HomeMy WebLinkAboutHandouts_Special Meeting_Tab 03_05/29/2009 (2)Gabriel Roeder Smith Camp~ny one East Broward Blvd, 954.527.16I~ phone
C;or~s~lt~xnrs c~ Ac:tu~r~es Suite Si~S 9~4.5~5.048~ fix
Ft. Lauderda~~, FL 3~3~1-572 wwv`r,~abrielroeder.cam
April 3a, ~~a9
Ms. Lori Mcwilliar~s
Village of Tequesta
~4~ Tequeta Drive
Tectuesta, l~'L 349
Re: Supplemental Actuarial Valuation
Dear Lai:
As requested, we have performed an actuarial funding study on the Village of Tequsta General Employees
Trust Fund. The fallowing attachments are provided to illustrate our findings in the four areas of the study:
Section A - Actu~ri~l Assumptions and Cost 1V~ethod Analysis
Section B - Actuar~~l Asset Methodology
Section C - ~'Yenr Asset Projection
Section ~ - Historical Employer ~on~ribntian Data
ec#ion A - Actuarial Assumptions and fast Met~ad Analysis
~ an actuial valuation it is necessary to evaluate key economic and demographic assumptions
occasionally to keep cast projections as accurate a passible, These assumptions include the investment rate
of return the assets will achieve in the future, future salary increases for continuing active n~enibers, and the
life expectancy of the members of the Plan. The fallowing sceneries were developed to address changes in
all three of these as5l~npt14n5.
In Scenario 1- Sane assumption set as the October 1, ~aa7 Valuation.
In Scenario 2 -Change in assumed mortality rates from 195 Group Annuity Mortality to RP-
2aaa Generational 1V~artality.
In Scenario 3 -Same change in the rr~ortaliry assumption as Scenario 2, with the assumed rate
of return lowered from ~.a°lo to ?.°Io.
In Scenario 4 'Sage change In the rrlartaltty assumptoan as Scenario ~, with the assumed rate
afretum lowered Pram $.4°/o to 7.~°I~.
In ail sceneries, results are developed by measuring assets and census data as of Goober 1, ~aa8.
Tile first aSSUrriptlan reviewed was mortalityf The number of deaths an the Plan is not large enough to be
statistically iificant far purposes of evaluating mortality specific to Tequesta~ However, we recommend
a mare current table, the RP-2a Generational Table, The table is based an mars recent mortality data and
prod ects future improvements i~ longevity.
Secondly, the investment return assumption was reviev~ed. The current assumption of 8.a% per year net of
investment fees is probably overly aptirnistic given the asset allocation A of December 31, SODS the
fund's equity allocation was under ~°/0. Even considering the Fund's invtrnent policy, which permits
higher equity allocations, the assumption rrYay be overly optimistic.
s, i~ori Nicwillias
Page 2 of 3
In ca~njunctian with the assumptions review, we looked into changing the actuarial cast method. The cost
method determines the payment pattern of pension plan funding. Regardless of the method chosen, over
time, the funding must be adequate to provide member benefits and cower plan expenses. The difference is
that same of the mcthads result in higher funding requirements earlier in the life of the plan than others,
The vast majority of Florida municipal err~ployee plans use one of three methods, the Aggregate 1Vlethad,
Entry Age Normal SEAN} or the Frozen Initial Liability Method ~FIL}. Typically, the Aggregate 1Vlethad
results in the highest up-front costs, EAN has the lowest ar~d FIL falls in between. Ina 27 survey it was
found that 5~% of the municipal general erriployee pension plans throughout Florida used the EAN cast
method, ~~°lo used the Aggregate Method and mast of the remainder used FIL~
The Tequesta Plan currently uses the Aggregate >~Iethod. we looked into changing to the Entry Age
Narr~aa.l Cost Method which would typically result in lower short term Binding requirements, However,
beca~re of characteristics specific to your plan this was not the case. This i mainly due to the fact that
your plan has a very small liability associated with inactiwe members and is relatively well funded.
~ectioo B - Actuarial Asset Methodology
The Plan currently uses the rnarlCet value of assets far purposes of determining the Annual Required
contribution ARC}. Mast public plans use an asset method that smoothes vut market fluctuations over a
period up to eve years. Adopting such a method would reduce the volatility of the ARC from year to
year.
Vie have calculated the impact on the ARC if the Plan were to adopt a ~ }rear sn~oathed asset appraach~ we
have attached an illustration of the Actuarial 'value of Assets develaprrrent for the year ending September
3~, 2005, If the method were implemented for the year ending September 30, ZOOS, the ARC for the fiscal
year ending September 3~, ~D 1 ~ would b reduced by l .l ?°Ia of pay. This would reduce the ARC m
~.SG~Io of pay using the current tuethod dawn to ~.G9~/o of pay,
It is ii~nportant to note that if the asset smoothing method is adapted, the asset gains and losses from each
year would be fully recognized aver a course of eve }rears. This means that during periods when the market
underperforms our assumption, it is likely that the actuarial value of assets would be greater than the market
value of assets, This, in turn, v~ould lower the ARC from what it would be if the market value of assets was
used for funding purposes. onwersely, if the asset return exceeds our assumption, the apposite would be
true.
ec~on _~' - ~ dear Asset Pro~ect~on
we have also determined the impact that future investment returns will have on the Annual Required
Contribution (ARC} far the plan. we developed four scenarios based on the latest asset information
received which was as of December 31, ZOOS, we have assumed far these projections that the asset
smoothing method will not be adapted The attached exhibits illustrate the impact future asset returns will
have on the ARC under the fallowing four economic scenarios:
913012009 913~1201~ 913012011 ~1~12~12 and aver
~.a~7V ~.R
J ~f ~ .VUf V
V LTra~! V
-lrV.~~f V '
V.V~~Q '
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1 V.#I ~IV ~.~
~~~ 4.rV
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~.~~/ Q '
iJ~~1J~f ~ '
V~V~! V 1T*~~f LJ
Gabriel Roeder Smith S~ Company
GIs. Lori Mcwilliams
Page ~ o~ 3
The exhibits show the annual impact on the ARC each year as well as the cumulative impact on tha ARC.
