HomeMy WebLinkAboutDocumentation_Pension General_Tab 02_11/02/2009VILLAGE OF TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2008
ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE
^ PLAN YEAR ENDING SEPTEMBER 30, 2010
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. ~ Gabriel Roeder Smith & Company One East Broward Blvd. 954.527.1616 phone
Consultants & Actuaries Suite 505 954.525.0083 fax
^ Ft. Lauderdale, FL 33301-1827 www.gabrielroeder.com
^
^
^
August 21, 2009
^ Board of Trustees
^ Village of Tequesta General Employees
Pension Trust Fund
^ Tequesta, Florida
^ Dear Board Members:
^ We are pleased to present our October 1, 2008 Actuarial Valuation Report for the Plan. The purpose of the
Report is to set forth required contribution levels, to disclose plan assets and actuarial liabilities, to comment
on funding progress and to provide supporting information regarding the operation of the Plan. This Report
^ is also designed to comply with requirements of the State.
The valuation was performed on the basis of employee, retiree and financial information supplied by the
City. Although we did not audit this information, it was reviewed for reasonableness and comparability to
^ prior years.
^ The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial cost
method are also described herein. Any changes in benefits, assumptions or methods are described in the
^ first section.
^ As indicated below, the undersigned is a Member of the American Academy of Actuaries (MAAA) and
meets the Qualification Standards of the Academy of Actuaries to render the actuarial opinion herein.
We will be pleased to answer any questions pertaining to the valuation and to meet with you to review this
^ Report.
^ Respectfully submitted,
^ GABRIEL, ROEDER, SMITH AND COMPANY
^ J. tephen Palmquist, AS , MAAA, FCA Duane Howison, FSA, A
Enrolled Actuary No. 08-1560 Enrolled Actuary No. 08-6169
Statement by Enrolled Actuary
This actuarial valuation and/or cost determination was prepared and completed by me or under my
direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the
results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet
the requirements and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted
actuarial principles and practices. There is no benefit or expense to be provided by the plan and/or paid
from the plan's assets for which liabilities or current costs have not been established or otherwise taken into
account in the valuation. All known events or trends which may require a material increase in plan costs or
required contribution rates have been taken into account in the valuation.
r ! ~ ~~
Signature
d - a~ -~~ ~
Date
08-1560
Enrollment Number
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TABLE OF CONTENTS
Section Title Page
A Discussion of Valuation Results 1
B Valuation Results
1. Summary of Valuation Results 3
2. Derivation of Employer Normal Cost 4
3. Actuarial Gains and Losses 5
4. Actual Compared to Expected Decrements 6
5. Actuarial Assumptions and Cost Method 7
6. Glossary of Terms 8
C Pension Fund Information
1. Summary of Assets 9
2. Summary of Income and Disbursements 10
3. Actuarial Value of Assets 11
D Financial Accounting Information
1. FASB No. 35 12
2. GASB No. 25 13
3. GASB No. 27 15
E Miscellaneous Information
1. Reconciliation of Membership Data 17
2. Statistical Data 18
3. Age and Service Distributions 19
F Suxnxnary of Plan Provisions 21
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SECTION A
DISCUSSION OF VALUATION RESULTS
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DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
The following is a schedule of required contributions developed in this year's and the previous
actuarial valuations:
For FYE For FYE Increase
09/30/10 09/30/09 (Decrease)
Required Employer Contribution $ 146,158 $ 92,364 $ 53,794
of Payroll 7.85 % 5.92 % 1.93
The required employer contribution was calculated under the assumption that payment would be
made in equal installments at the end of each month.
Changes in Benefits
Accumulated employee contributions are now refunded with 3.0% interest. Previously there was no
interest credit on employee contribution refunds.
Change in Actuarial Assumptions and Methods
A five year asset smoothing method was adopted to reduce fluctuations in the actuarial value of
assets. The method recognizes the difference between actual over expected investment earnings over five
years. Previously, the actuarial value of assets was set equal to market value. In addition, the following
assumption changes have been incorporated in this valuation:
- The mortality rates were changed from the 1983 Group Annuity Mortality Table to the RP-2000
Generational Mortality Table.
