HomeMy WebLinkAboutPension General_Documentation_Tab 03_05/05/2008R Gahricl Rocdcr Smith ~ C~~mpanti' Onc Fa,r G~~,~,:u~i RI~~~I. ~J,-} >> ~.Ibl(, ~~huiir
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April 25, 2008
Ms. Jody Forsythe
Finance Director
Village of Tequesta
345 Tequesta Drive
Tequesta, Florida 33469
Dear Jody:
Enclosed are 12 copies of our October 1, 2007 Actuarial Valuation Report pertaining to the
General Employees Retirement Plan.
Please take the following actions:
1. Distribute a copy of the Report to Board members and other interested parties.
2. Send a copy of the Actuarial Report to:
Bureau of Local Retirement Systems
Division of Retirement
P.O. Box 9000
Tallahassee, Florida 32315-9000
We welcome your questions and comments.
Sincerely yours,
i~- ~° .~
J. Stephen Palmquist, ASA
Senior Consultant and Actuary
JSP/rb
Enclosures
VILLAGE OF TEQUESTA GENERAL EMPLOYEES PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2007
ANNUAL EMPLOYER CONTRIBUTION IS DETERMINED BY THIS VALUATION FOR THE
PLAN YEARS ENDING SEPTEMBER 30, 2008 AND SEPTEMBER 30, 2009
GRS
R Gabriel Roeder Smith & Company (1n~ F:,sr I;r~>~c;u~l BI<<I. 954.5;.1616 ~~honc
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April 25, 2008
Board of Trustees
Village of Tequesta General Employees
Pension Trust Fund
Tequesta, Florida
Dear Board Members:
We are pleased to present our October 1, 2007 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.
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 teph n Palmquist, AS MAAA, FCA
Enrolled Actuary No. 08-1560
l
Duane Howison, FSA, EA
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.
ignature
~-~~ =D~
Date
08-1560
Enrollment Number
GRS
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 g
2. Summary of Fund's Income and Disbursements 10
D Financial Accounting Information
1. FASB No. 35 11
2. GASB No. 25 12
3. GASB No. 27 14
E Miscellaneous Information
1. Reconciliation of Membership Data 16
2. Statistical Data 17
3. Age and Service Distributions 18
F Summary of Plan Provisions 2p
GRS
SECTION A
DISCUSSION OF VALUATION RESULTS
GRS
1
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
09/30/08 09/30/07 (Decrease)
Required Employer Contribution $ 88,790 $ 92,042 $ (3,252)
of Payroll 5.92 % 8.06 % (2.14)
The required employer contribution was calculated under the assumption that payment
would be made in equal installments at the end of each month.
Required Contribution for Next Fiscal Year
In order to notify the Village of the amount to budget for the next fiscal year, this year's
contribution rate (5.92%) has been applied to next year's expected payroll ($1,560,209). The
result of $92,364 is the required Village contribution for the fiscal year ending September 30,
2009.
Changes in Benefits
There have been no changes in benefits since the last valuation.
Change in Actuarial Assumptions and Methods
There have been no changes in actuarial assumptions or methods since the last valuation.
GRS
2
Actuarial Experience
Overall experience since the last valuation has been favorable resulting in an actuarial
gain of $222,234. The gain is due to higher than expected investment return and more
employment terminations than expected. The actuarial gain has caused the required contribution
to decrease by 1.76% of covered payroll.
The remainder of this Report includes detailed actuarial valuation results, information
relating to the pension fund, miscellaneous information and statistics, and a summary of plan
provisions.
