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CF-f�PTER 2. ADf�lll�lSTI�TlON. ARTICLE lla. OFFICERS, EMPLOYEES AND DEPARTh�EI�TS.
B`t AME�IDl�4G T{�E PU�LIC SAFETY ENdPLOYEES' ��h�SlOf� PLA6� TO LI�IT OVER�BME
INCLUD�D 1N THE DEF1NTtON �F "SALAF2`P" TO 300 HOURS PER YEAR PER PlJBLIC SAFEI�
EMPL�Y�E; Al�D ?O EICCLUDE ALL HOURS OF UNUSED ACCUNiULAT�D S1CK AND VACATIOl�
LEAVE EARNED AF�'�R TN1E R�SPEC�11/� EF�EC�IVE DA�E �OR EAC6�1 �AR�AI�IIR9G UR9BT
�ROii� T�E DE�lNI t ION OF "SAf�4RY"
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ORDINANCE NO.1-1S
AN ORDINANCE O�' 1'SE VII.LAGE COUNCII. OF T� VII.LAGE OF
TEQUE��TA, �'LORIDA, AMENDING 1`� VII.LAGE CODE OF
ORDINANC�S AT CHAPTER Z. AD1M@iL4TRATION. ARTIQ.E IIL
OgFTCERS, EMPLOYEES AND DEPARTI�ITS. BY AMI�NDING TSE
PUBLIC SAFETY EMPLOYTffi' PENSION PLAN TO LIlVIIT
OVERTIII+�E INCLUDED IN 1'HE DEI+'IIVTiON OF �SALARY" T4 300
HOIIR9 PER YEAR PER PUBLIC SAFETY EMl'LOYEE; AND TO
� EXCLUDE ALL HOIIRS OF UNUSSED ACCUMQLATED SICK A1�ID
VACATION LEAVE EARNED APTER 1'S� RE3p�CTIVE EFFEC°TIVE
DA1'E FaR EACH BARGAIlN�ATG 'IJNIT P'ROM T� DEFIIVIITON OF
�SALARY;" PR4VIDING THAT EACS A1�iD EVERY 4THER S�'1TON
AND 3U�CTION OF CBAFrER �. AD1rIINiSTRATION. 3BALL
REMAIl� IN FULL FORC� AND EFFEGT A3 PREVIOII3LY ADOPTED;
PROVIDING A CONI�LICTS CLAIIBE, A CLAUSE AND
AiJT`SORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND
FOR 4'1'S�R PZIRPOS�S.
VV�REAS, � Village Ca� of d�e V�lage of Tequesta l�s �ablisl�d hy o�ace
a� ms�ns the V'illage of Te� Public S�ly Eno�loyces' Pension Plan, pia�u�at to �md
subject to the p�+oeisio� of Florida S�; �
VV1�R�AS,1�e Florida Sta�es �ere a�e� by Cl�ter 2011 Z1S, I.$ws of Florida
(SB 1128) to lim�itt oeertime tl�t is in�cluded in the da�aitia� o€ �Y' � P� P�P�
� widt �ollective �g agr�� e�m�red i� � Juty 1, 2011; aod �
�V�REAS, tbis c1�ge to d� Fl�� S� by C�r 2011 215, L�aws of Florida is
e�tve for tl�e fn�st colledive b�ainin� ��d ia�o after July 1, 2011 b�areea tl�e
V"illage a�d #�e r�e b� ag� (Palm Beach CountY Polic�e Heuevolc�t A�an
� ln�onal A�oa�tion of F'n+cHg�s); a�d
�, � Villsge entiered 'mto a new vollective bmrgatio�ng a�t with the
�onal A�ocia�a� of Fi�+efight�s effective � Octob�r l, 2013; and'
WHEREAS, � V�la�e ea�+ed 'mto a�ew collective b�rga�mg agr�t veith t�e
Palm B�ach Comrty Police He�volent A� effective Oc� 1, 2414; a�d
WH�REAS, tl�e ��ianed c� � by Chs�er 2011 215, Laws of
Florida, a�nd the �pmoval of d�e new colleclive � a� nt�ioned above
necessita� to �e ondin�ace tl�et es�blishes f3� Pablic Sa� F•mployees' P�sion
� Ptan, and the V�ge Cfl� of the V'illsge of Teque�a d� to ame�d th,e PuWic �ety
Employee P�i� Plaa to �+e8ect �a c� to the la�v.
Page 1 of 3
xow, �ox�, BE rr oRVanv�n s� � vu�.Aac� covivc�a, oF �
VII.LAGE OF TEQUESTA, FLORIDA, T�iAT:
�: � 2�on. of t� Code of Ordi� of the V�ge of
Teqt�sta ig hea+eby aa�anderd at Article IIL Officeas, F�ployees► ar�d Denarlme�, Se�n 2�1.
Pemsia� Ttvst F�mds. by sm�ding F.1dn`bit H(Pablic S�tp O� Pe�i� Tiu� Fa�d) �
Follows:
Chap�r 2
�1T �B"
VII.LAGE OF TEQIIESTA
PZJBLIC SA� OFFICERS' �ENSIOAT TRII� FITND
�cde� 2. D�a�. �
l� �av m� f� F'u+efi� end Police office�s � b�'nre Ocbabe,r 1, 2010, the to�al t�sh
re�ion p�id � a police officer or fireS�tea for setvic� re�dered i�lnding Bese PsY,
�mises, C� S�vice Am�tual A�r+d, Hol�da�► PaY, Ine�ivveq, Overt� (�ject to the
1���+� im �to� 2(�) and (Fj)�1_9w1 Sic� Leave � V�atian Leave Payo� on
Teamin�.ion (�ect to ti� limil�ti� in �ons 2(�l a� (b) b�logl Sicdc I.�ve aad �
dac�dia� L�ve Bay Hscdc(� tn the l�ions in s�bsecdiams 2 L��Q�ow� and
51=sight T'wo�e, and effe�ctive for �yme� made a� 12/31/08, a9 p�rovided for by �l
Revenue C�e §414(ux�, �dris defimtion of eslarg shall include any di�ff�l wage p�ymem
from 13� am�� to a mmember as a res� of t� m�s a� &mn employm� while
s�►ing in qualified m� s�vic�. This d�on ezcln�des pay � as a Cat Allowemca,
Clotbing Allo�vam� a�d ShodBoot A1lovvamtce. �� Firef ghters hired on or a� O�tob� 1,
2010, tl� �ti� of saleiy shell mean t�e � mo�hly ra� p�id to s firefi�hb�r for
services i+ende�+ed ('m,cluding regnlar �ming�, v�ation �Y, snd sick paY) but shall escln�e lnmp
� P�Ym�, � � m�'�entives, aad lon,�eovlty.
(a) Fa� fir�eh� effeciive Octoi�r 1 2013 ove� inclnded �n Sel�y is lim�ed to 300
��g,��,r yesr � to Oc�ob� 1. 20I3 all, aveatime f�ar � hined before
SJ�c�ob�r 1 2010 is ' in the de�finition of S�v No hams of bai� �d �
s�ck leave and �d �dated vacaticm leave eamed a�ter (l�to6� 1?A13 will. be
�i,c�d �alarv hir�d befa�e Octeber 1 2010 ma�r incl� all I�s of
��ir.k leave amd tmn�sed v�iion leave �aed as of S�mb�r 30 2413 �vi.ded t�t
�Qtmt of hom� is c,� in afi r�
Page Z of 3
I
� For �2� a�cx�a, effective � 2014 ove�ma i�uded in � is limit�. tn
3(�0 ��nol�e offioe� pe�r �r Prio�r ta Oc�b� � TA14 fa� nolioe affi�s lri� befo�.+e
� 1 2010 ail. over�ime is i�lnded in tl� d�Bnition of Salerv No �pams of bot� u�sed.
�nl�ed skk leave eud �cl eccmnut� v�ation. leave ear�a�ed att�a 1 2014 will.
t�e oo� Selerv howe�r�, Police O�oer Memb�s l�d befrnre O� 1 2010 �►
� sil l�m�s of �m�d �c l�e and nnu.4ed �an leav�e e�d as of S ��* 3n
201�t ��t �t o�homs is �d �n at r
�n 2: Each and e�r�ry � 3ec�i�a� a�d 3ubsecti� of C� 2.
Admini�ation. st�ll :+emain in fall for�� ar�d e�Ct � P�evio�ly adapted-
� All a�d� or parts of ardi�o� in. camflict be � d�e sa�ne �+e
�Y ��
�g� Should a�y sedian or prnvis�aa� of dris �� aap po�tion t��
�Y P� �x or wa�d be d�al� by a c�omt of � ju�on to be iwalid,
$uch de�is�on �Il not affect tl�e validity of ffie � of tl�s Ordinsace.
� s: Specifio a�ority is l�reby grantod to oodify t�s ol+di�.
: 'This Otdi�oe shall t�ake effoct i�adea�lY �o�n �e-
Rev 12.16.14
P� 3 of 3 �
�� Gabriel Roeder Smith & ComP�Y
Consulrams & Actuazies
VII,LAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2014
ANNUAL EMPLOYER CONTRIBUTION FOR THE FLSCAL YEAR ENDING SEPTEIV�ER 30, 2016
GRS
R Gabriel Roeder Smich S:. Compan� One F�st Broward Blvd. 954.527.1616 phone
� � Consultans &�ccuar�es Suite 505 954.525.�83 fex
Ft. Lauderdale, F7. 33301-18Q4 www.gabnielroe�ler.com
January 19, 2015
Board of Trustces
Village of Teaquesta Public Safety O�icers
Pension Trust Fund
Tequest�, Florida
I�ear Board Meml�ers:
The r�ults of the October 1, 2014 Actvarial Valuation of the Villaga of Te��. Public Safety Officers
P�sion Trust Fund are preserited in this report.
T6is report wes pregar� at the request of the Board and is intended for use 6y the Retirement System and
those de�ignated � approved tsy the Boa�d. This report may be provided to parties other than tha System
only in its entirety and only with �e parmission of the Board.
The piupose of t�e valuation is to measure the Systsm's fimding pm�ss, to datermine t�e �ployer
coniribu�ion rate for the fiscal year ending September 30, 2016, and to determina the actuarial informa�on
for Goveramental Acco�g S�ndards Board (GASB) Statement No. 27. This report also includes final
GASB Stateme� 1Vo. 67.infonnation for tha fiscal year endin� September 30, 2014.
This report should not be relie,d on for any purpose other than the p�upose describ�i ahave.
T�e findings in this report are based on data or other information ffirough Septernber 30, 2014. Future
actuarial m�surementg may diff� sigaific�antty from t6e anYe� measurements presented in diis repart
due to such factors as the following. plan exparience differing from that anticipated by the economic or
demographic assumptions; changes in economic or demographic assumptiaus; increeses or decreases
expected as part of the nat�nal operetion of �e meffiodolo�+ u�i for thase measunomeuts (s�h as the
end of an amorti�tion pariod or additional cost or co�n'bution requireraents base�i on the plan's funded
status); and changes in plan provisians or e.pplicable law. The scope of au actuaria] valuatian does not
include an analysis of i�►e �tential r�nge of such future measurements.
The valuation was based upon informatian furnished by �e Village concerning Plan benefits, financiaJ
�tions, plan provisions and activa memUers, termin�ed members, ret�s and beneficiaries. We
ch�k�d for internal and year-to-y�r consisteacy, but did nat othawi� audit the data We are not
responsble for the acc�u�cy or completan�s of the information provided by the Village.
This report was prepared using certain assumptions prescnb�i by the Board as described in S�tion B.
T6e undersigned actuari� are members of the American Academy of Actuarias �nd me,et the
� Qualificarion Standards of the Americau Academy of Actuaries to rander the actuarial opinions contained
herein. The signitmg �tttaries ate independent of the plan sponsor.
This re}sort has been prepared by actuaries who have subs�antial experience valuing pablic employee
retirement systams. To the best of our lmowledge the information contained in this report is accurate and
fairly preser�s the actuarial positioa of d�e Retirement Plan as of tfie valuetion data. All calculations have
been made in conformity with generally accapt� act�ariaJ principles and practices, with the Actoarial
Standatds of Practice issued 6y the Actuarial Standards Board end with applic�ble sistubes.
This actuarial valuation andlor cost det�rnination was prepared and compl� by me or under my direct
supaivision, and I�laaow�ge responsi'bility for the re�lts. To the best of my lmowledga, tha r+�ilts are
complebe and acc�uate. In imry opinioq the techniqu�s and assumptions used are raesanable, meet the
r�aqu�ts and inteat of Part VII, C�apter 112, Florida Stahrtes, and are be.4ed an g�erallY �ted
actuarial principles end practices. There is no banefit or expense to be provided by tha plan and/or paid
from the plan's assets for wtuch liab�itie�s or cumont costs have n� been established or otheivvise taken into
account in the valuation. All lmown ev�ts or trends which may �+equire a mat�ial mcrerase in plan � or
r+equaed contnbution rates have been taken a►to account in the veluetion.
ResPe,ctfiillY submit�,
GABRIEL, ROEDER, SMTTH AAID COMPANY
��� _
By sy
Jeffrey S. Amrose, MAAA Trisha Amrose, MAAA
Enrolled Actuery No. 14-6599 Enrotled Acmaq► No. 148010
Gabriel Roeder Smith & Company
TABLE OF CONTENTS
S�ion Tltle Pa�e
A 1. Discussion of Valuation Results 1
2. Chapter Rev�ue 3
B Valuation Res�ilts
1. Summar�► of Valuation R�ults 4
2. Actuarial Value of Benefits and Assets 7
3. Derivation of Fanployer Normal Cost 10
4. Liquidation of Unfunded Actuarial �
Acc�ued Liability 13
5. Actuarial Gains and Losses 15
6. Actual Compar� to F,JCp�ted I�cr�me� 18
7. Recent History of UAAL and Fwided Ratio 19
8. Actuarial Assumptions and Cost Method 20
9. Qlo�aay of Terms 23
C Pension Fund Information
1. Statement of Plan Assets at Market Value 26
2. Reconciliation of Plaa Asaets 27
3. Allocation of Assels by Group 28
4. Reconciliation of DROP Accou�s 30
5. Development of Actvarial Value of Assets 31
D Financial Accou�ing Information
1. FASB No. 35 33
2. GASB No. 27 34
3. GASB No. 67 37
E Miscellaneous �nfom�ation
1. Reconciliation of Memberslup Data 54
2. Statistical Data 55
3. Age and Service Dislnb�rtiions 57
F Sum�ry of Plaa Provisions 59
GRS
.