- The assumed rate of investment retum was lowered from 8.0% to 7.5%.
Actuarial Experience
Overall experience since the last valuation has been unfavorable resulting in an actuarial loss of
$140,018. The loss is primarily due to lower than expected investment return and shifting demographics of
the members. The actuarial loss has caused the required contribution to increase by 0.91% of covered
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payroll.
2
Variability of Future Contribution Rates
The Actuarial Cost Method used to determine the contribution rate is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, when experience differs
from the assumptions, as it often does, the employer's contribution rate can vary significantly from year-
to-year.
Smaller plans in particular often see significant year-to-year changes in the employer's
contribution rate. The impact of a single new disability retirement or a single active member death can
move the contribution rate by more than one percent of pay in a very small plan. Normal variability in
the number of retirements or terminations or salary increases or hiring can all cause noticeable shifts in
the contribution rate from one year to the next.
Over time, if the year-to-year gains and losses offset each other, the contribution rate would be
expected to return to the current level, but this does not always happen.
The Actuarial Value of Assets exceeds the Market Value of Assets by $173,653 as of the
valuation date (see Section C). This difference will be gradually recognized over the next five years in
the absence of offsetting gains. In turn, the computed employer contribution rate will increase by
approximately 1.09% of covered payroll over the same period.
Relationship to Market Value
If Market Value had been the basis for the valuation, the City contribution rate would have been
8.64%. In the absence of other gains and losses, the City contribution rate should increase to this value
over the next several years.
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
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SECTION B
VALUATION RESULTS
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3
GENERAL EMPLOYEES
SUMMARY OF VALUATION RESULTS
As of October 1
2008 2008 2007
COVERED GROUP After Changes Before Changes
A. Number Included in the Valuation
1. Active Members 36 36 30
2. Inactive Members 2 2 1
B. Covered Annual Payroll $ 1,790,280 $ 1,790,280 $ 1,500,201
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 3,058,746 2,673,797 2,233,833
D. Actuarial Value of Assets 1,235,850 1,062,197 1,026,897
E. Actuarial Present Value of Future Contrib.
1. Total C - D 1,822,896 1,611,600 1,206,936
2. Portion Assigned to Unfunded Frozen
Actuarial Accrued Liability (UFAAL) 0 0 0
3. Portion Assigned to Future Normal Costs 1,822,896 1,611,600 1,206,936
CURRENT ANNUAL COST
F. Annual Payment Needed to Amortize UFAAL 0 0 0
As % of B ___ ___ ___
G. Annual Employer Normal Cost 135,170 117,804 85,228
As % of B 7.55 % 6.58 % 5.68
H. Interest on F + G from Valuation Date to
Contribution Date(s) 5,308 4,924 3,562
As % of B 0.30 % 0.28 % 0.24
I. Required Employer Contribs: F + G + H 140,478 122,728 88,790
J. ARC as % of Covered Payroll 7.85 % 6.86 % 5.92
K. Assumed Rate of Increase in Covered
Payroll to Contribution Year 4.00 % 4.00 % 4.00%
L. Covered Payroll for Contribution Year 1,861,891 1,861,891 1,560,209
M. ARC for Contribution Year: J x L 146,158 127,726 92,364
N. Year to which Contributions Apply
1. Plan Year Ending 9/30/10 9/30/10 9/30/09
2. Employer Fiscal Year Ending 9/30/10 9/30/10 9/30/09
3. Assumed Date(s) of Employer Contribs. Monthly Monthly Monthly