All of the projections assume that there are no other gains or losses from any other source except
investments and are based on the assun~ptian and methods shown in nur Goober ~, ~aa? valuation report.
Additionally we have assumed that the cash flue remains equal to the amount for the year ending
epten~ber ~a, ~aaS.
Sectiau ~] -- Historic ~mp~oyer antrlbut~on Data
we have graphed the historical ~~~40-~~09~ annual employer contribution (as a percent of payroll} far bath
the ntediata General Employees' Pension Fund in the State of Florida and General Employees' Trust Fund.
Though the contribution percentage far the Village afTequesta has been historically below the rr~edian, you
will note an uptrend foilowing the 2aaa-~aa2 down turn in equity markets. Gi~ren the recent market
declines, we would expect contribution rates to increase once again in the future
we have also included an illustration of the Annual Required Gantributian arr~aunts for the pillage of
Tequesta. e have broken these amounts down iota the portions that were paid by the F~playees and the
Employer pillage}.
All calculations provided in this study are based upon assumptions regarding future events, which may or
may not materialise. They are also based upon present plan provisions. If you have reason to believe that
the assumptions that were used are unreasonable, that irr~pvrtant 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 this report prior to relying an information in the report.
~~' you have reason to believe that the information provided in this report is inaccurate, or is in any way
incarnplete, 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.
'e welcome your questions and comments.
Sincerely yours,
/ 1-~ ~,~~,~ `
J. Stephen Palmquist, A Duane Howison, FSA
Senior Consultant and Actuary Consultant and Actuary
Enclosures
Gabriel Roder ~nith company
SECTION A -Page 1
SUPP~~1ViENTAL AT[JAR~AL VAIJ~JATION REPORT
Plan
Tillage of Tequesta e~neral Employees Pension Trust Fund
~aluatioa Date
October 1, 20x8
Date of Report
April 3~, 2~~9
Report Requested by
Pension Board
Prepared by
~. Stephen Palmquist
group valued
All active and inactive General Employees
Actuarial Assumptions Being considered for change
Present Assumptions Before Changes
Mortality follows the 193 Crroup Annuity iVlortality table.
Assumed investment rate of return is 8°/0,
Proposed ~han~es in Section A
~ In Scenarios ~ through 4, the mortality assumption is changed from to RP~2004 with fu11
generational mortality
In Scenario 3, the assumed investment rate of return is changed to 7.5°I~.
In ~cenarin 4, the assumed investment rate of return is changed to '7.~°I~.
Actuarial Assumptions aid Methods
Same as October 1, 2~~7 Actuarial ~aiuation Report the exceptions mentioned above.
Some of the key assun~ptionslmethods are:
Investment return -- S.0°I~ per year far Scenario 1, and ~.
7.5°/~ per year for Scenario 3.
?".~°I~ per gear for Scenario 4.
Salary increase - ~.~°/o per year,
Cost Method ~ Aggregate
S~C`TI~N A -Page ~
Amortization Period for Any Increase in Actuarial Accrued Li~rbility
NIA.
Summary of Data Used in Report
See attached page(s).
Actuarial Impact of Proposal(s)
See attached pages}.
Special Risks Involved 'With the Proposal That the Pion Has Not Been Exposed to Previously
None
ether Cost Consider~tians
None
Possible Conflicts with iR qualification Rules
None
A~ indicated be~o~v, the undexi~ned is a Member of the American Academy of Actuaries ~~AAA}
and meets the uali~cation Standards of the Academy of Actuaries to render the actuarial opinion
herein.
t
J Stephen Palm~uist, MAAA, FCA
Enrolled Actuary ~S-15G~
~~~
Duane Howi~or~, FA
Enrolled Aetuar~r oBW~ 1 G9
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PARTICIPANT DATA
October ~, ~~OS
AI~Ti 1VI~B~It
Number ~
hovered Annum Pa}rrol~ 1,79~,28~
Average Annual ~aa~l 49,73
Average Age 42.9
Average fast Service ~.~
Average Age at ~tre 39.8
RE'~IR~S & ~~FIIA~S DI~I~P
Dumber Q
Annum Benefits 0
Average Annual Benefit 0
Average Age ~.~
13IABILIT~ RETIREE
Number 0
Annual Benefits 0
Average Annual Benefit 0
Average Age 0.0
~'~~1~-'~~D VETPD MPNIBER
Number 2
Annual Benefits 9, l44
Average Annual Benefit $ ~4,57~
Average Age 51.9
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~E~Tf~ D -Page ~
Teques~a e~er~~ Employees
~11~ua~ ~~~SlU~1 Oll~r~bq~lOri~
Annual Required
~ntribr~'oa fur
~e~r ~r~m Members ~r~m Vitiate Vill~rge
1999 $ 14,1 ?~ $ 17,45 $ 17,45b
2~~0 I S,?~6 ZG,~52 1 ?,45~
2~O1 24,64 ~~,953 1,587
202 4~,D65 48,1 ~4 41,6D7
2~~3 46,767 G9,8~9 X4,723
204 49,~~5 92,218 92,218
2805 56,55 95,949 95,949
2a0~ 64,87'2 91,23 88,512
207 7~,~14 122,449 9,042
208 81,458 130,665 88,79