SEG°ITON A
DISCIJSSION OF VALUATION RESULTS
GRS
1
DISCUS3ION OF VALUATION RESULTS
Comoarison of ReAUired Emulover Contriha�ons
A comparison of die required employer coutnbution develo�d in this and the lest actuarial
valuation is shown below.
For FYE For FYE Increase
9/30/2016 9/30/2015
Police Officels $ 60,540 $ 125,194 (64,654)
% of Payroll 11.89 % 19.66 % (7.7� %
Fffefighters 369,871 350,924 18,947
% of Payroll 25.49 % 25.94 .% (0.45) %
Total Required Contnbut�n 430,411 476,118 (45,70�
% of Payroll 21.96 % 23.93 % (1.9� %
The req�red employer contnb�rtian has bcen adjusted for interest on the basis tbat payments are
made in equal i�ta.11ments at the e,nd of each month. The required employer conln`bution has also ban
comput� under the assumption that the amount to be received fram the State on behalf of police o�ceas is
$0 in 2015 and 2016, and on behalf of firefighters is ea�ual to �e base year revenue of $70,455 in 2015 and
2016. If the payments from the State fall below the expected payments, dien the employer must raise its
comribution by the difference.
The actual employer and State contdbutions for police office.rs for tive year ending September 30,
2014 were $111,164 aad $0, respectively, for a total of $111,164, or 21.47% of �yroll l�ed on a pa3+roll
amou� 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 aud $70,455, res�vely, for a to1a1 of $422,107, or 32.07% of payroll based on a payroll
amount of $1,316,062. The requited cornn'bution was 31.66% of payroll.
Chan�es in Benefit Provisions
The plaa has been amended, per Ordina.nce No. 9-14 (adopt� on June 12, 2014). For firefighters
tured aft�rr October 1, 2010, the definition of Compensation is changed from total cash remuneration to
fixed monthly remuneration includ.ing 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
chaaged to 2.0% for the first 6 years of service and 2.5% for all years after 6 years. The June 5, 2014
Actuazial Impact Statement discussed the financial effect of this ordinance.
Chan¢e in Actuarial Aesamndons and Methods
There have bcen no changes in actuarial assumptions and methods since t�e last valuation,
Actaarlsl F�erience
Overall experience since the last valuation has been favorable r�ulting in an actuarial gain of
$419,437. The gain is prin�arily due to greater than expected investment retums end more dian exp�ted
member contn'bution refimds to two terminated ve,st� participaats. The n� acdiarial gain has caused the
requited contn`bution to d�rease by 2.09% of covered pa�►roll.
Funded Ratlo
The fimded tatio is 94.4% this year compazed to 89.6% last valuation. The fimded iatio is �ua1 to
the actuarial value of assets divid� by the actuarial accrued liability.
Variab�ilitv of Fatare Coniribation Rates
The Actuazial Coat Method used to determine the contribution is intend� to produce contnbution
rates wluch are generally level. Even ao, when experience differs from the assumptions, as it often does,
the employer's contriburion can vary significantly &om year-to-year.
Over time, if the year-to-year gains and losses offset each other, the con�bution rate would be
expected to return to the curcent level, but t'his does not always happen.
The Market Va1ue of Assets exceeds the Actuarial Value of Assets by $234,216 as of the
valuation date (see Section C). This di.fference will be gradually r�cognized over the next aeveral years in
the absence of offsetting losses. If Market Va1ue had been the basis for the valua.tion, the funded ratio
would have been 96.7% and the Village contnbution rate would bave beea approximately 20.8% instead
of 21.96%.
Conclnsfon
The remainder of this Report includes detailed actuarial valuation results, finaacial information,
miscelIaneous info�ation and statistics, and a summazy of plan provisions.
GRS
3
['H�P'�'�:R REVENUE
Increments in Chapter revemie over d�at received in i998 mugt first be used to fund the cost of
compliance with minimum benefits. As of the valuation date, a11 minimum requir� have been �t.
Aclnarlal Confirmadon of t�he Use of State Chapber Money
Police FYre Total
1. Base Amount Previons Plan Y�r $ 33,130 $ 70,455 $ 103,585
2. Amount Received for Previous Plan Year 0 100,617 100,617
3. Benefit Improvements Made in Previous Plan Year 0 0 0
4. Excess Funds for Previoas 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 'm Prev�ns Plan Year 0 0 0
7. A�cumulated Fxcess as of VaIuat�n Date
(Ava�able for Benafrt Improveme�s): (4) +(5) -(� 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�'icers hired on or a, fter February 1, 2013
and Chapter 185 revere�e is fvrfeited begznning rovith the fiscal year end'areg September 30, 2014.
The Ac�umulated Exc;ess shown in line 7(if any) ia being held in res�ve and is subtracted from
Plan assets (see Section C of this Repart). The Base Amount in line 8 is the magimum amount the
employer �y take as a credit against its r�quired co�n'bution; however, in no event may the employer
take credit for more thaa� the actual amount of Chapter revenue received.
GRS
SEGTION B
VALUATION RESULTS
GRS
4
SUMMARY OF VALUATION R�SUL15
As of Octo�r 1
ao�4 a01s
COVERED GROUP
A Nimmber Inchided in the VaWat�n
1. Active Members 23 25
2. Inaclive Membecs 8 8
B. Covered Annual Payroll (Reported Payroll wil� Sa,lary Sca�) $ 1,904,243 $ 1,937,546
LONG RANGE COST
C. Actuarial Present Va1ue of Projected Benefits 14,220,587 13,674,096
D. Actuarial Present Vatue of Projected Normal C�ts 4,098,957 4,284,025
E. Actuadal Acctued Liab�ity (AAL): C- D 10,121,630 9,390,071
F. Actuar�l Vahie of Asset� 9,550,823 8,412,535
d. Unfiinded A�hiarial Accrued L�abi7ity (LJAAL): E- F 570,807 977,536
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortr�e UAAL 62,054 95,990
As % of B 3.26 % 4.95 %
I. Annual Employer Normal Cost 403,64�8 414,350
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 Requir� Employer Contnb: H+ I+ J 483,991 530,381
As % of B 25.42 % 27.37 %
L. Expected Covered Payroll for Contr�bution Year I,960,Q44 1,989,574
M. Required Employer Contnb for Contnbution Year 500,866 546,573
As % of L 25.55 % 27.47
N. Estm�a.ted State Premium Tax Refimd 70,455 70,455
As % of L 3.59 % 3.54 %
O. Ba]aace Requfred &om Employer. M- N 430,411 476,118
As % of L 21.96 % 23.93 %
P. Yeaz to which Contnbutions Apply
1. Plan Year Ending 9/30/2016 9/30/2015
2, Emp�yer Fiscal Ye,ar End'nig 9/30/2016 9/30/2015
3. Assumed Date(s) of Empbyer Contnba. Monthly Monthly
GRS
5
POLICE OFFICERS
SUMMARY OF VALUATION RFSULTS
As of October 1
aol4 2013
COVERED GROUP
A Number Included in the Valuation
1. Active Members 7 9
2. Inaclave Members 4 4
B. Covere�i Aimual Payroll (Reported Payroll with Salffiy Sc�) $ 509,217 $ 636,834
LONG RANGE COST
C. Actuarial Preaent Vahie of Projected Benefils 3,264,173 3,563,420
D. Actuarial P�esent Vahie of Projected Normal Costs 1,225,290 1,437,524
E. Actuarial Accrued Liab�1'�y (AAL): C- D 2,038,883 2,125,896
F. A�tuarial Value of Assels 2,688,884 2,4U9,345
G. Unfimded Acd�arial Acxrued Liability (UAAL.): E- F (650,aU1) (283,449)
CURRFdVT ANNUAL COST
H. Annual Payment Ne�ded to Amortize UAAL (61,(�� (27,859)
As % of B (12.11) % (4.3� %
L Annua.l Employer Normal Cost 119,919 148,322
As % of B 23.55 % 23.29 %
J. Adjuslment for Frequency of Payment 2,288 4,731
As % of B 0.45 % 0.74 %
R. Requited Employer Contnb: H+ I+ J 60,540 125,194
As % of B 11. 89 % 19.66 %
L. Expe,cted Covered Payroll for Contnbution Year 5�,217 636,834
A�L. Requued Employer Contnb for Contnbutmn
Yesr: % from K x L 60,540 125,194
As % of L 11.89 % 19.f� %
N. Est�ated State Premium Tax Refund 0 0
As % of L 0.(� % 0.� %
O. Balance Requsred from Employer: M- N 60,540 125,194
As % of L 11.89 % 19.66 %
P. Yeac to �vhich Contributions Apply
1. P�.n Year Enda►g 9/30/2016 9/30/2015
2. Smployer Fiscal Year End'mg 9/30/2016 9/30/2015
3. Assumed Date(s) of Empbyer Contnbs. Monthty Monthly
GRS
6
FIREFIIGHTERS
SUMMARY OF VALUATION RFoSULTS
As of October 1 �
2014 2013
COVERED GROUP
A. Number Included m the Valuation
1. Active Members . 16 16
2. Inactive Members 4 4
B. Covere,d Annual Payroll (Reported Payroll with Salary Scale) $ 1,395,026 $ 1,300,712
LONG RANGE COST
C. Actuaiial Present Va1ue of Projected Benefrt�s 10,956,414 10,110,676
D. Ach�ar�l Present Vahie of Projected Normai Costs 2,873,667 2,846,501
E. Actuarial Accrued Liab�ity (AAL): C- D 8,082,747 7,264,175
F. Actuarial Vahie of Assets 6,861,939 6,�3,190
G. Unfanded Actuarial.Accrued Liab�ity (UAAL): E- F 1,220,808 1,260,985
CURRENT ANNUAL COST
H. Annual Payment Ne�ed to Amortize UAAL 123,721 123,849
As % of B 8.87 % 9.52 %
I. A�ual Employer Norn�al Cost 283,729 266,028
As % of B 20.34 % 20.45 %
J. Adjusiment for Frequency of Payment 16,001 15,310
As%ofB 1.15 % 1.18 %
K. R�nired Emp�oyer Contnb: H+ I+ J 423,451 405,187
As % of B 30.35 % 31.15 %
L. Expected Covered PayroIl for Contr�ution Year 1,450,827 1,352,740
M. Required Employer Contnb for Contnbution
Yes�: % from K x L 440,326 4�21,379
As % of L 30.35 % 31.15 %
N. Estimated State Premnim Tax Refund 70,455 70,455
As % of L 4.86 % 5.21 %
O. Balaace Required from Employer: M- N 369,871 350,924
As % of L 25.49 % 25.94 %
P. Year to which Contnbutione Apply
1. Plan Ye,ar Ending 9/30/2016 9/30/2015
2. Empbyer Fiscal Year Ending 9/30/2016 9/30/2015
3. Assumed Date(s) of Employer Conlribs. Monthly Monthly
GRS
7
ACTUARIAL VALUE OF BENEFlTS AND ASS�°l'S
POLICE AND FIRE COMBINID
A Valuation Date October 1, 2014 October 1, 2013
B. Actuarial Pre.gent Vahie of AIl Projected
� Benefits for
1. Active Members '
a. Service Retirement Benefrts $ 9,967,069 $ 9,540,935
b. Vestmg Benefrts 718,468 746,297
c. Disab�7ity Benefds 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 Membars
