HomeMy WebLinkAboutDocumentation_Regular_01_03/09/2017 TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 12/31/16
a. Florida Statutes §112.66(13) which requires the Village to contribute at
least the normal cost of the pension fund. In the absence of this law, there
would be no contribution for the Police portion of the plan.
b. Florida Statutes §112.63(1)(f) which requires all governmental plans to use
the mortality table used by the Florida Retirement System in one of the two
most recent valuations. The actuarial valuation was performed using the
mortality table used in the most recent valuation by the Florida Retirement
System which decreased the contribution by 1.22% of payroll.
Additionally, the Board lowered the assumed rate of return to 7.25% which also
impacted the contribution. The Board also determined to continue the discussion
over the upcoming fiscal year on the assumed rate and whether future reductions
are warranted.
The Actuary discussed the strength of the Fund. The funded ratio of the Plan is
97.5% compared to 93.4% last year. The Actuary felt that the Fund was in
actuarially sound and in very good condition. He felt that the assumptions were
reasonable, the Pension fund had low levels of costs, and the contribution rate had
low volatility. The average contribution rate for other municipal pension funds is
40 % -50% of payroll with more aggressive assumptions.
6. The attorney reported on several items of interest as follows:
a. Change in the IRS Mileage rate to 53.5 cents down from 54 cents per mile.
b. Pending FRS mortality table changes which must be adopted by the Board
within 2 years in compliance with Florida Statutes §112.63(f).
c. Annual Report to the State of Florida will be filed electronically beginning
2 112.66(13) A local government sponsor of a retirement system or plan may not reduce
contributions required to fund the normal cost. This subsection does not apply to state- administered
retirement systems or plans.
3 112.63(1) Each retirement system or plan subject to the provisions of this act shall have
regularly scheduled actuarial reports prepared and certified by an enrolled actuary. The actuarial report
shall consist of, but is not limited to, the following:
(f) Effective January 1, 2016, the mortality tables used in either of the two most recently published
actuarial valuation reports of the Florida Retirement System, including the projection scale for mortality
improvement. Appropriate risk and collar adjustments must be made based on plan demographics. The
tables must be used for assumptions for preretirement and postretirement mortality.
00082769.WPD;1 Page 2 of 3
TEQUESTA GENERAL EMPLOYEES' PENSION TRUST FUND
Summary of Actions for Quarter ending 12/31/16
this year.
d. SB 158 - Cancer presumption for Firefighters
e. Review of security measures - City of Miami Beach experienced a significant
Toss of money from a City checking account. The attorney suggested a
review of the security measures in place as well as look at ways to improve.
Board determined to:
1) Invite a representative of the Finance Department to the next meeting
to discuss;
2) Ask Fiduciary Trust (custodian) to present memo on their processes
and cyber coverage; and
3) Explore coverages and costs of stand alone cyber liability coverage.
7. Klausner, Kaufman, Jensen & Levinson requested on line read only access to
the holding for purposes of monitoring potential class actions and recovery
follow up.
8. Klausner, Kaufman, Jensen & Levinson requested a fee increase from $225 per
hour to $265 per hour which the Board approved.
9. The next meeting is scheduled for May 1, 2017.
PLEASE ADDRESS ANY QUESTIONS IN WRITING AND THE BOARD WILL
RESPOND IN KIND.
00082769.WPD;1 Page 3 of 3
GRS Gabriel Roeder Smith & Company
Cansukants & Actuaries
VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS PENSION TRUST FUND
ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2016
ANNUAL EMPLOYER CONTRIBUTION FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018
GRS
GRS Gabriel Roeder Smith & Company One East Broward Blvd. 9 .527,1616 phone
Consultants 8c Actuaries Suite 505 954.525,0083 lair
Ft. Lauderdale, FL 33301-1804 ww w_gabrielrueder,cum
February 3.2017
Board of Trustees
Village of Tequesta Public Safety Officers
Pension Trust fund
Tequesta, Florida
Re: Village of Tequesta Public Safety Officers Pension Trust Fund
Actuarial Valuation as of October 1, 2016
Dear Board Members:
The results of the October 1, 2016 Annual Actuarial Valuation of the Village of Tequesta Public Safety
Officers Pension Trust Fund are presented in this report.
The computed contribution rate shown on page 1 may he considered as a minimum contribution rate that
complies with the Board's funding policy. Users of this report should be aware that contributions made at
that rate do not guarantee benefit security. Given the importance of benefit security to any retirement
system, we suggest that contributions to the System in excess ofthose presented in this report be considered.
The contribution rate in this report is determined using the actuarial assumptions and methods disclosed in
Section B of this report. This report includes risk metrics in Section A but does not include a more robust
assessment of the risks of future experience not meeting the actuarial assumptions. Additional assessment of
risks was outside the scope of this assignment. We encourage a review and assessment of investment and
other significant risks that may have a material effect on the Plan's Financial condition.
This report was prepared at the request of the Board and is intended for use by the Retirement System and
those designated or approved by the Board. This report may be provided to parties other than the System
only in its entirety and only with the permission of the Board. GRS is not responsible for unauthorized use
of this report.
The purposes of the valuation are to measure the System's funding progress, to determine the employer
contribution rate for the fiscal year ending September 30.2018, and to determine the actuarial information
for GASB Statement No. 67 for the fiscal year ending September 30, 2016. This report should not be relied
on for any purpose other than the purposes des bed herein. Determinations of financial results, associated
with the benefits described in this report, for purposes other than those identified above may he significantly
different.
The findings in this report are based on data or other information through September 30, 2016. Future
actuarial measurements may differ significantly from the current measurements presented in this report due
to such factors as the following: plan experience differing from that anticipated by the c,romie or
demographic assumptions; changes in economic or demographic assumptions; increases or decreases
expected as part of the natural operation of the methodology used for these measurements (such as the end of
an amortization period or additional cost or contribution requirements based on the plan's funded status): and
changes in plan provisions or applicable law. The scope of an actuarial valuation does not include an
analysis of the potential range of such measurements.
This valuation assumed the continuing ability of the plan sponsor to make the contributions necessary to fund
this Plan_ A determination regarding whether or not the plan sponsor is actually able io do so is outside our
scope of expertise and was not performed_
The valuation was based upon information furnished by the Plan Administrator concerning Retirement
System benefits, financial transactions, plan provisions and active members, terminated members, retirees
and beneficiaries. We checked for internal and year -to -year consistency, but did not otherwise audit the data.
We are net responsible for the accuracy or completeness of the information provided by the Plan
Administrator.
In addition, this report was prepared using certain assumptions approved by the Board and prescribed by the
Florida Statutes as described in the section of this report entitled Actuarial Assumptions and Methods. The
prescribed assumptions are the assumed mortality rates detailed in the Actuarial Assumptions and Methods
section in accordance with Florida House Bill 1309 (codified in Chapter 2015 -157),
This report has been prepared by actuaries who have substantial experience valuing public employee
retirement systems. To the best of our knowledge the information contained in this report is accurate and
fairly presents the actuarial position of the Retirement System as of the valuation date. All calculations have
been made in conformity with generally accepted actuarial principles and practices, with the Actuarial
Standards of Practice issued by the Actuarial Standards Board and with applicable statutes.
Jeffrey Amrose and Trisha Amrose arc members of the American Academy of Actuaries. These actuaries
meet the Academy's Qualification Standards to render the actuarial opinions contained herein.
The signing actuaries are independent of the plan sponsor.
This actuarial valuation andlor cost determination was prepared and completed by me or under my direct
supervision, and l acknowledge responsibility for the results. To the best of my knowledge, the results arc
complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the
requirements and intent of Part Vll, Chapter 112, Florida Statutes, and are based on generally accepted actuarial
principles and practices. There is no benefit or expense to be provided by the plan and/or paid from the plan's
assets for which liabilities or current costs have not been established or otherwise taken into account in the
valuation. All known events or trends which may require a material increase in plan costs or required
contribution rates have been taken into account in the valuation.
