HomeMy WebLinkAboutDocumentation_Regular_Tab 05_02/12/2015 REDISTRIBUTED — WI�I;H �
--- AI7D F D ACTU RIAIa P L1�N
� ;,1.,� ro v ,, ,� , .�s — _
' �.r�;� '��%iO.C's `� ��°
AGENDA ITEM ROUTiNG �
Meeting Date: i�llleeting Type: Regtalar as°dinance #: �_� �
�ansenfi Agenda: Np Resolutior� #:
01-08-2015
�riginating Departr�aent: �egal
. � , • • • • C - • • -�•
ORDINANCE 1-'�5, FtRST READtNG, AMENDING THE VILLAGE CODE OF ORDINANCES AT
CHAPTER 2. ADM�NISTRATION. ARTICLE 111. OFFlCERS, EMPLOYEES AND DEPARTMENTS.
BY AMENDiNG THE PUBL{C SAFETY EMPLOYEES' PENSION PLAN TO LiMIT OVERTiME
, iNG� UDED IN THE DEFINTION OF "SALARY" TO 300 HOURS PER YEAR PER PUBLIC SAFE ('�
EMPLOYEE; AND TO EXCLUDE ALL HOURS OF UNUSED ACCUMULATED S1CK AND VACATION
�EAVE EARNED AFTER THE RESPECT6VE EF�ECTIVE DATE FOR EACH BARGAINiNG UNIT
;=�?Cii� T�-'� ��ri3�E��0[�� t�� "SALI�RY
I
I
� . . •.
Account #: Amount of this item:
Budgeted a�raourat avai3abl�: �mount remaining after item:
�
Budget transfer required: l�ppropriate Fund Balance:
� �- .• . .- . . o ..- ..
�
! _. _ _ __
— -- _ .
� ' �
� ... - .... �.... �� . . ., . . .' . ..., _'—'___ .'__—
� �ga! (for legai sufficiency)
;�g€�ance Director or Repres�ntative
Reviewed for Financia! Su�ciency G
No �inancial (mpact ❑
Village Manager: � .
Submit for Cmuncil Discussion: [,xt
Approve i��err: [y
j f]2C1�? � �G'¢ ��: r---a
�� __ _ _ _
— — �
- _ - : ._� � � _ _ . . . -
_ _ - a .. j
;.. -
.. , .:.
,.
_
�
;�.�.,< .. .. . _ .; .. -
Form Amended: 10130114
4RDINANCE N0.1-15
�1N ORDINANCE OF THE VILLAGE COUNCIL OF THE VII,LAGE OF
1'EQUESTA, FLORIDA, AMENDING THE VILLAGE CUDE OF
ORDINANCES AT CHAPTER 2. ADMINISTRATI4N. A►RTICLE III.
OFFICERS, EMPLOYEES AND DEP.A►RTMENTS BY AMENDIl�IG THE
PUBLIC SAFETY EMPLOYEES' PENSIUN PLAN TO LIMIT
OYERTIME INCLUDED IN THE DEI+'INTI(JN 4F �SALA,RY" TU 300
HOURS PER YEAR PER PUBLIC SAFETY EMPLUYEE; AND TO
EXCLUDE ALL HOURS OF UNUSED ACCUlViULATED SICK AND
VACATION LEAVE EARNED AFTER THE RESPECTIVE EFFECTIVE
DATE FUR EACH BARGAINING UNIT FROM THE DEFINITION UF
KSALARY;" PR4VIDIlVG THAT EACH AND EYERY 4THER SECTION
AND SUBSECTION OF CHAPTER 2. ADNIINiSTRATION. SHALL
REMA►Il� IN FULL FORCE AND EFFECT AS PREVIOUSLY ADQPTED;
PROVIDING A CONFLICTS CLAUSE, A SEVERABlLI1'Y CLAUSE AND
AUTHORITY TO CODIFY; PROYIDING AN EFFECTIVE DATE; AND
FOR OTHER PURPOSES.
WSEREAS, the Village Counci� of the Village of Tequesta bas established by ordinance
and maintains the Village of Tequesta Public Saf�ly Employees' Pension Plan, pursuant to and
subject to the provisions of Florida. Statutes; and
WHEREAS, the Florida Statutes were amended by Chapter 2011-21 S, La.ws of Florida
(SB 1128) t4limit overtime that is included in the definition o€ "Salary" for pensioa purposes
commencing with callective bargaining agre,�ment entered into after July 1, 201 l; and �
WHEREAS, this change to the Florida Statutes by Chapter 2011-215, Laws of Florida is
effective for the first collective bargain�ing agreement entered into after July 1, 2011 between the
Viilage and the respective bax�aining agents {Pa1m Beach County Police Benevalent Associarion
and. Int�rn,ational Association of Firefight�rs); and
WAEREAS, the Village entered into a new collective bargaining agre�ement with the
International Association of Firefighte�s effective on October 1, 2Q13; and �
WHEREAS, the Village enter�. iuto a new collective bazgaining agreement with the
Pa1m Beach Caunty Police Benevolent Association effective October 1, 2014; and
WHEREAS, the aforementioned changes effected by Chapte�r 2011-215, La.ws of
Florida, and the approval of the new collecti.ve bazgaining Rgreements mentioned abave
necessitates amendments to the ordinance that establishes the Public Safety Employees' Pension
� Plan, and #he Village Cown.cil of the Village of Tequesta. desires tQ amend the Public Safety
Employee Pension Plan to reflect these changes to #he law.
Page 1 of 3
NOW, THEREF4RE, BE TT ORDAlNED BY THE VILLAGE COUNCII. 4F TI�
VILLAGE OF TEQUESTA, FLORIDA, 'THA.T:
Section 1: Chapter 2. Administration of the eode of Ordinances of the Village of
Tequesta. is h�reby amended at Article III. Officers, Employees and Department�, Section 2-61.
Pension Tzust Funds. by amending Exhibit B(Public Safety Officers Pensi.on Trust Fund) as
follows:
Chapter �.
EX�IIBIT "B"
VILLAGE OF TEQUE5TA
PUBLIC SAFETY OFFICERS' PENSION TRUST FUND
Section 2. DeBnitions.
Sal� means for Firefighters and Police offlcers hired before October 1, 2014, the total cash
remuneration paid to a police officer or firefighter far se�rvices rendered including Base Pay,
Bonuses, Cazeer Sexvice Ann.ual Award, Holiday Pay, Incentives, Ovextime (su�i,aeect to the
limit�ations in subseGti.ons 2 Sa} and (bl below�, Sick Leave and Vacation Leave Payout on
Termination (subje.ct to the limitations in subsections 2(a) and (b) belawl Sick Leave and �
Vacation Leave Buy Back(subiect to the limita�Cions in subsections 2�a) and fb) belowZ and
Straigbt Time, and effective for payments made aftez 12/31t08, as provided for by �nternal
Revenue Code §414(n}('n, this definition of salary shall include any differentiat wage payme�t
from the employer to a member as a result of the member's absence &om employment while
serving in qualified militaTy sezvice. This definiti.on excludes }�ay r�ceived as a Car Allowaace,
Clathing Allowance and Shoe/Boot Allowance. For Firefighters b�ir�i on or after October 1,
2010, the definition of salary shall mean tb.e fixed moathly remuneration paid to a firefighter far
services rendered. (including regulaz earnings, va�ation pay, and sick pay) bnt shall exclude lump
sum paym.ents, overti.me, bonuses, incentives, and longevity.
(a) For firefi�,hters. eff�ctive Octpber 1 2013 over�'rme included in Salarv is limited to 300
hours ver Srefighter pe�r vear. Prio� to October l. 20I3 all overtime for firefi�hters hired be€ore
Octaber 1 2010 is incl�ded in the definition of Sa1ary No hours of both unused accumulat�d
sick leave and un.used accumulated vacation leave earned after October 1 2Q13 will be
consider�d Salary, however. firefi�hters hired before Octaber 1. 20i0 mav include all hours of
unused sick leave and unused vacation leave earned as of September 30 2413 uravided that
amaunt of hours is cashed in �t retairemen�
Page Z of 3
I
(b) For nolice officers, effective October 1, 2014 overtime included in Salarv is limited to
300 hours p„�police officer„�r year Prior fio October I 2014 for_,poiice officeis hirec� before
October 1. 2010, a11 overtime is included in the definition of Sataiy No hours of both unused
accumulated sick Ieave and unusetl a,cccumulated vaca�ion lea.ve earned after October 1 2014 will
be considered Salary, however. Police Offirer Members hared before October 1 2010 may
include all hours of unused sick leave and unused vacation le�ve earned as of September 3U
2014 provided that amount of hours is cashed in at retiremen�
Section 2: Each aad every ot�.er Section and Subsectian of Cbapter 2.
Adminis�ation shall ream.ain in fiill farce and effect as previously adopted.
S�n 3: All ordinances or parts of ordinances in. conflict be and the same are
hereby repealed. �
ecti n 4: Should any section or provision of t�is Ordinance or any partion thereof,
any paragraph, sentence or word be declared by a court of competent jurisdiction to be invalid,
such d�ision shall not affect the validity of the rem�ainder of this Ordinance.
'on S: Specific authority is hereby gra�n� #o codify this Ordinance.
6: This Ordinance shall take effect immec�iately upon passage.
Rev 12.15.14
Page 3 of 3 �
�� C Gabriel Roeder Smith & Company
J Consultants & Actuaries
VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
ANNLJAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2016
GRS
Gabriel Roeder Smith L� Compan� pne East Broward Blvd. 954.527.1616 phone
R � Consultants &.���uar,es Suite 505 954.525.0083 fax
� Ft. Lauderdale, FL 33301-1804 www.gabrielroeder.com
January 19, 2d1S
Board of Trustees
Village of Tequesta Public Safety Officers
Pension Trust Fund
Tequesta, Florida
Dear Soard Members:
The results of the October 1, 2014 Actuarial Valuation of the Village of Tequesta. Public Safety Officers
Pension Trust Fund are presented in this report.
This report was prepared at the request of the Board and is intended for use by the Retirement System and
those designated or approved by the Board. This report may be provided to parkies other than the System
only in its entirety and only with the permission of the Board.
The purpose of the valaation is to measure the System's funding progress, to determine the employer
contrihutian rate for the fiscal year ending September 30, 2016, and to deterrnine the actuarial information
for Governmental Accounting Standards Board (GASB) Statement No. 27. This report also includes final
GASB Statement No. 67�information for the fiscal year ending September 30, 2014.
This report should not be relied an for any purpose other than the purpose described above.
The findings in this report are based on data or other information through September 30, 2014. Future
actuariai measurements may di�ffer significantly from the current measurements presented in this report
due to sueh factors as the following: plan experience differing fronn that anticipated by the economic or
demographic assumptions; changes in economic 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 amortization period or additional cost or contribution requirenxients based an the plan's funded
status); and changes in plan provisiox�s or applicable law. The scope of an actuarial valuation does not
include an analysis of the patential range of such future measurements.
The valuation was based upon information fuxr►ished by the Village concerning Plan benefits, financial
transactions, platt provisions and active members, terminated members, retirees and beneficiaries. We
checked for internal and year-to-yeaz consistency, but did not otherwise audit the data,. We are not
responsible for the accuracy or completeness of the information provided by the Village.
This report was prepared using certain assumptions prescribed by the Board as described in Section B.
The undersigned actuaries are members of the American Academy of Actuaries and meet the
Qualification Standazds of tlne American Academy of Actuariss to render the actuarial opinions contained
herein. The signing actuaries are independent of the plan sponsvr.
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of onr knowledge the information contaiaed in this report is accurate and
fairly presents the actuarial position of the Retirement Plan as of the valuation date. All calculations have
been made in conformity with generally aecepted actuarial principles and practiees, with the Actuarial
Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknawledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate. In zxry opinion, the techniques and assumptians used are reasonable, meet the
requirements and intent of Part VIT, 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 carrent costs have not been established or otherwise taken into
account in the valuation. All known events or trends which rnay require a material increase in pIan costs or
required contribution rates have been taken into account in the valuation.
Respectfully submit#ed,
GABRIEL, ROEDER, SMITH AND COMPANY
���h��"
By By
Jeffrey S. Amrose, MAA..A Trisha Amrose, MAAA
Enrol[ed Aetuary No. 14-6599 Enrofled Actuary No. 14-SO10
Gabriel Roeder Sznith & Campany
TABLE OF CONTENTS
Section Title Pa�e
A 1. Discussion of Valuation Results 1
2. Chapter Revenue 3
B Valuation Results
1. Sl,umnary of Valuation Results 4
2. Actuarial Value of Benefits and Assets 7
3. Derivation of Employer Normal Cost 10
4. Liquidation of Unfunded Actuarial
Accrued Liability 13
5. Actuarial Gains and Losses 15
6. Actual Compared to Expected Decrements 18
7. Recent History of UA AL and Funded Ratio 19
8. Actuarial Assumptions and Cost Method 20
9. Glossary of Terms 23
C Pension Fund Information
1. Statement of Plan Assets at Market Value 26
2. Reconciliation of Plan Assets 27
3. Allocation of Assets by Group 28
4. Reconciliation of DROP Accounts 30
5. Development of Actuarial Value of Assets 31
D Financial Accounting Information
1. FASB No. 35 33
2. GASB No. 27 34
3. GASB No. 67 37
E Miscellaneous Information
1. Reconciliation of Membership Data 54
2. Statistical Data 55
3. Age and Service Distributions 57
F Suimnary of Plan Provisions 59
GRS
F
SECTION A
DISCUSSION OF VALUATION RESULTS
GRS
1
DISCUSSION OF VALUATION RESULTS
Comparison of Required Emplover Contributions
A comparison of the required employer contribution developed in this and the last actuarial
valuation is shown below.