a. Service Ratu�s & Beneficiaries 2,230,786 1,889,230
b. Disab�y Retaees - -
c. Ta�ated Vasted Mambers 526,172 702,051
d Total 2,756,958 2,591,281
3. Total for Ail Membars 14,220,587 13,674,096
C. Actuer�l Accrued (Past Service)
Liab�lity undar Entry A�e Normal 10,121,630 9,390,071
D. Actuarial Value of Accumulated Plan
Beaefita par FASB No. 35 7,843,270 7,230,096
E. Plan Assets
1. Market Value 9,785,039 8,641,353
2. Acd�arial Va.hie 9,550,823 8,412,535
F. Unfunded Achiarial Accrued Liab�7rty: C- E2 570,807 977,536
G. Actuarial Present Value of Proje,cted.
Covered Payroll 17,645,383 18,387,379
H. Actuarial Present Value of Projected
Member Contnbirtions 882,269 919,369
GRS
8
ACIUARIAL VALUE OF BENEFITS AND ASSF.°i'S
POLICE
A Valuation Date October 1, 2014 October 1, 2013
B. Actaarial Present Value of All Projected
Benef� for
1. Active Members
a. Serv�e Retirement Benefrts $ 2,102,537 $ 2,499,535
b. VestingBenefits 210,834 252,321
c. Disability Benefits 173,277 204,050
d Prerettaeement Death Benefits 24,965 29,875
e. Retmn of Member Contrbutions - 292
f. Total 2,511,613 2,986,073
2. Inac�+ve Membeis
a. Service Retrcees & Beneficiaries 360,637 -
b. Disab�7ity Relaees - -
c. Terminated Ve.gted Members 391.923 577.347
d. Total 752,560 577,347
3. Total for All Members 3,264,173 3,563,420
C. Actaarial Accraed (Pa�t Service)
Liab�lity under Entry Age Normal 2,038,883 2,125,896
D. Acqiarial Valae of Accumulated Plan
Henefds per FASB No. 35 1,519,010 1,544,505
E. Plan A�ete
1. Market Va1ue 2,733,629 2,449,439
2. Actuarial Va1ue 2,688,884 2,409,345
F. Unfundrd ActuatialAccrued Liab�7rty: C- E2 (650,001) (283,449)
G. Actuarial Present Vatue of Projected
Cover�d Payroll 5,273,667 6,179,350
H. Actuarial Presen.t Value of Projected
Member Contr�ntions 263,683 308,968
GRS
9
AGTUARIAL VALUE OF BIIVEFITS AND ASS�l"5
FIRE
A VaL�on Date October 1, 2014 Ocfober 1, 2013
B. Actuarial Present Vatue of All Pmjected
Benefd�s for
1. Activa Members
a Service Retirement Benefits $ 7,864,532 $ 7,Q41,400
b. Yestic►g Benefit� 507,634 493,976
c. D�ab�3'ty Benefrts 509,132 491,944
d. Preretirement Death Benefits 70,718 69,422
e. Return of Member Contributions - -
£ Total 8,952,016 8,096,742
2. Inactive Meml�rs
a, Service Reticees & Bene� 1,870,149 1,889,230
b. Di�ab�ity Retireea - -
c. Terminated V�ted Members 134.249 124,704 �
d. Total 2,004,398 2,013,934
3. Total for Ail Members 10,956,414 10,110,676
C. Actuarial Accrued (Past Service)
Liab�7ity under Entry Age No�mal 8,082,747 7,264,175
D. Actuarial Value of Accumulated-Plan
Benef�s pe� FASB No. 35 6,324,260 5,685,591
E. Phn Assets
1. Matket Vatue 7,051,410 6,191,914
2. Actuarial Va1ue 6,861,939 6,003,190
F. Unfunded Actuarial Aocrued Liab�ity: C- E2 1,220,808 1,260,985
G. Actuarial Present Va�e of Project�ed
Covered Payroll 12,371,716 12,208,029
H. Actuarial Present Va�e of Projected
Member Contnbutrons 618,586 610,401
GRS
10
ENTRY AGE CALCULATION OF II1�LOYER NORMAL COST 'POTAL
A Vah�ation Date �tober 1, 2014 October 1, 2013
B. Normal Cost for
1. Service Retirement Benefds $ 366,894 $ 376,347
2. Vesting Benefits 42,415 42,091
3. D�ab�ity Benefds 42,910 45,379
4. PreretQement Death Benefrts 5,878 6,215
5. Return of Member Contnbutions 3,165 3,154
6. Total for FuU�re Benefds 461,262 473,186
7. Assumed Amount for Administsative
Expenses 37,598 38,042
8. Total Mormal Cost 498,860 511,228
C. Expected Member Contnbution 95,212 96,878
D. Employer Normal Cos� B8-C 403,648 414,350
E. Employet Nom►2�1 Cost as % of
Covered Payroll 21.20 % 21.39 %
GRS
11
ENTRY AGE CALCULATION OF II1�IPLOYER NORMAL COST POLICE
A Vah�tion Date October 1, 2014 October 1, 2013
B. Normal Cost for
1. Service Retirement Benefits $ 102,017 $ 129,304
2. Vestmg Benefrts 10.134 12,OS4
3. Disab�ity Benef�s 12,097 16,623
4. PreretQrement De�th Benefrts 1,685 2,255
5. ReUun of Member Conlnbut�ns 770 920
6. Total for Futurc Benefcl� 126,703 161,156
7. Assum� Amount for Adminislzative
Expen.ses 18,677 19,008
8. Total Nom�al Cost 145,380 180,164
C. F,xgecte,d Member Contnb�n 25,461 31,842
D. Empbyer Nomial Cos� B8-C 119,919 148,322
E. Employer Normal Cost as % of
Coveced PayroIl 23.55 % 23.29 %
GRS
12
ENTRY AGE CALCULATION OF E11�IPLOYER NORMAL COST FIRE
A Valuation Date October 1, 2014 October 1, 2013
B. Normal Cost for
1. Service Reti�ement Benefds $ 264,877 $ 24'7,043
2. Vesting Benefits 32,281 30,037
3. Disab�y Benefits 30,813 28,756
4. Prereta�ement Death Benefit� 4,193 3,960
5. Return of Member Contnbutions 2,395 2,234
6. Total for Fut�e Benefds 334,559 312,030
7. Assumed Amount for Adminiatrative
Expenses 18,921 19,034
8. Total Normal Cost 353,480 � 331,064
C. Expected Member Contnbution 69,751 65,036
D, Employer No�nal Cost: B8-C 283,729 266,028
E. Empbyer Normal Cost as % of
Cover� Paynoll 20.34 % 20.45 %
GRS
13
LIQUIDATION OF THE UNFLJNDED AG�'UARIAL ACCRUED LIABII.ITY — POLICE
A. UAAL Amortt�sdon Period and Pa ents
O UAAL Current UAAI.
Amordzadon
Date Pedod Yesis
FBtablished Soaree {Years) Amount Remaining Amoant Payment
10/1/2�9 Initial Unfunded 20 $(346,50� 15 $(209,545) $ (22,083)
10/1/2011 Ex�ence Loss 20 125,425 17 81,812 8,�7
ioii�2oii aa��ncn� Zo iz3,s3s i� sa,sso � �,�
10/1/2012 Experience Gain 20 (111,03� 18 (75,912) (7,275)
10/1/2013 E�nce Gain 20 (131,632) 19 (111,084) (10,37�
10/1/2014 Experience Gam 20 (415,852) 20 415 852 (37,946)
$ (756,06� $ (650,001) $ (61,66'n
B. Amortfiiafion �hedale
The UAAL is being amarti��ed as a level dollar amount over the number of yeazs remaining in the
amorti�axion period. The expected amor�tion schedule is as follows:
Amorl3zadon Schedale
Y�r E�ted UAAL
2014 $ (650,001)
2015 (632,45�
2016 (613,599) '
2017 (593,32'n
2018 (571,534)
2019 (548,107}
2024 (401,829)
2029 (191,828)
2034 0
GRS
14
LIQUIDATION OF THE UNFUNDED AG°i'UARIAL ACCRUID LIABILITY — FIREFIGHTERS
A. UAAI. Amo�ution Per,lod and e�
UAAL Car�t UAAL
Amordution
Date Pedod Yeara
FetabLtshed Soarce (Yeais) Amoant Remaining Amoant Payment
10/12009 In�sal Unfuaded 20 $ 506.053 15 $ 444,211 $ 46.812
10/1IZ011 E�erience Lo� 20 415,047 17 394,206 38,871
10/1/2011 Assumption Change 20 390,124 17 370,534 36,53G
10/1�1012 Ex�nce L�s 20 163,332 18 158,888 15,228
10/1/2013 E�erience Gam 20 (146,619) 19 (143,446) (13,399)
10/1/2014 Expariance Gain 20 (3,585) 20 (3,585) (327)
$ 1,324,352 $ 1,220,808 $ 123,721
B. Amorla�ation Schedule
The UAAL is being amortized as a level dollar amount over the number of y�rs remaining in the
amor�tion period. The ex�cted amorti�.tion schedule is as follows:
Amorhi�stlon Schedule
Yesr Egpected UAAI�
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 assumptions used to anticipate mortality, employment t�unover, inve.stment income, expenses,
sala�► increases, and other factors have been b�ased on long range trends and expectations. Actual
experience c� vary from these expectations. The variaace is measiued by the �in aad l�s for the period
involved if signific,ant long term experience reveals consistent deviation from what has been expected and
t�at deviation is expe�b� to continue, the assumptions should be modifi�. The net ach�arial gain (loss) for
the �st y�r is camput�cl as follows:
Derivadon of the Cnrrent UAAL - Police �
1. I,ast Yea�'s UAAL � $ (283,449)
2. Last Year's Empbyer Normal Cost 173,178
3. Last Year's Contnbutions 111,164
4. Interest at the Asgumed 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 Exgected UAAL:
1 + 2 - 3 + 4c (234,149)
6. Thi� Y�r's Actual UAAL (Before any
changes m benefd� and assumptions) (650,001)
7. Net Acdiarial Gain (I,oss): (5) -(6) 415,852
8. Gain (Loss) due to investments 6,432
9. Gain (Loss) due to other sources 409,420
GRS
16
Derlvatlon of the Carrent UAAL - F9�
1. La.st Year's UAAL ' $ 1,260,985
2. Last Year's Employer Normal Cost 283,720
3. Last Year's Contnbtrtions 422,107
4. Interest at the Assum� Rata on:
a. 1 and 2 for one yeaz 115,853
b. 3 from dates paid 14,058
c. a - b 101,795
5. This Year's Exp� UAAL:
1+ 2- 3+ 4c 1,224,393
6. This Year's Actual UAAL (Before any
changes m benef�s a� essmnptions) 1,220,808
7. Net Actuarial Gam (I,oss): (5) -(6) 3,585
8. Gam (I,oss) dae to investments 53,669
9. Gam (I,oss) due to other sources (50,084)
The fi�nd earnings aad salary increase assumptions have consideisble impact on t�he cost of the Plan
so it is important that d�ey are in line widi the acd�al experi�ce. The following table on t� next page
shows the actual fund earmngs and salary increase taies compare�d to t�►e assumed iates for the last. few
Y��
GR5
. i�
Investment Retarn s�9 ����
Actusl Actaal
Ycar 9/30 Police �9re Aseum� Pol�ce l�re Aseamed
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
20� 18.7 18.7 8.0 15.4 10.3 6.0
2001 (10.7) (10.'� 8.0 19.6 18.6 6.0
2Q02 (3.'n (3.'n 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
Z005 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 &2 6.0
* Starting Public Safety (Police & Fire Only)
T� actual investment retum rates shown above are b�sed on the achaarial value of assetc. The
smoothing of assets began in the fiscal year ending September 30, 2�8.
The actual salary increase rates shown above are the increases received by those active members
who were included in the actuerial valuation both at the beginning a� the end of each period.
GRS
18
Actaal (A) Comgared to Egp�ted (E� Decrement�
Police Ot�cers
N�ber
Added Servlce & Active
Dmi� DROP Disability Termf�lo� Members
Year Year Retlre�e� Retlrement Death Veated Other Totale E� 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
9/30/20a7 1 4 0 0 0 0 0 0 0 4 4 0 10
9/30/2008 3 I 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 TotaLg • 10 13 1 0 0 0 0 0 5 9 14 0
Actnal (A) Compared to Espected (L� Decrements
F1�+eflghters
N�ber
Added �rvice & Active
Dmi� DROP Disab9lity Terminatio� Meml�ra
Year Yesr R�tlreme� Retlrement Death Vested Other Totala End of
Ended A E A E A E A E A A A E Yeer
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 l 19
9/30/2009 0 0 0 0 0 0 0 0 0 0 0 1 19
9/30l2010 0 1 1 0 0 0 0 0 0 0 0 I 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 l 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 Totale * 4 4 3 0 0 0 0 0 0 1 1 7
'" Tota]s aze through current Plan Year only
GRS
� RECENT HLSTORY OF UAAI. AND FUNDED RATIO
�
Actuarfal Acxru�
Actuarial Value L�abllity (AAI.) Unfundai AAL UAAL As % of
Actuarial of Assets - Enhy Age (UAAL) �nd� Ratio Cover�l PayroII Cover� Payroll
Valuation Date (a) (b) (b — a) (e/b) � a c
10/1/98 $ 934,659 $ 532,439 $(402,220) 175.5% $ 967,853 (41.�%
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 5,458,505 159,54b 97.1 2,184,690 7.3
10/Ull 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
"'Staat Public Safety Pl� only .
�
�o
20
AC°I'UARIAL ASSUMPTIONS AND COST METHOD
Valn�tion Methods
Actuarial Cost MeHiod - Normal co� and the allocation of bcnefit values between service rendered
hefore and aft�r the valuation date were dete�mined using an Indfvidasl Entry-Age Actaarial Cost
Method having the following chaaacteristica:
(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 time of retirement;
(ri) each annual normal cost is a constant pementage of the member's year by y�r projected
covered pay.
Actuarial gaans/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Flnancing of Unfunded Actuar�a! Accrued L�ab�l�'d�'es - Unfimdai Actuazial Accrued Liabilities (full
fivading credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar
contributions over 20 years.
Actuariad Value of Asse� - The Actuazial Va1ue of Assets pha.se in t� difference between the exp�
actuarial value and achial market value of assets at the rate of 20% per y�. The Actuarial Value of
Assets will be fi�er adjusted to the extent necessary to fall within the coaidor whose lower limit is 80%
of the Ni�ket Va1ue of plan assets and whose up�er limit is 120% of the Market Value of plan asset�.
During periods when inve.�ment gerfarmance exceeds the assumed rate, Actuarial Value of Assets will
tend to be less than Market Value. During periods when investmeat perforrmance is less than assumed
rate, Actuarial Va1ue of Assets will tend to be greater than Market Value.
Valuadon Assampl3ons
The actuarlal assuniptions used in the valuation are shown in this Section.
Economic Aesnmpdons
Tfie dnvesdnent return rate assumed in the valuations is 7.5% per y�r, compounded annually (net after
inveslment expenses).
The Wage Infladon Rate assumed in this valuation was 3.0% per year. The Wage Inflation Rate is
defined to be the partion of total pay increases for an individual that are due to macroeconomic forces
including productivity, price infla,tion, and labor market conditions. The wage inflation rate does not
include pay changes relatai to individual merit and semority effectS.
The Pay dncreQSe assro,riptlon is 6% �r year up to the assumed rel�rement age.
DemograpWc Assnmpdons
The niortal�ty table was 1fie RP-2000 Combined Healthy Participant Mortality Tables for males and
females. The provision for fuhue mortality improvements is being made by using Scale AA after 2Qa0 es
shown on the next page.
GRS
21
Sample Peobability of Fbtare Life
Attain�l Dyin� Negt Year E�ncy (yesrs)
Aga (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 ass�ption is us� to measurc the probabilities of each benefit payment l�ing made after retirement
(SO% of de�ths are assumed to be service related). For disabl� retirees, the regular martali.ty tables are set
forward 5 yea�s in ages to refled impaired longevity. For active members, the prot�bilities of dying before
retirement were based u�n the same mortality table as members dying after retirement.
Rates of re�ement are not applicable as all participants are assumed to retire upon reaching normal
retit�ement date. Probability of e�arly retirement is 5% for each year eligi'ble.
Rates of separahton fr�n acdve �nbersh� are shown on the table below.
Rates of disabiHty among active members are shown on the table below (75% of disabilitie� were
assumed to be seivice related). .
Employmeut
e Termination Rates �b� g��
20 6.0% 0.14%
ZS 5.7 0.15
30 5.0 0.18
35 3.8 0.23
40 2.6 0.30
45 1.6 0.51
50 0.8 1.00
55 0.3 1.55
60 0.2 -
GRS
' 22
MisceDaneoas and TecLnical Assumptions
Adrn�str�ve & I�vesd�nent The inveslment return assumption is intended to be the retum net of
F.xperrses investonent expeases. Annual adnninist�tive expenses are assumed to
l� equal to expenses for 1i�e previous year. Assumed admanistrative
expenaes are added to the Normal Cost.
Bene,/it Serv�ce Exact fra�ctaonal seivice is used to determine the amount of benefit �
payable.
Decrement Operado� Disability and mortality d�rements operate during retirement
eligibility.
Decreme�rt T� � Decrements of a11 types are assimmed to occur at the beginning of the
y�.