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GENERAL EMPLOYEES
DERIVATION OF EMPLOYER NORMAL COST
As of October 1
2008 2008 2007
After changes Before Changes
A. Actuarial Present Value of Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 2,487,673 $ 2,151,405 $ 1,828,135
b. Vesting Benefits 124,789 105,179 67,383
c. Disability Benefits 328,178 292,754 258,060
d. Preretirement Death Benefits 41,455 53,929 42,497
e. Return of Member Contributions 30,308 30,097 19,854
f. Other 0 0 0
g. Total 3,012,403 2,633,364 2,215,929
2. Inactive Members
a. Service Retirees & Benefits 0 0 0
b. Disability Retirees 0 0 0
c. Terminated Vested Members 46,343 40,433 17,904
d. Total 46,343 40,433 17,904
3. Total for All Members 3,058,746 2,673,797 2,233,833
B. Actuarial Value of Assets 1,235,850 1,062,197 1,026,897
C. Actuarial Present Value of Projected
Member Contributions 796,820 769,332 631,346
D. Actuarial Present Value of Projected
Employer Normal Costs: A3 - B - C 1,026,076 842,268 575,590
E. Actuarial Present Value of Projected
Covered Payroll 15,936,404 15,386,637 12,626,924
F. Employer Normal Cost Rate: 100 x D/E 6.44 % 5.47 % 4.56
G. Annual Payroll of Active Members 1,790,280 1,790,280 1,500,201
H. Assumed Amount of Administrative
Expenses 19,876 19,876 16,819
I. Employer Normal Cost: (F x G) + H 135,170 117,804 85,228
J. Employer Normal cost as % of
Covered Payroll 7.55 % 6.58 % 5.68
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5
ACTUARIAL GAINS AND LOSSES
When the actual plan experience differs from the actuarial assumptions, an actuarial gain or loss is the
result. The net actuarial gain (loss) since the last valuation is computed as follows:
A. Normal Cost Rate
1. Last Year 4.56%
2. This Year 5.47
3. Change (0.91)
B. Present Value of Projected Payroll $15,386,637
C. Actuarial Gain (Loss) : A3 x B (140,018)
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan
so it is important that they are in line with the actual experience. The following table shows the actual fund
earnings and salary increase rates compared to the assumed rates for the last few years:
Investment Return Salary Increases
Year Ending
9/30
Actual
Assumed
Actual
Assumed
1998 NA% 8.0% 8.9% 6.0%
1999 NA 8.0 6.0 6.0
2000 NA 8.0 11.1 6.0
2001 NA 8.0 28.8 6.0
2002 NA 8.0 12.0 6.0
2003 * 1.2 8.0 3.9 6.0
2004 1.9 8.0 5.0 6.0
2005 11.1 8.0 4.9 6.0
2006 8.4 8.0 6.7 6.0
2007 9.8 8.0 8.6 6.0
2008 (11.6) 8.0 5.8 6.0
Averages 3.2 9.1
* Start Investment Return for General Only
The actual investment return rates shown above are based on the actuarial value of assets. The actual
salary increase rates shown above are the increases received by those active members who were included in
the actuarial valuation both at the beginning and the end of each period.
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Actual (A) Compared to Expected (E) Decrements
Among Active Employees
Number
Added Service & Active
During DROP Disability Terminations Members
Year Year Retirement Retirement Death Vested Other To tals End of
Ended A E A E A E A E A A A E Year
9/30/2006 13 5 0 0 0 0 0 0 0 5 5 1 32
9/30/2007 6 8 0 0 0 0 0 0 1 7 8 1 30
9/30/2008 11 5 0 0 0 0 0 0 1 4 5 1 36
9/30/2009 0 0 0 2
3 Yr Totals * 30 18 0 0 0 0 0 0 2 16 18 3
* Totals are through current Plan Year only
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ACTUARIAL ASSUMPTIONS AND COST METHOD
A. Cost Method Aggregate Actuarial Cost Method
B. Investment Earnings* 7.5% per year, compounded annually; net rate after
C.
D.
E.
F.
G.
H.
I.
J.
K.
L.
M.
investment related expenses.
Salary Increases* 6% each year up to the assumed retirement age.
Inflation 4% per year.