Gabriel, Roeder, Smith & Company will be pleased to review this valuation and Report with the Board of
Trustees and to answer any questions pertaining to the valuation.
Respectfully submitted,
GABRIEL, Rt EDER, SMITH AND COMPANY
By: By:
Jeffrey Amrose, MAAA Trisha Amrose, MAAA
Enrolled Actuary No. 14 -6599 Enmlled Actuary No. 14 -80 I 0
Senior Consultant & Actuary Consultant & Actuary
Gabriel Roeder Smith & Company
TABLE OF CONTENTS
Section Tide Pate
A 1. Discussion of Valuation Results 1
2. Chapter Revenue 4
B Valuation Results
1. Summary of Valuation Results 5
2. Actuarial Value of Benefits and Assets 8
3. Derivation of Employer Normal Cost 11
4. Liquidation of Unfunded Actuarial
Accrued Liability 14
5. Actuarial Gains and Losses 16
6. Actual Compared to Expected Decrements 19
7. Recent History of UAAL and Funded Ratio 20
8. Actuarial Assumptions and Cost Method 21
9. Glossary of Tennis 25
C Pension Fund Information
I . Statement of Plan Assets at Market Value — Combined 28
2. Statement of Plan Assets at Market Value by Group 29
3. Reconciliation of Plan Assets - Combined 31
4. Reconciliation of Plan Assets by Group 32
5. Reconciliation of DROP Accounts 34
6. Development of Actuarial Value of Assets 35
D Financial Accounting Information
1. FASB No. 35 37
2. GASB No. 67 38
E Miscellaneous Information
1. Reconciliation of Membership Data 45
2. Statistical Data 46
3. Age and Service Distributions 48
F Summary of Plan Provisions 50
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SECTION A
DISCUSSION OF VALUATION RESULTS
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1
DISCUSSION OF VALUATION RESULTS
Comparison of Required Employer Contributions
A comparison of the required employer contribution developed in this and the last actuarial
valuation is shown below.
For FYE For FYE Increase
9/30/2018 9/30/2017 (Decrease)
Police Officers $ 93,571 $ 51,380 42,191
% of Payroll 30.08 % 11.96 % 18.12 %
Firefighters 176,851 204,687 * (27,836)
% of Payroll 11.86 % 13.87 % (2.01) %
Total Required Contribution 270,422 256,067 * 14,355
% of Payroll 15.00 % 13.44 % 1.56 %
*Updated from the prior year actuarial valuation report to reflect the State Contribution received for
fiscal year ending September 30, 2016 and for the current Village estimate for use of the Chapter 175
Reserve
The required employer contribution has been adjusted for interest on the basis that payments are
made in equal installments at the end of each month. The required employer contribution has also been
computed under the assumption that the amount to be received from the State on behalf of police officers is
$0 in 2017 and 2018, and on behalf of firefighters is $152,443 in 2017 and 2018. If the payments from the
State fall below the expected payments, then the employer must raise its contribution by the difference. If
the payments from the State for firefighters are above the expected payments, then the employer may reduce
its contribution by the difference. In addition, for firefighters, estimated Chapter 175 Reserve balances of
$151,438 for both 2017 and 2018 are assumed to be used towards satisfaction of the required employer
contribution.
The actual Employer and State contributions for police officers for the year ending September 30,
2016 were $38,638 and $0, respectively, for a total of $38,638, or 11.32% of payroll based on a payroll
amount of $341,342. The required contribution was 10.95% of payroll.
The actual Employer contributions, State contributions, and use of the State Contribution Reserve
for firefighters for the year ending September 30, 2016 were $60,162, S 152,443 and 5242,266, respectively,
for a total of $454,871, or 32.97% of payroll based on a payroll amount of 51,379,650. The required
contribution was 32.97% of payroll.
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2
ChanEes in Benefit Provisions
There have been no changes in benefit provisions.
Change in Actuarial Assumptions and Methods
The mortality assumption was changed from the RP -2000 Combined Healthy Participant Mortality
Table for males and females with mortality improvements projected to all future years after 2000 using
Scale AA to the mortality assumption used by the Florida Retirement System (FRS) for Special Risk Class
members in the actuarial valuation as of July 1, 2016. The current FRS mortality tables are the RP -2000
Combined Healthy Participant Mortality Table (for pre- retirement mortality) and the RP -2000 Mortality
Table for Annuitants (for post - retirement mortality), with mortality improvements projected to all future
years after 2000 using Scale BB. For males, the base mortality rates include a 90% blue collar adjustment
and a 10% white collar adjustment. For females, the base mortality rates include a I00% white collar
adjustment. This change was made in compliance with Florida House Bill 1309, which requires all public
pension plans in Florida to use the same mortality tables used in either of the last two actuarial valuations
reports of FRS no later than October 1, 2016. The assumption change described above decreased the
Employer Contribution Rate by 1.22% of covered payroll.
Actuarial Experience
Overall experience since the last valuation has been favorable resulting in an actuarial gain of
$286,595. The gain is primarily due to lower than expected salary increases and greater than expected
member separations before retirement.
Funded Ratio
The funded ratio is 97.5% this year compared to 93.4% last valuation. The funded ratio was 96.3%
before reflecting the mortality assumption change. The funded ratio is equal to the actuarial value of assets
divided by the actuarial accrued liability.
Variability of Future Contribution Rates
The Actuarial Cost Method used to determine the contribution is intended to produce contribution
rates which are generally level. Even so. when experience differs from the assumptions, as it often does,
the employer's contribution can vary significantly from year -to -year.
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3
Over time, if the year -to -year gains and losses offset each other, the contribution rate would be
expected to return to the current level, but this does not always happen.
The Market Value of Assets is less than the Actuarial Value of Assets by $309,651 as of the
valuation date (see Section C). This difference will be gradually recognized over the net several years in
the absence of offsetting gains. If Market Value had been the basis for the valuation, the funded ratio
would have been 94.9% and the Village contribution rate would have been approximately 16.4% instead
of 15.0 %.
Conclusion
The remainder of this Report includes detailed actuarial valuation results, financial information,
miscellaneous information and statistics, and a summary of plan provisions.
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4
CHAPTER REVENUE
Increments in Chapter revenue over that received in 1998 must first be used to fund the cost of
compliance with minimum benefits. As of the valuation date, all minimum requirements have been met.
Actuarial Confirmation oftbe Use of State Chapter Money
Police * Fire Total
1. Maximum Base Amount $ 0 $ 152,443 $ 152,443
2. Amount Received for Previous Plan Year 0 152,443 152,443
3. Benefit improvements Made in Previous Plan Year 0 0 0
4. Excess Funds for Previous Plan Year: (2) - (I) - (3) 0 0 0
5. Accumulated Excess at Beginning of Previous Year 333,315 545,142 878,457
6. Prior Excess Used in Previous Plan Year 0 242,266 242,266
7. Accumulated Excess as of Valuation Date
(Available for Benefit Improvements): (4) + (5) - (6) 333,315 302,876 636,191
8. Base Amount This Plan Year 0 152,443 152,443
* Under Ordinance No. I8-12, the Plan was closed to police officers hired on or after February 1. 2013
and Chapter 185 revenue is forfeited beginning with the fiscal year ending September 30, 2014.
The Accumulated Excess shown in line 7 (if any) is being held in reserve and is subtracted from
Plan assets (see Section C of this Report). The Base Amount in line 8 is the maximum amount the
employer may take as a credit against its required contribution for the fiscal year ending September 30,
2016; however, in no event may the employer take credit for more than the actual amount of Chapter
revenue received.