El�g�bilily Testir�g Eligibility for benefits is determined bas�. upon the age n�t
birthday and service nearest whole year on the date the decrement is
assumed to occur.
Forf�es For vested separations from service, it is assumed that 0% of inembe�
" separating will withdraw their contributions and forfeit an employer
fina�ced benefik It was fiuther a�sumed thaf the liability at
termination is the greater of the vested deferred benefit (if any) or the
member's accumulated coniributions.
Incialence of Corrtribrrdons Employer contributions are asaumed to be made at the end of each
month. Member conln'butions 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 i�e time
contributlons aze made.
Marriage As�rr�,nption 100% of males and 100% of females are assumed to be married far
purposes of death-in-service benefits. Ma1e �pouses are assumed to be
1i�ree years older than female spouses for active member valuation
P��.
Normal For�n of Bene, j�t A ten-year certain and life benefit is the normal form of benefit
Pay Increase T�in#ng Beginning of fiscal year. This is equivalent to assuming that report�
Pa3's rePI'esent amounts paid to members during the year ended on the
valuation date.
Servlce Credit Accruals It is assumed that members accrue one year of service credit per year.
GRS
23
GLOSSARY OF TERMS
Ac�ua�l Accrued Liabilky The difference between the Actuarial Present Value of Future Benefit�,
(AAL) and the Actuarial Prese� Value of Future Normal Costs.
Ac�uarial Assun�ptio�s Aesumptions about fahue plan experience that aff�t costs or liabilities,
such as: mortality, withdrawal, disablement, and retireme� fut�u�
incr� in salary; futiuse rates of investment �; futur� investment
and administrative expans�; chatacteristics of inembers not specified in
tbe data, such as msrital s�tus; chaiacteristic.s of fi�ture members; future
elections made by members; aad other ite�.
Aduarial CostMethod A pra�re for allocating the Acd�ial Present Value of Fuhue Benefitc
between the Actuarial Present Value of Fufiue ATor�l Costs aad the
Actuarial Acccued Liability.
Aduaria[Equivalent Of equal Actnarial Pr�ent Value, determin� as of a given date and based
on a givea� set of Actuarial Assumptions.
Aetaarial Pr� Valye The amount of funds re,q� to provide a�.yment or seri� of payments
(APi� in �e fuhue. It is determined by discoimting the fiih�re payments with an
assumed interc�st rate aad with the assum� prabebility each �yment will
be made.
ActuarialPr� [�alue oj The Actuarial Present Value of amounL•s which are expected to be paid at
Fuhire Bene,�ts (APVFB) various futiue times to active members, retit�ed members, beneficiaries
receiving benefits, and inactive, nonr�tired menabers entitl� to eit3ier a
refund or a future retireme� benefit. Expressed another way, it is tl�
value that would bave to be inv� on t1�e valuation date so that the
amount invested plus im►estmeat earnings would provide sufficient assets
to �+ all proj ected benefits and expenses when due.
Aduarlad Valuadon The determination, as of a valuation date, of the Namial Cost, Actuarial
Accru� Liability, Actuarial Value of Assets, and related Ach�arial
Present Valu� for a plan. An Ach�azial Valuation for a govemmental.
reti�ent system typically a]so includes calcula.tions of items needed for
� compliance with GASB No. 67.
Aduarlal Value ofAssels The value of die assets as of a given date, used by the actuary for
valvation purposes. 'Tl�is may be the market or fair value of plan asse�c
or a smoothed value in order to reduce the year-to-ye,ar volatility of
. calculated results, such as the fund� ratio and the actuarially required
contribution (ARG�.
GRS
24
Aeiortizadon Method A m�hod for determining the Amorti�tion Payment The most common
methods �sed are level dollaz and level percentage of payrolL Under the
Level Dollar method, the Amorti�,tion Pay�nt is o�e of a atream of
payments, all equal, whose Acd�arial Prese� Va1ue ia equal to the UAAL.
Under die Leval Percentage of Pay method, the Amortization Payment is
one of a stxeam of increasing �yments, whose Ach�azial Pr�sent Value is
equal to the UAAL. Under tlie Level Percentage of Pay method, the
stream of paya�nts increases at t�e rate at which total covered payroll of
all active members is assumed to iacr�se.
An�or�a�'on Payneent That poition of the plaa contnbution or ARC which is designed to �y
interest on and to amorti�e tlie U�'imded Actuazial Accrued L iability.
An�ortlza�ion P¢rAod The period used in calculating tlie Amorti�ion Paym�t.
An,nuQl Reqraired The e�loyer's peri�ic required conlaibulions, expressed a� a dollar
Contri6ruion (ARC� amount or a percentage of covered plan compensation. The ARC
consiatg of the Employer Normal Cost and Amortization Payment
Cdosed Amorl3iaddon Per�od A s�cific number of yeazs that is r�uced by one each year, and declin�
to �o with the passage of time. For example if the amorti�atian period is
initially set at 30 yeazs, it is 29 years at the end of one year, 28 y�s at the
end of two yeazs, etc.
Ernployer Normol Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less exp�ted member contnbutions.
Eqrdvalent Single For pl�s that do not establish separate amorti�ion bases (sep�ate
Amortlaadon Period component� of the UAAL), dus is the same as the Amorti�tion Period
For plans that do e�ablish se�ra.te amofization bases, this is the period
over which the UAAL would be amortized if all amorl�tion bases were
combined upon the cuffent UAAL �yment.
Experierice Ga�/Lnss A m�e of the difference between actual experience and that exp�d
based upon a set of Actuarial A�umptions, during the �riod betw�n two
actaarial valuations. To the extent that a,cU�al experience differs from tUat
assumed, Unfunded Actuarial Accrued Liabilities eme�ge which may be
l�r�er or smaller thaa projected. Gains are due to favorable experience,
e.g., die asset� �rn more tl�en PruJected, salazies do not increase as fast as
ass�mned, members retar� later thaa asaum�i, etc. Favoiable expetience
m�s actual t�eautts produce actuarial liabiliti�s not as lazge as proj�
by the acd�ial assumptions. Oa the other baud, losses are the result of
imfavorable experience, i.e., actual resiills that produce Unfunded
Actuarial Accrued Liabilities which are larger �an project�d.
GRS
25
Funded Rado The ratio of the Actuazial Value of Assets to the Actuarial Accrued
Liability.
GASB Governmenta.l Accounting Standards Board
GASB No. 67 and Th�e are the governmental accounting standards that set the accounting
GASB No. 27 rules for public retirement systems and the employers tbat sponsor or
cantdbute to them. Statement No. 27 sets the accoimting rules for the
employers that sponsor or contdbute to public retirement systems, while
Statement No. 67 sexs the tules for the systems themselves.
Nornnal Cost The aanual cost assigneal, un�r the Actuarial Cost Method, to the current
- plaa ye,ar.
Opea Amord�iton Per�od An open �on period is one wluch is used to detem►ine the
Aa�rti�ation Payment but which does not change over time. In other
words, if the initial period is set as 30 years, tl� same 30-y�r perial is
used in detemnining the Amorti�iion Period eaqh year. In theary, if an
Open Amortization Period is used to amorti�e the Unfimded Actuarial
Accnied Liability, the UAAL will never completely disappear, but wi71
become smaller each year, eitl�ea as a dollar amount or in relation to
cover� payroll.
UnfundedAduoria[Accrued The difference between the Actuarial Accrued Liability and Acd�ial
L�a6il�ty Va1ue of Assets.
Valuat�os Date The date as of wiuch the Actuarial Present Yalue of Fuhne Benefits are
. , determined The benefils expected to be paid in the future are discounteci
to this date.
GRS '
SECTION C
PENSION FUND INFORMATION
GRS
26
3TATE1I��IIIVT OF PLAN ASS�15 AT MARKF.T VALUE
September 30
Item 2014 2013
A Cash and Cash Eqaivalent� (Operating Cash) $ 10,029 $ -
• B. Receivables
1. Member Con�butions $ 1,969 $ 1,986
2. Empbyer Conlnbutions 10,023 9,656
3. State Contnbut�ns 100,617 18,265
4. Inveslment Income and Other R�eivabtes 9,627 11,245
5. Total Receivables $ 122,236 $ 41,152
C. Investments
1. Short Term Inve,stments $ 418,695 $ 321,441
2. I�mestic Equities 6,665,718 5,748,302
3. International Equities 84,408 120,185 _
4. Domestic F� Income 3,614,981 3,407,140
5. International Fnced Income - -
6. R�l Fstate - -
7. O�er Investmenis - -
S. TotalInvestments $ 10,783,802 $ 9,597,068
D. Liab�lities
1. Prepaid Contnbution $ - $ -
2. Accounts Payab� (24,920) (44,563)
3. Other - Lmnp Sum Benefit Payab� - -
4. Total Liab�s $ (24,920) $ (44,563)
E. Total Market Vahie of Assets Ava�able for Benef�s $ 10,891,147 $ 9,593,657
F. Reserves
l. State Contnb�n Reserve $ (759,902) $ (729,740)
2. DROP Accounts (346,2� (222,564)
3. Total Reserves $ (1,106,108) $ (952,304)
G. Total Market Vahie Net of Reserves $ 9,785,039 $ 8,641,353
H. At�cat�on of Investments
1. Short Term Inveslments 3.9% 3.3%
2. Domestio Equrties 61.8% 59.9%
3. International Eqnities 0.8% 1.3%
4. Domestic F�ced InCOme 33.5% 35.5%
5. International F'v�ed Income 0.0% 0.0%
6. Real F.state 0.0% 0.0%
7. Other Inve9tments 0.0% 0.0%
8. TotalInvestments 100.0% 100.0%
GRS
27
RECONCII.IATION OF PLAN ASSElS
September 30
Item 2014 Z013
A Matket Value of Assets at Beg'mnmg of Year $ 9,593,657 $ 8,068,307
B. Revenues and Expendibues
1. Contribufions
a. Employee Contnbutions $ 91,691 $ 90,902
b. Employer Contnbutions 462,816 476,158
a State Contr�butions 1�,617 194,173
d. Total $ 655,124 $ 761,233
Z. Investment Inc�ne
a, Interest, Dividends, and Other Income $ 180,551 $ 167,143
b. Net Real'ra� Gams/(I,oss�) 91,475 183,343
c. Net Unrealized Gains/(Losses) 556,723 568,438
d. Investnneat Ex�naes (41,744) (47,391)
e. Net Investment Income $ 787,005 $ 871,533
3. BeneSds aad Refonds
a. Refands $ (43,331) $ (15,73�
b. Regqilar Monthty Benefds (63,710) (53,63'n
a Lump Sum D�rbtrtions - -
d. Total $ (107,041) $ (69,374)
4. Administrative and 1V�isce�aneous 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 Contnbutision Rasarve $ (759,902) $ (729,740)
2. DROP Accounts (346,20� (222,564)
3. Total Reserves $ (1,106,108) $ (952,304)
E. Froal Market VaLie of Asseis at End of Year $ 9,785,039 $ 8,641,353
GRS
28
ALLOCATION OF ASSElS BY GROUP - SEPTFdV�ER 30, 2014
POLICE FIRE 1'OTAL
Marget Value on 9/30/2013 $ 2,782,754 $ 6,810,�3 $ 9,593,657
Penent of Totsl 29.0 % 71.0 % 1W.0 %
Income
Contrbutmns
Members 25,888 65,803 91,691
Employer 111,164 351,652 462,816
State - 100,617 100,617
Investment Barnings
Inter�st, Dividends & Other Income 52,006 128,545 180,551
Realized Gam {I.oss) 26,027 65,448 91,475
Unreal'r�ed Gam (Loss) 161,015 395,708 556,723
Inves�ent Expenses (19,g29) (21,915� (41,744)
Tota1 219,219 567,786 787,005
Total Income 356,271 1,085,858 1,442,129
Disbur�ments
Monthly Beaefrts 10,073 53,637 63,710
Refimds and Lamp Sums 43,331 - 43,331
Admmistrative Facpenses 18,677 18,921 37,598
Total D�sbursemeata 72,081 72,558 144,639
Market Vslae on 9/30/2014 3,066,944 7,824,203 10,891,147
Lesa State Contrlbation Reseive 333,315 426,587 759,�2
I,ese DROP Aecowrt Balances - 346,206 34b,206
I�iinal Market Value 2,733,629 7,051,410 9,785,039
PerCent of Total 27.9 % 72.1 % 100.0 %
GRS
29
ALLOCATION OF ASS�1'S BY GROUP - SEPTEIVIBER 30, 2013
POLICE FatE TOTAL
Market Valne 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
Investmem Eamm�s
Interest, Divulends & Other Income 48,412 118,731 167,143
Net Realized Gam (Loss) 53,333 130,010 183,343
Unrealized Gam (Loss) 164,210 404,228 568,438
Inveslment Expenses 22 070 (25,321) (47,391)
Total 243,885 627,648 871,533
Total Income 486,986 1,145,780 1,632,766
Disbnisements
Monthly Benef�s - 53,637 53,637
Refunds and Lump Sums 15,737 - 15,737
Administrative Expenses 19,008 19,034 38,042
Total D�sbursements 34,745 72�671 107,416
Market Valae on 9/30/2013 2,782,754 6,810,903 9,593,657
Less State Contrlbadon Resezve 333,315 396,425 729,740
