HomeMy WebLinkAboutDocumentation_Regular_Tab 01_06/09/2016 TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 03/31/16
Presented June 9, 201
1. The regular Board meeting was held on May 2, 2016.
2. Bogdahn (by John Thinnes) reviewed the 03/31/16 quarterly returns for the total
fund. At the end of the quarter, the Plan's market value was $3,785,960 and the
asset allocation was Domestic Equity 46.1 %, International Equity 14.2%, Domestic
Fixed Income 31.2%, Global Fixed Income 4.8%, and Cash Equivalent 3.7%. The
returns for the quarter were:
Quarter Returns:
Total Fund (Gross) 0.05% versus the benchmark at 1.72%.
Total Domestic Equity -0.53% versus the benchmark at 1.38%
Total International Equity -2.32% versus the benchmark at -0.26%
Total Domestic Fixed Income was 2.28% versus the benchmark at 2.31 %
Total Global Fixed Income was 0.24% versus the benchmark at 6.12%
Fiscal Year to Date Returns:
Total Fund (Gross) 2.97% versus the benchmark at 5.64%.
Total Domestic Equity 4.58% versus the benchmark at 8.49%
Total International Equity 0.59% versus the benchmark at 3.03%
Total Domestic Fixed Income was 2.39% versus the benchmark at 1.79%
Total Global Fixed Income was 2.50% versus the benchmark at 5.54%
3. The Board received the annual update from the new custodian, Fiduciary Trust.
The Board also signed an updated automatic rebalancing tetter for the custodian.
4. The Board discussed the NCPERS Code of Conduct. After discussion, no action wa
taken regarding this matter.
5. The Board reviewed the Experience Study on the Investment Return Assumption
prepared by GRS. (See attached). The Board decided to reduce the assumed rate
of return to 7.0%. Additionally, the Board decided to study the salary assumption
used in the valuation.
6. Bonni Jensen, legal counsel, reviewed the new IRS proposed final regulation on
Normal Retirement Age.
7. Bonni Jensen reported on the status of the IRS Determination letter filing.
8. The Board was informed about the upcoming FPPTA conference which is being
00071157.WPD Page 1 of 2
TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 03/31/16
held June 26-29 in Orlando, Florida.
9. The Board updated the bank signature cards.
10. The next meeting is scheduled for August 1, 2016 at 1:00 pm.
PLEASE ADDRESS ANY QUESTIONS IN WRITING AND THE BOARD WILL RESPOND
IN KIND.
W:\W docs\LLP\150097�GM\00071157.W PD
00071157.WPD Page 2 of 2
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C.c�nsult�i�is �: .�ct��aries 5uite St�S '�54_S�S.00J�3 fa�
F4. T.;►uderdalL, Ft_ 333i}I� 18iT� �svx�v.�al�rie7rotdtr.corc�
April 27, 2Ut6
Ms. Kerrv Duttan
The Etesnttrc� Centers. [1[.0
436Q Nc�rthiake F3c�ulevarc�. Suite ?qt
P'8Ii1'1 ��AGI]'�'iHl'CICtlS, Ficrricla 33410
Re; Villagre o� Tec�ue5t� +C;eneral Empl�yee� Pension Tr�st Fund
Clea r ECerr�� ;
As neq��ested, vve have prepared an anal}�sis stud�rin� tl�e investment return assumptian us�d to det+�rrnine the
fiinding ret�uirements in the'Village oi'Teyuest� Generat F.m�lt�ye�� Pension TruSt Punt!_ Curren#lu, t�e
assurnptioi� is l.5°to per 4��ear net of investm�nt relate� expenses. In setting this assumpti4n it is important tn
nnte that the pension fund is invcstcd it�r tf�e long tcrm and its i�vcstment inc�a�n� o��cr the years r�r��ill �ray� a
s�bstantial �rticrn of a�l the pensit�rr ben�#its paid to plan members_ This k�eps the ernploJ��r (t��;p�yer) a��l
+:mploy�es frnm having to pay fc�r e�a�ery� dollar of benefit.