GRS
SECTION B
VALUATION RESULTS
GRS
GENERAL EMPLOYEES
SUMMARY OF VALUATION RESULTS
As of October 1
2007 2005
COVERED GROUP
A. Number Included in the Valuation
1. Active Members 30 24
2. Inactive Members 1 0
B. Covered Annual Payroll $ 1,500,201 $ 1,098,039
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 2,233,833 1,885,568
D. Actuarial Value of Assets 1,026,897 602,280
E. Actuarial Present Value of Future Contrib.
1. Total C - D 1,206,936 1,283,288
2. Portion Assigned to Unfunded Frozen
Actuarial Accrued Liability (UFAAL) 0 0
3. Portion Assigned to Future Normal Costs 1,206,936 1,283,288
CURRENT ANNUAL COST
F. Annual Payment Needed to Amortize UFAAL 0 0
As % of B ___ ___
G. Annual Employer Normal Cost 85,228 84,961
As % of B 5.68 % 7.74
H. Interest on F + G from Valuation Date to
Contribution Date(s) 3,562 3,551
As % of B 0.24 % 0.32
I. Required Employer Contribs: F + G + H 88,790 88,512
As % of B 5.92 % 8.06
J. Year to which Contributions Apply
1. Plan Year Ending 9/30/08 9/30/06
2. Employer Fiscal Year Ending 9/30/08 9/30/06
3. Assumed Date(s) of Employer Contribs. Monthly Monthly
K. Required Employer Contribution for Fiscal
Year Ending 9/30/09 and 9/30/07 92,364 92,042
As % of '08-'09 Payroll 5.92 % 8.06
GRS
GENERAL EMPLOYEES
DERIVATION OF EMPLOYER NORMAL COST
As of October 1
2007 2005
A. Actuarial Present Value of Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 1,828,135 $ 1,535,255
b. Vesting Benefits 67,383 42,024
c. Disability Benefits 258,060 248,383
d. Preretirement Death Benefits 42,497 40,636
e. Return of Member Contributions 19,854 19,270
f. Other 0 0
g. Total 2,215,929 1,885,568
2. Inactive Members
a. Service Retirees & Benefits 0 0
b. Disability Retirees 0 0
c. Terminated Vested Members 17,904 0
d. Total 17,904 0
3. Total for All Members 2,233,833 1,885,568
B. Actuarial Value of Assets 1,026,897 602,280
C. Unfunded Frozen Actuarial Accrued
Liaiblity (UFAAL) 0 0
D. Actuarial Present Value of Projected
Member Contributions 631,346 567,010
E. Actuarial Present Value of Projected
Employer Normal Costs: A3 - B - C - D 575,590 716,278
F. Actuarial Present Value of Projected
Covered Payroll 12,626,924 11,340,206
G. Employer Normal Cost Rate: 100 x E/F 4.56 % 6.32
H. Annual Payroll of Active Members 1,500,201 1,098,039
I. Assumed Amount of Administrative
Expenses 16,819 15,565
J. Employer Normal Cost: (G x H) + I 85,228 84,961
GRS
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 6.32%
2. This Year 4.56
3. Change 1.76
B. Present Value of Projected Payroll $12,626,924
C. Actuarial Gain (Loss) : A3 x B 222,234
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
Year Endin Investment Return Salary Increases
g
9/30 Actual Assumed Actual Assumed
1994 NA% 8.0% NA% 6.0%
1995 NA 8.0 NA 6.0
1996 NA 8.0 NA 6.0
1997 NA 8.0 NA 6.0
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
Averages 6.4 9.4
star[ mvesiment rcerurn ror General Unly
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.
GRS
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 0 0 0 1
2 Yr Totals * 19 13 0 0 0 0 0 0 1 12 13 2
* Totals are through current Plan Year only
GRS
7
ACTUARIAL ASSUMPTIONS AND COST METHOD
A. Cost Method
B. Investment Earnings*
C. Salary Increases*
D. Inflation
E. Retirement Age
F. Turnover Rates
G. Mortality Rates
H. Disability
1. Rates
2. Percent Service Connected
I. Asset Value
J. Administrative Expenses
K. Increase in Covered Payroll
L. Post Retirement Benefit Increase
'" Including inflation
Aggregate Actuarial Cost Method
8% per year, compounded annually; net rate after
investment related expenses.
6% each year up to the assumed retirement age.
4% per year.
Normal retirement date or, if later, one year after
valuation date. Probability of early retirement is 5%
for each year eligible.
See Table below.
1983 Group Annuity Mortality Tables for males and
females.
See Table below.
50%.
Market Value on the valuation date.
Actual expenses incurred in most recent year.
NA
NA
Age Employment
Termination Rates
Disability 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
GRS
8
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.
Apprepate 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.