I.ess DROP Accoant Balances - 222,564 222,564
F4nal Market Value 2,449,439 6,191,914 8,641,353
Peneent of Total . 28.3 % 71.7 % 100.0 %
GRS
30
RECONCQ�IAITON OF DROP ACCOUNIS (FIREFIGHTERS)
Yesr Balance at
Ended Be�inning Balance at
9/30 of Year Credif� Intenest Dis�ibuiialone End of Year
2010 $ - $ 8,214 $ � 495 $ - $ 8,709
2011 8,709 49,722 (3,57� - 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 1 DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS - POLICE
�
Valaat[on Date - SEPTEMBER 30, 2014 2013 Z014 2015 2016 2017 2018
A. Actuarial Value of Aasets Begiming of Year $ 2,370,156 $ 2,742,660
B. Merket Valwe E� of Yeaz 2,782,754 3,066,944
C. Market Value Begivnin� of Year 2,330,513 2,782,754
D. Non-Imes�ne�/Administrari� Net Cash Flow 208,356 64,971
E. Investme� Income
El. 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% 7S0%
E3. Assumed Amouat of Retutn 185,575 208,136
F�4. Amo�mt Subject to Ph�e-In: El-E3 58,310 11,083
F. P1�se-In Recognition of Imeatme� Iacome
Fl. Ciare� Year: 0.20 x E4 11,662 2,217
F2. First Prior Year 20,047 11,662 2,217
F3. Seco�d Prior Year (39,198) 20,047 11,662 2,217
F4. TLird 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. Aetuarial Valne of.�sets F.nd of Year �
Gl. Prelimimrdryry Actuarial Value of Assets $ 2,742,660 $ 3�022,199
G2. Upper Corridor Limit: 120%*B 3,339,305 3,680,333
G3. Lower Comdor Limit: 80%•B 2,226,203 2,453,555
G4. �mding Value End of Year 2,742,660 3,022,199
G5. Leas: State Contrib�rtion Resene 333,315 333,315
G6. Lsss: DROP Accotmt _ _
G7. F�mding Value End of Year 2,409,345 2,688,884
H. Differe�e between Market & Actuariat Value $ 40,094 $ 44,745
L AstuarlalRateofReturn 6.6% 7.7%
d. Msrket Vslue Rate of Return 10.0% 7.8%
IG Ratlo of Actaarial Valne of Aesets to Market Value 98.6% 98S%
w
�
^ DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS - FIREFIGHTERS
� Vala�ion D�e - SEPTEMBER 30 2014 2013 2014 2015 2016 2017 2018
A Actuarial Value of Assets Hepnning of Year $ 5,755,773 $ 6,622,179 �
B. M�ket Value End of Year 6,810,903 7,824,203
C. Market Value Be�nning of Yeaz 5.737,794 6,810,903
D. Non 1m�st�d/Admimstrative Net Cash Flow 445,461 445,514
E. Inivestrne� Income
El. Actual Market Total: �GD 627,648 567,786
E2. Assumed Rate of Retwn 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%
E3. l�samned Amoimt of ReUun 448,388 513,370
E4. Amount Subject to Ploase-In: El E3 179,260 54,416
F. Pl�se-In Recognition of Tnvestment Income
Fl. G�rent Yeac: 0.20 x E4 35,852 10,883
F2. First Prior Yeu 62,136 35,852 10,883
F3. Secoffi1PriorYemr (85,893) 62,136 35,852 10,883
F4. 'IhirdPriorYear 30,691 (85,893) 62,136 35,852 10,883
' F5. Fowrth Prior Year (70,229) 30,691 (85,893) 62,136 35,852 10,883
F6. Total Pbase-Ims (27,443) 53,669 22,978 108,871 46,735 10,883
G. Actuarlal Velue ofAssets End ofYear
Gl . Preliminary Actuarial Value of Assets $ 6�622�179 $ 7,634�732
G2. Upper Colridol L'lmit: 120%�'B 8,173,084 9,389,044
G3, Lov�er Corridor Limit: 80%�`H 5,448,722 6,259,362
G4. Ftimcling Value E� of Year 6,622,179 7,634,732
G5. Less: State Comrib�rtion Reserve 396,425 426,587
� G6. Less: DROP Accow� 222,564 346,206
G7. Funding Valwe Ernl. of Year 6,003.190 6.861,939
H. Difference between Mazket & Actuerial Value $ 188,724 $ i B9,471
L Actuarisl Rate of Retutu 7.0% 83%
d. Market Value Rate of Return 10.5% 8.1%
K Itatio of Actaarlal Valae of Asset� to Market Value 97.2% 97.6%
w
N
SEC°1TON D
FINANG7AL ACCOUNTIl�TG INFORMATION
GRS �
33
FA3B NO. 35 INFORMATION
PoHce Fl�e Total Total
A Valuation Date 10/1/2014 10/1/2014 10/1/2014 10/1/2013
B. Accuariai Pneseat Value of Accaiunilated
Plan Benefrta
1. Vested Beaefits
a. Membets Cwrently ReceivmgPaymenta $ 360,63? $ 1,870,149 $ 2,230,786 $ 1,889,230
b. Termmated VeatedMembers 391,923 134,249 526,172 702,051
c. Other Membeis 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 Ve.sted Benefifs ' S5,933 - 55,933 211,988
3. Total Acd�arial Present Value of Accomulated
Plan Benefrts: ld + 2 1,519,O1U 6,324,?.60 7,843,270 7,230,096
4. Accumulated Conmbutione of Active Membera 174,953 697,455 872,408 848,957
C. Chaa�s m the Acd�ar�l Preseat Value of
Accumulated Plan Benefrts
1. Total Value at Beginnmg of Period 1,544,505 5,685,591 7,230,096 6,388,099
2. Incre�se (Decrease) During the Period
Abnbutable to:
a. P1an Amendment - - - -
b. Chaage in Actuarial Aeanmptions - - - -
c. Lat�t Mamber Data, Benefrts Accumulated
and Decrase m the Discount Period 27,909 794,956 822,865 1,001,285
d Benefdg P� (53,404) 156 28 (209,691) (159,288)
e. Net Inc�ase (25,49� 638,669 613,174 841,997
3. Total Vah�e at End of Peri� 1,519,010 6,324,260 7;843,270 7,230,09b
D. Market Value of Assets 2,733,629 7,051,410 9,785,039 8,641,353
E. Actuarial Assumptions - See pa�ea entitled .
Actuazial Assumptions aad Methods
GRS
34
ANNUAL PENSION COST AND NE°I' PEN5ION OBLIGATION
(GASB STATElVIE1vT NO. 2'n
POLICE OFFICERS
Empbyer FYE September 30 2014 2013
A Annual Required Contnbution (ARC) $ 111,164 $ 145,147
B. Interest on Net Pension Obligation (NPO) (11,395) (9,935)
C. Adjus�ent to ARC (17,25� (14,931)
D. Annual Pension Cost (APG� (A+B-C) 117,025 150,143
E. Contnb�ns made 111,164 169,599
F. NPO at beginning of yeaz (151,92� (132,471)
G. Increase (decrease) m NPO (D-E) 5,861 (19,456)
H. NPO at end ofyar (F+G) (146,066) (151,92'n
'I�EE YEAR TREND INFORMATION
Fiscal Annual Pension Actnal Percentage of Net Pension
Year Cost AP Contnbution APC Contnbuted Ob ''
9/30/2012 $ 208,681 $ 203,664 97.6 % $ (132,471)
9/30/2013 150,143 169,599 113.0 (151,92'7�
9/30/2014 117 025 111,164 95.0 146,
��
35
ANNUAL PENSION COST AND NL'1' PENSION OBLIGATION
(GASB STATIIVIE�TT NO. 2'n
FIRF.�iGHTERS
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. Affival Pension Cost (APC) (A+B-C) 423,089 383,005
E. Co�nbutiQns made 422,107 410,144
F. NPO at beginning of year (169,804) (142,66�
G. Increase (decrease) m 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 Percen� of Net Pensyon
Y�r Cost AP Contnbution APC Contnbuted Ob ' tion
9/30/2012 $ 409,961 $ 405,904 99.0 % $ (142,665)
9/30/2013 383,�5 410,144 107.1 (169,804)
9/30/2014 423 089 422,107 99. 8 168 822
GRS
36
REQUIItID SUPPLIIVIENTARY INFORMATION
GASB Sffitement No. 27
The infarmation presented in the required supplementary schedules was detecmined as part of the
actaarial valuations at t�e dates indicated Additional inforn�ation as of the latest ach�arial
valuation:
Valuation date October 1, 2014
Contrtbutian Rates
Employer (and State) 11.89% f� Police
30.35% for Fire
Plaa members 5.�% Police
5.�% Fire
Actuarial Cost Method Entry Age Normal
Amorli�ation Method Clos�, level dollar
Remaining amorl�ation period 20
Asset Valuation Method � Five ye,er smoothing
Actuarial Assumptions
Investment rate of retiun 7.5%
Ptojected salary incteases 6.0%
Includes inflation and othe�' general incrases at 3.0'�0
Cost of Living adjuatmenLg � Not Applicable
GRS
37
SC�ULE OF CHANGES IN THE E11�IPLOYER'S
NET PENSION LIABILITY AND RELATID RATIOS
GASB Statement Na 67
Polfce O�cers Fireflghtera
Fiscal year ending September 30, 2014 2014
�r� ��on �i���c
Service Cost $ 161,156 $ 312,030
Intarest 169,526 582,897
Be�fit Chengea - -
Differe�e betvveen actual & expacted exparie�e - 450 �
Avsiunption Cl�agas - -
Benefit Paymenta (10,073) (53,63'�
Refimds (43,331) -
Other (I�re�e in State Reserv�) - 30,162
Net Cl�ange in Tota! Pe�ion I.iability 277,278 871,902
Totsl Pe�ion Liebility - Beginni� 2,459,211 7,883,164
Total Pe�ion Liebllity - End�ing (a) $ 2,736,489 $ 8,755,066
Plan Fidaciary Net Poaitio�
Contn'lnrtiona - Employer �d State $ 111,164 $ 351,652
Co�.rib�rtion9 - No�Employer Co�ributing F,ntity - 100,617
Coatrihutio� - Member 25.888 65,803
ATet Irnestmern Income 219,219 567,786
Benefit Paymems (10,073) (53,637)
Refi�ds (43,331) -
Adtninistrati.�re F.xpe�e (1s,677) (18,921)
Other - -
Net Chauge in Plan Fidnciary Net PosiHon 284,190 1,013,300
Plan Fid�iary Net Poeitlon - Beginni� 2,782,754 6,810,903
Plen Fidnciary Net PosittoH - En�tng (b) $ 3,066,944 $ 7,824,203
Net Pe�ian Liability - Ending (a) -(b) (330,455) 930.863
Plen Fid�isry Net Positlon es a Perce�e
ofTotel PensionI.fsbflfty 112.08 % 89.37 %
Covered Employee Payroll* $ 517,765 $ 1,316,062
Net Pe��ion Liability as a Percentage
of Covered Employee Payroll (63.82)°/a 70.73 %
'" Actuat coverea payrou for aie fiscal year ending september 30, 2ola.
GRS
38
SCHEDULE OF THE EMPLOYIIt'3 NET PEN3ION LIABILITY
GASB Statement Na 67
PoBce
Total Plen Net Poeition Net Pe�ion I iability
FY Fnding Pe�ion Plea Net Net Pe�ion as a% of Tote3 Covered as a% of
Sep�ember 30, Liability Poeition Liebility Peneion Liability Payroll Covered Payroll
2014 $ 2,736,489 $ 3,066,944 $ (330,455) 112.08% $ 517,765 (63.82)%
Fire
, Total Plan Net Poeition Net Peffiion Liebility
FY F�din� Pa�ion Plen Net Net Penaion as a% of Total Covered as a% of
Se�ember 30, Liability Position Liability Pe�ion Liability Payroll Co�red Payroll
2014 $ 8,755,066 $ 7,824,203 $ 930,863 8937% $ 1,316,062 70.73%
* Acta�al covered payroll for the fiscal year ending September 30, 2014.
GRS
39
SCH�DULE OF CONTRiBUTIONS
GASB Statement Na 67
Poflce
Actuarially Co�ril�tion Actual Cotrtd�tion
FY E�ding Determi�d Actual Deficie�cy Covered as a% of
September 30, Comn'bution Co�ribarion (Excess) Payroll Covered Payroll
2014 $ 111,164 $ 111,164 $ - $ 517,765 21.47%
Ffre
Actuarially Co�ibution Actt�l Co�n'bution
FY F�ing Determined Actual Deficiency Co�red as a% of
September 30, Co�ri�rtion Co�nbution (Fxcess) Payroll Covered Payroll
2014 $ 416,665 $ 422,107 $ (5,442) $ 1,316,062 32.07%
GRS
40
NOTES TO SC�ULE OF CONTRIBUTIONS
GASB Statement Na 67
Valaadon Dat�: Octobar 1, 2013
Notes Actuarially determin� contnbution istes ate calculated as of October 1,
w�h is two yeaKs) prior to the end of the S.scal year in which
contr�lbutions are reported.
Methods and AesampUttons Used to Deteimine Conh�tbation Rates:
Actaarial Cost Method Entry Age Normal
Amor�arion Met�od Level Dollsr, Closed
Remammg Amort�tion Period 20 y�rs
A4set Vah�tion Method 5-year smoothe,d market
Inflation 3.�/0
Salary Increas� 6.0'�0, fficlading inflation
Invesiament Rate of Retiun 7.50%
Retirement Ag+e 100% when fQSt elig�ble for Normal Retirement or DROP entry
Mortal�y RP-20� Combmed Healthy Participant Mortality Tab� for males and
females wrth mortalrty innprovement proje.cted to all future years usmg
Scale AA
Other Informatiton:
Notes See Discussion of Vah�ation Results in the October 1, 2013 Ach�arial
Valuation Report
GRS
41
SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount iate of 7.50% was used to measure the totai penaion liability. This single discount rate
was based on the expect�ed rate of return on pension plan investments of 7.50'�0. The projeetion of cash
flows used to determine this single discount raxe as�m�ed that plan member contnbutions will be made at
the cutrent contribution iate and that employer contnbutions will be made at rates equal to ti�e difference
between the total ach�arially determined contribution rates and the member rate. Based on these
assumptions, the pension plan's fiduciary n� position was projected to be available to make all proj�
firt�ae benefit payments of current plan members. Therefore, the long-term expected rate of return on
pension plan investments (7.50%) wes applied to all periods of projected benefit payments to determine
the total pension liability.
Regarding the sensitivity of the net p�sion liability to change�s in the single discount rate, the following
presents the plan's net pension liability, calculaxed using a single discou� rate of 7.50%, as well as what
the plan's net pension liability would be if it were calculated using a single discount rate that is 1-
perc�ntege point lower or 1-percentage-point higher:
Pofice
Se�ldvity ofthe Net Penaioa Liebility to the ��le Dlscomrt Rate Aseump�ton
Carrent Single Discomrt
1% Decresae Rate Ase�ption 1% Increase
650% 750% SSO°/.