The�fc�re, wc must mak� ttn assum�ation as to hc�w� much the pension fiind will carn t�r•ee a lang p�r�nd �rf tune in
c�rder t� c3�termin� a r�a..scinabl� Eev�el �f ct�st and Gabi�it�,�� t�a be �rne t�v the'�u'illag� (tt,a�c�ayers). Shc�rk t�em
gains �nd Ic�sscs ar� not nearly as r�levant �s tk�e achia� and expe�cted long-term �arnii�gs of the pa�tfol io being
mana��d. 'I�is expc+�:tatian is strongly influsnced b�• the investroent poticy� of the fund (on p�a�aer and in
pi�ctic:�}, ��rticul�rly� the as5ei allocatit�n arr�nn�; tiie relet�•�nt �3s�t c:las,�es.
'1'he Lo�� tern� rates af return for each such asset class, as expeete+d by the ecanoinists and in��estment
c���ultant,�, c;aai rfary� ��v�r tim� and rrar�� in dif�eren� ecc�nc�rni� cc�nditicsns an�i c4cie. So it is besk tfl re-visit the
inti�estrnent return assurn�tian (used in aetuarial valuations} �eriodicallr� ta e�sure that it reflects the experts'
curreni hest esti�r�ates.
As pa�°t flf our sri�dy, w•e hati•e a model for d�eloping the appropriate investinent ret�m assur�iption #'or the pla�,
�'his is t��ed upc��n current ca�rital rnas'ket s�ssumptic�ns w�c�+�ided by eight major investment ccsnsultai�ts and the
parifalio's eur��eiit target �lloc�tion fcsr �ach ass�t �Ilocation. Thc target �Itoeations are as follows:
■ Sf�°lo Dtimestic Equitr�-
■ 15°�`n lntemati+�i�al Equity
■ 2(W/o �oancstic Ca�r I�ixed l��coine
■ 5% Diversi�e� Fix�d in�c��r�e
■ i {3°�o Re�l EState
'i'he current lor�g-ter�n inWCScment rate �f r�turn assumption used in [he �ctuarial valuatians has been 7.SQ/o per
}'e�r �campc�und�d �tn�ivally net �f i��vestrr fees. Atthou�h actuaries h�v� suhstantial baekgn��unt3 in
ecor��mics, w� are iac3t licerised to pra��ide in4•estmcnt advice nr finan�ial fcareG�sting ��rviCes. Instead, ��e rely
on cl�c expert advicc ��f prof�ssior�als cc�nsulling in this a�ea. For the purpose of r+�cornrnendi�g ihe �ate crf retum
we �ave ���aly�ed and r+ec�•ie��ed fai�casts ('ri�m eigl�t ii���estment consultants pr�vidit�� a�vis� tc� pensit�n plan
sponsar� and adininistratcars_ It �s impcartant �ka keep in mind that all �oreca.st� crf futur�e investment retuans are
opiniar�s, not facts.
M�. iC�rr}� C�utton
Aprit 27, 2(}16
Pa�e r
As i}�ustr�ted in Exhibit l, th� c.�nsei�sus �mon� t�ese advisors tatls bel�w th� currently assumed ?.S°�� and �eads
us to �e�c�mmend an assui�rec� rate c�,i" �`etum (n�et t�#'e?cpenses� of £i.5°!a - 7.{1°/a t�rhich is in the ran�e betw�n the
geom�lr€c meart nf 631�10 and arithmetic mean of 7.t1�?°/a.
Lr:hibit 2 shaw�s the inipac:t crf (cna�ering the investrrtent ceturn ass�mp#iQn ai� the Actuarially L�tennine�d
Cotrtri�utio�a {AUC}, the Unf'unded rl.ctuaria� Aecrued Liak�il�ty (UA�L� and th� fundec� ratio. The �eaEhibit
shn�vs the en'ect �f �uw�erin� the investment r�him ass►nnptia�� tt� G.S�'la antl 7.(}�/a, i,nw�ering the in�restrnen�
return �tssumptit}n w��uld in�r+eaS+e the prabability of rneetin� tk�e i�ivestrryent return 35s�mp4io� �ntl theref�,r�,
l�rwer thc pr�babil�ty� of incurrin� future investrr�ent experienc� I�sses.