Retirement Age Normal retirement date or, if later, one year after valuation
date. Probability of early retirement is 5% for each year
eligible.
Turnover Rates See Table below.
Mortality Rates RP-2000 Generational Mortality Table.
Disability
1. Rates
2. Percent Service Connected
Asset Value
Administrative Expenses
Increase in Covered Payroll
Post Retirement Benefit Increase
Changes Since Last Valuation
See Table below.
50%.
Difference between actual and expected return recognized
over five years.
Actual expenses incurred inmost recent year.
4%
NA
1) The mortality rates were changed from the 1983 Group
Annuity Mortality Table to the RP-2000 Generational
Mortality Table.
2) The assumed rate of investment return was lowered from
8.0% to 7.5%.
3) Asset value was changed from Market Value to the
difference between actual and expected return recognized
over five years.
A e Termination
Rates
Disabili Rates
20 12.4% 0.07%
25 11.7 0.09
30 10.5 0.11
35 8.3 0.14
40 5.7 0.19
45 3.5 0.30
50 1.5 0.51
55 0.6 0.96
60 0.5 1.66
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GLOSSARY OF TERMS
Actuarial Present Value is the value of an amount or series of amounts payable at various times, determined
as of the valuation date by the application of the set of actuarial assumptions.
Actuarial Assumptions are assumptions as to the occurrence of future events affecting pension costs. The
previous page outlines the Actuarial Assumptions utilized in this valuation.
Actuarial Cost Method is a procedure for determining the Actuarial Present Value of pension plan benefits
and for developing an actuarially equivalent allocation of such value to time periods, usually in the form of a
Normal Cost and Actuarial Accrued Liability.
Aggregate Actuarial Cost Method is a method under which the excess of the Actuarial Present Value of
Projected Benefits of the group included in the valuation, over the sum of the Actuarial Value of Assets, and
the Actuarial Present Value of Future Member Contribution (if any) is allocated as a level percentage of
earnings of the group between the valuation date and the assumed retirement age. This allocation is
performed for the group as a whole, not as a sum of individual allocations. The portion of this Actuarial
Present Value allocated to a specific year is called the Employer Normal Cost. Under this method, actuarial
gains (losses) reduce (increase) future Normal Costs.
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SECTION C
PENSION FUND INFORMATION
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SUNIMARY OF ASSETS
9/30/08 9/30/07
Cash and Securities -Market Value
Cash and Savings Accounts $ 0 $ 2,593
Money Market Funds 23,760 91,644
Treasury and Agency Bonds & Notes 270,132 246,562
Corporate Bonds 79,920 90,501
Common Stocks 680,631 585,319
Pooled Equity Funds --- ---
Pooled Bond Funds --- ---
Other Securities --- ---
Total 1,054,443 1,016,619
Receivables
Accounts Receivable --- 350
Accrued Interest 5,074 5,381
Employer Contribution --- 4,403
Employee Contribution --- 2,732
Contributions Receivable 10,136 ---
Due from the Police Plan --- ---
Total Receivables 15,210 12,866
Payables
Accounts Payable 7,456 2,588
Other Liabilities --- ---
Total Payables 7,456 2,588
Net Assets -Market Value 1,062,197 1,026,897
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PENSION FUND INCOME AND DISBURSEMENTS
Year Ending Year Ending
9/30/08 9/30/07