For FYE For FYE Increase
9/30/2016 9/30/2015 ecrease
Police Officers $ 60,540 $ 125,194 (64,654)
% of Payroll 11.89 % 19.66 % (7.77) %
Firefighters 369,871 350,924 18,947
% of Payroll 25.49 % 25.94 .% (0.45) %
Total Required Contribution 430,411 476,118 (45,707)
% of Payroll 21.96 % 23.93 % (1.97) %
The required employer contribution has been adjusted for interest on the basis that payxnents are
made in equal installments at the end of each month. The required employer contribution has also been
computed under the assumption that the axnount to be received from the State on behalf of police officers is
$0 in 2015 and 2016, and on behalf of firefighters is equal to the base year revenue of $70,455 in 2015 and
2016. If the payments from the State fall below the expected payments, then the employer must raise its
contribution by the difference.
The actual employer and State contributions for police officers for the year ending September 30,
2014 were $111,164 and $0, respectively, for a total of $111,164, or 21.47% of payroll based on a payroll
amount of $517,765. The required contribution was 21.47% of payroll.
The actual employer and State contributions for firefighters for the year ending September 30, 2014
were $351,652 and $70,455, respectively, for a total of $422,107, or 32.07% of payroll based on a payroll
amount of $1,316,062. The required contribution was 31.66% of payroll.
Changes in Benefit Provisions
The plan has been amended, per Ordinance No. 9-14 (adopted on June 12, 2014). For firefighters
hired after October 1, 2010, the definition of Compensation is changed from total cash remuneration to
fixed monthly remuneration including regular earnings, vacation pay and sick pay but excluding lump
sum payments, overtime, bonuses, incentives and longevity. The benefit multiplier for this group is also
GRS
2
changed to 2.0% for the first 6 years of service and 2.5% for all years after 6 years. The June 5, 2014
Actuarial Impact Statement discussed the financial effect of this ordinance.
Chan�e in Actuarial Assumptions and Methods
There have been no changes in actuarial assumptions and methods since the last valuation.
Actuarial Experience
Overall experience since the last valuation has been favorable resulting in an actuarial gain of
$419,437. The gain is primarily due to greater than expected investrnent returns and more than expected
member contribution refunds to two ternunated vested participants. The net actuarial gain has caused the
required contribution to decrease by 2.09% of covered payroll.
Funded Ratio
The funded ratio is 94.4% this year compared to 89.6% last valuation. The funded ratio is equal to
the actuarial value of assets divided by the actuarial accrued liability.
Variabilitv of Future Contribution Rates
The Actuarial Cost Method used to deternune the contribution is intended to produce contribution
rates which are generally level. Even so, when experience differs from the assumptions, as it often does,
the employer's contribution can vary significantly from year-to-year.
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 Market Value of Assets exceeds the Actuarial Value of Assets by $234,216 as of the
valuation date (see Section C). This difference will be gradually recognized over the next several years in
the absence of offsetting losses. If Market Value had been the basis for the valuation, the funded ratio
would have been 96.7% and the Village contribution rate would have been approximately 20.8% instead
of 21.96%.
Conclusion
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a suminary of plan provisions.
GRS
3
CHAPTER REVENUE
Increments in Chapter revenue over that received in 1998 must first be used to fund the cost of
compliance with minimum benefits. As of the valuation date, all minimum requirements have been met.
Actuarial Confirmation of the Use of State Chapter Money
Police Fire Total
1. Base Amount Previous Plan Year $ 33,130 $ 70,455 $ 103,585
2. Amount Received for Previous Plan Year 0 100,617 100,617
3. Benefit Improvements Made in Previous P1an Year 0 0 0
4. Excess Funds for Previous Plan Year: (2) -(1) -(3) 0 30,162 30,162
5. Accumulated Excess at Beginning of Previous Year 333,315 396,425 729,740
6. Prior Excess Used in Previous Plan Year 0 0 0
7. Accumulated Excess as of Valuation Date
(Available for Benefit Improvements): (4) +(5) -(6) 333,315 426,587 759,902
8. Base Amount This Plan Year 0* 70,455 70,455
* Under Ordinance No. 18-12, the Plan was closed to police o�cers hired on or after February 1, 2013
and Chapter 185 revenue is forfeited beginning with the fiscal year ending September 30, 2014.
The Accumulated Excess shown in line 7(if any) is being held in reserve and is subtract�d from
Plan assets (see Section C of this Report). The Base Amount in line 8 is the maximum amount the
employer may take as a credit against its required contribution; however, in no event may the employer
take credit for more than the actual amount of Chapter revenue received.
GRS
SECTION B
VALUATION RESULTS
GRS
4
SUMMARY OF VALUATION RESULTS
As of October 1
2014 2013
COVERED GROUP
A Number Included in the Valuation
1. Active Members 23 25
2. Inactive Members g g
B. Covered Annual Payroll (Reported Payroll with Salary Scale) $ 1,904,243 $ 1,937,546
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 14,220,587 13,674,096
D. Actuarial Present Value of Projected Normal Costs 4,098,957 4,284,025
E. Actuarial Accrued Liability (AAL): C- D 10,121,630 9,390,071
F. Actuarial Value of Assets 9,550,823 8,412,535
G. Unfunded Actuarial Accrued Liability (UAAL): E- F 570,807 977,536
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL 62,054 95,990
As % of B 3.26 % 4.95 %
I. Annual Employer Normal Cost 403,648 414,350
As % of B 21.20 % 21.39 %
J. Adjustment for Frequency of Payment 18,289 20,041
As % of B 0.96 % 1.03 %
K. Required Employer Contri�: H+ I+ J 483,991 530,381
As % of B 25.42 % 27.37 %
L. Expected Covered Payroll for Contnbution Year 1,960,044 1,989,574
M. Required Employer Contrib for Contribution Year 500,866 546,573
As % of L 25.55 % 27.47
N. Estimated State Premium Tax Refund 70,455 70,455
As % of L 3.59 % 3.54 %
O. Balance Required from Employer: M- N 430,411 476,118
As % of L 21.96 % 23.93 %
P. Year to which Contributions Apply
1. Plan Year Ending 9/30/2016 9/30/2015
2. Employer Fiscal Year Ending 9/30/2016 9/30/2015
3. Assumed Date(s) of Employer Contribs. Monthly Monthly
GRS
5
POLICE OFFICERS
SUMMARY OF VALUATION RESULTS
As of October 1
2014 2013
COVERED GROUP
A, Number Included in the Valuation
1. Active Members 7 9
2. Inactive Members 4 4
B. Covered Annual Payroll (Reported Payroll with Salary Scale) $ 509,217 $ 636,834
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 3,264,173 3,563,420
D. Actuarial Present Value of Projected Normal Costs 1,225,290 1,437,524
E. ActuarialAccrued Liability (AAL): C- D 2,038,883 2,125,896
F. Actuarial Value of Assets 2,688,884 2,409,345
G. Unfunded Actuarial Accrued Liability (iJAAL): E- F (650,001) (283,449)
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL (61,667) (27,859)
As % of B (12.11) % (4.37) %
I. Annual Employer Normal Cost 119,919 148,322
As % of B 23.55 % 23.29 %
J. Adjustrnent for Frequency of Payrnent 2,288 4,731
As % of B 0.45 % 0.74 %
K. Required Employer Contrib: H+ I+ J 60,540 125,194
As % of B 11.89 % 19.66 %
L. E�ected Covered Payroll for Contribution Year 509,217 636,834
M. Required Employer Contn'b for Contribution
Year: % from K x L 60,540 125,194
As % of L 11.89 % 19.66 %
N. Estimated State Premium Tax Refund 0 0
As % of L 0.00 % 0.00 %
O. Balance Required from Employer: M- N 60,540 125,194
As % of L 11.89 % 19.66 %
P. Year to which Contributions Apply
1. Plan Year Ending 9/30/2016 9/30/2015
2. Employer Fiscal Year Ending 9/30/2016 9/30/2015
3. Assumed Date(s) of Employer Contribs. Monthly Monthly
GRS
6
FIREFIGHTERS
SUMMARY OF VALUATION RESULT5
As of October 1
2014 2013
COVERED GROUP
A, Number Included in the Valuation
1. Active Members . 16 16
2. Inactive Members 4 4
B. Covered Annual Payroll (Reported Payroll with Salary Scale) $ 1,395,026 $ 1,300,712
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 10,956,414 10,110,676
D. Actuarial Present Value of Projected Normal Costs 2,873,667 2,846,501
E. Actuarial Accrued Liability (AAL): C- D 8,082,747 7,264,175
F. Actuarial Value of Assets 6,861,939 6,003,190
G. Unfunded Actuarial Accrued Liability (UAAL): E- F 1,220,808 1,260,985
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL 123,721 123,849
As % of B 8.87 % 9.52 %
I. Annual Employer Normal Cost 283,729 266,028
As % of B 20.34 % 20.45 %
J. Adjustment for Frequency of Payment 16,001 15,310
As%ofB 1.15 % 1.18 %
K. Required Employer Contrib: H+ I+ J 423,451 405,187
As % of B 30.35 % 31.15 %
L. Expected Covered Payroll for Contri'bution Year 1,450,827 1,352,740
M. Required Employer Contrib for Contribution
Year: % from K x L 440,326 421,379
As % of L 30.35 % 31.15 %
N. Estimated State Premium Tax Refund 70,455 70,455
As % of L 4.86 % 5.21 %
O. Balance Required from Employer: M- N 369,871 350,924
As % of L 25.49 % 25.94 %
P. Year to which Contributions Apply
1. Plan Year Ending 9/30/2016 9/30/2015
2. Employer Fiscal Year Ending 9/30/2016 9/30/2015
3. Assumed Date(s) of Employer Contribs. Monthly Monthly
GRS
�
ACTUARIAL VALUE OF BENEFITS AND ASSETS
POLICE AND FIRE COMBINED
A. Valuation Date October 1, 2014 October 1, 2013
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 9,967,069 $ 9,540,935
b. Vesting Benefits 718,468 746,297
c. Disability Benefits 682,409 695,994
d. Preretirement Death Benefits 95,683 99,297
e. Return of Member Contnbutions - 292
f. Total 11,463,629 11,082,815
2. Inactive Members
a. Service Retirees & Beneficiaries 2,230,786 1,889,230
b. Disability Retirees - -
c. Terminated Vested Members 526,172 702,051
d. Total 2,756,958 2,591,281
3. Total for All Members 14,220,587 13,674,096
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 10,121,630 9,390,071
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 7,843,270 7,230,096
E. Plan Assets
1. Market Value 9,785,039 8,641,353
2. Actuarial Value 9,550,823 8,412,535
F. Unfunded Actuarial Accrued Liability: C- E2 570,807 977,536
G. Actuarial Present Value of Projected
Covered Payroll 17,645,383 18,387,379
H. Actuarial Present Value of Projected
Member Contributions 882,269 919,369
GRS
8
ACTUARIAL VALUE OF BENEFITS AND ASSETS
POLICE
A. Valuation Date October 1, 2014 October 1, 2013
B. Actuaxial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 2,102,537 $ 2,499,535
b. Vesting Benefits 210,834 252,321
c. Disability Benefits 173,277 204,050
d. Preretirement Death Benefits 24,965 29,875
e. Return of Member Contributions - 292
f. Total 2,511,613 2,986,073
2. Inactive Members
a. Service Retirees & Beneficiaries 360,637 -
b. Disability Retirees - -
c. Terminated Vested Members 391,923 577,347
d. Total 752,560 577,347
3. Total for All Members 3,264,173 3,563,420
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 2,038,883 2,125,896
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,519,010 1,544,505
E. Plan Assets
l. Market Value 2,733,629 2,449,439
2. Actuarial Value 2,688,884 2,409,345
F. Unfunded Actuarial Accrued Liability: C- E2 (650,001) (283,449)
G. Actuarial Present Value of Projected
Covered Payroll 5,273,667 6,179,350
H. Actuarial Present Value of Projected
Member Contributions 263,683 308,968
GRS
9
ACTUARIAL VALUE OF BENEFITS AND ASSETS
FIRE
A. Valuation Date October 1, 2014 October 1, 2013
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 7,864,532 $ 7,041,400
b. Vesting Benefits 507,634 493,976
c. Disability Benefits 509,132 491,944
d. Preretirement Death Benefits 70,718 69,422
e. Return of Member Contributions - -
f. Total 8,952,016 8,096,742
2. Inactive Members
a. Service Retirees & Beneficiaries 1,870,149 1,889,230
b. Disability Retirees - -
c. Terminated Vested Members 134,249 124,704
d. Total 2,004,398 2,013,934
3. Total for All Members 10,956,414 10,110,676
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 8,082,747 7,264,175
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 6,324,260 5,685,591
E. Plan Assets
1. Market Value 7,051,410 6,191,914
2. Actuarial Value 6,861,939 6,003,190
F. Unfunded Actuarial Accrued Liability: C- E2 1,220,808 1,260,985
G. Actuarial Present Value of Projected
Covered Payroll 12,371,716 12,208,029
H. Actuarial Present Value of Projected
Member Contrbutions 618,586 610,401
GRS
10
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST TOTAL