�v'ith tl�e exceptivns cEeseribed herein, all ather assun�ptions, rr�etF��ods, and b�n�tit pmvisit�ns are the sam� ��
indicate+d ir� aur �Octryb�r i, �t} I S Acluari�) V�lu�ti�n Rept3rt. Please n�te that und�r Florid$ Statutes, effective
nc� laierthan the [3ct�bcr 1, 2�l16 Actuariai 4raluatioi�, the f'I�n will �ie r�ec�uirec� t+� use the s�me mt�rtaiity
asswnptic�n as is used by the Fiaricia Relir�meni Sy�stetn (�'RS). The iinpaet 4f cl�anging the mortality
asswt�ptsc�n is ��at reflected in our ealc«I�stic�ns,
Summarv of Findings
■�V4'e ��e�+ornmend lc�werin� the investmcnt rcturn assum�tion to a p�int in ihe ran�e c�f fr.50% io 7.00°/a,
■ if�l�e inve�tment ret«rrt ass�unptiQn was lowered tc� 7.00°�'a, the r�uirec� Vi�i��e �c�alribu#ic�n would
incrcase b�` appr�ximatel� $67,000, c�r 2.�4% oCcavered payroll, irt the ftrst year. The Plan's fune�ed
ratio (actuarial value csf assets dir�ided by actuarial aecrued Ital�ility} w�uld dect�as� fr�rn BD6.8% to
! (?0.2°la.
� [f the iavest�r��nt �^et��rn a5sumpticyn r�vas lowere�i to fi.50°l0, tl�e reqtiired Vill�ge cantributiun woulc�
increase b� ap�rosii�ately $�40 t�r 5.47°/n ol`cc�vered pay�roll, in the first ycar. The Plan's
#irnd�c� ratio (�ctuariai valu� af assets dividcd by actuariai accrued liabili#y} wauld decr`�e�e fr�m
I O�f�.$°=/o to �3.8°fo.
■ Fc�r e��en,� 0.? 5�/a that t(�e in�•cstn�ent rehirn is lowered the required Vil}age contribution would
increase t�y a�Fr�}xim��eiy $3�,{?Ot}, arYd the E`unded r�ttio cwould deeresse by approximat�l�r 3.3%.
Additional D�selcrSUres
Thi.� re��rt wa� prepaned �t the request of the Board and is intended for use by� the Retirement Plan and tl�ose
design�ted or �}�prc�ved by t�te Bt�ar�. This re}�c�rl mav be �ruvided #o parties otl�er th�n the Plan only in its
entsr�ty and only� �vith the permission of tlle BoArc�.
Th� purpQSe c�ftl�i� repo�t is to describe tlie financial effect �f the chan,�es in aetuarial assumptians r�etai�ed
at�csve. This a shnuld nt�t t�� rel ied oi� for any pur�sose other than the putpose descrihed a�bove.
Tl�e calcu�ac�cs��s in th►s rep�rt are based u�or� irfixn�atic�n furnished by the Plaa Administrator �nd the
Village f'c�r the C}ctc�ber 1, 2{}15 AGtuari�l Valuation concerning Plan benefits, fna�zcial trar�sactians, plan
prouisioi}s a�zcl acti�e members, terrninatecf ine���bers, retirees and b�nefciaries. We re�iewed this
infor�nation far interna! and year-ta-year c�nsist�n�y�, but did itc�t otherr+r�se audit the data, We are not
res�nsible fnr the a�uracy nr r.c�mp�eteness nfthe information provid�d by the Plar� .�ldmir�istcatflr and the
V i I I���.
��ala�i�I Itoeder Smith �c. �:c�rrig�a�sx�
A11�. Kerrv Uuttnn
Apri127, 2�D 16
Fa�e 3
�"he caiculations tn tltis re�ort are based c�n data or c�ther infnrina#ic�n through Septernber 30�, 2Qi 5. Futur�
actaari�� measurements n��y diff`�r significantly fram the current meastarements �aresented in thi� re�sort du�
to stich factors as the f't�l Itswin�: plan experience differing from that anticipateci by �he ecanomic or
�einugraphic a�su�nptions; cf�ai�ges in economic or deit�ographic afisumptic�ns; ineresses ar decre�ses
exp�4fed a� �art oftl�e nstural flperation of the methodology useci ti�r these me�►surernents {such as the end of
an ainortizatic�n �xiod ea� �dditic�nal cost or contribution eequirements based on the plan's fur�dec� st�tus�; and
ehanges in plar� provisions or applicable law, if yc+u have neason tv t�lieve that th� a�ssumptinns that v�rere
useci �re unrsast�nable, that the pl�ii provisions are incoerectty r�escri�ed, that impnrt�tnt pl�n pro►+f�ic�ns
rcl��rant #o this praposa] are rt�c�t de�c:ribeci, or tha� conditicans have cha�i,�ed �ince the calci�iations were rnade,
ypu should contact the autl�ar �afthe re�ort prior tU r�l}�ing esn inlorrnati�r} in th� repcirt.