GRS
SECTION C
PENSION FUND INFORMATION
GRS
SUMMARY OF ASSETS
9/30/07 9/30/06
Cash and Securities -Market Value
Cash and Savings Accounts $ 2,593 $ 1,055
Money Market Funds 91,644 51,183
Treasury and Agency Bonds & Notes 246,562 216,952
Corporate Bonds 90,501 101,561
Common Stocks 585,319 418,302
Pooled Equity Funds --- ---
Pooled Bond Funds --- ---
Other Securities --- ---
Total 1,016,619 789,053
Receivables
Accounts Receivable 350 ---
Accrued Interest 5,381 4,703
Employer Contribution 4,403 4,677
Employee Contribution 2,732 2,901
Investment Adjustment --- ---
Due from the Police Plan --- 408
Total Receivables 12,866 12,689
Payables
Accounts Payable 2,588 3,717
Other Liabilities --- ---
Total Payables 2,588 3,717
Net Assets -Market Value 1,026,897 798,025
GRS
10
PENSION FUND INCOME AND DISBURSEMENTS
Year Ending Year Ending
9/30/07 9/30/06
Market Value at Beginning of Period $ 798,025 $ 602,280
1 ncome
Member Contributions 76,014 64,872
State Contributions --- ---
Employer Contributions 122,449 91,230
Other Contributions --- ---
Investment Earnings 97,322 66,551
Other Income 1,025 1,471
Total Income 296,810 224,124
Disbursements
Monthly Benefit Payments --- ---
Lump Sum Distributions --- ---
Refunds of Contributions 38,425 8,346
Investment Related Expense 12,694 10,035
Other Administrative Expense 16,819 9,998
Insurance Premiums --- ---
Other Expense --- ---
Total Disbursements 67,938 28,379
Net Increase During Period 228,872 195,745
Market Value at End of Period 1,026,897 798,025
GRS
SECTION D
FINANCIAL ACCOUNTING INFORMATION
GRS
11
FASB NO. 35 INFORMATION
10/1 /07
A. Actuarial Present Value of Accumulated Plan
Benefits
1. Vested Benefits
t
~ 0
s
Members Currently Receiving Paymen
a
.
Terminated Vested Members
b 17,904
.
c. Other Members 112,565
469
130
d. Total ,
2. Non-Vested Benefits 558,818
Total Actuarial Present Value of Accumulated
3
.
Plan Benefit: 1 d+2 689 287
4. Accumulated Contributions of Active Members 218,893
B. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Period 433,790
2. Increase (Decrease) During the Period
Attributed to:
a. Plan Amendment NA
NA
b. Change in Actuarial Assumption
Latest Member Data, Benefits Accumulated
c
.
and Decrease in the Discount Period. 302,268
Benefits Paid
d (46,771)
.
e. Net Increase 255,497
3. Total Value at End of Period 689,287
C. Market Value of Assets 1,026,897
GRS
10/1 /05
0
134,687
134,687
299,103
433,790
134,687
370,663
(14,246)
NA
138,105
(60,732)
63,127
433,790
602,280
~n
SCHEDULE OF FUNDING PROGRESS
(GASB Statement No. 25)
Actuarial
Accrued
Actuarial Value Liability (AAL) Unfunded AAL Covered Covered
Actuarial of Assets -Entry Age (UAAL) Funded Ratio payroll 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)
10/1/05 602,280 429,242 (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)
* Start General Plan only.
Note: Because this Plan uses the Aggregate Actuarial Cost Method for Funding, the Schedule of funding Progress is not required per
GASB No. 25. The Schedule above is included in this Report in case the Plan and/or the Employer believe the information
would be useful to users of their financial statements.
N
13
SCHEDULE OF EMPLOYER CONTRIBUTIONS
(GASB Statement No. 25)
Fiscal Year Ended
September 30 Annual Required
Contribution Actual
Contributions Percentage
Contributed
1997 $ 11,399 $ 11,400 100.0%
1 ggg 13,440 13,440 100.0
1 ggg 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
GRS
14
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO. 27)
Employer FYE September 30 2008 2007 2006
A. Annual Required Contribution (ARC)* $ 88,790 $ 92,042 $ 88,512
B. Interest on Net Pension Obligation (NPO) (5,924) (3,552) (3,391)
C. Adjustment to ARC (8,799) (4,299) (4,105)
D. Annual Pension Cost (APC) (A+B-C) 91,665 92,789 89,226
E. Contributions made ** 122,449 91,230
F. NPO at beginning of year (74,056) (44,396) (42,392)
G. Increase (decrease) in NPO (D-E) "* (29,660) (2,004)
H. NPO at end of year (F+G) ** (74,056) (44,396)
THREE YEAR TREND INFORMATION
Fiscal
Year Ending Annual Pension
Cost APC Actual
Contribution Percentage of
APC Contributed Net Pension
Obligation
9/30/2005
9/30/2006
9/30/2007 $ 96,383
89,226
92,789 $ 95,949
91,230
122,449 99.5 %
102.2
132.0 $ (42,392)
(44,396)
74,056
GRS
15
REQUIRED 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, 2007
Contribution Rates 5 92%
Employer (and State)
5%
Plan members
Aggregate
Actuarial Cost Method
Amortization Method
NA
Remaining amortization period
NA
Market Value
Asset Valuation Method
Actuarial Assumptions
8.0%
Investment rate of return 6.0%
Projected salary increases 4.0%
Includes inflation and other general increases at Not Applicable
Cost of Living adjustments