A. Valuaxion Date October 1, 2014 October 1, 2013
B. Normal Cost for
l. Service Retirement Benefits $ 366,894 $ 376,347
2. Vesting Benefits 42,415 42,091
3. Disability Benefits 42,910 45,379
4. Preretirement Death Benefits 5,878 6,215
5. Return of Member Contrbutions 3,165 3,154
6. Total for Future Benefits 461,262 473,186
7. Assumed Amount for Administrative
E�enses 37,598 38,042
8. Total Normal Cost 498,860 511,228
C. E�ected Member Contrbution 95,212 96,878
D. Employer Normal Cost: B8-C 403,648 414,350
E. Employer Normal Cost as % of
Covered Payroll 21.20 % 21.39 %
GRS
11
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST POLICE
A. Valuation Date October 1, 2014 October 1, 2013
B. Normal Cost for
1. Service Retirement Benefits $ 102,017 $ 129,304
2. Vesting Benefits 10,134 12,054
3. Disability Benefits 12,097 16,623
4. Preretirement Death Benefits 1,685 2,255
5. Return of Member Contrbutions 770 920
6. Total for Future Benefits 126,703 161,156
7. Assumed Amount for Administrative
E�enses 18,677 19,008
8. Total Normal Cost 145,380 180,164
C. E�ected Member Contribution 25,461 31,842
D. Employer Normal Cost: B8-C 119,919 148,322
E. Employer Normal Cost as % of
Covered Payroll 23.55 % 23.29 %
GRS
12
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST FIRE
A. Valuation Date October 1, 2014 October 1, 2013
B. Normal Cost for
1. Service Retirement Benefits $ 264,877 $ 247,043
2. Vesting Benefits 32,281 30,037
3. Disability Benefits 30,813 28,756
4. Preretirement Death Benefits 4,193 3,960
5. Return of Member Contributions 2,395 2,234
6. Total for Future Benefits 334,559 312,030
7. Assumed Amount for Administrative
E�enses 18,921 19,034
8. Total Normal Cost 353,480 331,064
C. Expected Member Contribution 69,751 65,036
D. Employer Normal Cost: B8-C 283,729 266,028
E. Employer Normal Cost as % of
Covered Payroll 20.34 % 20.45 %
GRS
13
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY — POLICE
A. UAAL Amortization Period and Pa ments
Ori inal UAAL Current UAAL
Amortization
Date Perio d Years
Established Source (Years) Amount Remaining Amount Payment
10/1/2009 Initial Unfunded 20 $(346,507) 15 $(209,545) $ (22,083)
10/1/2011 Experience Loss 20 125,425 17 81,812 8,067
10/1/2011 Assumption Change 20 123,535 17 80,580 7,946
10/1/2012 Experience Gain 20 (111,036) 18 (75,912) (7,275)
10/1/2013 E�erience Gain 20 (131,632) 19 (111,084) (10,376)
10/1/2014 Experience Gain 20 (415,852) 2p (415,852) (37,946)
$ (756,067) $ (650,001) $ (61,667)
B. Amortization Schedule
The UAAL is being amortized as a level dollar axnount over the number of years remaining in the
amortization period. The expected amortization schedule is as follows:
Amortization Schedule
Year Expected UAAL
2014 $ (650,001)
2015 (632,457)
2016 (613,599)
2017 (593,327)
2018 (571,534)
2019 (548,107)
2024 (401,829)
2029 (191,828)
2034 0
GRS
14
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY — FIREFIGHTERS
A. UAAL Amortization Period and Pa ments
Ori 'nal UAAL Current UAAL
Amortization
Date Period Yeais
Established Source (Years) Amount Remaining Amount Payment
10/1/2009 Initial Unfunded 20 $ 506,053 15 $ 444,211 $ 46,812
10/1/2011 Experience Loss 20 415,047 17 394,206 38,871
10/1/2011 Assumption Change 20 390,124 17 370,534 36,536
10/1/2012 E�cperience Loss 20 163,332 18 158,888 15,228
10/1/2013 E�erience Gain 20 (146,619) 19 (143,446) (13,399)
10/1/2014 Elcperience Gain 20 (3,585) 20 (3,585) (327)
$ 1,324,352 $ 1,220,808 $ 123,721
B. Amortization Schedule
The UAAL is being amortized as a level dollar amount over the number of years remaining in the
amortization period. The expected amortization schedule is as follows:
Amortization Schedule
Year Expected UAAL
2014 $ 1,220,808
2015 1,179,362
2016 1,134,814
2017 1,086,925
2018 1,035,444
2019 980,102
2024 634,547
2029 138,458
2034 0
GRS
15
ACTUARIAL GAINS AND LOSSES
The assuxnptions used to anticipate mortality, employment turnover, investrnent income, expenses,
salary increases, and other factors have been based on long range trends and expectations. Actual
experience can vary from these expectations. The variance is measured by the gain and loss for the period
involved. If significant long term experience reveals consistent deviation from what has been expected and
that deviation is expected to continue, the assuxnptions should be modified. The net actuarial gain (loss) for
the past year is computed as follows:
Derivation of the Current UAAL - Police
1. Last Year's UAAL $ (283,449)
2. Last Year's Employer Normal Cost 173,178
3. Last Year's Contnbutions 111,164
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year (8,270)
b. 3 from dates paid 4,444
c. a - b (12,714)
5. This Year's Expected UAAL:
1 + 2 - 3 + 4c (234,149)
6. This Year's Actual UAAL (Before any
changes in benefits and assumptions) (650,001)
7. Net Actuarial Gain (Loss): (5) -(6) 415,852
8. Gain (Loss) due to investments 6,432
9. Gain (Loss) due to other sources 409,420
GRS
16
Derivation of the Current UAAL - Fire
1. Last Year's UAAL $ 1,260,985
2. Last Year's Employer Normal Cost 283,720
3. Last Year's Contnbutions 422,107
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year 115,853
b. 3 from dates paid 14,058
c. a - b 101,795
5. This Year's Expected UAAL:
1+ 2- 3+ 4c 1,224,393
6. This Year's Actual UAAL (Before any
changes in benefits and assumptions) 1,220,808
7. Net Actuarial Gain (Loss): (5) -(6) 3,585
8. Gain (Loss) due to investments 53,669
9. Gain (Loss) due to other sources (50,084)
The fund earnings and salary increase assuxnptions 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 on the next page
shows the actual fund earnings and salary increase rates compared to the assumed rates for the last. few
years:
GRS
17
Investment Return Salary Increases
Actual Actual
Year Ending 9/30 Police Fire Assumed Police Fire Assumed
1994 (0.1) % (0.1) % 8.0 % NA % 13.3 % 6.0 %
1995 21.6 21.6 8.0 NA 14.1 6.0
1996 12.9 12.9 8.0 NA 8.1 6.0
1997 22.2 22.2 8.0 NA 4.8 6.0
1998 12.2 12.2 8.0 NA 15.8 6.0
1999 13.2 13.2 8.0 3.4 8.7 6.0
2000 18.7 18.7 8.0 15.4 10.3 6.0
2001 (10.7) (10.7) 8.0 19.6 18.6 6.0
2002 (3.7) (3.7) 8.0 13.9 7.9 6.0
2003 * 6.0 6.0 8.0 11.6 7.2 6.0
2004 8.1 8.1 8.0 11.5 10.2 6.0
2005 5.6 5.6 8.0 5.9 9.6 6.0
2006 3.7 3.7 8.0 8.7 8.6 6.0
2007 13.5 13.5 8.0 7.6 4.4 6.0
2008 4.0 4.0 8.0 10.5 8.2 6.0
2009 2.8 2.6 8.0 4.6 3.4 6.0
2010 4.2 4.0 8.0 11.8 10.7 6.0
2011 2.6 2.6 8.0 (2.8) (3.1) 6.0
2012 3.7 3.8 7.5 10.4 4.5 6.0
2013 6.6 7.0 7.5 (4.2) 1.0 6.0
2014 7.7 8.3 7.5 7.2 7.3 6.0
Averages 7.1 7.1 7.9 8.3 8.2 6.0
* Starting Public Safety (Police & Fire Only)
The actual investment return rates shown above are based on the actuarial value of assets. The
smoothing of assets began in the fiscal year ending September 30, 2008.
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
18
Actual (A) Compared to Expected (E) Decrements
Police Offcers
Number
Added Service & Active
During DROP Disability Terminations Members
Year Year Retirement Retirement Death Vested Other Totals End of
Ended A E A E A E A E A A A E Year
9/30/2006 4 3 0 0 0 0 0 0 0 3 3 0 13
9/30/2007 1 4 0 0 0 0 0 0 0 4 4 0 10
9/30/2008 3 1 0 0 0 0 0 0 1 0 1 0 12
9/30/2009 1 1 0 0 0 0 0. 0 0 1 1 0 12
9/30/2010 0 0 0 0 0 0 0 0 0 0 0 0 12
9/30/2011 1 0 0 0 0 0 0 0 0 0 0 0 13
9/30/2012 0 3 0 0 0 0 0 0 2 1 � 3 0 10
9/30/2013 0 1 0 0 0 0 0 0 1 0 1 0 9
9/30/2014 0 0 1 0 0 0 0 0 1 0 1 0 7
9/30/2015 0 0 0 0
9 Yr Totals * 10 13 1 0 0 0 0 0 5 9 14 0
Actual (A) Compared to Expected (E) Decrements
Firefighters
Number
Added Service & Active
During DROP Disability Terminations Members
Year Year Retirement Retirement Death Vested Other Totals End of
Ended A E A E A E A E A A A E Year
9/30/2006 1 0 0 0 0 0 0 0 0 0 0 1 17
9/30/2007 3 1 0 0 0 0 0 0 0 1 1 1 19
9/30/2008 0 0 0 0 0 0 0 0 0 0 0 1 19
9/30/2009 0 0 0 0 0 0 0 0 0 0 0 1 19
9/30/2010 0 1 1 0 0 0 0 0 0 0 0 1 18
9/30/2011 0 1 1 0 0 0 0 0 0 0 0 1 17
9/30/2012 0 0 0 0 0 0 0 0 0 0 0 1 17
9/30/2013 0 1 1 0 0 0 0 0 0 0 0 0 16
9/30/2014 0 0 0 0 0 0 0 0 0 0 0 0 16
9/30/2015 0 0 0 0
9 Yr Totals * 4 4 3 0 0 0 0 0 0 1 1 7
* Totals are through current Plan Year only
GRS
� RECENT HISTORY OF UAAL AND FUNDED RATIO
�
Actuarial Accrued
Actuarial Va1ue 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 1,875,657 1,428,869 (446,788) 131.3 2,132,437 (21.0)
10/1/03* 1,966,148 1,610,963 (355,185) 122.0 1,339,667 (26.5)
10/1/OS 2,782,953 2,598,331 (184,622) 107.1 1,650,403 (11.2)
10/1/07 4,080,609 3,730,247 (350,362) 109.4 1,931,871 (18.1)
10/1/09 5,298,959 5,458,505 159,546 97.1 2,184,690 7.3
10/1/11 6,526,370 7,720,559 1,194,189 84.5 2,171,363 55.0
10/1/12 7,371,147 8,595,260 1,224,113 85.8 2,116,667 57.8
10/1/13 8,412,535 9,390,071 977,536 89.6 1,937,546 50.5
10/1/14 9,550,823 10,121,630 570,807 94.4 1,904,243 30,0
*Start Public Safery Plan only
�
�
20
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were deternuned using an Individual Entry-Age Actuarial Cost
Method having the following characteristics:
(i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the member's
benefit at the rime of retirement;
(ii) each annual normal cost is a constant percentage of the member's year by year projected
covered pay.
Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar
contributions over 20 years.
Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected
actuarial value and actual market value of assets at the rate of 20% per year. The Actuarial Value of
Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80%
of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets.
During periods when investxnent perforxnance exceeds the assumed rate, Actuarial Value of Assets will
tend to be less than Market Value. During periods when investment performance is less than assumed
rate, Actuarial Value of Assets will tend to be greater than Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section.
Economic Assumptions
The investment return rate assumed in the valuations is 7.5% per year, compounded annually (net after
investment expenses).
The Wage Inflation Rate assumed in this valuation was 3.0% per year. The Wage Inflation Rate is
defined to be the portion of total pay increases for an individual that are due to macroeconomic forces
including productivity, price inflation, and labor market conditions. The wage inflation rate does not
include pay changes related to individual merit and seniority effects.
The Pay increase assumption is 6% per year up to the assumed retirement age.
Demographic Assumptions
The mortality table was the RP-2000 Combined Healthy Participant Mortality Tables for males and
females. The provision for future mortality improvements is being made by using Scale AA after 2000 as
shown on the next page.
GRS
21
Sample Probability of �ture Life
Attained Dying Next Year Expectancy (years)
Ages (in 2014) Men Women Men Women
50 0.17 % 0.13 % 34.26 35.63
55 0.28 0.24 29.14 30.66
60 0.54 0.47 24.21 25.89
65 1.05 0.90 19.60 21.40
70 1.80 1.56 15.41 17.28
75 3.11 2.51 11.63 13.56
80 5.59 4.16 8.41 10.25 _
This assumption is used to measure the probabilities of each benefit payment being made after retirement
(50% of deaths are assumed to be service related). For disabled rerirees, the regular mortaliry tables are set
forward 5 years in ages to reflect impaired longevity. For active members, the probabilities of dying before
retirement were based upon the same mortality table as members dying after retirement.
Rates of retirement are not applicable as all participants are assumed to retire upon reaching normal
retirement date. Probabiliry of early retirement is 5% for each year eligible.
Rates of separation from active membership are shown on the table below.
Rates of disability among active members are shown on the table below (75% of disabilities were
assumed to be service related).
Employment
A e Termination Rates Disabili Rates
20 6.0% 0.14%
25 5.7 0.15
30 5.0 0.18
35 3.8 0.23
40 2.6 030
45 1.6 0.51
50 0.8 1.00
55 0.3 1.55
60 0.2 ---
GRS
� 22
Miscellaneous and Technical Assumptions
Administrative & Investment The investment return assuxnption is intended to be the return net of
Expenses investment expenses. Annual administrative expenses are assumed to
be equal to expenses for the previous year. Assuxned administrative
expenses are added to the Normal Cost.
Benefit Service Exact fractional service is used to deternune the amount of benefit
payable.
Decrement Operation Disability and mortality decrements operate during retirement
eligibiliry.
Decrement Timing � Decrements of all types are assumed to occur at the beginning of the
year.