$ 62,212 $ (330,455) $ (653,552)
F°e
Se�iHvlty ofthe Net Pension L�labllity to the Slvgle Diacoant Rate Aseamptlon
Carreut Single Dlacoant
1%Deerease Rate Aaeumption 1%I�rease
650% 7.50% 850%
$ 2,045,475 $ 930,863 $ (1,423)
GRS
42
� Police
GASB 67 - Projection of Contrlb�tons
S�ingle INecoant Rate Determinadon: SO-Year
P�yroll bor Contrlbatlo� 3ervlce Cost �
Cm�re� from Cm�rent E:peme UAL Total
Year EmNuyees Employeee Co�16�tlo� Cn�rlbotlo� Cootiibatlone
(8) (b) (�) (� (eMb)
o s soo.�s�
1 636.834 a 31,842 S 154,958 � (32,672) $ 154,128
2 647,651 32,383 157,777 (32,678) 157,482
3 568�40 28,417 132,243 (32,678) 127,982
4 511,7BI 25.589 112,931 (32,678) 105,842
5 5?3.787 26.169 115.806 (32,6T8) 109�17
6 537,101 26�855 I18,884 (32,678) 113,062
7 551,760 27,588 122,338 (32,678) 117.248
6 564�40 26,247 125,171 (32,678) 120,740
9 579,379 26,969 128,338 (32,678) 124,629
10 594,966 29,748 131,706 (32,678) 128,777
ll 607,134 30,357 134,238 (32.678) 131,916
12 615,622 30,781 135,790 (32,678) 133,893
l3 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�66 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 3Q4,071 15,204 58,187 (25,015) 48,375
20 3I5.751 15,788 60,438 (16,247) 59,979
21 328,219 16,411 62,8� - T9,211
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�27 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 - - - - -
46 - - - - -
49 - - - - -
50 - - - - -
GRS
43
PoLce
GASB 67 Single D�Seoant Rate Determination:l�Year Projedfon of Cash �7ows
rroJat�
rroJe�d ��
Pro,�6ed He�lndeg Proj�ed lbtal ProJe�d BeneSt Admids�w Eve[agd at • Projeded B�ug PLa
Year Plan 1V� Poe�tlon Cootrl6utlo� Payme�s Espe�as 7S0% Net Paaidon
(8) N) (�) (� (a) (fl-(a}+(u)-(aH�+(o)
I $ 2,449.439 $ 154,128 $ 19,348 $ 19,708 S 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 �,674 15,837 248,642 3,563,526
5 3,563,526 109,317 96,440 16,210 267,142 3,829,336
6 3,827,336 113,062 97,608 16,621 287,007 4,113,175
7 4,113,173 117,248 99923 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 lOS,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 4,896,156 133.893 148972 I9,042 440,587 6,292,612
13 6,292,612 115,476 242,673 17,491 4b6,618 6,614,543
l4 6,614,543 88,932 251,512 14,554 489,568 6y26�77
1S 6,926,977 90,448 366,185 14,755 548.825 7,145,269
l6 7,145,269 63,902 435,224 11,S11 521,799 7,284,235
17 7,284,235 62,635 435,005 8,755 532,285 7,435.415
18 7,435,415 65.110 434,879 9,071 543,706 7,640,281
19 7,600,281 48,375 434,906 9,410 555,442 7,759,782
20 7,759,782 59979 435,008 9,771 567,615 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�86�43 83,151 453,243 (0,663 614,956 6,620,544
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 6,487,781
26 8,487.781 - 761.982 - 607,789 6,313,588
27 8�13,588 - 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,O13 - 552,967 7,540.�1
31 7,S�M,001 - 750,8L0 - 537,854 7,327,045
32 7,327,045 - 742,943 - 522.172 7,106�74
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�44
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 - 4I9.997 5,679,310
39 5,679�10 - 654,790 - 401,838 5,426,358
40 5,426�58 - 639,549 - 383,427 5,170,236
41 5,170,236 - 623,468 - 364,810 4,911,578
42 4,911,576 - 606,498 - 346,036 4,651,116
43 4,851,116 - 588,663 - 327,158 4,389,611
44 4,389,611 - 570,0� - 308,232 4,127,843
45 4,127,843 - 550,397 - 289,321 3,866,768
46 3,866,768 - 530,052 - 270,490 3.607,205
47 3,607,205 - 508,989 - 251,798 3$50.014
48 3,350,014 - 466,955 - 233,320 3 096�80
49 3,096,380 - 464,159 - 215,137 2,847,358
50 2,847,358 - 440,563 - 197,329 2,604.1Q4
GRS
44
Police
GASB 67 S�ngle D7scount Rate Determination:100-Year ProJecbion of Cash Flov�a (cont'�
51 2,604,104 - 416,138 - 179,985 2,367950
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�713,2%
55 1.713,296 - 314,122 - 116,931 1,516,104
56 1,516,104 - 288,628 - 103,080 1,330�56
57 1,330,556 - 263,691 - 90,082 1,156.947
58 1�156�47 - 239,611 - 77,948 995,284
59 995,284 - 216,160 - 66,687 845,811
60 845,811 - 192931 - 56�32 709,211
61 709,211 - 170,OS7 - 46�29 586,083
62 586,083 - I47,840 - 38,512 476.756
63 476,756 - 126,519 - 31,098 381,336
64 381,336 - I06,429 - 24,681 299,588
65 299�88 - 87,741 - 19,238 231,085
66 23I,085 - 71,117 - 14,713 174,681
67 174,681 - 56,541 - 11,019 129,I59
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 - L2,354 - I,838 20,060
73 20,060 - 8,425 - 1,194 12.629
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 - l97 - 26 272
82 272 - 121 - 16 16b
83 l66 - 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 l - 0 - 0 0
93 0 - 0 - 0 0
94 0 - 0 - 0 0
45 0 - 0 - 0 0
% 0 - - - 0 0
97 0 - - - 0 0
98 0 - - - 0 0
99 0 - - - 0 0
100 0 - - - 0 0
GRS
45
Police
GASB 67 S�gle lliscount Rate D�ermination:
100-Year Projection to Dexermine Cras-aver l�te
Pree�t Vdae af Pre�e� Valae of Pr� VWae of
Fotied He�Bt Un�ded Bemflt HeneSt
Pro� Fmdcd Portio� Q�Smded Poreton PrymeW ot� Payme� �ing Psy�am ml�;
Begimol�Plre ProJectedHeaeHt otBeoeSt ofHe�eAt �RetQn MmIdpWBond �aglsDLceuot
Ye�r Net Pe�tlon Payme�s P��b Pryme�e B�bo (v) �le ('vn lhte (uh')
( (�+) (�) (� (e) (t}'(dJ`�"((8}� (�°(eN�"((a}.sf (�4(aY(1�Y'(8-�
l $ 2,449,439 S 19,348 S 19,348 $ - S 18,661 $ - � 18,661
2 2,7S2,4S6 51,�3 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 %,440 - 69,649 - 69,649
6 3,827,336 97,608 97,608 - 65,575 - 65�75
7 4,113,179 99,9Z3 99,923 - 62,447 - 62,447
8 4,421,923 102,635 102,635 - 59,666 - 59,666
9 4,754,212 lOS,794 105,794 - 57,212 - 57,212
10 5,111,717 112,499 112,499 - 56,594 - 36,594
11 5,492,882 121,511 121�11 - 56,863 - 36,863
12 5,896,156 L58,972 158.972 - 69.203 - 69,203
13 6,292,612 242,673 242,673 - 98,$69 - 98,2b9
14 6,614�43 2SI,512 251,512 - 94,742 - 94,742
15 6,426,977 366,I85 366,185 - 128,315 - 128,3I5
I6 7,145,269 435,224 435,224 - 141,867 - 141,867
17 7,284,235 435,005 435,005 - L31,903 - 131y03
18 7,435,415 434,879 434,879 - t22,665 - 122,663
19 7,600,281 434906 434,906 - I14,114 - 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�43 453,243 453,243 - 89,051 - 89AS1
24 8,620,544 682,698 682,698 - 124,776 - 124,776
2S 8,633,986 789,233 789,233 - 134,183 - 134,183
26 8.487,781 761,982 781,982 - 123,675 - 123.675
27 8�13,588 776,723 776,723 - I14,273 - 114,273
28 8.131,784 770y86 770986 - I05,515 - 105,515
29 7,942,293 764,737 764.757 - 97,360 - 97,360
30 7,745,048 758,013 758,013 - 89,769 - 89,769
31 7,540,OU1 750,810 750,810 - 82,713 -- 82.713
32 7,327,045 742943 742,943 - 76,136 - 76,136
33 7,106,274 734�% 734,396 - 70,009 - 70,009
34 6,877,806 719,923 7I9�23 - 63,841 - 63,841
3S 6,647,210 7�,781 706,781 - 58,303 - 58,303
36 6,412,944 695,087 695,087 - 53�38 - 53�38
37 6.173,233 682,394 682,594 - 48,725 - 48,725
38 3,928,497 669,184 669,184 - 44,435 - 44,435
39 5,679,3L0 654,790 654,790 - 40.44b - 40A4G
40 5,426; 58 639�49 639,549 - 36,748 - 36,748
41 S,L70,236 623,468 623,468 - 33,325 - 33,325
4Z 4,911,578 606,498 606,498 - 30,156 - 30,156
43 4,641,116 588.663 568,663 - 27,Z27 - 27,227
44 4,389,611 570,000 570,OW - 24,525 - z4S7S
45 4,I27,843 550,397 550,397 - 22,029 - 22,029
46 3,866,768 530,052 530,OS2 - 19,735 - 19,735
47 3,607,205 508,989 508,989 - 17,628 - 17,628
48 3,350,014 486,955 486�55 - I5,689 - 15,689
49 3,096,380 464,159 464,159 - 13,911 - 13,911
50 2,847,358 440,583 4d0,563 - 12,283 - 12,283
GRS
46
Police �
GA3B 67 Single Diecoant Rate Determinal3on:
100-Year Prof ecNon to Debermine Cross-over Date (cont'c�
Proeant Vdm of Prnmt Vdae et Proeo� Vdne of
F�ded Bem9t IInB�ded Benest Bereflt
Pro� Fm�ed Portl�n IInE�ded Pordao Pryuems a�eQ Paymm� �i� P�ymo� ving
Begl�� Plm ProJoebedHa�t ofHeueat ofBe�t E�pected Betmv M�Idpd Bond �le Dlecomt
Yar LYet Poetdou Payme� P� P� B�te (� R�te (vn It�e (edr)
(e) (b) (�) (� (s) (�GA'a'((a}51 (e�(ey'vF"Ue}6) (WK(�YO
Sl $ 2,604,104 $ 416,138 S 416,138 $ - $ 10,792 $ - S 10,792
52 2,367950 391,092 391,092 - 9,435 - 9,435
53 2,140,OS4 364�94 364,594 - 8,205 - 8,205
S4 1,921,502 339,807 339,807 - 7,094 - 7,094
SS 1,713,296 314,122 314,122 - 6,100 - 6,100
36 1,516,104 288,628 288,628 - 5,214 - 5,214
57 1,330�56 263,691 263,691 - 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
60 843,811 192,931 192,931 - 2,610 - 2,610
61 7�,211 170,OS7 170,057 - 2,140 - 2,140
62 586,083 147,840 147,840 - 1,730 - 1,730
63 476,756 126,519 126�19 - 1378 - 1,378
64 381�36 106,429 106,429 - l,079 - 1,078
6S 299,588 87.741 87.741 - 827 - 827
66 Z31,085 71,117 71,117 - 623 - 623
67 174,681 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 - 181
71 45,470 17,655 17,655 - I08 - 108
n 3o,s�s �2354 • i235a - �o - �o
73 20,060 8 425 8,425 - 45 - 45
74 12,829 5,526 S,S26 - 27 - 27
75 8,061 3,522 3,522 - 16 - 16
76 5,014 2,212 2,212 - 9 - 9
77 3,097 1,373 1,373 - S - S
78 1,906 846 846 - 3 - 3
79 1,172 520 S20 - 2 - 2
80 721 320 320 - I - 1
8! 443 197 197 - t - 1
82 272 12l 121 - 0 - 0
83 166 75 75 - 0 - 0
84 10! 46 46 - 0 - 0
85 61 28 28 - 0 - 0
86 37 17 l7 - 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 1 - 0 - 0
92 1 0 0 - 0 - 0
93 0 0 0 - 0 - 0
94 0 0 0 - 0 - 0
9S 0 0 0 0 0 0 0
% 0 - - - - - -
97 0 - - - - - -
96 0 - - - - - -
99 0 - - - - - -
]00 0 - - -
Totale $ 3�63,420 S - � 3,563,420
GRS
47
Police
$�tho�i Projection of Plan Net Position and Benefit Payments
io,000
9,000
�
,°,
g � �r
s , z
i �
a ♦
� � a