Jef�rey A�nr�se t��tc� Tri�ha Amrpse �re rnembe� nf the American Academy of Actuaries and meet the
Qualifiestion Stai�dards t�f the American Acr�de�tt}� c�f d4,ctuaries to ren�er the actuarial apinions contained
herein. Tlje undersi�a��d actuaries are independent of the plan s�oi�sor.
This rept�rt has becn �rcparcd by actu�ries whv ha�e subst�nti�l experi�nt�e vatuing �u�lit� etnpl�yee
rctireme�nt s�rstems. Te� the besl s.jC c�ur I�iiowledge the infot�natian cantained in th4s re�ort is �ccvrate anc�
�'�irly pr�sents the actuarial pnsitinn of t�ie ['tan as of the valuation ciate. A�l c�lculations hav� been ma�e in
c�n#'nr�nity with �ener�►Ily accepted actuarial �rir�cipEes artd pr�c�tic�s, and with the Actuarial Standards of
PraCtiC� iSSUed h� th� Actu�rial Standards 13t�ard and with applicable statutes.
4�� welc�ottte yt�ur q�3estians and ccsmme�its.
Sinctrrelv ��o�es,
r
, J � �,�`' `;
g t � {(
. �8 `�'.1 : � `s�.'C_.<'�-,�' �- t'p�'Y.-4_-l?.*':y-'�.—
�'effr� i#mrose, EA, M.4�A T�ish�t Atnr,�se, �A, MA,AA
Senior �Consultanl & Actuary Ccrnsultar�t & Aatuary
Eijc�nsures
� This cUmmunia; atinn shall nq�t k�e ct�nstrued to provicie tax ac�s��ice, le�a� advice or inv�stment adr�ic�.
6���°�ra�.i Rc�edet� 4�it� �: Cc�nap�sa�
EXHIBIT l
Investment Eapected Standard
Consultant Investment Expected E�pected Investment Recogniaed Nominal Deviation
Expected Consultant Real Actuary Nominal andActive Vsluefor ReturnNet ofExpected
Investment Nominal Inflation Return InBatioa Return Management Active ofE�e�es Return
Consulta� Return Assum tion 2- 3 Assum tion 4+ 5 E nses Ma ement 6- 7+ 8 1-Year
(I) �Z) � � � lb) l �$) � (�
1 6.10% 2.12% 3.98% 2.50% 6.48'% 0.2(1°l0 0?Q% 6.4H% 12.6U"/o
2 6.59°/u 2.50°/u 4.09°/u 2.50% 6.54°/a 020% 0.2Q°/n 6.59% 13.10%
3 6.51% 2.25°l0 4.26% 2.50% 6.76% 0.2G% 0.20% 6.76% 13.10%
4 6.90°/u 2.50% 4.40% 2.50°l0 6.90% 0.20°/u Q.20% 6.90% 12.50°/u
5 690% 211% 4.79% 2.50% 729% 0.20% 0.20% 7.29% I3.10%
6 7.15°/u 2.26°/u 4.89% 2.50% 7.39°! 020°/u 0.20% 739% (2.10°/u
7 7?2% 3�U% S.G2% 2.50% 7.52% 0.20% 0.20% 7.52% 12.5U%
8 7.52°l0 22d% 5.32% 2.50% 7.82% 0.2Q% Q.20°ln 7.82% 13.60%
Average 6.86% 2.27% 4S9°10 2S0% 7.04% 0.20% 0.20% 7.09% 12.83%
Distributionof20-YearAverage Probability Probability Probabilityof Probabiltty
Investment GeometricNetNominalReturn ofexceeding ofexceeding exceetling ofexceeding
Consuttant 40th SOth 60th 631% 6.50% 7.00% 7.50%
{1) izl ( ( ( ts) l� (
1 5.01% 5.72% 6.43°/n 41.6% 34.0°/n 32.4% 26.3°/n
2 5.05% 5.78% 65t% 42.7% 40.2% 33.7% 27J"/o
3 5.22% 5.95% 6.69% 45.0% 42.5°10 35.9°l0 29.7%
4 5.46% 6.16% 6.86% 47.8% 45.1°lq 38.1% 31.5%
5 5.75% 6.48% 7.22°,% 523°{0 49.7% 42.9% 363°!0
6 6.02% 6.70% 7.38% 55.7% 52.9% 45.5% 38.3%
7 6.08°/u 6.78°�0 7.49% 56.7°/u 54.1% 46.9% 39.8°/u
8 6.20% 6.95°!0 7.72°/n SH.S 56.0°l0 49.4% 42.8°/n
Average 5.60% 6.31% 7.04% SO.Q% 47.4°!0 40.6% 34.1%
4
EXIILBIT 2
SUPPLEMENTAL ACTUARIAL VALUATION REPORT