Eligibility Testing Eligibility for benefits is deternuned based upon the age nearest
birthday and service nearest whole year on the date the decrement is
assuxned to occur.
Forfeitures For vested separations from service, it is assumed that 0% of inembers
separating will withdraw their contributions and forfeit an employer
financed benefit. It was further assumed that the liabiliry at
termination is the greater of the vested deferred benefit (if any) or the
member's accumulated contributions.
Incidence of Contributions Employer contributions are assumed to be made at the end of each
month. Member contributions are assumed to be received
continuously throughout the year based upon the computed percent of
payroll shown in this report, and the actual payroll payable at the time
contributions are made.
Marriage Assumption 100% of males and 100% of females are assumed to be married for
purposes of death-in-service benefits. Male spouses are assumed to be
three years older than female spouses for active member valuation
purposes.
Normal Form of Benefit A ten-year certain and life benefit is the normal form of benefit.
Pay Increase Timing Beginning of fiscal year. This is equivalent to assuming that reported
pays represent amounts paid to members during the year ended on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per year.
GRS
23
GLOSSARY OF TERMS
Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits,
(AAL) and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities,
such as: mortality, withdrawal, disablement, and retirement; future
increases in salary; future rates of investrnent earnings; future investment
and administrative expenses; characteristics of inembers not specified in
the data, such as marital status; characteristics of future members; future
elections made by members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits
between the Actuarial Present Value of Future Normal Costs and the
Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, deternuned as of a given date and based
on a given set of Actuarial Assumptions.
Actuarial Present Value The amount of funds required to provide a payment or series of payments
(APT� in the future. It is determined by discounting the future payrnents with an
assumed interest rate and with the assumed probability each payment will
be made.
Actuarial Present i�alue of The Actuarial Present Value of amounts which are expected to be paid at
Future Benefits (APVFB) various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, nonretired members entitled to either a
refund or a future retirement benefit. Expressed another way, it is the
value that would have to be invested on the valuation date so that the
amount invested plus investment earnings would provide sufficient assets
to pay all projected benefits and expenses when due.
Actuarial Valuation The deternunation, as of a valuation date, of the Normal Cost, Actuarial
Accrued Liability, Actuarial Value of Assets, and related Actuarial
Present Values for a plan. An Actuarial Valuation for a governmental
retirement system typically also includes calculations of items needed for
compliance with GASB No. 67.
Actuarial Yalue ofAssets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan assets
or a smoothed value in order to reduce the year-to-year volatility of
calculated results, such as the funded ratio and the actuarially required
contribution (ARC).
GRS
24
Amortization Method A method for deternuning the Amortization Payrnent. The most common
methods used are level dollar and level percentage of payroll. Under the
Level Dollar method, the Amortization Payrnent is one of a stream of
payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is
one of a stream of increasing payments, whose Actuarial Present Value is
equal to the UAAL. Under the Level Percentage of Pay method, the
stream of payments increases at the rate at which total covered payroll of
all active members is assumed to increase.
Amortization Payment That portion of the plan contribution or ARC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Peraod The period used in calculating the Amortization Payment.
Annual Required The employer's periodic required contributions, expressed as a dollar
Contribution (ARC) amount or a percentage of covered plan compensation. The ARC
consists of the Employer Normal Cost and Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and declines
to zero with the passage of time. For example if the amortization period is
initially set at 30 years, it is 29 years at the end of one year, 28 years at the
end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
Equivalent Single For plans that do not establish separate amortization bases (separate
Amortization Period components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the period
over which the UAAL would be amortized if all amortization bases were
combined upon the current UAAL payxnent.
Experience GairrlLoss A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assuxnptions, during the period between two
actuarial valuations. To the extent that actual experience differs from that
assumed, Unfunded Actuarial Accrued Liabilities emerge which may be
larger or smaller than projected. Gains are due to favorable experience,
e.g., the assets earn more than projected, salaries do not increase as fast as
assumed, members retire later than assumed, etc. Favorable experience
means actual results produce actuarial liabilities not as large as projected
by the actuarial assumptions. On the other hand, losses are the result of
unfavorable experience, i.e., actual results that produce Unfunded
Actuarial Accrued Liabilities which are larger than projected.
GRS
25
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
GASB Governmental Accounting Standards Board.
GASB No. 67 and These are the governmental accounting standards that set the accounting
GASB No. 27 rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 27 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 67 sets the rules for the systexns themselves.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
Open Amortization Period An open amortization period is one which is used to deternune the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30-year period is
used in determuung the Amortization Period each year. In theory, if an
Open Amortization Period is used to amortize the Unfunded Actuarial
Accrued Liabiliry, the UAAL will never completely disappear, but will
become smaller each year, either as a dollar amount or in relation to
covered payroll.
Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial
Liabiliry Value of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted
to this date.
GRS '
SECTION C
PENSION FUND INFORMATION
GRS
26
STATEMENT OF PLAN ASSETS AT MARKET VALUE
September 30
Item 2014 2013
A. Cash and Cash Equivalents (Operating Cash) $ 10,029 $ -
� B. Receivables
1. Member Contributions $ 1,969 $ 1,986
2. Employer Contributions 10,023 9,656
3. State Contnbutions 100,617 18,265
4. Investment Income and Other Receivables 9,627 11,245
5. Total Receivables $ 122,236 $ 41,152
C. Investments
l. Short Term Investments $ 418,695 $ 321,441
2. Domestic Equities 6,665,718 5,748,302
3. International Equities 84,408 120,185
4. Domestic Fixed Income 3,614,981 3,407,140
5. International Fixed Income - -
6. Real Estate - -
7. Other Investments - -
8. TotalInvestments $ 10,783,802 $ 9,597,068
D. Liabilities
1. Prepaid Cont�bution $ - $ -
2. Accounts Payable (24,920) (44,563)
3. Other - Lump Sum Benefit Payable - -
4. Total Liabilities $ (24,920) $ (44,563)
E. Total Market Value of Assets Available for Benefits $ 10,891,147 $ 9,593,657
F. Reserves
1. State Contribution Reserve $ (759,902) $ (729,740)
2. DROP Accounts (346,206) (222,564)
3. Total Reserves $ (1,106,108) $ (952,304)
G. Total Market Value Net of Reserves $ 9,785,039 $ 8,641,353
H. Allocation of Investments
1. Short Term Investments 3.9% 3.3%
2. Domestic Equities 61.8% 59.9%
3. International Equities 0.8% 1.3%
4. Domestic Fixed Income 33.5% 35.5%
5. International Fixed Income 0.0% 0.0%
6. Real Estate 0.0% 0.0%
7. Other Investments 0.0% 0.0%
8. TotalInvestments 100.0% 100.0%
GRS
27
RECONCILIATION OF PLAN ASSETS
5eptember 30
Item 2014 2013
A. Market Value of Assets at Beginning of Year $ 9,593,657 $ 8,068,307
B. Revenues and E�enditures
1. Contributions
a. Employee Conmbutions $ 91,691 $ 90,902
b. Employer Contributions 462,816 476,158
c. State Contnbutions 100,617 194,173
d. Total $ 655,124 $ 761,233
2. Investment Income
a. Interest, Dividends, and Other Income $ 180,551 $ 167,143
b. Net Realized Gains/(Losses) 91,475 183,343
c. Net Unrealized Gains/(Losses) 556,723 568,438
d. Investment E�enses (41,744) (47,391)
e. Net Investment Income $ 787,005 $ 871,533
3. Benefits and Refunds
a. Refunds $ (43,331) $ (15,737)
b. Regular Monthly Benefits (63,710) (53,637)
c. Lump Sum Distributions - -
d. Total $ (107,041) $ (69,374)
4. Administrative and Miscellaneous Expenses $ (37,598) $ (38,042)
5. Transfers $ - $ -
C. Market Value of Assets at End of Year $ 10,891,147 $ 9,593,657
D. Reserves
1. State Contribution Reserve $ (759,902) $ (729,740)
2. DROP Accounts (346,206) (222,564)
3. Total Reserves $ (1,106,108) $ (952,304)
E. Final Market Value of Assets at End of Year $ 9,785,039 $ 8,641,353
GRS
28
ALLOCATION OF ASSETS BY GROUP - SEPTEMBER 30, 2014
POLICE FIRE TOTAL
Market Value on 9/30/2013 $ 2,782,754 $ 6,810,903 $ 9,593,657
Percent of Total 29.0 % 71.0 % 100.0 %
Income
Contributions
Members 25,888 65,803 91,691
Employer 111,164 351,652 462,816
State - 100,617 100,617
Investment Earnings
Interest, Dividends & Other Income 52,006 128,545 180,551
Realized Gain (Loss) 26,027 65,448 91,475
Unrealized Gain (Loss) 161,015 395,708 556,723
Investment E�enses (19,829) (21,915) (41,744)
Total 219,219 567,786 787,005
Total Income 356,271 1,085,858 1,442,129
Disbursements
Monthly Benefits 10,073 53,637 63,710
Refunds and Lump Sums 43,331 - 43,331
Administrative Expenses 18,677 18,921 37,598
Total Disbursements 72,081 72,558 144,639
Market Value on 9l30l2014 3,066,944 7,824,203 10,891,147
Less State Contribution Reserve 333,315 426,587 759,902
Less DROP Account Balances - 346,206 346,206
F�nal Market Value 2,733,629 7,051,410 9,785,039
Percent of Total 27.9 % 72.1 % 100.0 %
GRS
29
ALLOCATION OF ASSETS BY GROUP - SEPTEMBER 30, 2013
POLICE FIRE TOTAL
Market Value on 9/30/2012 $ 2,330,513 $ 5,737,794 $ 8,068,307
Percent of Total 28.9 % 71.1 % 100.0 %
Income
Contrbutions
Members 30,455 60,447 90,902
Employer 136,469 339,689 476,158
State 76,177 117,996 194,173
Investrnent Earnings
Interest, Dividends & Other Income 48,412 118,731 167,143
Net Realized Gain (Loss) 53,333 130,010 183,343
Unrealized Gain (Loss) 164,210 404,228 568,438
Investment Eapenses (22,070) (25,321) (47,391)
Total 243,885 627,648 871,533
Total Income 486,986 1,145,780 1,632,766
Disbursements
Monthly Benefits - 53,637 53,637
Refunds and Lump Sums 15,737 - 15,737
Administrative E�enses 19,008 19,034 38,042
Total Disbursements 34,745 72,671 107,416
Market Value on 9/30/2013 2,782,754 6,810,903 9,593,657
Less State Contribution Reserve 333,315 396,425 729,740
Less DROP Account Balances - 222,564 222,564
F�nal Market Value 2,449,439 6,191,914 8,641,353
Percent of Total 28.3 % 71.7 % 100.0 %
GRS
30
RECONCILIATION OF DROP ACCOUNTS (FIREFIGHTERS)
Year Balance at
Ended Beginning Balance at
9/30 of Year Credits Interest Distributions End of Year
2010 $ - $ 8,214 $ � 495 $ - $ 8,709