GRS
SECTION B
VALUATION RESULTS
GRS
5
SUMMARY OF VALUATION RESULTS
As of October l
2016 2016 2015
After Assumption Before Assumption
COVERED GROUP Change Change
A Number Included in the Valuation
1. Active Members 21 21 23
2. Inactive Members 10 10 8
B. Covered Annual Payroll (Reported Payroll with Salary Scale) S 1.745,242 S 1,745,242 S 1,848.765
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 15.612,090 15,851,947 15,409,049
D. Actuarial Present Value of Projected Normal Costs 3.648,714 3,742,289 4. 107.419
E. Actuarial Accrued Liability (AAL): C - D 11.963,376 12,109,658 11,301.630
F. Actuarial Value of Assets 11.666,118 11,666,118 10,557,966
G. Unfundcd Actuarial Accrued Liability (UAAL): E - F 297258 443.540 743,664
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL 145,187 155.933 79,867
As % ofB 8.32 % 8.93 % 4.32 %
I. Annual Employer Normal Cost 390.213 399,976 440,669
As % of B 22.36 % 22.92 % 23.84 %
J. Adjustment for Frequency of Payment 20,350 21.130 19,785
As %ofB 1.17% 1.21 % I.07%
K. Required Empbycr Contrib: H + 1 + J 555,750 577,039 540,321
As %ofB 31.84% 33.06% 29.23%
L Expected Covered Payroll for Contribution Year 1.802,610 1,802,610 1,905,527
M. Required Employer Contrib for Contribution Year 574,303 596,259 559,948
As %ofL 31.86% 33.08 29.39%
N. Estimated State Premium Tax Refund 152.443 152,443 152,443
As %ofL 8.46% 8.46% 8.00%
0. Use of Chapter 175 Reserve (Fire Only) 151,438 ** 151,438 ** 151,438 **
As %ofL 8.40 % 8.40 % 7.95 %
P. Balance Required from Employer: M - N - 0 270,422 292,378 256,067
As %ofL 15.00% 16.22% 1144%
Q. Year to which Contributions Apply
1. Plan Year Ending 9/30/2018 9/3W2018 9/30/2017
2. Employer Fiscal Year Ending 9/30/2018 9/30/2018 9/30/2017
3. Assumed Date(s) of Employer Contribs. Monthly Monthly Monthly
* We have updated the amount to reflect the State contribution received for fiscal year ending September 30, 2016.
** Current Village estimate of use of Chapter 175 Reserve.
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6
POLICE OFFICERS
SUMMARY OF VALUATION RESULTS
As of October 1
2016 2016 2013
After Assumption Before Assumption
COVERED GROUP Change Change
A. Number Included in the Valuation
1. Active Members 4 4 6
2. Inactive Members 5 5 4
B. Covered Annual Payroll (Reported Payroll with Salary Scale) $ 311,044 $ 311.044 $ 429,707
LONG RANGE COST
C. Actuarial Present Value of Projected Benefits 2 ,696,620 2,744,298 3,205,896
D. Actuarial Present Value of Projected Normal Costs
Projected 666,896 688,051 1,064,046
E. Actuarial Accrual Liability (AAL): C - D 2,029,724 2,056,247 2,141.850
F. Actuarial Value of Assets 3,102,905 3,102,905 2,913,427
G. Unfunded Actuarial Accrued Liability (UAAL): E - F (1,073,181) (1,046,658) (771,577)
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL 0 0 (73,258)
As % of B 0.00 % 0.00 % (17.05) %
I. Annual Employer Normal Cost 90,145 92,185 122.757
As % of B 28.98 % 29.64 % 28.57 %
J. Adjustment for Frequency of Payment 3,426 3,504 1,881
As %ofB 1.10 % 1.13 % 0.44 %
K. Required Employer Contnb: H + 1 + J 93,571 95,689 51,380
As % of B 30.08 % 30.76 % 11.96 %
L. Expected Covered Payroll for Contribution Year 311,044 311,044 429,707
M. Required Employer Contnb for Comrrbution
Year % from K x L 93,571 95,689 51,380
As % of L 30.08 % 30.76 % 11.96
N. Estimated State Premium Tax Refund 0 0 0
As%ofL 0.00 % 0.00 % 0.00 %
0. Balance Required from Employer: M - N 93,571 95,689 51,380
As%ofL 30.08 % 30.76 % 11.96 %
P. Year to which Contributions Apply
1. Plan Year Ending 9/30/2018 9/30/2018 9130/2017
2. Employer Fiscal Year Ending 9/30/2018 9/30/2018 9/30/2017
3. Assumed Date(s) of Employer Contribs. Monthly Monthly Monthly
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7
FIREFIGHTERS
SUMMARY OF VALUATION RESULTS
As of October 1
2016 2016 2015
After A csumption Before Assumption
COVERED GROUP Change Change
A Number Included it the Valuation
1. Active Members 17 17 17
2. Inactive Members 5 5 4
B. Covered Annual Payroll (Reported Payroll with Saar) Scale) $ 1,434,198 $ 1,434,198 $ 1,419,058
LONG RANGE COST
C. Actuarial Putt Vakte of Projected Benefits 12,915,470 13,107,649 12,203,153
D. Actuarial Present Value of' Projected Normal Costs 2,981,818 3,054.238 3.043,373
E. Actuarial Accrued Liability (AAL): C - D 9,933,652 10,053.411 9.159,780
F. Actuarial Value of Assets 8,563.213 8.563.213 7.644,539
G. Unfunded Actuarial Accrued Liabibty (UAAL)_ E- F 1,370,439 1.490,198 1,515,241
CURRENT ANNUAL COST
H. Annual Payment Needed to Amortize UAAL 145.187 155,933 153,125
As %ofB 10.12% 10.87 % 10.79%
I_ Annual Employer Normal Cost 300.068 307.791 317,912
As % of B 20.92 % 21.46 % 22.40 %
J. Adjustment for Frequency of Payment 16,924 17,626 17,904
As % of B 1.18 % 1.23 % 1.27 %
K. Required Employer Contra,: H + I + J 462,179 481.350 488,941
As % of B 32.23 % 33.56 % 34.46 %
L. Expected Covered Payroll for Contribution Year 1,491,566 1,491.566 1,475,820
M. Required Employer Contrib for Contribution
Year % from K x L 480.732 500,570 508,568
As % of L 32.23 % 33.56 % 34.46 %
N. Allowable Credit for State Revenue in Contribution Year 152,443 152.443 152,443 *
As %ofL 10.22% 10.22% 10.33%
O. Use of Chapter 175 Reserve 151,438 ** 151.438 ** 151.438 **
As %ofL I0.15% 10.15% 10.26%
P. Balance Required from Employer: M - N - O 176,851 196.689 204,687
As % of L 11.86 % 13.19 % 13.87 %
Q. Year to which Contributions Apply
1. Plan Year Ending 9/30/2018 9/30/2018 9/30/2017
2. Employer Fiscal Year Ending 9/30/2018 9/30/2018 9/30/2017
3. Assumed Date(s) of Employer Contribs. Monthly Monthly Monthly
* We have updated the amount to reflect the State contribution received for fiscal year ending September 30, 2016.