Ptan
Village of Tequesta General Employees Pensian Trust Fund
Valuation Date
October 1, 2{? 15
Date af Report
April 27, 2016
Report Re+quested by
Board of Trustees
Prepared by
Jeffrey Amrose
- Group Valued
All active and inactive rnembers of the Plan.
Actuarial Assumptions and Methads
Same as October 1, 2015 Actuarial Valuation Report except as described herein.
Some of the key assumptions/methods are;
Investment Return Currently, 7.50`%; results are shawn using 7.{}0`% and 6.5Q�10
Salary increase 6.00% per year
Cost Method Aggregate
Amortization Period for Any Change in Actuarial Accrued Liability
Nat applicable
Summary af Data IJsed in Report
See attached page
Actuarial Impact of Proposal(s)
See attached page{s)
Other Cost Considerations
As afOctaber l, 2415 the Actuarial Value of Assets exceeds the Market Value of Assets by $14],564.
Tfiis difference wili be recognized over the next several years. In turn, the computed averall employer
contributic�n rate will gradually increase by appraximately 0.54% of covered payroll in the absence �f
offsetting �ains.
Under the Florida Statutes, effecrive no later than the October 1, 2016 Actuarial Valuation, the Plan
will be required ta use the same mortality assumption as is used by the Florida Retirement Systetn
(FRS}. The impact af changing the mortality assumption is not reflected in our calculations.
Special Risks Involved with the Proposal That the Plan Has Not Been Exposed to Previously
None
5
__
EXHIBIT 2
ACTUARIALY DETERMINED C�NTRiBUTION (ADC}
GENERAL EMPLOYEES
A. Valuation Date October 1, 2015 October I, 2015 October 1, 201 S
Basetine 7.�% Investment fi.5% Investrnent
Relc�rn Assumptiora Return �4ssurnption
B. ADC to Be Paid Diu
Fiscal Year Ending 9/30l2017 9/30/2017 9/3dl2Q17
C. Assumed Date of Employer Contributian Monthly Manthly Monthly
D. Annual Payment to Amortize
Unfunded Actuarial Liability (UAL) $ 0 $ 0 $ 0
E. Employer Narmal Cost 209,649 272,391 340,424
F. ADC if Paid on the Valuation
Date: D+� 209,649 272,391 340,429
G. ADC Adjusted for Frequency of
Payments 2 l 7,884 2$2,398 352,068
H. ADC as% of Covered Payroll 823 °/a ] 0.67 °lo I 3.30 %
l. Assumed Rate of lncrease in Covered
Payroll to Cantribution Year 4.00 % 4.00 % 4.00 %
J. Covered Payroll for Contributian Year 2,753,276 2,753,27�i 2,753,276
K. ADC far Contribution Year: H x J 226,595 293,775 36b,186
L. ADC as °fo of Covered Payroll in
Cailtribution Year: K i] 8.23 % 10.67 °l0 13.30 %
M. Change i n ADC N/A 67,180 134,541
N. Change i n ADG as % of Covered
Payroll in Contribution Year N/A Z.44 % S.Q7 %
6
EXHIBIT 2
ACTUARIAL VALUE OF BEIYEFITS AND ASSETS
GENERAL EMPLOYEES
A Valuation Date October 1, 2015 Octoher I, 2015 October l, 2015
Basefine 7.0% Investment 6.S% Investment
Return flssumptdr�n Return fii.sum�tinn
B. Actuarial Present Value ofAll Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 4,907,440 $ 5,3fi0,641 $ S,$74,648