2011 8,709 49,722 (3,577) - 54,854
2012 54,854 49,656 11,120 - 115,630
2013 115,630 89,914 17,020 - 222,564
2014 222,564 102,650 20,992 - 346,206
GRS
y J DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS -- POLICE
�
Valuation Date - SEPTEMBER 30, 2014 2013 2014 2015 2016 2017 2018
A. Actuarial Value of Assets Beginning of Year $ 2,370,156 $ 2,742,660
B. Market Value End of Year 2,782,754 3,066,944
C. Market Value Beginning of Year 2,330,513 2,782,754
D. Non-Investment/Administrative Net Cash Flow 208,356 64,971
E. Investment Income
E1. Actual Market Total: B-C-D 243,885 219,219
E2. Assumed Rate of Return 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
E3. Assumed Amount of Return 185,575 208,136
E4. Amount Subject to Phase-In: El-E3 58,310 11,083
F. Phase-In Recognition of Investment Income
F1. Current Year: 0.20 x FA� 11,662 2,217
F2. First Prior Year 20,047 11,662 2,217
F3. SecondPriorYear (39,198) 20,047 11,662 2,217
F4. Third Prior Year 11,704 (39,198) 20,047 11,662 2,217
F5. Fourth Prior Year (25,642) 11,704 (39,198) 20,047 11,662 2,217
F6. Total Phase-Ins (21,427) 6,432 (5,272) 33,926 13,879 2,217
G. Actuarial Value of Assets End of Year
Gl . Preliminary Actuarial Value of Assets $ 2,742,660 $ 3,022,199
G2. Upper Corridor Limit: 120%*B 3,339,305 3,680,333
G3. Lower Corridor Limit: 80%*B 2,226,203 2,453,555
G4. Funding Va1ue End of Year 2,742,660 3,022,199
G5. Less: State Contribution Reserve 333,315 333,315
G6. Less: DROP Account - _
G7. Funding Value End of Year 2,409,345 2,688,884
H. Difference between Market & Actuarial Value $ 40,094 $ 44,745
I. Actuarial Rate of Return 6.6% 7.7%
J. Market Va1ue Rate ofReturn 10.0% 7.8%
K Ratio ofActuarial Value ofAssets to Market Value 98.6% 98.5%
w
�
^ DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS -- FIREFIGHTERS
4�
� Valuation Date - SEPTEMBER 30 2014 2013
� 2014 2015 2016 2017 2018
A. Actuarial Va1ue of Assets Beginning of Year $ 5,755,773 $ 6,622,179
B. Market Va1ue End of Year 6,810,903 7,824,203
C. Market Va1ue Beginning of Year 5,737,794 6,810,903
D. Non-Investment/Administrative Net Cash Flow 445,461 445,514
E. Investment Income
E1. Actual Market Total: B-C-D 627,648 567,786
E2. Assumed Rate of Returri 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
E3. Assumed Amount of Return 448,388 513,370
E4. Amount Subject to Phase-In: E1-E3 179,260 54,416
F. Phase-In Recognition of Investment Income
F1. G�.u Year: 0.20 x E4 35,852 10,883
F2. First Prior Year 62,136 35,852 10,883
F3. SecondPriorYear (85,893) 62,136 35,852 10,883
F4. Third Prior Year 30,691 (85,893) 62,136 35,852 10,883
F5. Fourth Prior Year (70,229) 30,691 (85,893) 62,136 35,852 10,883
F6. Tota1 Phase-Ins (27,443) 53,669 22,978 108,871 46,735 10,883
G. Actuarial Value ofAssets End ofYear
Gl . Preliminary Actuarial Value of Assets $ 6,622,179 $ 7,634,732
G2. Upper Corridor Limit: 120%*B 8,173,084 9,389,044
G3. Lower Corridor Limit: 80%*B 5,448,722 6,259,362
G4. Funding Value End of Year 6,622,179 7,634,732
G5. Less: State Contribution Reserve 396,425 426,587
G6. Less: DROP Accounts 222,564 346,206
G7. Funding Value End of Year 6,003,190 6,861,939
H. Difference between Market & Actuarial Va1ue $ 188,724 $ 189,471
L Actuarial Rate of Return 7.0% 8.3%
J. Market Va1ue Rate ofReturn 10.5% 8.1%
K Ratio ofActuarial Va1ue ofAssets to Market Value 97.2% 97.6%
w
N
SECTION D
FINANCIAL ACCOUNTING INFORMATION
GRS
33
FASB NO. 35 INFORMATION
Police FYre Total Total
A. Valuation Date 10/1/2014 10/1/2014 10/1/2014 10/1/2013
B. Actuarial Present Value of Accumulated
Plan Benefits
1. Vested Benefits
a. Members Cunently ReceivingPayments $ 360,637 $ 1,870,149 $ 2,230,786 $ 1,889,230
b. Terminated Vested Members 391,923 134,249 526,172 702,051
c. Other Members 710,517 4,319,862 5,030,379 4,426,827
d. Total 1,463,077 6,324,260 7,787,337 7,018,108
2. Non-Vested Benefits 55,933 - 55,933 211,988
3. Total Actuarial Present Value of Accumulated
Plan Benefits: ld + 2 1,519,O1Q 6,324,260 7,843,270 7,230,096
4. Accumulated Contnbutions of Active Members 174,953 697,455 872,408 848,957
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Period 1,544,505 5,685,591 7,230,096 6,388,099
2. Increase (Decrease) During the Period
Attributable to:
a. P lan Amendment - - - -
b. Change in Actuarial Assumptions - - - -
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 27,909 794,956 822,865 1,001,285
d. Benefits Paid (53,404) (156,287) (209,691) (159,288)
e. Net Increase (25,495) 638,669 613,174 841,997
3. Total Value at End of Period 1,519,010 6,324,260 7;843,270 7,230,096
D. Market Value of Assets 2,733,629 7,051,410 9,785,039 8,641,353
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
GRS
34
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO. 27)
POLICE OFFICERS
Employer FYE September 30 2014 2013
A. Annual Required Contn`bution (ARC) $ 111,164 $ 145,147
B. Interest on Net Pension Obligation (NPO) (11,395) (9,935)
C. Adjustment to ARC (17,256) (14,931)
D. Annual Pension Cost (APC) (A+B-C) 117,025 150,143
E. Contnbutions made 111,164 169,599
F. NPO at beginning of year (151,927) (132,471)
G. Increase (decrease) in NPO (D-E) 5,861 (19,456)
H. NPO at end of year (F+G) (146,066) (151,927)
THREE YEAR TREND INFORMATION
Fiscal Annual Pension Actual Percentage of Net Pension
Year End'm Cost APC Contnbution APC Contnbuted Obli tion
9/30/2012 $ 208,681 $ 203,664 97.6 % $ (132,471)
9/30/2013 150,143 169, 599 113.0 (151, 927)
9/30/2014 117,025 111,164 95.0 146,066
GRS
35
ANNUAL PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO. 2'n
FIREFIGHTERS
Employer FYE September 30 2014 2013
A. Annual Required Contnbution (ARC) $ 416,665 $ 378,155
B. Interest on Net Pension Obligation (NPO) (12,735) (10,700)
C. Adjustment to ARC (19,159) (15,550)
D. Annual Pension Cost (APC) (A+B-C) 423,089 383,005
E. Contrbutions made 422,107 410,144
F. NPO at beginning of year (169,804) (142,665)
G. Increase (decrease) in NPO (D-E) 982 (27,139)
H. NPO at end of year (F+G) (168,822) (169,804)
THREE YEAR TREND INFORMATION
Fiscal Annual Pension Actual Percentage of Net Pension
Year Endin Cost APC Contribution APC Contributed Obli tion
9/30/2012 $ 409,961 $ 405,904 99.0 % $ (142,665)
9/30/2013 383,005 410,144 107.1 (169,804)
9/30/2014 423,089 422,107 99.8 168,822
GRS
36
REQUIRED SUPPLEMENTARY INFORMATION
GASB Statement No. 27
The information presented in the required supplementary schedules was determixied as part of the
actuarial valuations at the dates indicated. Additional information as of the latest actuarial
valuation:
Valuation date October 1, 2014
Contribution Rates
Employer (and State) 11.89% for Police
30.35% for Fire
Plan members 5.00% Police
5.00% Fire
Actuarial Cost Method Entry Age Normal
Amortization Method Closed, level dollar
Remaining amortization period 20
Asset Valuation Method Five year smoothing
Actuarial Assumptions
Investment rate of return 7.5%
Projected salary increases 6.0%
Includes inflation and other general increases at 3.0%
Cost of Living adjustments Not Applicable
GRS
37
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No. 67
Police OtTicers Firefighters
Fiscal year ending September 30, 2014 2014
Total pension liability
Service Cost $ 161,156 $ 312,030
Interest 169,526 582,897
Benefit Changes - -
Difference between actual & expected experience - 450
Assumption Changes - -
Benefit Payments (10,073) (53,637)
Refunds (43,331) -
Other (Increase in State Reserve) - 30,162
Net Change in Total Pension Liability 277,278 871,902
Total Pension Liability - Beginning 2,459,211 7,883,164
Total Pension Liability - Ending (a) $ 2,736,489 $ 8,755,066
Plan Fiduciary Net Position
Contributions - Employer and State $ 111,164 $ 351,652
Contributions - Non-Employer Contributing Entity - 100,617
Contributions - Member 25,888 65,803
Net Investment Income 219,219 567,786
Bene�t Payments (10,073) (53,637)
Refunds (43,331) -
Administrative Expense (18,677) (18,921)
Other - -
Net Change in Plan Fiduciary Net Position 284,190 1,013,300
Plan Fiduciary Net Position - Beginning 2,782,754 6,810,903
Plan Fiduciary Net Position - Ending (b) $ 3,066,944 $ 7,824,203
Net Pension Liability - Ending (a) -(b) (330,455) 930,863
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 112.08 % 89.37 %
Covered Employee Payroll* $ 517,765 $ 1,316,062
Net Pension Liability as a Percentage
of Covered Employee Payroll (63.82)% 70.73 %
* Actual covered payroll for the fiscal year ending September 30, 2014.
GRS
38
SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY
GASB Statement No. 67
Pofice
Total Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a% of Total Covered as a% of
September 30, Liability Position Liability Pension Liability Payroll Covered Payrolt
2014 $ 2,736,489 $ 3,066,944 $ (330,455) 112.08% $ 517,765 (63.82)%
Fire
Tota1 Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a% of Tota1 Covered as a% of
September 30, Liability Position Liability Pension Liability Payroll Covered Payroll
2014 $ 8,755,066 $ 7,824,203 $ 930,863 8937% $ 1,316,062 70.73%
* Actual covered payroll for the �scal year ending September 30, 2014.
GRS
39
SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Police
Actuarially Contribution Actual Contribution
F'Y Ending Determined Actual Deficiency Covered as a% of
September 30, Contribution Contribution (Excess) Payroll Covered Payroll
2014 $ 111,164 $ 111,164 $ - $ 517,765 21.47%
Fire
Actuarially Contribution Actual Contribution
F'Y Ending Deterxnined Actual Deficiency Covered as a% of
September 30, Contribution Contribution (Excess) Payroll Covered Payroll
2014 $ 416,665 $ 422,107 $ (5,442) $ 1,316,062 32.07%
GRS
40
NOTES TO SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Valuation Date: October 1, 2013
Notes Actuarially determined contrbution rates are calculated as of October 1,
which is two year(s) prior to the end of the fiscal year in which
contributions are reported.
Methods and Assumptions Used to Determine Contri6ution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period 20 years
Asset Valuation Method 5-year smoothed market
Inflation 3.0%
Salary Increases 6.0%, including inflation
Investment Rate of Return 7.50%
Retirement Age 100% when first eligible for Normal Retirement or DROP entry
Mortality RP-2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years using
Scale AA
Other Information:
Notes See Discussion of Valuation Results in the October 1, 2013 Actuarial
Valuation Report
GRS
41
SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount rate of 7.50% was used to measure the total pension liability. This single discount rate
was based on the expected rate of return on pension plan investxnents of 7.50%. The projection of cash
flows used to determine this single discount rate assumed that plan member contributions will be made at
the current contribution rate and that employer contributions will be made at rates equal to the difference
between the total actuarially deternuned contribution rates and the member rate. Based on these
assumptions, the pension plan's fiduciary net position was projected to be available to make all projected
future benefit payments of current plan members. Therefore, the long-term expected rate of return on
pension plan investments (7.50%) was applied to all periods of projected benefit payments to deternune
the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following
presents the plan's net pension liability, calculated using a single discount rate of 7.50%, as well as what
the plan's net pension liabiliry would be if it were calculated using a single discount rate that is 1-