GRS
SECTION E
MISCELLANEOUS INFORMATION
GRS
RECONCILIATION OF MEMBERSHIP DATA
10/1 /06 to 10/1 /05 to
10/1/07 10/1/06
i Last Valuation 32 24
aded in Current Valuation 6 13
yment Terminations
it Terminations (7)
(1) (5)
0
s 0 0
its 0 0
0 p
o. vuier 0 0
9. Number Included in This Valuation 30 32
B. Terminated Vested Members
1. Number Included in Last Valuation 0 0
2. Additions from Active Members 1 0
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 1 0
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 p
7. Other 0 0
8. Number Included in This Valuation 0 0
rn
17
STATISTICAL DATA
GENERAL EMPLOYEES
10/1 /02 10/1 /03 10/1 /05 10/1 /07
Active Members
Number 20 25 24 30
Total Annual Payroll $ 866,467 $ 1,056,797 $ 1,098,039 $ 1,500,201
Average Annual Salary 43,323 42,272 45,752 50,007
Other Averages
Current Age 40.9 42.8 43.1 44.3
Age at Employment 39.1 41.1 40.6 41.1
Past Service 1.8 1.7 2.5 3.2
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 0 1
Total Annual Benefit $ --- $ --- $ --- $ 4,644
Average Monthly Benefit --- --- --- 387
GRS
~n
Tequesta General 10/1/07 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 1. 0. 0. 0. 0. 0. 0. 1. 29307. 29307.
25-29 3. 0. 0. 0. 0. 0. 0. 3. 102365. 34122.
30-34 1. 1. 0. 0. 0. 0. 0. 2. 66935. 33468.
35-39 4. 0. 0. 0. 0. 0. 0. 4. 186174. 46544.
40-44 1. 1. 0. 0. 0. 0. 0. 2. 91394. 45697.
45-49 5. 1. 0. 0. 0. 0. 0. 6. 281710. 46952.
50-54 2. 5. 0. 0. 0. 0. 0. 7. 360679. 51526.
55-59 3. 1. 0. 0. 0. 0. 0. 4. 202115. 50529.
60 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
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 1. 0. 0. 0. 0. 0. 0. 1. 94605. 94605.
67 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
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.
75 0. 0. 0. 0. 0. 0. 0. 0. 0. 0.
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
21.
9.
0. ---
0. --
0. ------
0. ------ -
0. -------
30. -------------
1415284.
47176.
DD
~n
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
S C H E D U L E O F N O N- A C T I V E P A R T I C I P A N T S D A T A
Terminated
Vested
Total
Number Benefits
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
1 4644.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
0 0.
1 4644.
49
17904.
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.
Retired
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.
Number
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other
Total
Benefits
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0.
0
0.
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
20
SUMMARY OF PLAN PROVISIONS
Eligibility
All full-time general employees hired after December 31, 1995 are eligible for membership
on date of employment.
Compensation
Base pay excluding overtime and any lump sum payments.
Average Final Compensation (AFC)
Average of Compensation over the five best years within the last ten years of service;
does not include lump sum payments of unused leave.
Credited Service
Number of years and fractional parts of years of service.
Normal Retirement
Eligibility - The earlier of age 62, or 30 years of Credited Service, regardless of age.
Benefit - 2% of AFC multiplied by Credited Service; maximum benefit is 100% of
AFC.
Form of Benefit -Ten year certain and life annuity, with other options available.
Early Retirement
Eligibility - Age 50 with six years of Credited Service.
Benefit - Accrued pension benefit reduced by 5% for each year early.
Death Benefits (Pre-retirement)
Upon the death of any vested member, whether or not still in active employment, a
survivor benefit is payable to the beneficiary starting when the member would have
reached retirement age. The benefit payable is equal to the vested pension benefit.
Service Incurred Disability
Eligibility - Continuous and permanent incapacity for rendering useful and efficient
service.
Benefit - Greater of the accrued pension benefit or 42% of AFC.
GRS
21
Non-Service Incurred Disability
Eligibility - Continuous and permanent incapacity for rendering useful and efficient
service and 6 years of credited service.
Benefit - Greater of the accrued pension benefit or 25% of AFC.
Termination Benefits
For a member who is not vested when he terminates, a refund of his accumulated
contributions is payable. For a member who is vested when he terminates, his vested
accrued benefit is payable at his Normal Retirement Date. The vesting schedule is as
follows:
Years of Vested
Credited Service
Under 6 0%
6 or more 100
Contributions
From Members -
From the Employer -
5% of Compensation.
The remaining amount necessary to fund the Plan properly
according to the Plan's actuary.
Changes Since Last Valuation:
None.
GRS