Market Value at Beginning of Period $ 1,026,897 $ 798,025
Income
Member Contributions 81,057 76,014
State Contributions --- ---
Employer Contributions 130,665 122,449
Other Contributions --- ---
Realized Gain (Loss) (17,661) 68
Unrealized Gain (Loss) (126,823) 67,123
Interest and Dividends 30,866 30,131
Other Income --- 1,025
Total Income 98,104 296,810
Disbursements
Monthly Benefit Payments --- ---
Lump Sum Distributions --- ---
Refunds of Contributions 28,178 38,425
Investment Related Expense 14,750 12,694
Other Administrative Expense 19,876 16,819
Insurance Premiums --- ---
Other Expense --- ---
Total Disbursements 62,804 67,938
Net Increase During Period 35,300 228,872
Market Value at End of Period 1,062,197 1,026,897
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Development of Actuarial Value of Assets
Year Ending September 30
2008 2009 2010 2011 2012
A. Beginning of Year Assets
1. Market Value $ 1,026,896 $ 1,062,197 $ $ $
2. Actuarial Value 1,026,896 1,235,850
B. Net of Contributions
Less Disbursements 163,669
C. Actual Net Investment
Earnings (128,368)
D. Expected Investment
Earnings 88,698
E. Excess of Actual Over
Expected Investment
Earnings: C - D (217,066)
F. Recognition of Excess
Earnings Over 5 Years
1. From This Year (43,413) 0 0 0 0
2. From One Year Ago 0 (43,413) 0 0 0
3. From Two Years Ago 0 0 (43,413) 0 0
4. From Three Years Ago 0 0 0 (43,413) 0
5. From Four Years Ago 0 0 0 0 (43,413)
6. Total (43,413) (43,413) (43,413) (43,413) (43,413)
G. End of Year Assets
1. Market Value 1,062,197
2. Actuarial Value:
A2 + B + D + F6 1,235,850
3. Final Actuarial Value
Within 80% to 120%
Of Market Value 1,235,850
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SECTION D
FINANCIAL ACCOUNTING INFORMATION
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FASB N0.35 INFORMATION
10/1/08 10/1/07
A. Actuarial Present Value of Accumulated Plan
Benefits
1. Vested Benefits
a. Members Currently Receiving Payments $ 0 $ 0
b. Terminated Vested Members 46,343 17,904
c. Other Members 91,670 112,565
d. Total 138,013 130,469
2. Non-Vested Benefits 849,731 558,818
3. Total Actuarial Present Value of Accumulated
Plan Benefit: 1d+2 987,744 689,287
4. Accumulated Contributions of Active Members 251,752 218,893
B. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Period 689,287 433,790
2. Increase (Decrease) During the Period Attributed to:
a. Plan Amendment NA NA
b. Change in Actuarial Assumption 76,471 NA
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period. 250,164 302,268
d. Benefits Paid (28,178) (46,771)
e. Net Increase 298,457 255,497
3. Total Value at End of Period 987,744 689,287
C. Market Value of Assets 1,062,197 1,062,197
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SCHEDULE OF FUNDING PROGRESS
(GASB Statement No. 25)
Actuarial
Accrued
Actuarial Value Liability (AAL) Unfunded AAL UAAL As % of
Actuarial of Assets -Entry Age (UAAL) Funded Ratio Covered Payroll Covered Payroll
Valuation Date (a) (b) (b - a) (a/b) (c b-a)/c
10/1/98 $ 934,659 $ 532,439 $ (402,220) 175.5% $ 967,853 (41.6)%
10/1/00 1,683,867 834,839 (849,028) 201.7 1,203,923 (70.5)
10/1/02* 248,725 222,882 (25,843) 111.6 866,467 (3.0)
10/1/03 333,944 265,486 (68,458) 125.8 1,056,797 (6.5)
10/1/OS 602,280 429,242 (173,038) 140.3 1,098,039 (15.8)
10/1/07 1,026,897 764,571 (262,326) 134.3 1,500,201 (17.5)
10/1/08 1,235,850 1,034,855 (200,995) 119.4 1,790,280 (11.2)
* Start General Plan only.