percentage-point lower or 1-percentage-point higher:
Police
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
Current Single Discount
1%Decrease RateAssumption 1%Increase
6.50 % 7.50 % 8.50 %
$ 62,212 $ (330,455) $ (653,552)
Fire
Sensitivity ofthe Net Pension Liability to the Single Discount Rate Assumption
Current Single Discount
1%Decrease Rate Assumption 1%Increase
6.50% 7.50% 8.50%
$ 2,045,475 $ 930,863 $ (1,423)
GRS
42
Police
GASB 67 - Projection of Contributions
Single Discount Rate Determination: 50-Year
Payroll for Contributions Service Cost and
Current from Current Eapense UAL Total
Year Emplayees Employees Contributions Contributioos Contributions
(a) (b) (c) (d) (e)=(b)+(c)+(d)
0 $ 60Q787
1 636,834 $ 31,842 $ 154,958 $ (32,672) $ 154,128
2 647,651 32,383 157,777 (32,678) 157,482
3 568,340 28,417 132,243 (32,678) 127,982
4 511,78t 25,589 112,931 (32,678) 105,842
5 523,787 26,189 115,806 (32,678) 109,317
6 537,101 26,855 118,885 (32,678) 113,062
7 551,760 27,588 122,338 (32,678) t 17,248
8 564,940 28,247 125,171 (32,678) 120,740
9 579,379 28,969 128,338 (32,678) 124,629
10 594,968 29,748 131,706 (32,678) 128,777
11 607,134 30,357 134,238 (32,678) 131,916
12 615,622 30,781 135,790 (32,678) 133,893
13 565,191 28,260 119,895 (32,678) 115,476
14 470,303 23,515 98,094 (32,678) 88,932
15 476,780 23,839 99,247 (32,678) 90,408
16 371,966 18,598 77,982 (32,678) 63,902
17 282,897 14,145 54,136 (5,626) 62,655
18 293,112 14,656 56,080 (5,626) 65,110
19 304,071 15,204 58,187 (25,015) 48,375
20 315,751 15,788 60,438 (16,247) 59,979
21 328,219 16,411 62,800 - 79,211
22 341,272 17,064 65,297 - 82,361
23 344,536 17,227 65,924 - 83,151
24 342,609 17,130 65,555 - 82,685
25 113,327 5,666 21,510 - 27,176
26 - - - - -
27 - - - - -
28 - - - - -
29 - - - - -
30 - - - - -
31 - - - - -
32 - - - - -
33 - - - - -
34 - - - - -
35 - - - - -
36 - - - - -
37 - - - - -
38 - - - - -
39 - - - - -
40 - - - - -
41 - - - - -
42 - - - - -
43 - - - - -
44 - - - - -
45 - - - - -
46 - - - - -
47 - - - - -
48 - - - - -
49 - - - - -
50 - - - - -
GRS
43
Police
GASB 67 Single Discount Rate Determination: 100-Year Projection of Cash Flows
Projected
Projected Investment
Projected Beginning Projected Total Projected BeneSt Administrative Earnings at Projected Ending Plan
Year Plan Net Position Contributions Payments E�enses 7.50% Net Position
(a) (b) (c) (d) (e) (fl=(a)+(b)-(c)-(d)+(e)
I $ 2,449,439 $ 154,128 $ 19,348 $ 19,708 $ 187,945 $ 2,752,456
2 2,752,456 157,482 51,003 20,043 209,617 3,048,508
3 3,048,508 127,982 73,349 17,589 230,002 3,315,554
4 3,315,554 105,842 90,674 15,837 248,642 3,563,526
5 3,563,526 109,317 96,440 16,210 267,142 3,827,336
6 3,827,336 113,062 97,608 16,621 287,007 4,113,175
7 4,113,175 117,248 99,923 17,075 308,497 4,421,923
8 4,421,923 120,740 102,635 17,483 331,667 4,754,212
9 4,754,212 124,629 105,794 17,930 356,599 5,111,717
10 5,111,717 128,777 112,499 18,412 383,300 5,492,882
11 5,492,882 131,916 121,511 18,789 411,657 5,896,156
12 5,896,156 133,893 158,972 19,052 440,587 6,292,612
13 6,292,612 115,476 242,673 17,491 466,618 6,614,543
14 6,614,543 88,932 251,512 14,554 489,568 6,926,977
15 6,926,977 90,408 366,185 14,755 508,825 7,145,269
16 7,145,269 63,902 435,224 11,511 521,799 7,284,235
17 7,284,235 62,655 435,005 8,755 532,285 7,435,415
18 7,435,415 65,110 434,879 9,071 543,706 7,600,281
19 7,600,281 48,375 434,906 9,410 555,442 7,759,782
20 7,759,782 59,979 435,008 9,771 567,815 7,942,797
21 7,942,797 79,211 435,227 10,158 582,226 8,158,850
22 8,158,850 82,361 442,568 10,561 598,261 8,386,343
23 8,386,343 83,151 453,243 10,663 614,956 8,620,544
24 8,620,544 82,685 682,698 10,603 624,057 8,633,986
25 8,633,986 27,176 789,233 3,508 619,359 8,487,781
26 8,487,781 - 781,982 - 607,789 8,313,588
27 8,313,588 - 776,723 - 594,919 8,131,784
28 8,131,784 - 770,986 - 581,494 7,942,293
29 7,942,293 - 764,757 - 567,512 7,745,048
30 7,745,048 - 758,013 - 552,967 7,540,001
31 7,540,001 - 750,810 - 537,854 7,327,045
32 7,327,045 - 742,943 - 522,172 7,106,274
33 7,106,274 - 734,396 - 505,929 6,877,806
34 6,877,806 - 719,923 - 489,326 6,647,210
35 6,647,210 - 706,781 - 472,516 6,412,944
36 6,412,944 - 695,087 - 455,376 6,173,233
37 6,173,233 - 682,594 - 437,858 5,928,497
38 5,928,497 - 669,184 - 419,997 5,679,310
39 5,679,310 - 654,790 - 401,838 5,426,358
40 5,426,358 - 639,549 - 383,427 5,170,236
41 5,170,236 - 623,468 - 364,810 4,911,578
42 4,911,578 - 606,498 - 346,036 4,651,116
43 4,651,116 - 588,663 - 327,158 4,389,611
44 4,389,611 - 570,000 - 308,232 4,127,843
45 4,127,843 - 550,397 - 289,321 3,866,768
46 3,866,768 - 53Q052 - 270,490 3,607,205
47 3,607,205 - 508,989 - 251,798 3,350,014
48 3,35Q014 - 486,955 - 233,320 3,096,380
49 3,096,380 - 464,159 - 215,137 2,847,358
50 2,847,358 - 440,583 - 197,329 2,604,104
GRS
44
Police
GASB 67 Single Discount Rate Determination: 100.Year Projection of Cash Flows (cont'd)
51 2,604,104 - 416,138 - 179,985 2,367,950
52 2,367,950 - 391,092 - 163,195 2,140,054
53 2,140,054 - 365,594 - 147,042 1,921,502
54 1,921,502 - 339,807 - 131,600 1,713,296
55 1,713,296 - 314,122 - 116,931 1,516,104
56 1,516,104 - 288,628 - 103,080 1,330,556
57 1,330,556 - 263,691 - 90,082 1,156,947
58 1,156,947 - 239,611 - 77,948 995,284
59 995,284 - 216,160 - 66,687 845,811
60 845,811 - 192,931 - 56,332 709,211
61 709,211 - 170,057 - 46,929 586,083
62 586,083 - 147,840 - 38,512 476,756
63 476,756 - 126,519 - 31,098 381,336
64 381,336 - 106,429 - 24,681 299,588
65 299,588 - 87,741 - 19,238 231,085
66 231,085 - 71,117 - 14,713 174,681
67 174,681 - 56,541 - 11,019 129,159
68 129,159 - 43,792 - 8,074 93,442
69 93,442 - 33,201 - 5,786 66,026
70 66,026 - 24,603 - 4,046 45,470
71 45,470 - 17,655 - 2,760 30,575
72 30,575 - 12,354 - 1,838 20,060
73 20,060 - 8,425 - 1,194 12,829
74 12,829 - 5,526 - 759 8,061
75 8,061 - 3,522 - 475 5,014
76 5,014 - 2,212 - 295 3,097
77 3,097 - 1,373 - 182 1,906
78 1,906 - 846 - 112 1,172
79 1,172 - 520 - 69 721
80 721 - 320 - 42 443
81 443 - 197 - 26 272
82 272 - 121 - 16 166
83 166 - 75 - 10 101
84 101 - 46 - 6 61
85 61 - 28 - 4 37
86 37 - 17 - 2 22
87 22 - 10 - 1 13
88 13 - 6 - 1 7
89 7 - 4 - 0 4
90 4 - 2 - 0 2
91 2 - 1 - 0 1
92 1 - 0 - 0 0
93 0 - 0 - 0 0
94 0 - 0 - 0 0
95 0 - 0 - 0 0
96 0 - - - 0 0
97 0 - - - 0 0
98 0 - - - 0 0
99 0 - - - 0 0
100 0 - - - 0 0
GRS
45
Police
GASB 67 Single Discount Rate Determination:
100-Year ProjecHon to Determine Cross-over Date
Present Value of Present Value of Present Value of
Funded Benefit Unfunded Benefit Benefit
Projected Funded Portion Unfunded Portion Payments using Payments using Payments ustng
Begtnning Plan Projected Benefit of Benefit ofBeneSt E�epected Return Municipal Bond Single Discount
ye� Net Positlon Payments Payments Payments Rate (v) Rate (v� Rate (adr)
�a) �b) ��) �d) �e) (fl={d) `�'C�a) - •5) �B)=�e)"�'f"((a) (h�((c)/(l+sdr)^(a-.5)
1 $ 2,449,439 $ 19,348 $ 19,348 $ - $ 18,661 $ - $ 18,661
2 2,752,456 51,003 51,003 - 45,760 - 45,760
3 3,048,508 73,349 73,349 - 61,217 - 61,217
4 3,315,554 90,674 90,674 - 70,397 - 70,397
5 3,563,526 96,440 96,440 - 69,649 - 69,649
6 3,827,336 97,608 97,608 - 65,575 - 65,575
7 4,113,175 99,923 99,923 - 62,447 - 62,447
8 4,421,923 102,635 102,635 - 59,666 - 59,666
9 4,754,212 105,794 105,794 - 5'7,212 - 57,212
10 5,111,717 112,499 112,499 - 56,594 - 56,594
11 5,492,882 121,511 121,511 - 56,863 - 56,863
12 5,896,156 158,972 158,972 - 69,203 - 69,203
13 6,292,612 242,673 242,673 - 98,269 - 98,269
14 6,614,543 251,512 251,512 - 94,742 - 94,742
15 6,926,977 366,185 366,185 - 128,315 - 128,315
16 7,145,269 435,224 435,224 - 141,867 - t41,867
17 7,284,235 435,005 435,005 - 131,903 - 131,903
18 7,435,415 434,879 434,879 - 122,665 - 122,665
19 7,600,281 434,906 434,906 - 114,114 - 114,114
20 7,759,782 435,008 435,008 - 106,177 - 106,177
21 7,942,797 435,227 435,227 - 98,819 - 98,819
22 8,158,850 442,568 442,568 - 93,476 - 93,476
23 8,386,343 453,243 453,243 - 89,051 - 89,051
24 8,620,544 682,698 682,698 - 124,776 - 124,776
25 8,633,986 789,233 789,233 - 134,183 - 134,183
26 8,487,781 781,982 781,982 - 123,675 - 123,675
27 8,313,588 776,723 776,723 - 114,273 - 114,273
28 8,131,784 770,986 770,986 - 105,515 - 105,515
29 7,942,293 764,757 764,757 - 97,360 - 97,360
30 7,745,048 758,013 758,013 - 89,769 - 89,769
31 7,540,001 750,810 750,810 - 82,713 - 82,713
32 7,327,045 742,943 742,943 - 76,136 - 76,136
33 7,106,274 734,396 734,396 - 70,009 - 70,009
34 6,877,806 719,923 719,923 - 63,841 - 63,841
35 6,64'7,210 706,781 706,781 - 58,303 - 58,303
36 6,412,944 695,087 695,087 - 53,338 - 53,338
37 6,173,233 682,594 682,594 - 48,725 - 48,725
38 5,928,497 669,184 669,184 - 44,435 - 44,435
39 5,679,310 654,790 654,790 - 40,446 - 40,446
40 5,426,358 639,549 639,549 - 36,748 - 36,748
41 5,170,236 623,468 623,468 - 33,325 - 33,325
42 4,911,578 606,498 606,498 - 30,156 - 30,156
43 4,651,116 588,663 588,663 - 27,227 - 27,227
44 4,389,611 570,000 570,000 - 24,525 - 24,525
45 4,127,843 550,397 550,397 - 22,029 - 22,029
46 3,866,768 530,052 530,052 - 19,735 - 19,735
47 3,607,205 508,989 508,989 - 17,628 - 17,628
48 3,350,014 486,955 486,955 - 15,689 - 15,689
49 3,096,380 464,159 464,159 - 13,911 - 13,911
50 2,847,358 440,583 440,583 - 12,283 - 12,283
GRS
46
Police
GASB 67 Single Discount Rate Determination:
100-Year Projection to Determine Cross-over Date (cont'd)
Present Value of Present Value of Present Value of
Funded BeneSt Unfunded BeneSt BeneSt
Projected Funded Portion Unfunded Portion Payments using Payments using Payments using
Beginning Ptan Projected Benefit of BeneSt ofBenefit E�epected Return Municipal Bond Single Discount
Year Net Position Payments Payments Payments Rate (v) Rate (v� Rate (sdr)
�a) �b) ��) �a) �e) (�_(�"`�^((8)-• �S}{e)"�' f'YIe)-• (h}�(��O+sdr)^(a-.
51 $ 2,604,104 $ 416,138 $ 416,138 $ - $ 10,792 $ - $ 10,792
52 2,367,950 391,092 391,092 - 9,435 - 9,435
53 2,140,054 365,594 365,594 - 8,205 - 8,205
54 1,921,502 339,807 339,807 - 7,094 - 7,094
55 1,713,296 314,122 314,122 - 6,100 - 6,100
56 1,516,104 288,628 288,628 - 5,214 - 5,214
57 1,330,556 263,691 263,691 - 4,431 - 4,431
58 1,156,947 239,611 239,611 - 3,746 - 3,'746
59 995,284 216,160 216,160 - 3,143 - 3,143
60 845,811 192,931 192,931 - 2,610 - 2,610
61 709,211 170,057 170,057 - 2,140 - 2,140
62 586,083 147,840 147,840 - 1,730 - 1,730
63 476,756 126,519 126,519 - 1,378 - 1,378
64 381,336 106,429 106,429 - 1,078 - 1,078
65 299,588 87,741 87,741 - 827 - 827
66 231,085 71,117 71,117 - 623 - 623
67 194,681 56,541 56,541 - 461 - 461
68 129,159 43,792 43,792 - 332 - 332
69 93,442 33,201 33,201 - 234 - 234
70 66,026 24,603 24,603 - 161 - 161
71 45,470 17,655 17,655 - 108 - 108
72 30,575 12,354 12,354 - 70 - 70
73 20,060 8,425 8,425 - 45 - 45
74 12,829 5,526 5,526 - 27 - 27
75 8,061 3,522 3,522 - 16 - 16
76 5,014 2,212 2,212 - 9 - 9
7'7 3,097 1,373 1,373 - 5 - 5
78 1,906 846 846 - 3 - 3
79 1,172 520 520 - 2 - 2
80 721 320 320 - 1 - 1
81 443 197 197 - I - 1
82 272 121 121 - 0 - 0
83 166 75 75 - 0 - 0
84 101 46 46 - 0 - 0
85 61 28 28 - 0 - 0
86 37 17 17 - 0 - 0
87 22 10 10 - 0 - 0
88 13 6 6 - 0 - 0
89 7 4 4 - 0 - 0
90 4 2 2 - 0 - 0
91 2 1 I - 0 - 0
92 1 0 0 - 0 - 0
93 0 0 0 - 0 - 0
94 0 0 0 - 0 - 0
95 0 0 0 0 0 0 0
96 0 - - - - - -
97 0 - - - - - -
98 0 - - - - - -
99 0 - - - - - -
100 0 - - - - - -
Totals $ 3,563,420 $ - $ 3,563,420
GRS
47
Police
Projection of Plan Net Position and Benefit Payments
$[thousands�
10,000
9,000
8,000
��
.
.
7,000 �.---- — - — _ - - --- - - - ---
.
.