** Current Village estimate of use of Chapter 175 Reserve.
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8
ACTUARIAL VALUE OF BENEFITS AND ASSETS
POLICE AND FIRE COMBINED
A. Vakiatian Date October 1, 2016 October 1, 2016 October 1, 2015
After Assumption Change 8clorr Assumption Change
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retiement Benefits $ 10591.187 S 10,777,542 $ 11,105,123
b. Vesting Benefits 620 ,548 643,240 669,117
c. Disability Benefits 577,497 646,113 678,062
d. Preretirement Death Benefits 131,533 88,022 94,937
e. Return of Member Contributions 3,572 3,486 2,863
f. Total 11,924,337 12,158,403 12,550,102
2. Inactive Members
a. Service Retirees & Beneficiaries 2,966,318 2,966,932 2,262,007
b. Disability Retirees - - -
c. Terminated Vested Members 721,435 726,612 596,940
d. Total 3,687,753 3,693,544 2,858,947
3. Total for All Members 15,612,090 15,851,947 15,409,049
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 11,963,376 12,109,658 11301,630
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 9,709,988 9,824,424 8•98,657
E. Plan Assets
1. Market Value 11,356,467 11356,467 10,197,105
2. Actuarial Value 11,666,118 11,666,118 10,557,966
F. Unfunded Actuarial Accrued Liability: C - E2 297,258 443,540 743.664
G. Actuarial Present Value of Projected
Covered Payroll 15,315,204 15,354,679 16,458,915
H. Actuarial Present Value of Projected
Member Contributions 882,458 884,744 924.509
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9
ACTUARIAL VALUE OF BENEFITS AND ASSETS
POLICE
A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2015
After A.riumpttoa Change Before A.rrunaphon Change
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $ 1,508,998 $ 1,542,597 $ 2,040,852
b. Vesting Benefits 141,084 147,600 168,739
c. Disability Benefits 93,196 105,506 157,081
d. Preretirement Death Benefits 23,070 15,027 22,563
e. Return of Member Contnbutions - - -
f. Total 1,766,348 1,810,730 2,389,235
2. Inactive Members
a. Service Retirees & Beneficiaries 364,569 367.747 369,411
b. Disability Retirees - - -
c. Terminated Vested Members 565.703 565,821 447.250
d. Total 930,272 933,568 816,661
3. Total for All Members 2,696,620 2,744,298 3,205,896
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 2,029,724 2,056,247 2,141,850
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 1,674,771 1,693,515 1,689,878
E. Plan Assets
1. Market Value 3,052,832 3,052.832 2,797,395
2. Actuarial Value 3,102,905 3,102,905 2,913,427
F. Unfunded Actuarial Accrued Liability: C - E2 (1,073,181) (1,046,658) (771,577)
G. Actuarial Present Value of Projected
Covered Payroll 2,928,297 2,936,616 4,207,812
H. Actuarial Present Value of Projected
Member Contributions 146,415 146,831 210,391
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10
ACTUARIAL VALUE OF BENEFITS AND ASSETS
FIRE
A. Valuation Date October 1, 2016 October 1, 2016 October 1, 2015
Afar Avurnp$ion Change Before Assumption Change
B. Actuarial Present Value of All Projected
Benefes for
1. Active Members
a. Service Retirement Benefits $ 9,082,189 $ 9,234,945 $ 9,064,271
b. Vesting Benefits 479,464 495,640 500,378
c. Disability Benefits 484,301 540,607 520,981
d. Preretirement Death Benefits 108,463 72,995 72,374
e. Return of Member Contrbutions 3,572 3,486 2,863
f. Total 10.157,989 10,347,673 10,160,867
2. Inactive Members
a. Service Retirees & Beneficiaries 2,601,749 2,599,185 1,892,596
b. Disability Retirees - - -
c. Terminated Vested Members 155,732 160,791 149
d. Total 2,757,481 2,759,976 2,042,286
3. Total for All Members 12,915,470 13,107,649 12,203,153
C. Actuarial Accrued (Past Service)
Liability under Entry Age Normal 9,933,652 10,053,411 9,159,780
D. Actuarial Value of Accumulated Plan
Benefits per FASB No. 35 8,035,217 8,130,909 7,308,779
E. Plan Assets
1. Market Value 8,303,635 8,303,635 7,399,710
2. Actuarial Value 8,563,213 8,563,213 7,644,539
F. Unfunded Actuarial Accrued Liability: C- E2 1,370,439 1,490,198 1,515,241
G. Actuarial Present Vakre of Projected
Covered Payroll 12,386.907 12,418,063 12,251,103
H. Actuarial Present Value of Projected
Member CoRmibrtions 736.043 737,913 714,118
GRS
11
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST TOTAL
A Valuation Date October 1, 2016 October 1, 2016 October 1, 2015
After Assumption Change Before Assumption Change
B. Normal Cost for
1. Service Retirement Benefits $ 348,201 $ 354,860 $ 389,607
2. Vesting Benefits 40,935 42,476 42,497
3. Disability Benefits 36,529 41,317 43,779
4. Preretirement Death Benefits 8,620 5,420 5,960
5. Return of Member Contributions 3,056 3,031 3,102
6. Total for Future Benefits 437,341 447,104 484,945
7. Assumed Amount for Administrative
Expenses 54,476 54,476 55,257
8. Total Normal Cost 491,817 501,580 540,202
C. Expected Member Contribution 101,604 101,604 99,533
D Employer Normal Cost: B8-C 390,213 399,976 440,669
E. Employer Normal Cost as % of
Covered Payroll 22.36 % 22.92 % 2384
GRS
12
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST POLICE
A Valuation Date October 1, 2016 October 1, 2016 October 1, 2015
After Assumption Change BeJbre Assumption Change
B. Normal Cost for
1. Service Retirement Benefits $ 63,082 $ 64,495 $ 94,530
2. Vesting Benefits 6,841 7,153 8,430
3. Disability Benefits 6,663 7,561 11,160
4. Preretirement Death Benefits 1,580 1,002 1,549
5. Return of Member Contributions 505 500 606
6. Total for Future Benefits 78,671 80,711 116,275
7. Assumed Amount for Administrative
Expenses 27,026 27,026 27,967
8. Total Normal Cost 105,697 107,737 144,242
C. Expected Member Contribution 15,552 15 ,552 21,485
D Employer Normal Cost: B8 -C 90,145 92,185 122,757
E. Employer Normal Cost as % of
Covered Payroll 28.98 % 29.64 % 28.57 %
. - _
GRS
13
ENTRY AGE CALCULATION OF EMPLOYER NORMAL COST FIRE
A Valuation Date October 1, 2016 October 1, 2016 October I, 2015
After Assumption Change Before Assumption Change
B. Normal Cost for
1. Service Retirement Benefits $ 285,119 290,365 $ 295,077
2. Vesting Benefits 34,094 35,323 34,067
3. Disabdity Benefits 29,866 33,756 32,619
4. Preretirement Death Benefits 7,040 4,418 4,411
5. Return of Member Contributions 2,551 2,531 2,496
6. Total for Future Benefits 358,670 366393 368,670
7. Assumed Amount for Administrative
Expenses 27,450 27,450 27,290
8. Total Normal Cost 386,120 393,843 395960
C. Expected Member Contribution 86,052 86,052 78,048
D Employer Normal Cost: B8-C 300,068 307,791 317,912
E. Employer Normal Cost as % of
Covered Payroll 20.92 % 21.46 % 22A0 %
GRS
14
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY — POLICE
A. UAAL Amortization Period and Payments
Original UAAL Current UAAL
Amortvatioa
Date Period Years Payment
Estalitbbed Source (Years ) Amount Remaining Amount Alter Before
10'1/2009 Initial Unfunded 20 8 (346,507) 13 $ (188,838) $ (21367) S (21,367)
10/1,2011 Experience Loss 20 125.425 15 75,058 7,806 7,806
10/1/2011 Assumption Change 20 123,535 15 73,929 7,688 7,688
10/1/2012 Experience Gain 20 (111,036) 16 (70,150) (7,039) (7,039)
10/1/2013 Experience Gail 20 (131,632) 17 (103,304) (10,037) (10,037)
10/1/2014 Experience Gain 20 (415,852) 18 (388,888) (36,700) (36,700)
10/1/2014 Amendment 20 (33,090) 18 (30945) (2.920) (2.920)
10/1/2015 Experience Gain 20 (181041) 19 (177,189) (16,286) (16.286)
10 Assumption Change 20 70,352 19 68,103 6.259 6.259
10/1/2016 Experience Gain 20 (304,434) 20 (304.434) (27317) (27317)
10/1/2016 Assumption Change 20 (26,523) 20 (26 .523) (2,380) N/A
$ (1,232,803) $(1,073,181) $ (102,293) $ (99,913)
B. Amortization Schedule
The UAAL is being amortized as a level dollar amount over the number of years remaining in the