�� �
a
e 9
i �
6,� a l °�
� 6
/ �' q
5,�0 s
i
e °,,,
! �q
4 � ! S
r �
r e
r •
J n
3�� i e
� a
e
2 �a
e
� � ',
`',
0 -
1 4 7 10 l3 16 l9 22 25 28 31 34 37 40 43 4b 49 52 55 58 61 64 67 70 73 76 79 ffi 85 88 91 94 97 100
_--- Projected Plan Net Positian Proj�ted Benetit Payments for Cw�nt Members ye �
GRS
48
Fire
GASB 67 - Projecbton of Contribudons
Single Discount Rate Determina�ion: SlaYesr
Payroll for Contrl�t[o� Servlce Coet end
C�rrent 8ram Cm�re�t �peoee UAL Totel
Year �pluYeee P�loye� CoaWbatlo� Co�rliwtlone Ca�ribatlorm
(� (b) (�) (� (el��(�3+(�
o s �,az�,os�
1 1,300,712 $ 65U36 $ a�a ,181 $ 110,554 $ 453,771
2 1,321,265 66,063 282�589 1I0,554 459,207
3 1,343.925 67,196 287,162 110,554 464,913
4 1,273,691 63,685 267,d73 110�54 441,312
5 1,297,679 64,884 271,956 110,554 447,395
6 I,323,869 66,193 277,064 L10�54 453,812
7 1,142,486 57,124 23d,775 110,554 402.453
8 1,I69,938 58497 240,310 110�54 409,362
9 1,079.942 53,997 222,023 110�54 386,575
LO 1,015,932 50,797 204,486 110,554 365,837
ll 1,047,166 52,358 210,702 110.554 373,615
l2 1,069,938 53,497 215,357 110.554 379,408
13 980,724 49,036 197,284 I10,S54 356,875
14 772,363 38,618 154,191 110,554 303,364
l5 705,440 35,272 139,561 110,554 285,388
16 723,078 36.154 142.912 110,554 289,620
l7 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 1Q6,925 5,346 17,987 - 23,333
24 106,412 5�21 17,896 - 23,216
25 105,777 5,289 17,790 - 23,079
26 - - - - -
27 • - - - -
as - - - - -
29 - - - - -
30 - - - - -
31 - - - - -
32 - - - - -
33 - - - - -
� - - - - -
35 - - - � -
36 - - - - -
37 - - - - -
38 - - - - -
39 - - - - -
� - - - - -
41 - - - - -
42 - - - - -
43 - - - - -
� - - - - -
45 - - - - -
� - - - - -
47 - - - - -
� - - - - -
49 - - - - -
50 - - - - -
GRS
49
FYre
GASB 67 S�ngle Discoant Rate Determinatiton: i�-Yesr Projeel3on of Cash Flows
Projated
Pro,�cted I�sGme�
Prai� Begi�ieg rro�tea Tow ProJectea Be�at �.dv�e �o� at rro�tea �ng Plmm
Y�r Pl� N� Po�ttoa Codrll�rtio� Pay� Fapedee 7.50'k Net Poaltlon
(e) (b) (�) (� (8) (�°(gNtb)-(�)-(dN{e)
1 $ 6,191,914 $ 453,771 $ 168,401 $ 19,735 $ 474,156 $ 6,931,205
2 6,93I,205 459,207 181,814 20,047 529,316 7,717,868
3 7,71�,868 464,913 242,700 20,390 586,272 8,503,962
4 8,505,962 441,312 255,871 19,325 644,064 9,316,141
S 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 10952,295 402,453 434,463 17,335 819,605 11,722,555
8 11,722 555 409,362 554,039 17,750 873,211 12,433,336
9 12,433,338 386,575 617,072 16�85 923,410 13,109,866
10 13,109,866 365,837 622,466 14,414 973,223 13,811,044
11 13,811,045 373,615 636,753 15,886 1,025,554 14,557,573
12 14,557,573 379,408 736.994 16.234 1,078,053 13,261,807
13 15,261,807 356,875 925,641 14,879 1,123,144 15,801,306
14 15,80I,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 I,Q08,239 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 1,2025� 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 17,687�82
21 17,887�82 21,581 1,578,950 1,5� 1,284,153 17,612,665
22 17,612,665 22,431 1,568,656 1,560 1,263,957 17�28,837
23 17,328,837 23333 1,558,281 1,623 1,243,083 17,035,350
24 17,035,350 23,Zt6 1,549,701 1,614 1,221,383 16,728,635
25 16,728,635 23,079 I,B46,481 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�42,096 - 1,591,069 - 1,092,071 14,843,097
29 14,843,097 - 1,567,207 - 1,OS5.524 14,331,415
30 14,331,415 - 1,535,670 - 1,018,310 13,814,055
3t 13,614,OSS - 1508,634 - 980,503 13,265,924
32 13,285,924 - 1,479,188 - 941,978 12,748,713
33 12,748,713 - 1,447,257 - 902.863 12,204�19
34 12,204,319 - 1,413,099 - 863,291 11,644�11
35 I1,654,SI1 - I,374,448 - . 823,478 11,103,542
36 11,103,542 - 1,336,246 - 783,562 10,556,858
37 10,550,858 - 1,296,763 - 743�65 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�21 6,744,703
44 6,744,703 - 988,24d - 469,463 6,225,922
45 6,225,922 - 940,785 - 432�02 5,717,440
46 5.717.440 - 892,478 - 395,943 5,220,90b
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�35 3,398,565
- GRS
50
Fire
GASB 67 Single Disconnt Rate Determinadon: l�-Yesr ProjecUton of Cash Flowe (cont'cn
51 3�98,565 - 634,SSS - 231,515 2,995,144
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
SS 1y38,738 - 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 - 16T,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 - 13,059 152,5 I0
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 - L4.653 - 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 4,514
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,Ob4 - 476 - 62 6S0
79 650 - 292 - 38 3%
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
SS 32 - 1S - 2 19
86 19 - 9 - 1 ll
87 11 - S - 1 6
88 6 - 3 - 0 3
89 3 - 2 - 0 2
90 2 - 1 - 0 1
91 I - 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 U - - - 0 0
98 0 - - - 0 0
99 0 - - - 0 0
100 0 - - - 0 0
GRS
51
Fire
GASB 67 S�gle Dlscaant Rate l�terminadon:
lOQ-Yesr ProJedion to Dexermine Cross-over Date
Preeent Vtlae of Present Vel�s of Prao� VWao of
F�ded Heoest IIeBmded H�t Henedt
ProJected F�d Porlton if� Portlan P� u�� P� �ng �aymoffi �
He�Plm ProJectedHeao9t ofBemIIt otHenegt Esp�tedBet�n M�Id�ulHoad S�IsDi�mt
' Yea Net Podtlm Paymeofe Peyme�s Poyme� B�e (v) B�te (v� � I�I
(8) (b) (�) (� (a) (�°(�'d'((•}� (�(e�''C(8�� (�(<oY(�+sdrYte-�
1 $ 6,191,914 S 168y01 8 I68y01 $ - S 162�02 S - S 16Z�02
2 6,931,205 181,814 I81,814 - L63.123 - IB3,123
3 7,717,868 242,700 242,700 - 202�47 - 202,SS7
4 B�OS,962 235,871 255,871 - 198,652 - 198,652
S 9�1B,141 269,998 269,998 - 144993 - I94,995
6 10.178,366 4?3,549 423�49 - 284�49 - 284�49
9 10,952,295 434,463 434,463 - 271�18 - 271,SI8
B 11,722,SSS SS4,039 554A39 - 322,090 - 322,090
9 12,433,336 617,072 617,072 - 333,706 - 333,706
10 13,109,866 622,466 622,466 - 313,138 - 313,138
ll I3,811,045 636,753 636,753 - Z97�77 - 297y77
12 14,557�73 736,944 736,994 - 320,824 - 320,824
l3 LS,261.807 925,541 923,641 - 374,832 - 374,632
(4 15,801,306 949,3� 999,380 - 376458 - 376,458
IS L6�S2,609 1,006,862 1 U06,882 - 352,822 - 352�22
16 16,712,397 1,008,239 1.008,239 - 328,649 - 328.649
l7 17,209,372 1,OZS,792 1,025,792 - 311,043 - 311,043
18 19,679,494 1,2fi2�� 1,202,5� - 339,165 - 339,185
I9 18,002,622 1,306,441 1�06,44I - 342,794 - 342,794
20 18,L07.430 1�85,976 1�85�76 - 387,108 - 387,108
21 17,887,382 1,578,950 1,578�50 - 358,505 - 358,505
22 17,612,665 1,568,656 1�68,656 - 331,319 - 331,319 �
23 17�28,837 1358,281 1�58,281 - 306,165 - 306,164
24 I7,035�30 1,549,701 1,549,701 - 283,236 - 283,236
25 16,728,635 I,646,481 1,646481 - 279930 - 279y30
26 16,298,439 1,631,602 1,631,602 - 258,047 - 258,047
27 L5,629,140 1,614,771 1,614,771 - 237,567 - 237,567
28 13,342,096 I,491,�9 1�91,069 - 217.749 - 217,T49
29 14,843,097 I,567,207 1,567,207 - 199,519 - I99,519
30 (4,331,415 L,53S,670 1,535,670 - 181,865 - 181,663
31 13,814,055 1��,634 1,508,634 - I66,198 - 166,198
32 13,285,924 1.479.188 1,479,188 - 151,584 - 141,585
33 12,748.713 1.447,257 I447,257 - 137,966 - 137,966
34 12,204�19 1,413,099 1,413,099 - 125,3I1 - 125,311
35 11,654,511 1,374,448 1,374,448 - 113,380 - 113,380
36 11,103�42 1�36,246 1,336,246 - 102,538 - 102,538
37 10,550,856 1,296,763 1296,763 - 92; 66 - 92 S66
38 9y97,660 1,253,923 1,255y23 - 83�% - 83�%
39 9,44S�1S 1,213,626 1213,626 - 74,%5 - 74y65
40 8,895,399 1.170,337 1,170�37 - 67,248 - 67,248
41 8�49,123 1,(26,1Z7 1,126,127 - 60,193 - 60,193
42 7,807,713 1,081,029 1,081,029 - 93,751 - 33,741
43 7,292,457 1,035,075 1,035,075 - 47,873 - 47,874
44 6,744,703 988,244 988,244 - 42,520 - 42,520
45 6,225922 940,783 940,785 - 37,654 - 37,654
46 S,T17440 892,4T8 892,478 - 33,229 - 33,2Z9
47 5,220� 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�08 - 22.193 - 22,193
50 3,824,806 689,777 687,777 - 19,175 - 19,175
GRS
52
Fire
GASB 67 3ingle D3scaunt Rat+e Determinaflon:
100-Year Projecbion to Determine Crosss-0ver Date (cont'�
�,�or v�� oe Presaot V�r ef ��c v.i� or
�aoa se.eat Qoe�a �at B�oa�
PrsJa�d Fmdod Portlon U� Portlon P� ming Payne� �� Paym�s ost�
Beg[ndng Pl�o Pro� Beeeflt oi'Heoelt ofB�eflt E�e6od Setmv A4�dpd Hoad �agte Dtecomt
Year Not PodHon Paym�s Psyme�s Peymeob Brte (� R�te (vQ Bate (a�')
( N) ��) �� (e) (�(�y'"((g�� (er'(e�''C(ah� (�°((cy(I+edrY(e-.�
51 $ 3,398,565 S 634,885 $ 634,885 $ - S 16,465 E - S 16,465
52 2,995,194 581,BS1 581,851 - 14,037 - 14,037
53 2,616�38 529,260 529,260 - 11,877 - 11,877
54 2,264,052 477,533 477,533 - 9,969 - 9,969
SS 1938,738 426,241 426,241 - 8,277 - 8$77
56 1,642,207 376,091 376,091 - 6,794 - 6,794
57 1,375,434 328,157 328,L57 - S,S14 - 5,514
58 L,I38,352 28Z,672 282,672 - 4,419 - 4,419
59 930,647 240,588 240,588 - 3,498 - 3,498
f� 750,999 201�39 201,939 - 2,732 - 2,732
61 597,949 167,204 (67,204 - 2,104 - 2,104
62 469,435 136,637 136,637 - 1,599 - I,599
63 362,974 109,730 109,730 - 1,195 - L,L95
64 276,427 86,T04 86,704 - 878 - 878
65 207,263 67,5 I 1 67S � 1 - 636 - 636
66 152,810 51,480 51,480 - 451 - 4S1
67 iL0,895 38,689 38,689 - 315 - 315
68 79,099 28�84 28,584 - 217 - 2l7
69 55,394 20,607 20,607 - l45 - lA5
70 38,183 14,653 14,653 - 96 - %
71 25,854 10,240 10,240 - 63 - 63
72 17,176 6,982 6p982 - 40 - 40
73 I1,224 4.704 4,704 - 25 - 25
74 7,188 3,098 3,098 - 1S - 15
75 4,515 1,973 1.973 - 9 - 9
76 2,809 1,240 I,240 - S - 5
77 1,733 771 771 - 3 - 3
78 I,064 476 476 - 2 - 2
79 6S0 292 292 - t - !