�
6,000 _ _ __ _ � _ _
� _-- -- -
�
�
5,(H10 _ _ `,; _ _ _ _ _ . . _ _
,
�
4,000 ___ _ �� __ _ _ - _ - _
3,000 `� -- - - _ __
2,000 _
L,000
0 —
1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 SA 61 64 67 70 73 76 79 82 85 88 91 94 97 100
Projected Plan Net Position Projected Benetit Payments tbr Current Membe�s Year
GRS
48
Fire
GASB 67 - Projection of Contributions
Single Discount Rate Determination: 50-Year
Payroll for Contributions Service Cost and
Current from Current Expense UAL Total
Year Employees Employees Contributions Contributions Contributions
�a) �b) ��) �d) �e)=�b)+��)+�d)
0 $ 1,227,087
1 1,300,712 $ 65,036 $ 278,181 $ 110,554 $ 453,771
2 1,321,265 66,063 282,589 110,554 459,207
3 1,343,925 67,196 287,162 110,554 464,913
4 1,273,691 63,685 267,073 110,554 441,312
5 1,297,679 64,884 271,956 110,554 447,395
6 1,323,869 66,193 277,064 110,554 453,812
7 1,142,486 57,124 234,7'15 110,554 402,453
8 1,169,938 58,497 240,310 110,554 409,362
9 1,079,942 53,997 222,023 IIQ554 386,575
10 1,015,932 50,797 204,486 110,554 365,837
11 1,047,166 52,358 210,702 110,554 373,615
12 1,069,938 53,497 215,357 110,554 379,408
13 980,724 49,036 197,284 110,554 356,875
14 772,363 38,618 154,191 110,554 303,364
IS 705,440 35,272 139,561 110,554 285,388
16 723,078 36,154 142,912 110,554 289,620
17 741,419 37,071 146,432 62,100 245,603
18 746,377 37,319 147,186 62,100 246,605
19 535,294 26,765 102,620 (15,962) 113,423
20 422,030 21,101 80,924 (31,727) 70,299
21 98,895 4,945 16,636 - 21,581
22 102,838 5,142 17,289 - 22,431
23 106,925 5,346 17,987 - 23,333
24 106,412 5,321 17,896 - 23,216
25 105,777 5,289 17,790 - 23,079
26 - - - - -
27 - - - - -
28 - - - - -
29 - - - - -
30 - - - - -
31 - - - - -
32 - - - - -
33 - - - - -
34 - - - - -
35 - - - - -
36 - - - - -
37 - - - - -
38 - - - - -
39 - - - - -
40 - - - - -
41 - - - - -
42 - - - - -
43 - - - - -
44 - - - - -
45 - - - - -
46 - - - - -
47 - - - - -
48 - - - - -
49 - - - - -
50 - - - - -
GRS
49
Fire
GASB 67 Single Discount Rate Determination: 100-Year Projection of Cash Flows
rro�e�cea
Projected Investment
Projected Beginning Projected Total Projected Benefit Administrative Earnings at Projected Ending Plan
Year Plan Net Position Contributions Payments Eapenses 7S0% Net Position
(a) (b) (c) (d) (e) (fl=(a)+(b)-(c)-(d)+(e)
1 $ 6,191,914 $ 453,771 $ 168,901 $ 19,735 $ 474,156 $ 6,931,205
2 6,931,205 459,207 181,814 20,047 529,316 7,717,868
3 7,717,868 464,913 242,700 20,390 586,272 8,505,962
4 8,505,962 441,312 255,871 19,325 644,064 9,316,141
5 9,316,141 447,395 269,998 19,689 704,518 10,178,366
6 10,178,366 453,812 423,549 20,086 763,752 10,952,295
7 10,952,295 402,453 434,463 17,335 819,605 11,722,555
8 11,722,555 409,362 554,039 17,750 873,211 12,433,338
9 12,433,338 386,575 617,072 16,385 923,410 13,109,866
10 13,109,866 365,837 622,466 15,414 973,223 13,811,045
11 13,811,045 373,615 636,753 15,888 1,025,554 14,557,573
12 14,557,573 379,408 736,994 16,234 1,078,053 15,261,807
13 15,261,807 356,875 925,641 14,879 1,123,144 15,801,306
14 15,801,306 303,364 999,380 11,718 1,159,038 16,252,609
15 16,252,609 285,388 1,006,882 10,703 1,191,985 16,712,397
16 16,712,397 289,620 1,008,239 10,971 1,226,565 17,209,372
17 17,209,372 245,603 1,025,792 11,250 1,261,561 17,679,494
18 17,679,494 246,605 1,202,500 11,324 1,290,347 18,002,622
19 18,002,622 113,423 1,306,441 8,121 1,305,968 18,107,450
20 18,107,450 70,299 1,585,976 6,403 1,302,013 17,887,382
21 17,887,382 21,581 1,578,950 1,500 1,284,153 17,612,665
22 17,612,665 22,431 1,568,656 1,560 1,263,957 17,328,837
23 17,328,837 23,333 1,558,281 1,623 1,243,083 17,035,350
24 17,035,350 23,216 1,549,701 1,614 1,221,383 16,728,635
25 16,728,635 23,079 1,646,481 1,605 1,194,811 16,298,439
26 16,298,439 - 1,631,602 - 1,162,304 15,829,140
27 15,829,140 - 1,614,771 - 1,127,726 15,342,096
28 15,342,096 - 1,591,069 - 1,092,071 14,843,091
29 14,843,097 - 1,567,207 - 1,055,524 14,331,415
30 14,331,415 - 1,535,670 - 1,018,310 13,814,055
31 13,814,055 - 1,508,634 - 980,503 13,285,924
32 13,285,924 - 1,479,188 - 941,978 12,748,713
33 12,748,713 - 1,447,257 - 902,863 12,204,319
34 12,204,319 - 1,413,099 - 863,291 11,654,511
35 11,654,511 - 1,374,448 - 823,478 11,103,542
36 11,103,542 - 1,336,246 - 783,562 10,550,858
37 1Q550,858 - 1,296,763 - 743,565 9,997,660
38 9,997,660 - 1,255,923 - 703,579 9,445,315
39 9,445,315 - 1,213,626 - 663,710 8,895,399
40 8,895,399 - 1,170,337 - 624,061 8,349,123
41 8,349,123 - 1,126,127 - 584,718 7,807,713
42 7,807,713 - 1,081,029 - 545,773 7,272,457
43 7,272,457 - 1,035,075 - 507,321 6,744,703
44 6,744,703 - 988,244 - 469,463 6,225,922
45 6,225,922 - 940,785 - 432,302 5,717,440
46 5,717,440 - 892,478 - 395,945 5,220,906
47 5,220,906 - 843,014 - 360,526 4,738,419
48 4,738,419 - 792,452 - 326,202 4,272,168
49 4,272,168 - 740,508 - 293,146 3,824,806
50 3,824,806 - 687,777 - 261,535 3,398,565
GRS
50
Fire
GASB 67 Single Discount Rate Determination: 100-Year Projection of Cash Flows (cont'd)
51 3,398,565 - 634,885 - 231,515 2,995,194
52 2,995,194 - 581,851 - 203,215 2,616,558
53 2,616,558 - 529,260 - 176,753 2,264,052
54 2,264,052 - 477,533 - 152,220 1,938,738
55 1,938,738 - 426,241 - 129,710 1,642,207
56 1,642,207 - 376,091 - 109,317 1,375,434
57 1,375,434 - 328,157 - 91,074 1,138,352
58 1,138,352 - 282,672 - 74,968 930,647
59 930,647 - 240,588 - 60,940 750,999
60 750,999 - 201,939 - 48,889 597,949
61 597,949 - 167,204 - 38,689 469,435
62 469,435 - 136,637 - 30,176 362,974
63 362,974 - 109,730 - 23,183 276,427
64 276,427 - 86,704 - 17,539 207,263
65 207,263 - 67,511 - 13,059 152,810
66 152,810 - 51,480 - 9,565 110,895
67 110,895 - 38,689 - 6,893 79,099
68 79,099 - 28,584 - 4,880 55,394
69 55,394 - 20,607 - 3,396 38,183
70 38,183 - 14,653 - 2,324 25,854
71 25,854 - 10,240 - 1,562 17,176
72 17,176 - 6,982 - 1,031 11,224
73 11,224 - 4,704 - 669 7,188
74 7,188 - 3,098 - 425 4,515
75 4,515 - 1,973 - 266 2,809
76 2,809 - 1,240 - 165 1,733
77 1,733 - 771 - 102 1,064
78 1,064 - 476 - 62 650
79 650 - 292 - 38 396
80 396 - 179 - 23 240
81 240 - 109 - 14 145
82 145 - 66 - 8 88
83 88 - 40 - 5 53
84 53 - 25 - 3 32
85 32 - 15 - 2 19
86 19 - 9 - 1 11
87 11 - 5 - 1 6
88 6 - 3 - 0 3
89 3 - 2 - 0 2
90 2 - 1 - 0 1
91 1 - 1 - 0 0
92 0 - 0 - 0 0
93 0 - 0 - 0 0
94 0 - 0 - 0 0
95 0 - 0 - 0 0
96 0 - - - 0 0
97 0 - - - 0 0
98 0 - - - 0 0
99 0 - - - 0 0
100 0 - - - 0 0
GRS
51
Fire
GASB 67 Single Discount Rate Determination:
100-Year Projection to Determine Cross-over Date
Present Valce of Present Value of Present Value of
Funded Benefit Unfunded Benefit Benefit
Projected Funded Porrion Unfunded PorHon Payments using Payments using Payments using
BegianingPlsn ProjectedBenefit ofBenefit ofBenefit EapectedReturn MunicipatBond SingleDiscount
' Year Net Position Payments Payments Payments Rate (v) Rate (v� Rate (sdr)
(a) �) ��) (d) (e) (��d)*�'"((a)-• (S)�e)*�"(( (b)={(c)/(I+sdr)^(a-.5)
1 $ 6,191,914 $ 168,901 $ 168,901 $ - $ 162,902 $ - $ 162,902
2 6,931,205 181,814 181,814 - 163,123 - 163,123
3 7,717,868 242,700 242,700 - 202,557 - 202,557
4 8,505,962 255,871 255,871 - 198,652 - 198,652
5 9,316,141 269,998 269,998 - 194,995 - 194,995
6 10,178,366 423,549 423,549 - 284,549 - 284,549
7 10,952,295 434,463 434,463 - 271,518 - 271,518
8 11,722,555 554,039 554,039 - 322,090 - 322,090
9 12,433,338 617,072 617,072 - 333,706 - 333,706
10 13,109,866 622,466 622,466 - 313,138 - 313,138
I1 13,811,045 636,753 636,753 - 297,977 - 297,977
12 14,557,573 736,994 736,994 - 320,824 - 320,824
13 15,261,807 925,641 925,641 - 374,832 - 374,832
14 15,801,306 999,380 999,380 - 376,458 - 376,458
15 16,252,609 1,006,882 1,006,882 - 352,822 - 352,822
16 16,712,397 1,008,239 1,008,239 - 328,649 - 328,649
17 17,209,372 1,025,792 1,025,792 - 311,043 - 311,043
18 17,679,494 1,202,500 1,202,500 - 339,185 - 339,185
19 18,002,622 1,306,441 1,306,441 - 342,794 - 342,794
20 18,107,450 1,585,976 1,585,976 - 387,108 - 387,108
21 17,887,382 1,578,950 1,578,950 - 358,505 - 358,505
22 17,612,665 1,568,656 1,568,656 - 331,319 - 331,319
23 17,328,837 1,558,281 1,558,281 - 306,165 - 306,165
24 17,035,350 1,549,701 1,549,701 - 283,236 - 283,236
25 16,728,635 1,646,481 1,646,481 - 279,43Q - 279,930
26 16,298,439 1,631,602 1,631,602 - 258,047 - 258,047
27 15,829,140 1,614,771 1,614,771 - 237,567 - 237,567
28 15,342,096 1,591,069 1,591,069 - 217,749 - 217,749
29 14,843,097 1,567,207 1,567,207 - 199,519 - 199,519
30 14,331,415 1,535,670 1,535,670 - 181,865 - 181,865
31 13,814,055 1,508,634 1,508,634 - 166,198 - 166,198
32 13,285,924 1,479,188 1,479,188 - 151,585 - 151,585
33 12,748,713 1,447,257 1,447,257 - 137,966 - 137,966
34 12,204,319 1,413,099 1,413,099 - 125,311 - 125,311
35 11,654,511 1,374,448 1,374,448 - 113,380 - 113,380
36 11,103,542 1,336,246 1,336,246 - 102,538 - 102,538
37 10,550,858 1,296,763 1,296,763 - 92,566 - 92,566
38 9,997,660 1,255,923 1,255,923 - 83,396 - 83,396
39 9,445,315 1,213,626 1,213,626 - 74,965 - 74,965
40 8,895,399 1,170,337 1,170,337 - 67,248 - 67,248
41 8,349,123 1,126,127 1,126,127 - 60,193 - 60,193
42 7,80'7,713 1,081,029 1,081,029 - 53,751 - 53,751
43 7,292,457 1,035,075 1,035,075 - 47,875 - 47,875
44 6,744,703 988,244 988,244 - 42,520 - 42,520
45 6,225,922 940,785 940,785 - 37,654 - 37,654
46 5,717,440 892,478 892,478 - 33,229 - 33,229
47 5,220,906 843,014 843,014 - 29,197 - 29,197
48 4,738,419 792,452 792,452 - 25,531 - 25,531
49 4,272,168 740,508 740,508 - 22,193 - 22,193
50 3,824,806 687,777 687,777 - 19,175 - 19,175
GRS
52
Fire
GASB 67 Single Discount Rate Determination:
100-Year Projection to Determine Cross-over Date (cont'd)
Present Value of Present Vatue of Present Value of
Funded Becefit Unfunded Benefit Benefit
Projected Funded Portion Unfunded Portion Payments usiug Payments using Payments using
Beginning Plan Projected Benefit of Benefit of Benefit Eapected Return Municipal Bond Si�le Discount
Year Net Pasition Payments Payments Payments Rate (v) Rate (v� Rate (sdr)
�a) �b) ��) �d) �e) (��d)"�'"((8)-• (B)�e)"�'f "((8)-• @)�(c)/(t+sdr)^(a-.5)
51 $ 3,398,565 $ 634,885 $ 634,885 $ - $ 16,465 $ - $ 16,465
52 2,995,194 581,851 581,851 - 14,037 - 14,037
53 2,616,558 529,260 529,260 - 11,877 - ll,877
54 2,264,052 477,533 477,533 - 9,969 - 9,969
55 1,938,738 426,241 426,241 - 8,277 - 8,277
56 1,642,207 376,091 376,091 - 6,794 - 6,794
57 1,375,434 328,157 328,157 - 5,514 - 5,514
58 1,138,352 282,672 282,672 - 4,419 - 4,419
59 930,647 240,588 240,588 - 3,498 - 3,498
60 750,999 201,939 201,939 - 2,732 - 2,732
61 597,949 167,204 167,204 - 2,104 - 2,104
62 469,435 136,637 136,637 - 1,599 - 1,599
63 362,974 109,730 109,730 - 1,195 - 1,195
64 276,427 86,704 86,704 - 878 - 878
65 207,263 67,511 67,511 - 636 - 636
66 152,810 51,480 51,480 - 451 - 451
67 110,895 38,689 38,689 - 315 - 315
68 79,099 28,584 28,584 - 217 - 2l7
69 55,394 20,607 2Q607 - 145 - 145
70 38,183 14,653 14,653 - 96 - 96
71 25,854 10,240 10,240 - 63 - 63
72 17,176 6,982 6,982 - 40 - 40
73 11,224 4,704 4,704 - 25 - 25
74 7,188 3,098 3,098 - 15 - 15
75 4,515 1,973 1,973 - 9 - 9
76 2,809 1,240 1,240 - 5 - 5
77 1,733 771 771 - 3 - 3
78 1,064 476 476 - 2 - 2
79 650 292 292 - 1 - 1
80 396 179 179 - 1 - I
81 240 109 109 - 0 - 0
82 145 66 66 - 0 - 0
83 88 40 40 - 0 - 0
84 53 25 25 - 0 - 0
85 32 15 15 - 0 - 0
86 19 9 9 - 0 - 0
87 11 5 5 - 0 - 0
88 6 3 3 - 0 - 0
89 3 2 2 - 0 - 0
90 2 I 1 - 0 - 0
91 1 1 1 - 0 - 0
92 0 0 0 - 0 - 0
93 0 0 0 - 0 - 0
94 0 0 0 - 0 - 0
95 0 0 0 0 0 0 0
96 0 - - - - - -
97 0 - - - - - -
98 0 - - - - - -
99 0 - - - - - -
100 0 - - - - - -
Totals $ 10,110,677 $ - $ 10,110,677
GRS
53
Fire
Projection of Plan Net Position and Benefit Payments
$ [thousands]
20,000
18,000
16,000 �`�
.