amortization period. The expected amortization schedule is as follows:
Amortization Schedule
Year Expected UAAL
2016 $ (1,073,181)
2017 (1,041287)
2018 (1,007 071)
2019 (970,374)
2020 (931,017)
2021 (888,806)
2026 (627,164)
2031 (303384)
2036 0
GRS
15
LIQUIDATION OF THE UNFUNDED ACTUARIAL ACCRUED LIABILITY — FIREFIGHTERS
A. UAAL Amortization Period and Payments
Original UAAL Current UAAL
Amortization
Date Period Years Payment
Established Source (Years) Amount Remaining Amount After Before
10 /1 /2009 Initial Unfunded 20 S 506,053 13 S 419,555 $ 47,472 S 47,472
10/1/2011 Experience Loss 20 415,047 15 377,722 39,281 39,281
10/1/2011 Assumption Change 20 390,124 15 355,040 36,922 36,922
10/1/2012 Experience Loss 20 163,332 16 153,131 15,366 15.366
10/1/2013 Experience Gan 20 (146,619) 17 (138,952) (13,501) (13,501)
10/1/2014 Experience Gait 20 (3,585) 18 (3,489) (329) (329)
10/1/2014 Amendment 20 287,632 18 279,874 26,412 26,412
10/1/2015 Experience Gait 20 (253,134) 19 (248,829) (22,870) (22,870)
10/1/2015 Assumption Change 20 283,121 19 278,307 25,579 25,579
10/1/2016 Experience Loss 20 17,839 20 17,839 1,601 1,601
10/1/2016 Assumption Change 20 (119,759) 20 (119,759) (10,746) N/A
$ 1,540,051 5 1,370,439 $ 145,187 S 155,933
B. Amortization Schedule
The UAAL is being amortized as a level dollar amount over the number of years remaining in the
amortization period The expected amortization schedule is as follows:
Amortization Schedule
Year Expected UAAL
2016 $ 1,370,439
2017 1,314,077
2018 1,253,635
2019 1,188,810
2020 1.119,286
2021 1,044,721
2026 582 ,530
2031 32,194
2036 0
GRS
16
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income, expenses,
salary increases, and other factors have been based on long range trends and expectations. Actual
experience can vary from these expectations. The variance is measured by the gain and loss for the period
involved. If significant long term experience reveals consistent deviation from what has been expected and
that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss) for
the past year is computed as follows:
Derivation of the Current UAAL - Police
1. Last Year's UAAL $ (771,577)
2. Last Year's Employer Normal Cost 116,949
3. Last Year's Contributions 38,638
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year (47,461)
b. 3 from dates paid 1,497
c. a - b (48,958)
5. This Year's Expected UAAL Prior to Assumption:
Change: 1 + 2 - 3 + 4c (742,224)
6. Change in UAAL Due to Change in Actuarial
Assumptions (26,523)
7. This Year's Expected UAAL After Assumption
Change: (5)+(6) (768,747)
8. This Year's Actual UAAL (After Changes) (1,073,181)
9. Net Actuarial Gain (Loss): (7) -(8) 304,434
10. Gain (Loss) due to investments 7,007
11. Gain (Loss) due to other sources 297,427
GRS
17
Derivation of the Current UAAL - Fire
1. Last Year's UAAL $ 1.515,241
2. Last Year's Employer Normal Cost 292,643
3. Last Year's Contributions 454,871
4. Interest at the Assumed Rate on:
a. 1 and 2 for one year 131,072
b. 3 from dates paid 11,726
c. a - b 119,346
5. This Year's Expected UAAL Prior to Assumption:
Change 1 + 2 - 3 + 4c 1,472,359
6. Change in UAAL Due to Change in Actuarial
Assumptions (119,759)
7. This Year's Expected UAAL After Assumption
Change: (5)+(6) 1,352,600
8. This Year's Actual UAAL (After Changes) 1,370,439
9. Net Actuarial Gain (Loss): (7) -(8) (17,839)
10. Gain (Loss) due to investments 3,863
I 1. Gam (Loss) due to other sources (21,702)
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan
so it is important that they are in line with the actual experience. The following table on the next page
shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few
years:
GRS
00
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61
RECENT HISTORY OF UAAL AND FUNDED RATIO
EA
Actuarial
Accrued UAAL As
Actuarial Actuarial Value Liability (AAL) Unfunded Funded Cove red of Covered
Valuation of Assets - Entry Age AAL (UAAL) Ratio Payrmf Payroll
Date (a) (b) (b) - (a) (a) / (b) (c) (b- a)/(c)
10/1/1998 S 934,659 S 532,439 S (402,220) 175.5 % S 967,853 (41.6) %
10/1/2000 1,683.867 834.839 (849,028) 201.7 1.203.923 (70.5)
10/1/2002 1,875.657 1,428,869 (446,788) 1313 2,132,437 (21.0)
10/1/2003 ' 1,966,148 1,610,963 (355,185) 122.0 1,339,667 (263)
10///2005 2.782.953 2.598,331 (184,622) 107.1 1.650,403 (11.2)
10/1 /2007 4,080,609 3,730,247 (350362) 109.4 1,931,871 (18.1)
10/1/2009 5,298,959 5,458,505 159,546 97.1 2,184,690 73
10/1/2011 6,526,370 7.720,559 1,194,189 843 2,171,363 55.0
10/1/2012 7,371,147 8,595260 1,224,113 85.8 2,116.667 57.8
10/1/2013 8.412,535 9.390.071 977,536 89.6 1.937,546 50.5
10/1/2014 9,550.823 10,376,172 825,349 92.0 1.891,179 43.6
10/1/2015 10.557,966 11,301,630 743,664 93.4 1,848,765 40.2
10/1/2016 11,666,118 11.963,376 297,258 973 1,745,242 17.0
• Start Public Safety Plan only
N
0
21
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method - Normal cost and the allocation of benefit values between service rendered
before and after the valuation date were determined using an Individual Entry -Age Actuarial Cost
Method having the following characteristics:
(i) the annual normal cost for each individual active member, payable from the date of
employment to the date of retirement, is sufficient to accumulate the value of the member's
benefit at the time of retirement;
(ii) each annual normal cost is a constant percentage of the member's year by year projected
covered pay.
Actuarial gains/(losses), as they occur, reduce (increase) the Unfunded Actuarial Accrued Liability.
Financing of Unfunded Actuarial Accrued Liabilities - Unfunded Actuarial Accrued Liabilities (full
funding credit if assets exceed liabilities) were amortized by level (principal & interest combined) dollar
contributions over 20 years.
Actuarial Value of Assets - The Actuarial Value of Assets phase in the difference between the expected
actuarial value and actual market value of assets at the rate of 20% per year. The Actuarial Value of
Assets will be further adjusted to the extent necessary to fall within the corridor whose lower limit is 80%
of the Market Value of plan assets and whose upper limit is 120% of the Market Value of plan assets.
During periods when investment performance exceeds the assumed rate, Actuarial Value of Assets will
tend to be less than Market Value. During periods when investment performance is less than assumed
rate, Actuarial Value of Assets will tend to be greater than Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section.
Economic Assumptions
The invesnnent return rate assumed in the valuations is 7.25% per year, compounded annually (net after
investment expenses).
The Wage Inflation Rate assumed in this valuation was 3.0% per year. The Wage Inflation Rate is
defined to be the portion of total pay increases for an individual that are due to macroeconomic forces
including productivity, price inflation, and labor market conditions. The wage inflation rate does not
include pay changes related to individual merit and seniority effects.
The Pay increase assumption is 6% per year up to the assumed retirement age. To allow for the
inclusion of the lump sum payment of unused leave pay in average final compensation for firefighters at
DROP entry, projected normal retirement benefits for active firefighters hired before October 1, 2010 are
increased by the calculated percentage based on each member's accrued unused leave hours as of
September 30, 2013 (up to the applicable maximum) divided by 10,400 hours (equal to 2,080 hours for
each year in 5 -year averaging period).