BO ' 396 179 I79 - l - 1
81 240 109 109 - 0 - 0
82 145 66 66 - 0 - 0
83 88 40 40 - 0 - 0
64 53 25 ZS - 0 - 0
BS 32 15 15 - 0 - 0
86 19 9 9 - 0 - 0
67 11 5 5 - 0 - 0
88 6 3 3 - 0 - 0
89 3 2 2 - 0 - 0
90 2 1 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 - � - �
95 0 0 0 0 0 0 0
96 0 - - - - - -
97 0 - - - - - -
98 0 - - - - - -
99 0 - - - - - -
l00 0 - - -
ToWs S l0,110,677 $ - S 10,110,677
GRS
53
Fire
$[thoassmds� Projection of Plan Net Position and Benefit Payments
ao,000
�a,000
," <,
�
.�
16,000 ,°� ,�
,
� ''W
14,000 r
o u �
ti
�Z�W� d'' L�
0 �
� �♦
10,000 v ''a
o �
h
�� 1
S� r �
0 �'
A
, a
6,0(l0 a
.,,
4, � '°
'�
�� �
0
I d 7 10 13 16 19 22 25 26 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 SS 88 91 94 97 100
_� 0= Prajec�d Pl� N� Position Projected Benefit Payments for Current Membas Y �
GR5
SEGTION E
�_SC�I.ANFOUS INFORII+IATION
GRS
54
RECONCII.IATION OF MEMBERSH� DATA
From 10/1/13 From 10/1/12
To 10/1/14 To 10/1/13
A Acbive Members
1. Nwnber I�luded in I�st Val»ation 25 27
2. NewMembere I�luded in G�rrem Valuation 0 0
3. No�Veate� Employmevt Terminarions 0 0
4. Vested F�loyme� Terminations (1) (1)
5. Service at�d DROP R,etireme�s �(1) (1)
6. Disability Retireme�s 0 0
7. Deatt� 0 0
8. Ot}�er 0 0
9. N�ber I�l�ded in 'Ihis Valuation 23 25
B. Terminated Veeted Members
1. N�r Included in Lsst Valuation 5 4
2. Additioas from Active Members 1 1
3. I.ttmp Si� Payments (2) 0
4. Payment4 Commenced (1) 0
5. Deatl� 0 0
6. Other 0 0
7. Number Included in llris Valuation 3 5
G Servlce Retlrees, DROP, Dtsablllty Retlrees and Be�Bciaries
1. N�ber Included in Last Valuation 3 2
2. Additio� &om Active Membera 1 1
3. Additioffi from Termi�ted Vested Membars 1 0
4. Deatha Reaultin� in No Ftiutl�r Payme�s 0 0
5. Deaths Resulting in New Sutviwr Benefits 0 0
6. F.nd of Certain Period - No Furthar Payments 0 0
7. Other 0 0
8. N�ber Inclnded in'Ihis Valuation 5 3
GRS
55
STAITSTICAL DATA
POLICE OFFICERS
10/1/2011 10/1/2012 10/1/2013 10/1/2014
Act�ve Parti ants
Nnmber 13 10 9 7
Total Annual PayroIl' $ 858,342 $ 744,314 $ 636,834 $ 509,217
Avera�e Annual Salary 66,026 74,431 70,759 72,745
Other Averages
Gbrrent A�e 39.9 40.1 40.0 39.0
Age at Employmeat 33.6 33.0 31.8 30.4
Past Serv�e 6.2 7.1 8.2 8.6
Service Ret[t+ees and Bene�ciarles
Number 0 0 0 2
Total Annual Benefrt - - - $ 27,708
Average Monthly Benefit - - - 1,155
Disabil�ty Retireea
Number 0 0 0 0
To1al A�ual Benefrt - - - -
Average Monthty Henefi# - - - -
Tern�inat� Membe�s wtth Vested Beneflts
Number 1 3 4 2
Total Annual BeneSt $ 9,360 $ 46,632 $ 59,717 $ 37,272
Average Monthly Benefrt 780 1,295 1,244 1,553
'� Reported payroll with salary scale
GRS
56
STATISITCAL DATA
FIREFIGHTERS
10/1/2011 10/1/2012 10/1/2013 10/i/2014
Active Partic ants
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 Aveiages
G�ent 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
Servlce Retlre� and Beneflciariea
Numbar 2 2 3 3
Total Amival Benefrt $ 103,293 $ 103,293 $ 156,287 $ 156,287
Average Monthly Benefrt 4,304 $ 4,304 4,341 4,341
Disab Ref�+ees
Number 0 0 0 ' 0
Total Annual Benefit - - - -
Average Monthly Benefit - - - -
Terminated Membeis wlth Vated Beneflb
Number 1 1 1 1
Total A�ual Benefrt $ 16,971 $ 17,524 $ 17,524 $ 17,524
Avera�e Monthly Benefrt 1414 1,460 1,460 1,460
* Reportal payroll with salary scale
GRS
57
AG°I'IVE PARTICIPAIVT DISTRIBUTION
Yea� ofServ�e bo ValastlonDete
e Gru 0-1 1-2 2-3 3-4 45 5-9 10-14 15-19 2a24 75 + Totals
24 NO. 0 0 0 0 0 0 0 0 0 0
TOT PAY 0 0 0 0 0 0 0 0 0 0
VG PAY 0 0 0 0 0 0 0 0 0 0
-29 NO. 0 0 0 0 0 2 0 0 0 0
T PAY 0 0 0 0 0 136,472 0 0 0 0 136,4
VG PAY 0 0 0 0 0 68,236 0 0 0 0
�-34 NO. 0 0 0 0 0 2 1 0 0 0 3
OT PAY 0 0 0 0 0 135�64 8'1,957 0 0 0 218,421
VG PAY 0 0 0 0 0 67�82 82�57 0 0 0 72,47
35-39 NO. 0 0 0 0 0 5 0 0 0 0
OT PAY 0 0 0 0 0 345�05 0 0 0 0 345
VG PAY 0 0 0 0 0 69,061 0 0 0 0 69,061
NO. 0 0 0 0 0 1 3 2 0 0 6
T PAY 0 0 0 0 0 74,693 272,855 163,373 0 0 460,921
VG PAY 0 0 0 0 0 74,693 74,285 81,687 0 0 76,820
5-49 NO. 0 0 0 0 0 1 1 0 1 0
T PAY 0 0 0 0 0 55,161 87,457 0 105,439 0 248,05
VG PAY 0 0 0 0 0 55,161 87.457 0 105,439 0
0-54 NO. 0 0 0 0 0 1 0 2 1 0
TOT PAY 0 0 0 0 0 71,148 0?AS�Iffi 110,149 0 386,
AVG PAY 0 0 0 0 0 71,148 0 L02,741 110,149 0 96,695
�59 NO. 0 0 0 0 0 0 0 0 0 0 0
T PAY 0 0 0 0 0 0 0 0 0 0
VCiPAY 0 0 0 0 0 0 0 0 0 0
NO. 0 0 0 0 0 0 0 0 0 0
OT PAY 0 0 0 0 0 0 0 0 0 0
YG PAY 0 0 0 0 0 D 0 0 0 0
TNO. 0 0 0 0 0 12 5 4 2 0 ?3
OT AMT 0 0 0 0 0 818,743 393,269 368,855 215,588 0 1,796,455
VG AMT 0 0 0 0 0 68,229 78,654 92,214 107,794 0 78,1
GRS
58
INACTIVE PARTiCIPANT DL�TRiBUTION
Terminated Vested Disabled Retired Beneflciaries
Total Total Tota1 Totsl
Age Number Banefits Nimmber Be�fits Number Benefits Number Benefits
Urnler 20 0 0 0 Q 0 0 0 0
20 - 24 0 0 0 0 0 0 0 0
25 - 29 0 0 0 0 0 Q 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
SQ - 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& 0 0 0 0 0 0 0 0
Total 3 54,796 0 0 5 183,995 0 0 �
Ave. 52 57
GRS
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
59
SUNIlVIARY OF PLAN PROVISION5
A. Ordiaanc�s
The Plan was �tablished under the Code of Ordinances for the V'illage of Tequesta, Florida, Chaptsr 2,
Article III, Division 1, S�tion 2-61 (b), aad was m�t recently aaiended under Ordinance No. 9-14,
paesed a� adopted on June 12, 2014. The Plan is also govem� by ceriain provisions of Chapter 175,
Florida Statufea. Part VII, Chapter 112, Florida S� and the Inteznal Revemie Code.
B. Effee�lve Date
Not currently available
C. Plan Year
October 1 t�rough September 30
D. Type of Plan
Qualified, gove,rnmental defined benefit retirement plan; for GASB purposes it is a single emQloyer
P�
E. Eligibility Requirements
All full-time police officers hired before Febnsacy 1, 2013 and all full�ime firefighters are eligible for
membership on the date of employment.
F. Cr�ited Service
Service is measured as the total munber of years aad completed months of a yeaz as a police officer or
firefighter with t� Village of Tequesta. No service is c�.it�. for any periods of employment for
which the member received a refund of their contri'bubions.
G. Com�nsabion
Tota1 cash t�uneia,tion for s�vices rendered as a police off cer or firefighter. For firefighters hired on
or afte,r October 1, 2010, fixed moathly remuneration including �gular eaznings, vacation pay and sick
pay but excluding lump sum payments, overtime, bonuses, incentives aad longevity.
H. Average Flinal Compensslion (AFG�
The average of Co�on over the lughest 5 yeats during the last 10 yeaa�s of Credited Service;
does not include lump sum payments of imuse,d leave.
L Normal Rettrement
Eligi'bility: A member may retire on d�►e first day of the manth coincident with or next following
the eazlier of:
(1) age 55 and 6 years of Credite�i Service, or
(2) age 52 and 25 years of Credited Servic�.
GRS �
60
Benefi� For firefighters hi�sed before Octol�r 1, 2010:
3.0% of AFC multiplied by the first 6 y�rs of Credited Service, plus
3.5% of AFC multiplied by the next 4 years of Cre.dited Service, plus
4.0'�0 of AFC multiplied by the next 5 years of Credited Service, plus
3.0% of AFC multiplied by the next 6 years of Credit� Service, plus
2.0% of AFC multiplied by the next 4 years of Credited Service, plus
3.0% of AFC multiplietl by all years of Credited Service over 25 yeazs
For firefighters hired on or after October 1, 2010:
2.0'�0 of AFC multipli�l by the first 6 years of Credited Service
2.5% of AFC m�ltiplied by all y�rs of Creditsd Service over 6 yems
Narmal Form
of Be,nefi� 10 Y�s Certain and Life t�ereafter; other o�tions are also available.
COLA: None
Supplemental
Benefi�: All ret�es and beneficiaries r�eiviag pension benefils will be paid a suppleme�l
benefit equal to $20 for each year of the member's Credit� Service up to a maxiantm
of $600. The supplemental benefit � upon the late�' of the de�ath of the retired
mamber or beneficiazy.
d. Early Retiremeut
Eligibility: A member may elect to retire e�azlier tvan the Normal Retirement Eligi'bilitY upon
attainme� of age 50 and 6 years of Credited Service.
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each y�r by which the Early
Retirement date prece,des t�e Nomial Retirement date.
Normal Form
- of Benefi� 10 Years Certain aad Life ther�; other options are also available.
COLA: None
Supplemental
Benefi� All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for e,ach yeaz of the member's Credited Service up to a maximnim
of $600. The supplemental beneSt cea�a upon the later of the death of the relared
member or beneficiazy.
K. Delayed Retirement
Same as Normal Retirement ta�ng i�o account compeneation arned aud service credited until the
date of actual retirement
L. Service Connect� DisabDity
Eligibility: Any memUer who becomes totally and permanently disabled �d unable to re�er
useful and efficient service to the Village as a result from an act occuning in the
perfarmance of service for the Village is iminediately eligible for a disability benefit
GRS
61
Benefi� The accrued Normal Retirement Benefit taking into account c�mpensation � and
service credited as of the dare of disab�ity with a minimum be�fit equal to 42% of
AFC.
Notmal Form
of Benefi� 10 Years Certain and Life tbereaRer.
COLA: No�
Supplem�tal
Benefi� All retirces and beneficiaries receiving pension benefit� will be pQid a supplemental
l�nefit equal to $20 for each year of the member's Credibeci Service up to a maximam
of $600. The supplemental benefit ceases upon the lat� of die death of the retired
member or beneficiary.
1VL Non-Service Conn� Dil�bility
Elig►'bility: Any member who b�omes totally and perm�enfly disable�i and unable to render
useful and efficient serr►ice bo the Village is immediately eligible for a disab�ity
benefit
Be,nefi� The accru� Normal Retire,ment Benefit taldng into account compensation eazned aad
service cr�ited as of the dat� of disability with a minimum benefit equal to 25% of
AFC.
Normal Form
of Benefit: 10 Y�rs Certain aud Life thereafter.
COLA: None
Supplemental
Benefi� All retirees and beneficiaries receiving pension benefi� will l� paid a supplemental
benefit equal to $20 for each year of the member's Credited Seivice up to a maximum
of $6�. The supplemental benefit cxases upon the later of the d�th of the retired
member or beneficiazy.
N. Death in the Line of Daty
Bligibility: Members are eligible for survivor benefils regardl�s of Credited Service.
Benefit The member's spouse or dependent child will r�eive the 50% of the member's AFC
as of the date of death.
Normal Form
of �nefit Payable for the life of the beneficiary.
COLA: None
Supplemental
Benefi� All retirees aad beneficiaries receiving pension benefits �vill lre paid a supplemental
benefit equal W$20 for each year of t�e member's Creflited Service up to a maximum
of $6�. The supplemental benefit ceases upon the later of the death of the re�ired
member or beneficiary.
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62
O. Other Pr�Retirement I�ath �
Eligibility: Membe�s aze eligible for sucvivor benefits after the completion of 6 or more years of
Credited Service.
Henefi� The beneficiary will re,ceive the actuarial equivalent of the member's accrued Normal
Retire�nt Benefit taldng into acxount compenaetion earn� and se�vice credited as of
�e date of death.
Normal Form
of Henefit Payable for �e life of the beneficiary.
C:OLA: None
Supplem�tal
Benefit: All retirces ffid beneficiaries receiving pension benefitc will be �.id a snpplemental
' benefit equal to $20 for each year of the member's Credited Service up to a maxim�m
of $6�. The supplememal benefit ceases ugoa the later of the death of i$e retired
member or beneficiazy.
The beneficiary of a plan member with less tUan 6 y�a.rs of Credit� Service at the ti� of d�.th will
receive a refund of the member's accu�lated contnb�rtions.
P. P�t Redrement I�ath
Henefit determined by the form of benefit el�ted upon retirement.
Q. Opdonal Forms
In lieu of electing the Normal Form of benefit, the opti�al forms of benefits available to all re1�s are
the Life Annuity option or the 50'�0, 66 2/3%, 75% aad 1�% Joint aad Survivor options.
R Vested Terminafion
Eligibility: A member has eamed a non-forfeitable right to Plan benefits after t�he completion of 6
yeazs of Credit� Service.
Benefit: The benefit is the member's accrued Normal Relire,ment Benefit av of the date of
terminatian. Benefit begins on the member's Normal Retirement date. Alteinatively,
members c.an elect a r� Early Retirement benefit eay time after age 50.
Normal Form
� of Benefit: 10 Years Ce�ta.in aad Life th�; other options are also available.
COLA: None
suPPlem�1
Henefit: Once in pay status, all retir�s a� beneficiazies r�ceiving pension benefits will be paid
a supplemental benefit equal to $20 for each ye,ar of the m,ember's Credited Service up
to a maximum of $600. The supplemental benefit ceases upon the later of the death of
the retired member or beneficiazy.
Members terminaling employment with le,ss than 6 years of Credit� Service will receive a refimd of .
their own accumulated contdbutions.
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63
S. Refands
Elig�'bility: All membets terminating employment widi less than 6 yea�s of Cr�ited Serr►ice are
eligible. Optionally, vested members (th�e witi► 6 or more yeazs of Credited Seavice)
ma.y elect a refimd in lieu of the veated benefit� otherwise due.
Benef� Refund of the member's caninbutions.
T. Member Coetrlbirtions
5% of Compensation
U. Employer Contributlons
t�ny additional amount determined by the actuary ne�deri to fund the plan properly according to State
la.ws.
V. Cost of Living Increa�s
Not Applic�ble
W.13"' Check
Not Applicable
R Defern� Relirement Op13on Plan
Eligibility. Plan members who have met one of the following criteria are eligIble for the DROP:
(1) age SS and 6 years ofCredited Service, or
(2) age 52 and. 25 ye�ars of Credit�ed Service.
Members must make a written election to participate in the DROP before the 27th year
of employment
Beaefi� The member's Crerlited Service and AFC are frozen upon entry into t�e DROP.
The monthly retirement benefit as descnbed under Normal Retirem�,t is calculat�
based upon the frozen Creditsd Service and AFC.
Maximum
DROP Period: The earlier of 5 years of participation in 1�e DROP or 30 years of employment.
�ntetest
Credited: The member's DROP eccount is credited on Septemher 30 of each year with
investment eamings or losses at the same rate eamed by the pension fund less any
adminisirative expenses.
Normal Form
of Benefi� Ltttnp Sum; othe,r options are also aveilable.
COLA: None
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. 64
Y. Ot�er AnciDary Benefits
Theie are no ancillazy retinement type ben�efits not req�ur� by statutes but which might be deemed a
Village of Tequesta Public Safety Officets' Pension Trust Fund liability if cantinued beyond d�
availability of fimding by the curtent funding eource.
Z. Changes from Previous Valuatlon
Changes per Ordineace No. 9-14 as detail� in Section A of this report.
GRS