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SCHEDULE OF EMPLOYER CONTRIBUTIONS
(GASB Statement No. 25)
Fiscal Year Ended
Se tember 30 Annual Required
Contribution Actual
Contributions Percentage
Contributed
1997 $ 11,399 $ 11,400 100.0%
1998 13,440 13,440 100.0
1999 17,456 17,456 100.0
2000 17,456 26,053 149.2
2001 12,887 36,983 287.0
2002 41,607 48,124 115.7
2003 64,723 69,869 108.0
2004 92,218 92,218 100.0
2005 95,949 95,949 100.0
2006 88,512 91,230 103.1
2007 92,042 122,449 133.0
2008 88,790 130,665 147.2
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ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT N0.27)
GENERAL EMPLOYEES
Employer FYE September 30 2009 2008
A. Annual Required Contribution (ARC) $ 92,364 $ 88,790
B. Interest on Net Pension Obligation (NPO) (8,479) (5,924)
C. Adjustment to ARC (12,294) (8,799)
D. Annual Pension Cost (APC) (A+B-C) 96,179 91,665
E. Contributions made ** 130,665
F. NPO at beginning of year (113,056) (74,056)
G. Increase (decrease) in NPO (D-E) ** (39,000)
H. NPO at end of year (F+G) ** (113 056)
THREE YEAR TREND INFORMATION
2007
$ 92,042
(3,552)
(4,299)
92,789
122,449
(44,396)
(29,660)
(74,056)
Fiscal Annual Pension Actual Percentage of Net Pension
Year Ending Cost (APC) Contribution APC Contributed Obligation
9/30/2006 $ 89,226 $ 91,230 102.2 % $ (44,396)
9/30/2007 92,789 122,449 132.0 (74,056)
9/30/2008 91,665 130,665 142.5 (113,056)
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REQUIItED SUPPLEMENTARY INFORMATION
GASB Statement No. 25 and No. 27
The information presented in the required supplementary schedules was determined as part of the actuarial
valuations at the dates indicated. Additional information as of the latest actuarial valuation:
Valuation date October 1, 2008
Contribution Rates
Employer (and State) 7.85%
Plan members 5%
Actuarial Cost Method Aggregate
Amortization Method NA
Remaining amortization period NA
Asset Valuation Method Five year smoothed
Actuarial Assumptions
Investment rate of return 7.5%
Projected salary increases 6.0%
Includes inflation and other general increases at 4.0%
Cost of Living adjustments Not Applicable
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SECTION E
MISCELLANEOUS INFORMATION
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RECONCILIATION OF MEMBERSHIP DATA
A. Active Members 10/1/07 to 10/1/06 to
10/1/08 10/1/07
1. Number Included in Last Valuation 30 32
2. New Members Included in Current Valuation 11 6
3. Non-Vested Employment Terminations
4. Vested Employment Terminations (4)
(1) (~)
(1)
5. Service Retirements 0 0
6. Disability Retirements 0 0
7. Deaths 0 0
8. Other 0 0
9. Number Included in This Valuation 36 30
B. Terminated Vested Members
1. Number Included in Last Valuation 1 0
2. Additions from Active Members 1 1
3. Lump Sum Payments 0 0
4. Payments Commenced 0 0
5. Deaths 0 0
6. Other 0 0
7. Number Included in This Valuation 2 1
C. Service Retirees, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 0 0
2. Additions from Active Members 0 0
3. Additions from Terminated Vested Members 0 0
4. Deaths Resulting in No Further Payments 0 0
5. Deaths Resulting in New Survivor Benefits 0 0
6. End of Certain Period - No Further Payments 0 0
7. Other 0 0
8. Number Included in This Valuation 0 0
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STATISTICAL DATA
GENERAL EMPLOYEES
10/1/03 10/1/OS 10/1/07 10/1/08
Active Members
Number 25 24 30 36
Total Annual Payroll $ 1,056,797 $ 1,098,039 $ 1,500,201 $ 1,790,280
Average Annual Salary 42,272 45,752 50,007 49,730
Other Averages
Current Age 42.8 43.1 44.3 42.9
Age at Employment 41.1 40.6 41.1 39.9
Past Service 1.7 2.5 3.2 3.0
Service Retirees and Beneficiaries
Number 0 0 0 0
Total Annual Benefit $ --- $ --- $ --- $ ---
Average Monthly Benefit --- --- ---
Disability Retirees
Number 0 0 0 0
Total Annual Benefit $ --- $ --- $ --- $ ---
Average Monthly Benefit --- --- --- ---
Terminated Members With Vested Benefits
Number 0 0 1 2
Total Annual Benefit $ --- $ --- $ 4,644 $ 9,144
Average Monthly Benefit --- --- 387 381
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Tequesta General 10/1/OB Val
Age --------- ---------Years of Service to Valuation Date--- -------- -------- ---------Totals --------
Group 0-4 5-9 10-14 15-19 20-24 25-29 30 & Up No. Salary Average
0- 4 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
5- 9 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
10-14 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
15-19 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
20-24 2. 0, 0. 0. 0. 0. 0. 2. 66278. 33139.