GRS
22
Demographic Assumptions
The nsortali table is RP -2000 Combined Healthy Participant Mortality Table (for a Y Y 1� tY ( pre-retirement
mortality) and the RP -2000 Mortality Table for Annuitants (for post - retirement mortality), with mortality
improvements projected to all future years after 2000 using Scale BB. For males, the base mortality rates
include a 90% blue collar adjustment and a 10% white collar adjustment. For females, the base mortality
rates include a 100% white collar adjustment These are the same rates used for Special Risk Class
members of the Florida Retirement System (FRS) in the July 1, 2016 actuarial valuation, as mandated by
Florida House Bill 1309.
FRS Healthy Post - Retirement Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2016) Men Women Men Women
50 0.54 % 0.23 % 33.78 38.21
55 0.67 0.32 29.14 33.19
60 0.91 0.48 24.56 28.29
65 1.32 0.75 20.17 23.56
70 2.04 1.25 16.05 19.10
75 3.31 2.12 12.34 15.04
80 5.45 3.55 9.15 11.43
This assumption is used to measure the probabilities of each payment being made after retirement.
FRS Healthy Pre - Retirement Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2016) Men Women Men Women
50 0.23 % 0.15 % 34.77 38.56
55 0.39 0.24 29.65 33.42
60 0.72 0.40 24.77 28.40
65 1.24 0.71 20.21 23.58
70 2.04 1.25 16.05 19.10
75 3.31 2.12 12.34 15.04
80 5.45 3.55 9.15 11.43
This assumption is used to measure the probabilities of active members dying prior to retirement.
GRS
23
For disabled retirees, the mortality table used was 60% of the RP -2000 for Disabled Annuitants and 40% of
the RP2000 Annuitant Mortality Table with a White Collar adjustment, set back 4 years for males and set
forward 2 years for females, with no provision being made for future mortality improvements. These are the
same rates used for Special Risk Class members of the Florida Retirement System (FRS) in the July 1, 2016
actuarial valuation, as mandated by Florida House Bill 1309.
FRS Disabled Mortality for Special Risk Class Members
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages Men Women Men Women
50 1.67 % 0.91 % 23.74 27.06
55 2.03 1.26 20.77 23.37
60 2.47 1.67 17.91 19.90
65 3.07 2.24 15.15 16.62
70 3.90 3.18 12.52 13.58
75 5.30 4.60 10.02 10.86
80 7.59 6.66 7.80 8.48
The rate of retirement is assumed to be 100% upon reaching normal retirement age. Probability of early
retirement is 5% for each year eligible.
Rates of separation from active membership are shown on the table below.
Rates of disability among active members are shown on the table below (75% of disabilities were
assumed to be service related).
Employment
Age Termination Rates Disability Rates
20 6.0% 0.14%
25 5.7 0.15
30 5.0 0.18
35 3.8 0.23
40 2.6 030
45 1.6 0.51
50 0.8 1.00
55 0.3 1.55
60 0.2 -
Changes from Previous Valuation - The mortality assumption was changed from the RP -2000 Combined
Healthy Participant Table for males and females with mortality improvements projected to all future years
after 2000 using Scale AA to the mortality assumption used by the Florida Retirement System (FRS) for
Special Risk Class members in the actuarial valuation as of July 1, 2016.
GRS
24
Miscellaneous and Technical Assumptions
Administrative & Investment The investment return assumption is intended to be the return net of
Expenses investment expenses. Annual administrative expenses are assumed to
be equal to expenses for the previous year. Assumed administrative
expenses are added to the Normal Cost.
Benefit Service Exact fractional service is used to determine the amount of benefit
payable.
Decrement Operation Disability and mortality decrements operate during retirement
eligibility.
Decrement Timing Decrements of all types are assumed to occur at the beginning of the
year.
Eligibility Testing Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole Y ear on the date the decrement is
assumed to occur.
Forfeitures For vested separations from service, it is assumed that 0% of members
separating will withdraw their contributions and forfeit an employer
financed benefit. It was further assumed that the liability at
termination is the greater of the vested deferred benefit (if any) or the
member's accumulated contributions.
Incidence of Contributions Employer contributions are assumed to be made at the end of each
month. Member contributions are assumed to be received
continuously throughout the year based upon the computed percent of
payroll shown in this report, and the actual payroll payable at the time
contributions are made.
Marriage Assumption 100% of males and 100% of females are assumed to be married for
purposes of death -in- service benefits. Male spouses are assumed to be
three years older than female spouses for active member valuation
purposes.
Normal Form of Bent A ten -year certain and life benefit is the normal form of benefit.
Pay Increase Timing Beginning of fiscal year. This is equivalent to assuming that reported
pays represent amounts paid to members during the year ended on the
valuation date.
Service Credit Accruals It is assumed that members accrue one year of service credit per year.
GRS
25
GLOSSARY OF TERMS
Actuarial Accrued Liability The difference between the Actuarial Present Value of Future Benefits,
(AAL) and the Actuarial Present Value of Future Normal Costs.
Actuarial Assumptions Assumptions about future plan experience that affect costs or liabilities,
such as: mortality, withdrawal, disablement, and retirement; future
increases in salary; future rates of investment earnings; future investment
and administrative expenses; characteristics of members not specified in
the data, such as marital status; characteristics of future members; future
elections made by members; and other items.
Actuarial Cost Method A procedure for allocating the Actuarial Present Value of Future Benefits
between the Actuarial Present Value of Future Normal Costs and the
Actuarial Accrued Liability.
Actuarial Equivalent Of equal Actuarial Present Value, determined as of a given date and based
on a given set of Actuarial Assumptions.
Actuarial Present Value The amount of funds required to provide a payment or series of payments
(API9 in the future. It is determined by discounting the future payments with an
assumed interest rate and with the assumed probability each payment will
be made.
Actuarial Present Value of The Actuarial Present Value of amounts which are expected to be paid at
Future Benefits (APVFB) various future times to active members, retired members, beneficiaries
receiving benefits, and inactive, nonretired members entitled to either a
refund or a future retirement benefit. Expressed another way, it is the
value that would have to be invested on the valuation date so that the
amount invested plus investment earnings would provide sufficient assets
to pay all projected benefits and expenses when due.
Actuarial Valuation The determination, as of a valuation date, of the Normal Cost, Actuarial
Accrued Liability, Actuarial Value of Assets, and related Actuarial
Present Values for a plan. An Actuarial Valuation for a governmental
retirement system typically also includes calculations of items needed for
compliance with GASB No. 67.
Actuarial Value of Assets The value of the assets as of a given date, used by the actuary for
valuation purposes. This may be the market or fair value of plan assets
or a smoothed value in order to reduce the year -to -year volatility of
calculated results, such as the funded ratio and the actuarially
determined employer contribution (ADEC).
GRS
26
Amortization Method A method for determining the Amortization Payment. The most common
methods used are level dollar and level percentage of payroll. Under the
Level Dollar method, the Amortization Payment is one of a stream of
payments, all equal, whose Actuarial Present Value is equal to the UAAL.
Under the Level Percentage of Pay method, the Amortization Payment is
one of a stream of increasing payments, whose Actuarial Present Value is
equal to the UAAL. Under the Level Percentage of Pay method, the
stream of payments increases at the rate at which total covered payroll of
all active members is assumed to increase.
Amortization Payment That portion of the plan contribution or ADEC which is designed to pay
interest on and to amortize the Unfunded Actuarial Accrued Liability.
Amortization Period The period used in calculating the Amortization Payment.
Actuarially Determined The employer's periodic required contributions, expressed as a dollar
Employer Contribution amount or a percentage of covered plan compensation. The ADEC
(ADEC) consists of the Employer Normal Cost and Amortization Payment.