b. Vesting Benefits 240,74b 276,677 319,940
c. Disability Benefits 460,436 448,157 540,381
d Preretirement Death Benefits 59,949 66,274 73,510
e. Return of Member Contributions 14,028 14, l97 14,372
£ Total S,b82,599 6,215,946 G,822,851
2. Inactive Members
a. Service Retirees & Bene�ciaries 164,610 171,159 178,210
b. Disability Retirees 0 0 0
c. Terminated Vested Members 78,476 82,895 87,689
d. Total 243,086 254,054 265,899
3. Total for All Members 5,925,685 6,470,000 7,088,750
C. Actuarial Accrued {Past Service)
Liability under EntryAge Normal 3,432,501 3,660,316 3,908,731
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 N/A NIA NIA
E. Plan Assets
l. Market Value 3,Sfi4,49Q 3,564,490 3,564,490
2. Actuarial Value 3,666,054 3,666,054 3,666,054
F. Unfunded Actuarial Accrued Liability {233,453) (5,738) 242,677
G. Actuarial Present Value of Projected
Covered Payrol] 19,679,256 20,242,546 20,839,243
H. Actuarial Present Value of Projected
Member Contributions 983,963 l,Ol2,127 1,041,9fi2
I. Funded Ratio: E2/C 106.8 % L40.2 % 93.8 %
7
EXHIBIT 2
CALCULATI4N QF EMPLOYER NORMAL COST
GENERAL EMPLOYEES
A. Valuation Datc Octobcr 1, 2015 Uctobcr 1, 2015 Octobcr 1, 2015
Baseline 7,Q% Investment 6.3% Investment
Return Assumption Return Assum�tion
B. Actuarial Present Value of Projected
Benetits $ 5,925,685 $ b,470,Q00 $ 7,088,750
C. Actuarial Value of Assets 3,b66,054 3,fi66,054 3,fi66,054
D. Actuarial Present Value of Projected
Member Contributions 983,963 1,012,127 1,041,962
E. Actuarial Present Value of Prajected
Ernploycr Normal Costs: B-C-D 1,275,668 1,791,819 2,3$0,734
F. Actuarial Present Value of Projected
Covered Payroll 19,679,256 20,242,546 20,839,243
G. Emplayer Normal Cast Rate: E/F 6.48 % 8.85 % 11.42 %
H. Covered Annual Payroll 2,647,381 2,647,381 2,647,381
L Employer Normal Cost: Gx H 171,550 234,293 3Q2,331
J. Assumed Amount of Administrative
Expeilses 38,098 38,098 3�,098
K. Total Employer Narmal Cost: i+J 209,b49 272,391 340,42R
L. Employer Narmal Cost as °/a of
Covered Payroll 7.92 % 10.29 % 12.86 %
8
EXIiIBIT 2
PARTfCiPANT DATA
GENERAL EMPLOYEES
October 1, 2015 October 1, 2015 October 1, 2015
Baseli�ie 7.0%Investment b.5%Investment
Reta�rn Assztmption Returri ,4ssumptaan
ACTTVE MEMBERS
Number 45 45 45
Covcrcd Annual Payroll $ 2,647,381 $ 2,647,381 $ Z,b47,381
Aver�age Annual Payroll $ 58,831 $ 58,831 $ 58,831
Average Age 48.0 45.0 48.4
Average Past Service 6.7 6.7 �i.7
Average Age at Hire 41.3 41.3 41.3
RETIREES & BENEFICLARIS
Number 2 2 2
AnnualBenetits $ 1fi,657 $ 16,657 $ 16,657
Average Annual Benefit $ 694 $ 694 $ 694
DISABILITY RETiREES
Number 0 0 0
Annual Benefits $ 0 $ 0 $ Q
Average Annual Benetit $ 4 $ 0 $ Q
TERMINATED VESTED MEMBERS
Nurnber 2 2 2
Aiuival Benefits $ 9,144 $ 9,144 $ 9,144
Average Annuai Benefit $ 381 $ 381 $ 38]
9
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