded
Section B - Actuarial Asset Methodology
The Plan currently uses the rr~arket value of assets far purposes of determining the Annual Required
contribution ARC). Mast public plans use an asset method that smoothes out market fluctuations over a
period up to five years. Adapting such a method auld reduce the volatility of the ARC from gear to
gear.
we have calculated the impact an. the ARC if the Plan were to adopt a ~ year srrfaathed asset approach. we
have attached an illustration of the Actuarial Value of Assets development far the year ending September
~~, ~~~5. Ifthe method were implemented for the year ending September 3D, ZOOS, the ARC for the fiscal
year ending September 34, 2449 would be reduced by ~.7~°I~ of pay, This would reduce the ABC from
1 S.I Z~Io of pay using the current rnethad dawn to 11.38°l~ of pay
It is irnpartant to note that if the asset smoothing method is adopted, the asset gains and losses from each
year would be fully recognized aver a course of flue years. This means that during periods when the market
underpcrfars our assumption, it is likely that the actuarial value of assets would be greater than the market
value of assets. This, in turn, would lower the ARC from what it would be if the maxket value of assets was
used far funding purposes. Conversely, if the asset return exceeds our assunaptian, the apposite would be
true.
abr~el Rieder smith 8~ Cnmp~n~
~s,lJori cwilliams
Page 3 of 4
~ec~an C - 5 ~c~r Asset Projections
we have also determined the impact that future investment returns wxl~ have an the ARC far the plan. we
developed four scenarios lased on the latest asset infarxnation received which was as of December ~ 1, ~O~H.
we have assumed far these projections that the asset smoothing rr~ethad will not be adopted. The attached
exhibits illusttwate the impact future asset returns will have on the ARC under the fallowing four economic
scenarrios:
913~12aa9 913a120~a ~1~12at ~ ~13a12a12 and aver
-1 J.Q~~o ~.~°~b O.~°/o 0.~°~0
-2a.~~Io 0.~°Io S.0°/o S,o°/o
The exhibits shave the annual impact on the ARC each year as wallas the cumulative impact on the ARC.
A11 of the projections assume that there are na other wins or lasses frorrY any other source except
investments and are based on the assumption and methods shown m our October I, 2~a7 valuation report.
Additionally, we have assumed that the cash flow remains equal to the arriount for tl~e year ending
September 30, X008.
section ~ Historical ~m~loyer ~ontri~ution Amounts
we have graphed the historical ~199~2009~ annual employer contribution has a percent of payroll} for both
the median Police and Fire Pension Fund in the state of Flarxda and the Tequesta Public safety Of~~cers'
Trust Fund Though the contribution percentage for the Village of Tequesta has been historically below the
median, you will Hate an uptrend fallowing the X000-~OOZ dawn turn in equity markets. Liven the recent
market declines, ~~ would ~~Cpect COntr]but10r1 rates to increase once again lIl the future.
we have also included an illustration of the A-R for the Village of Tequesta. we have broken these
a~aunt~ down into the portion that were paid by the state, ~rrtployees, and the ~mplayer {Village}-
All calculation provided in this study arc based upon assumption regarding future events, which may ar
may Hat materialise. They are also based upon present plan provisions. If you have reason tv believe that
the assumptions that were used are unreasonable, that important plan provisions relevant to this proposal
are not described, ar that canditivns have changed since the calculations were made; you should contact
the author of this report prior to relying an inforrnatian in the report.
if you have reason to believe that the information provided in this report is inaccurate, or is in any way
incomplete, or if you need further information in order to make an informed decision an the subject
matter of this report, please contact the author of the report prior to making such decision
Gabriel Roeder Smith & opany
M~. Lari Mcilliar
Page 4 of4
e welceme your questions and corr~entsi
Sincerely yours„
/~~ ~lJ
J. Stephen Palmquist, ASA
Senior Consultant and Actuary
Enclosures
Duane Howison, ~A
Consultant and Actuary
ahriel Roeder Smith & Company
S~CTt~N A -Page t
Plan
Village of Tequesta Public Safety Gfhcers Pension Trust Fund
Valuation Date
Gctober ~, ~~OS
Date of Report
April ~, 200
Report Requested by
Pension Board
Prepared ~y
J, Stephen Palmquist
Group Valued
All active and inactive Folice Officers and Firefighters
Actuarial Assumptions Being Considered far change
Present Assumptions
Mortality follows the 193 Group Annuity lU[ortality table.
Salary increases are ~.o°I~ per year ser~ice~
Assumed inve~trnent rate ofreturn is $°I~~
Proposed Changes for Section A
in Scenarios ~ through 5, the mortality assumption is changed to RP-~OD~ with full
generational mortality.
In Scenarios ~ through 5, the assumed rate of salary increases iS changed to G,o°lo to S.~°I~ per
year depending on participant service.
In Scenario ~, the assumed investment rate of return is changed to 7f°fo.
In Scenario 5, the assumed investment rate of return is changed to 7~~°I~~
Actuarial Assumptions and ethads
Same as October 1, ~OO7 Actuarial valuation Report with the exceptions mentioned above.
Same of the key assurr~ptionslmethods are:
~nwcstrrient return - S.D°I~ per year for Scenario 1, 2, and 3.
7.5°I~ per year for Scenario 4~
~.~°l~ per year for Scenario ~,
Salary increase -~ ~~0°/o per year for Scenario l and 2.
~,0°/o to S.~~la per year depending on credited Service for Scenario 3, 4,
and 5.
Cost Method - Aggregate
SE'TI~N A -Page ~
Amoratian Period for Any increase in Actuarial Accrued Liability
NIA,
Summary of Data Used in Report
See attached page{s).
Actuarial Impact of Proposal{s)
See attached pages}.
Special masks ~nvalved with the Proposal That the Plan Has Not Been Exposed to Previausiy
None
ether fast ~ansidera#ians
Nonc
Possibie o~aflicts V~ith IBS Qu~iifcatian kuies
None
As indicated beio~, the underig~ned i~ a N~eber oi' the American Academy of ActualFie~ {NiAAA}
and meets the Qualification Standards of the Academy of Actuaries to render the actuarial opinion
herein.
~.
Stephen Palmquist, A, I4rIAAA, FAA Duane ~owison, FSA
Enrolled Actuary o8-1 G~ Enrolled Actuary ~8-G1~
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EI~TION A -Page ~
PART~'~PANT D,~TA,
~~to~er ~, ~~~8
ATI~E 1V~EMBER
Number 31
~o~rered Annual Payroll ~,17~,860
Average Annual Pa~ro11 $ ?4,3 ~ 8
Average Age 3 S.2
Average Past service ~,7
Average Age at Hire 31.5
RETI~E~ & B~N~~'I~IARI~ I~R~P
Number ~
Annual Benefits $ 4
Average A,I~.~ll.l~l Beneflt ~ ~
Average Age 0.~
DISABILITY TIItE~
Number ~
Annual Benefits $ ~
Average Annual Benefit $ ~
A~rerage Age 0.~
TERIVIIN~ATLD VESTED N~~MBERS
Number
Annual Benefits $ 2,331
Average Annual Benefit $ 13, I G~
Average Age 3 8.5
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