25-29 3. 0. 0. 0. 0. 0. 0. 3. 145154. 48385.
30-34 3. 1. 0. 0. 0. 0. 0. 4. 142585. 35646.
35-39 5. 0. 0. 0. 0. 0. 0. 5. 200905. 40181.
40-44 3. 1. 0. 0. 0. 0. 0. 4. 201641. 50410.
45-49 6. 1. 0. 0. 0. 0. 0. 7. 271842. 38835.
50-54 2. 3. 0. 0. 0. 0. 0. 5. 219975. 43995.
55-59 2. 2. 0. 0. 0. 0. 0. 4. 248454. 62114.
60 0. 1. 0. 0. 0. 0. 0. 1. 98352. 98352.
61 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
62 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
63 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
64 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
65 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
66 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
67 1. 0. 0. 0. 0. 0. 0. 1. 93757. 93757.
68 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
69 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
70 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
71 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
72 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
73 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
74 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
7s o. o. o. o. o. o. o. o. o. o.
76 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
77 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
78 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
79 0.
------ 0.
------ 0.
------ 0.
- 0. 0. 0. 0. 0. 0.
Totals
27.
9. --
0. ---
---
0. ---
0. ------
0. ------
0. -------- ----
36. ---------
1688943.
46915.
,.-+
^^^^^^^^^^^^^^i^^^^^^^^^^^^^^^^^
Tequesta Gen. Inact. 2008 Generational Mortality
S C H E D U L E O F N O N- A C T I V E P ART I C I PAN T S D A T A
Age
Under 20
20 - 24
25 - 29
30 - 34
35 - 39
40 - 44
45 - 49
50 - 54
55 - 59
60 - 64
65 - 69
70 - 74
75 - 79
80 - 84
85 - 89
90 - 94
95 - 99
100 & Over
Total
Ave. Age
Liability
---Terminated Vested---
Total
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
2 9144.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
2 9144.
51
46343.
-------Disabled--------
Total
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0
0.
-----Age & Service-----
TOtal
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0
0.
---------Other---------
Total
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0
0.
---------Total---------
Total
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
2 9144.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
2 9144.
51
46343.
N
O
^
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
21
SUNIMARY OF PLAN PROVISIONS
A. Ordinances
Plan established under the Code of Ordinances for the Village of Tequesta, Florida, Chapter 2, Article
III, Division 1, Section 2-61 (a), and was most recently amended under Ordinance No. 10-08 passed
and adopted on April 10, 2008. The Plan is also governed by certain provisions of Part VII, Chapter
112, Florida Statutes and the Internal Revenue Code.
B. Effective Date
December 11, 2003
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full-time general employees who are not classified as police officers or firefighters are eligible for
membership on the date of employment.
F. Credited Service
Service is measured as the total number of years and completed months of a year as a general
employee with the Village of Tequesta. No service is credited for any periods of employment for
which the member received a refund of their contributions.
G. Compensation
Base compensation including regulaz earnings, vacation pay, sick pay, plus all tax-deferred items of
income, but excluding any lump sum payments, overtime, bonuses and longevity bonus.
H. Average Final Compensation (AFC)
The average of Compensation over the highest 5 years during the last 10 yeazs of Credited Service;
does not include lump sum payments of unused leave.