�
14,000 '�
�
.
.
12,000 '�
.
.
10,000 �� -
�
8, 00p `�, _ _
6, 0pp - -- — - -
4,000 — -- - - _ — -
2, 000
0
I 4 7]0 13 16 l9 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 8'2 85 88 91 94 97 100
Projectcd Plan Net Position Projectcd Bcncfit Payments for Current Membcrs Year
GRS
SECTION E
MISCELLANEOUS INFORMATION
GRS
54
RECONCILIATION OF MEMBERSHIP DATA
From 10/1/13 From 10/1/12
To 10/1/14 To 10/1/13
A. Active Members
1. Number Included in Last Valuation 25 27
2. New Members Included in Current Valuation 0 0
3. Non-Vested Employment Ternunations 0 0
4. Vested Employment Terminations (1) (1)
5. Service and DROP Retirements (1) (1)
6. Disability Retirements 0 0
7. Deaths 0 0
8. Other 0 0
9. Number Included in This Valuation 23 25
B. Terminated Vested Members
1. Number Included in Last Valuation 5 4
2. Additions from Active Members 1 1
3. Lump Sum Payments (2) 0
4. Payments Commenced (1) 0
5. Deaths 0 0
6. Other 0 0
7. Number Included in This Valuation 3 5
C. Service Retirees, DROP, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 3 2
2. Additions from Active Members 1 1
3. Additions from Terxninated Vested Members 1 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. Nuxnber Included in'Ihis Valuation 5 3
GRS
55
STATISTICAL DATA
POLICE OFFICERS
10/1/2011 10/1/2012 10/1/2013 10/1/2014
Active Participants
Number 13 10 9 7
Total Annual Payroll* $ 858,342 $ 744,314 $ 636,834 $ 509,217
Average Annual Salary 66,026 74,431 70,759 72,745
Other Averages
Current Age 39.9 40.1 40.0 39.0
Age at Employment 33.6 33.0 31.8 30.4
Past Service 6.2 7.1 8.2 8.6
Service Retirees and Beneficiaries
Number 0 0 0 2
Total Annual Benefit - - - $ 27,708
Average Monthly Benefit - - - 1,155
Disability Retirees
Number 0 0 0 0
Total Annual Benefit - - - -
Average Monthly Benefit - - - -
Terminated Members with Vested Benefits
Number 1 3 4 2
Total Annual Benefit $ 9,360 $ 46,632 $ 59,717 $ 37,272
Average Monthly Benefit 780 1,295 1,244 1,553
* Reported payroll with salary scale
GRS
56
STATISTICAL DATA
FIREFIGHTERS
10/1/2011 10/1/2012 10/1/2013 10/1/2014
Active Participants
Number 17 17 16 16
Total Annual Payroll* $ 1,313,021 $ 1,372,353 $ 1,300,712 $ 1,395,026
Average Annual Salary 77,237 80,727 81,295 87,189
Other Averages
Current Age 38.9 39.9 40.0 41.0
Age at Employment 28.3 28.3 27.8 27.8
Past Service 10.6 11.6 12.2 13.2
Service Retirees and Beneficiaries
Number 2 2 3 3
Total Annual Benefit $ 103,293 $ 103,293 $ 156,287 $ 156,287
Average Monthly Benefit 4,304 $ 4,304 4,341 4,341
Disability Retirees
Number 0 0 0 � 0
Total Annual Benefit - - - -
Average Monthly Benefit - - - -
Terminated Members with Vested Benefits
Number 1 1 1 1
Total Annual Benefit $ 16,971 $ 17,524 $ 17,524 $ 17,524
Average Monthly Benefit 1414 1,460 1,460 1,460
* Reported payroll with salary scale
GRS
57
ACTIVE PARTICIPANT DISTRIBUTION
Years ofService to ValuationDate
Age Group ai i-2 2-3 3-4 4-5 5-9 10-14 15-19 20-24 25 + Totals
20-24 NO. 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0
25-29 NO. 0 0 0 0 0 2 0 0 0 0 2
TOT PAY 0 0 0 0 0 136,472 0 0 0 0 136,472
AVG PAY 0 0 0 0 0 68,236 0 0 0 0 68,236
30-34 NO. 0 0 0 0 0 2 1 0 0 0 3
TOT PAY 0 0 0 0 0 135,964 82,957 0 0 0 218,921
AVG PAY 0 0 0 0 0 67,982 82,957 0 0 0 72,974
35-39 NO. 0 0 0 0 0 5 0 0 0 0 5
TOT PAY 0 0 0 0 0 345,305 0 0 0 0 345,305
AVG PAY 0 0 0 0 0 69,061 0 0 0 0 69,061
40-44 NO. 0 0 0 0 0 1 3 2 0 0 6
TOT PAY 0 0 0 0 0 74,693 222,855 163,373 0 0 460,921
AVG PAY 0 0 0 0 0 74,693 74,285 81,687 0 0 76,820
45-49 NO. 0 0 0 0 0 1 1 0 1 0 3
TOT PAY 0 0 0 0 0 55,161 87,457 0 105,439 0 248,057
AVG PAY 0 0 0 0 0 55,161 87,457 0 105,439 0 82,686
50-54 NO. 0 0 0 0 0 1 0 2 1 0 4
TOT PAY 0 0 0 0 0 71,148 0 205,482 110,149 0 386,779
AVG PAY 0 0 0 0 0 71,148 0 102,741 110,149 0 96,695
55-59 NO. 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0
AVG PAY 0 0 0 0 0 0 0 0 0 0 0
60-64 NO. 0 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0 0
AVGPAY 0 0 0 0 0 0 0 0 0 0 0
TOT NO. 0 0 0 0 0 12 5 4 2 0 23
TOT AMT 0 0 0 0 0 818,743 393,269 368,855 215,588 0 1,796,455
AVG AMT 0 0 0 0 0 68,229 78,654 92,214 107,794 0 78,107
GRS
58
INACTIVE PARTICIPANT DISTRIBUTION
Terminated Vested Disabled Retired Beneficiaries
Total Total Total Tota1
Age Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 0 0 0 0 0 0 0 0
20 - 24 0 0 0 0 0 0 0 0
25 - 29 0 0 0 0 0 0 0 0
30 - 34 0 0 0 0 0 0 0 0
35 - 39 0 0 0 0 0 0 0 0
40 - 44 0 0 0 0 0 0 0 0
45 - 49 1 17,524 0 0 0 0 0 0
50 - 54 1 21,324 0 0 1 12,088 0 0
55 - 59 1 15,948 0 0 4 171,907 0 0
60 - 64 0 0 0 0 0 0 0 0
65 - 69 0 0 0 0 0 0 0 0
70 - 74 0 0 0 0 0 0 0 0
75 - 79 0 0 0 0 0 0 0 0
80 - 84 0 0 0 0 0 0 0 0
85 - 89 0 0 0 0 0 0 0 0
90 - 94 0 0 0 0 0 0 0 0
95 - 99 0 0 0 0 0 0 0 0
100 & Ove 0 0 0 0 0 0 0 0
Tota1 3 54,796 0 0 5 183,995 0 0
Ave. e 52 57
GRS
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
59
SUMMARY OF PLAN PROVISIONS
A. Ordinances
The Plan was established under the Code of Ordinances for the Village of Tequesta, Florida, Chapter 2,
Article III, Division 1, Secrion 2-61 (b), and was most recently amended under Ordinance No. 9-14,
passed and adopted on June 12, 2014. The Plan is also governed by certain provisions of Chapter 175,
Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code.
B. EffecHve Date
Not currently available
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governxnental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full-time police officers hired before February 1, 2013 and all full-time firefighters are eligible for
membership on the date of employrnent.
F. Credited Service
Service is measured as the total number of years and completed months of a year as a police officer or
firefighter 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
Tota1 cash remuneration for services rendered as a police officer or firefighter. For firefighters hired on
or after October 1, 2010, fixed monthly remuneration including regular eamings, vacation pay and sick
pay but excluding lump sum payxnents, overtime, bonuses, incentives and longevity.
H. Average Final Compensation (AFC)
The average of Compensation over the highest 5 years during the last 10 years of Credited Service;
does not include lump sum payxnents of unused leave.
I. Normal Retirement
Eligibility: A member may retire on the first day of the month coincident with or next following
the earlier of:
(1) age 55 and 6 years of Credited Service, or
(2) age 52 and 25 years of Credited Service.
GRS
60
Benefit: For firefighters hired before October l, 2010:
3.0% of AFC multiplied by the first 6 years of Credited Service, plus
3.5% of AFC multiplied by the next 4 years of Credited Service, plus
4.0% of AFC multiplied by the next 5 years of Credited Service, plus
3.0% of AFC multiplied by the next 6 years of Credited Service, plus
2.0% of AFC multiplied by the next 4 years of Credited Service, plus
3.0% of AFC multiplied by all years of Credited Service over 25 years
For firefighters hired on or after October 1, 2010:
2.0% of AFC multiplied by the first 6 years of Credited Service
2.5% of AFC multiplied by all years of Credited Service over 6 years
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximuxn
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
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 3.0% 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
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation eamed 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.
GRS
61
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% Qf
AFC.
Normal Form
of Benefit: 10 Years Certain and Life thereafter.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
M. Non-Service Connected Disability
Eligibility: Any member who 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 Norxnal 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.
Normal Form
of Benefit: 10 Years Certain and Life thereafter.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximuxn
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
N. Death in the Line of Duty
Eligibility: Members are eligible for survivor benefits regardless of Credited Service.
Benefit: The member's spouse or dependent child will receive the 50% of the member's AFC
as of the date of death.
Normal Form
of Benefit: Payable for the life of the beneficiary.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximuxn
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
GRS
62
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 actuarial eq�aivalent of the member's accrued Normal
Retirement Benefit taking into account compensation earned and service credited as of
the date of death.
Normal Form
of Benefit: Payable for the life of the beneficiary.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
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.
P. Post Retirement Death
Benefit deternuned 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 a non-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
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
Supplemental
Benefit: Once in pay status, all retirees and beneficiaries receiving pension benefits will be paid
a supplemental benefit equal to $20 for each year of the member's Credited Service up
to a maximum of $600. The supplemental benefit ceases upon the later of the death of
the retired member or beneficiary.
Members ternunating employment with less than 6 years of Credited Service will receive a refund of .
their own accumulated contributions.
GRS
63
S. Refunds
Eligibiliry: Atl 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.
T. Member Contributions
5% of Compensation
U. Employer Contributions
Any additional amount deterniined by the actuary needed to fund the plan properly according to State
laws.
V. Cost of Living Increases
Not Applicable
W.13` Check
Not Applicable
X. Deferred Retirement Option Plan
Eligibility: Plan members who have met one of the following criteria are eligible for the DROP:
(1) age 55 and 6 years of Credited Service, or
(2) age 52 and 25 years of Credited Service.
Members must make a written election to participate in the DROP before the 27th year
of employment.
Benefit: The member's Credited Service and AFC are frozen upon entry into the DROP.
The monthly retirement benefit as described under Normal Retirement is calculated
based upon the frozen Credited Service and AFC.
M�imum
DROP Period: The earlier of 5 years of participation in the DROP or 30 years of employment.
Interest
Credited: The member's DROP account is credited on September 30 of each year with
investxnent earnings or losses at the same rate earned by the pension fund less any
administrative expenses.
Normal Form
of Benefit: Lump Sum; other options are also available.
COLA: None
GRS
64
Y. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed a
Village of Tequesta Public Safery Officers' Pension Trust Fund liability if continued beyond the
availability of funding by the current funding source.
Z. Changes from Previous Valuation
Changes per Ordinance No. 9-14 as detailed in Section A of this report.
GRS