Closed Amortization Period A specific number of years that is reduced by one each year, and declines
to zero with the passage of time. For example if the amortization period is
initially set at 30 years, it is 29 years at the end of one year, 28 years at the
end of two years, etc.
Employer Normal Cost The portion of the Normal Cost to be paid by the employer. This is
equal to the Normal Cost less expected member contributions.
Equivalent Single For plans that do not establish separate amortization bases (separate
Amortization Period components of the UAAL), this is the same as the Amortization Period.
For plans that do establish separate amortization bases, this is the period
over which the UAAL would be amortized if all amortization bases were
combined upon the current UAAL payment.
Experience Gain/Loss A measure of the difference between actual experience and that expected
based upon a set of Actuarial Assumptions, during the period between two
actuarial valuations. To the extent that actual experience differs from that
assumed, Unfunded Actuarial Accrued Liabilities emerge which may be
larger or smaller than projected. Gains are due to favorable experience,
e.g., the assets earn more than projected, salaries do not increase as fast as
assumed, members retire later than assumed, etc. Favorable experience
means actual results produce actuarial liabilities not as large as projected
by the actuarial assumptions. On the other hand, losses are the result of
unfavorable experience, i.e., actual results that produce Unfunded
Actuarial Accrued Liabilities which are larger than projected.
GRS
?7
Funded Ratio The ratio of the Actuarial Value of Assets to the Actuarial Accrued
Liability.
GASB Governmental Accounting Standards Board.
GASB No. 67 and These are the governmental accounting standards that set the accounting
GASB No. 68 rules for public retirement systems and the employers that sponsor or
contribute to them. Statement No. 68 sets the accounting rules for the
employers that sponsor or contribute to public retirement systems, while
Statement No. 67 sets the rules for the systems themselves.
Normal Cost The annual cost assigned, under the Actuarial Cost Method, to the current
plan year.
Open Amortization Period An open amortization period is one which is used to determine the
Amortization Payment but which does not change over time. In other
words, if the initial period is set as 30 years, the same 30 -year period is
used in determining the Amortization Period each year. In theory, if an
Open Amortization Period is used to amortize the Unfunded Actuarial
Accrued Liability, the UAAL will never completely disappear, but will
become smaller each year, either as a dollar amount or in relation to
covered payroll.
Unfunded Actuarial Accrued The difference between the Actuarial Accrued Liability and Actuarial
Liability Value of Assets.
Valuation Date The date as of which the Actuarial Present Value of Future Benefits are
determined. The benefits expected to be paid in the future are discounted
to this date.
GRS
SECTION C
PENSION FUND INFORMATION
GRS
28
STATEMENT OF PLAN ASSETS AT MARKET VALUE - COMBINED
September 30
Item 2016 2015
A. Cash and Cash Equivalents $ 187,091 $ 169,530
B. Receivables
1. Member Contributions $ 2,861 $ 2,233
2. Employer Contributions 944 10,749
3. State Contributions 10,606 6,570
4. Investment Income and Other Receivables 41,786 24,781
5. Total Receivables $ 56,197 $ 44,333
C. Investments
1. Short Term Investments $ - $ -
2. Domestic Equities 6,104,503 7,303,945
3. International Equities 1,800,050 27,741
4. Domestic Fixed Income 2,499,221 4,003,301
5. International Fixed Income 574,518 -
6. Real Estate 1,017,660 -
7. Other Investments - -
8. Total Investments $ 11,995,952 $ 11,334,987
D. Liabilities
1. Prepaid Contribution $ - $ -
2. Accounts Payable (26,072) (16,425)
3. Other - Lump Sum Benefit Payable - -
4. Total Liabilities $ (26,072) $ (16,425)
E. Total Market Value of Assets Available for Benefits $ 12,213,168 $ 11,532,425
F. Reserves
� 1. State Contribution Reserve $ (636,191) $ (878,457)
2. DROP Accounts (220,510) (456,863)
3. Total Reserves $ (856,701) S (1,335,320)
G. Total Market Value Net of Reserves $ 11,356,467 $ 10,197,105
H. Allocation of Investments
1. Short Term Investments 0.0% 0.0%
2. Domestic Equities 50.9% 64.5%
3. International Equities 15.0% 0.2%
4. Domestic Fixed Income 20.8% 35.3%
5. International Fixed Income 4.8% 0.0%
6. Real Estate 8.5% 0.0%
7. Other Investments 0.0% 0.0%
8. Total Investments 100.0% 100.0
GRS
f
1
29
STATEMENT OF PLAN ASSETS AT MARKET VALUE AS OF SEPTEMBER 30, 2016
Item POLICE FIRE TOTAL
A. Cash and Cash Equivalents $ 53,841 $ 133,250 $ 187,091
B. Receivables
1. Member Contributions $ 431 $ 2,430 $ 2,861
2. Employer Contnbutions 944 - 944
3. State Contributions - 10,606 10,606
4. Investment Income and Other Receivables 10,033 31,753 41,786
5. Total Receivables $ 11,408 $ 44,789 $ 56,197
C. Investments
1. Short Term Investments $ - $ - $ -
2. Domestic Equities 1,695,919 4,408,584 6,104,503
3. International Equities 500,080 1,299,970 1,800,050
4. Domestic Fixed Income 694,356 1,804,865 2,499,221
5. International Fixed Income 159,618 414,900 574,518
6. Real Estate 282,689 734,971 1,017,660
7. Other Investments - - -
8. Total Investments $ 3,332,662 $ 8,663,290 $ 11,995,952
D. Liabilities
1. Prepaid Contribution $ - $ - $ -
2. Accounts Payable (11,764) (14,308) (26,072)
3. Other - Lump Sum Benefit Payable - - -
4. Total Liabilities $ (11,764) $ (14,308) $ (26,072)
E. Total Market Value of Assets Available for Benefits $ 3,386,147 $ 8,827,021 $ 12,213,168
F. Reserves
1. State Contribution Reserve $ (333,315) $ (302,876) $ (636,191)
2. DROP Accounts - (220,510) (220,510)
3. Total Reserves $ (333,315) $ (523,386) $ (856,701)
G. Total Market Value Net of Reserves $ 3,052,832 $ 8,303,635 $ 11,356,467
H. Allocation of Investments
1. Short Term Investments 0.0% 0.0% 0.0%
2. Domestic Equities 50.9% 50.9% 50.9%
3. International Equities 15.0% 15.0% 15.0%
4. Domestic Fixed Income 20.8% 20.8% 20.8%
5. International Fixed Income 4.8% 4.8% 4.8%
6. Real Estate 8.5% 8.5% 8.5%
7. Other Investments 0.0% 0.0% 0.0%
8. Total Investments 100.0% 100.0% 100.0%
GRS
30
STATEMENT OF PLAN ASSETS AT MARKET VALUE AS OF SEPTEMBER 30, 2015
Item POLICE FIRE TOTAL
A. Cash and Cash Equivalents $ 46,239 $ 123,291 $ 169,530
B. Receivables
1. Member Contnbutions $ 665 $ 1,568 $ 2,233
2. Employer Contnbutions 2,614 8,135 10,749
3. State Contributions - 6,570 6,570
4. Investment Income and Other Receivables 7,585 17,196 24,781