I. Normal Retirement
Eligibility: A member may retire on the first day of the month coincident with or next following
the eazlier of:
(1) age 62, or
GRS
22
(2) 30 years of Credited Service regardless of age.
Benefit: 2.0% of AFC multiplied by Credited Service with a maximum benefit equal to 100%
^ of AFC.
^ Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
^
J. Early Retirement
^
Eligibility: A member may elect to retire earlier than the Normal Retirement Eligibility upon
^ attainment of age 50 and 6 years of Credited Service.
^ Benefit: The Normal Retirement Benefit is reduced by 5.0% for each year by which the Early
Retirement date precedes the Normal Retirement date.
Normal Form
^ of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
K. Delayed Retirement
Same as Norm al Retirement taking into account compensation earned and service credited until the
. date of actual retirement.
^ L. Service Connected Disability
. Eligibility: Any member who becomes totally and permanently disabled and unable to render
useful and efficient service to the Village as a result from an act occurring in the
^ performance of service for the Village is immediately eligible for a disability benefit.
^ Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 42% of
AFC
.
Normal Form
^ of Benefit: 10 Years Certain and Life thereafter.
^ COLA: None
^ M. Non-Service Connected Disability
^ Eligibility: Any member who has 6 years of Credited Service and becomes totally and
permanently disabled and unable to render useful and efficient service to the Village
^ is immediately eligible for a disability benefit.
. Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 25% of
^ AFC.
~ GRS
23
Normal Form
of Benefit: 10 Years Certain and Life thereafter.
COLA: None
N. Death in the Line of Duty
Eligibility: Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service.
Benefit: The beneficiary will receive the member's accrued Normal Retirement Benefit
taking into account compensation earned and service credited as of the date of death.
The benefit is payable at the member's Normal Retirement date.
Normal Form
of Benefit: 10 Years Certain
COLA: None
The beneficiary of a plan member with less than 6 years of Credited Service at the time of death
will receive a refund of the member's accumulated contributions with interest.
O. Other Pre-Retirement Death
Eligibility: Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service.
Benefit: The beneficiary will receive the member's accrued Normal Retirement Benefit
taking into account compensation earned and service credited as of the date of death.
The benefit is payable at the member's Normal Retirement date.
Normal Form
of Benefit: 10 Years Certain
COLA: None
The beneficiary of a plan member with less than 6 years of Credited Service at the time of death
will receive a refund of the member's accumulated contributions with interest.
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees
are the Life Annuity option or the 50%, 66 2/3%, 75% and 100% Joint and Survivor options.
R Vested Termination
Eligibility: A member has earned anon-forfeitable right to Plan benefits after the completion of 6
years of Credited Service.
Benefit: The benefit is the member's accrued Normal Retirement Benefit as of the date of
GRS
24
termination. Benefit begins on the member's Normal Retirement date. Alternatively,
. members can elect a reduced Early Retirement benefit any time after age 50.
. Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Members terminating employment with less than 6 years of Credited Service will receive a refund of
. their own accumulated contributions with interest.
^ S. Refunds
. Eligibility: All members terminating employment with less than 6 years of Credited Service are
eligible. Optionally, vested members (those with 6 or more years of Credited Service)
. may elect a refund in lieu of the vested benefits otherwise due.
Benefit: Refund of the member's contributions with interest. Interest is currently credited at a
. rate of 3%.
^ T. Member Contributions
5% of Compensation
^ U. Employer Contributions
^ Any additional amount determined by the actuary needed to fund the plan properly according to State
laws.
^ V. Cost of Living Increases
• Not Applicable
^ W.13`h Check
Not Applicable
^ X. Deferred Retirement Option Plan
^ Not Applicable
Y. Other Ancillary Benefits
. There are no ancillary retirement type benefits not required by statutes but which might be deemed a
Village of Tequesta General Employees' Pension Trust Fund liability if continued beyond the
^ availability of funding by the current funding source.
. Z. Changes from Previous Valuation
^ Refunded employee contributions are credited with 3.0% interest. Previously there was no interest
credit.
w
~ GRS