5. Total Receivables $ 10,864 $ 33,469 $ 44,333
C. Investments
1. Short Term Investments $ - $ - $ -
2. Domestic Equities 1,985,828 5,318,117 7,303,945
3. International Equities 7,542 20,199 27,741
4. Domestic Fixed Income 1,088,434 2,914,867 4,003,301
5. International Fixed Income - - -
6. Real Estate - - -
7. Other Investments - - -
8. Total Investments $ 3,081,804 $ 8,253,183 $ 11,334,987
D. Liabilities
1. Prepaid Contribution $ - $ - $ -
2. Accounts Payable (8,197) (8,228) (16,425)
3. Other - Lump Sum Benefit Payable - - -
4. Total Liabilities $ (8,197) $ (8,228) $ (1 6,425)
E. Total Market Value of Assets Available for Benefits $ 3,130,710 $ 8,401,715 $ 11,532,425
F. Reserves
1. State Contribution Reserve $ (333,315) $ (545,142) $ (878,457)
2. DROP Accounts - (456,863) (456,863)
3. Total Reserves $ (333,315) $ (1,002,005) $ (1,335,320)
G. Total Market Value Net of Reserves $ 2,797,395 $ 7,399,710 $ 10,197,105
H. Allocation of Investments
1. Short Term Investments 0.0% 0.0% 0.0%
2. Domestic Equities 64.5% 64.5% 64.5%
3. International Equities 0.2% 0.2% 0.2%
4. Domestic Fixed Income 35.3% 35.3% 35.3%
5. International Fixed Income 0.0% 0.0% 0.0%
6. Real Estate 0.0% 0.0% 0.0%
7. Other Investments 0.0% 0.0% 0.0%
8. Total Investments 100.0% 100.0% 100.0%
GRS
31
RECONCILIATION OF PLAN ASSETS - COMBINED
September 30
Item 2016 2015
A. Market Value of Assets at Beginning of Year $ 11,532,425 $ 10,891,147
B. Revenues and Expenditures
1. Contributions
a. Employee Contributions $ 86,049 $ 85,266
b. Employer Contributions 98,800 416,553
c. State Contributions 152,443 189,010
d. Total $ 337,292 $ 690,829
2. Investment Income
a. Interest, Dividends, and Other Income S 474,645 8 386,796
b. Net Realized Gains /(Losses) 641,546 (4,832)
c. Net Unrealized Gains/(Losses) (142,160) (231,564)
d. Investment Expenses (58,209) (52,469)
e. Net Investment Income $ 915,822 $ 97,931
3. Benefits and Refunds
a. Refunds and Lump Sums 8 (52,038) $ -
b. Regular Monthly Benefits (151,171) (92,225)
c. DROP Distributions (314,686) -
d. Total 8 (517,895) $ (92,225)
4. Administrative and Miscellaneous Expenses $ (54,476) $ (55,257)
5. Transfers $ - $ -
C. Market Value of Assets at End of Year $ 12,213,168 $ 11,532,425
D. Reserves
1. State Contribution Reserve $ (636,191) $ (878,457)
2. DROP Accounts (220,510) (456,863)
3. Total Reserves $ (856,701) $ (1,335,320)
E. Final Market Value of Assets at End of Year $ 11,356,467 $ 10,197,105
GRS
I
32
RECONCILIATION OF ASSETS BY GROUP - SEPTEMBER 30, 2016
POLICE FIRE TOTAL
Market Value on 9/30/2015 $ 3,130,710 $ 8,401,715 $ 11,532,425
Percent of Total 27.1 % 72.9 % 100.0 %
Income
Contributions
Members 17,067 68,982 86,049
Employer 38,638 60,162 98,800
State - 152,443 152,443
Investment Earnings
Interest, Dividends & Other Income 133,548 341,097 474,645
Realized Gam (Loss) 239,193 402,353 641,546
Unrealized Gain (Loss) (39,516) (102,644) (142,160)
Investment Expenses (26,721) (31,488) (58,209)
Total 306,504 609,318 915,822
Total Income 362,209 890,905 1,253,114
Disbursements
Monthly Benefits 27,708 123,463 151,171
Refunds and Lump Sums 52,038 - 52,038
DROP Distribution - 314,686 314,686
Administrative Expenses 27,026 27,450 54,476
Total Disbursements 106,772 465,599 572,371
Market Value on 9/30/2016 3,386,147 8,827,021 12,213,168
Less State Contribution Reserve 333,315 302,876 636,191
Less DROP Account Balances - 220,510 220,510
Final Market Value 3,052,832 8,303,635 11,356,467
Percent of Total 26.9 % 73.1 % 100.0 %
GRS
33
RECONCILIATION OF ASSETS BY GROUP - SEPTEMBER 30, 2015
POLICE FIRE TOTAL
Market Value on 9/30/2014 $ 3,066,944 $ 7,824,203 S 10,891,147
Percent of Total 28.2 % 71.8 % 100.0 %
Income
Contributions
Members 20,545 64,721 85,266
Employer 80,782 335,771 416,553
State - 189,010 189,010
Investment Earnings
Interest, Dividends & Other Income 108,004 278,792 386,796
Net Realized Gain (Loss) (1,314) (3,518) (4,832)
Unrealized Gain (Loss) (61,170) (170,394) (231,564)
Investment Expenses (24,802) (27,667) (52,469)
Total 20,718 77,213 97,931
Total Income 122,045 666,715 788,760
Disbursements
Monthly Benefits 30,312 61,913 92,225
Refunds and Lump Sums - - -
Administrative Expenses 27,967 27,290 55,257
Total Disbursements 58,279 89,203 147,482
Market Value on 9/30/2015 3,130,710 8,401,715 11,532,425
Less State Contribution Reserve 333,315 545,142 878,457
Less DROP Account Balances - 456,863 456,863
Final Market Value 2,797,395 7,399,710 10,197,105
Percent of Total 27.4 % 72.6 % 100.0 %
GRS
34
RECONCILIATION OF DROP ACCOUNTS (FIREFIGHTERS)
Year Balance at
Ended Beginning Balance at
9/30 of Year Credits Interest Distributions End of Year
2010 $ - $ 8,214 $ 495 $ - $ 8,709
2011 8,709 49,722 (3,577) - 54,854
2012 54,854 49,656 11,120 - 115,630
2013 115,630 89,914 17,020 - 222,564
2014 222,564 102,650 20,992 - 346,206
2015 346,206 94,374 16,283 - 456,863
2016 456,863 63,079 15,254 (314,686) 220,510
GRS
C DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS — POLICE
Valuation Date - SEPTEMBER 30, 2016 2015 2016 2017 2018 2019 2020
A. Actuatial Value of Assets Beginning ofYear S 3,022,199 $ 3.246.742
B. Market Value End of Year 3,130,710 3,386,147
C. Market Value Beginning of Year 3,066,944 3,130,710
D. Non- Investnnnt/Adminstrative Net Cash Flow 43,048 (51,067)
E Investment Income
El. Actual Market Total: B-C-D 20,718 306.504
E2 Assun d Rate of Return 7.50' /0 7.25% 7 .25% 725% 7.25% 7.25%
B. Assumed Amount of Return 228,279 233,538
E4. Amount Subject to Phase -In: E( —E3 (207561) 72,966
F. Phase -In Recognition of Investment Income
Fl. Current Year: 020 x E4 (41,512) 14,593
F2. First Prior Year 2,217 (41,512) 14,593
F3. Second Prior Year 14662 2,217 (41512) 14,593
F4. Thud Prior Year 20,047 11,662 2. (41,512) 14,593
F5. Fourth Prior Year (39,198) 20,047 11,662 2,217 (41,512) 14,593
F6. Total Phase -Ins (46,784) 7,007 (13,040) (24,702) (26,919) 14,593
G. Actuarial Valise of Assets Bid of Year
G1. Preliminary Actuarial Value of Assets $ 3,246,742 $ 3,436,220
G2. Upper Corridor Larit:l20%'8 3,756,852 4,063,376
G3. Lower Corridor Limit: 90' /o 2,504,568 2,708,918
G4. Funding Value End of Year 3.246.742 3,436,220
�. Less: State Contribution Reserve 333,315 333,315
G6. Less: DROP Account
G7. Funding Value End of Year 2,913,427 3,102,905
H. Difference between Market & Actuarial Value $ (116,032) $ (50.073)
L Aetnarial Rge of Return 6.0'/0 7.5%
J. Market Value Rale of Return 0.7% 9.9%
K Ratio of Actuarial Value of Assets to Market Value 103.7% 101.5%
w
u
M4 4 , DEVELOPMENT OF ACTUARIAL VALUE OF ASSETS — FIREFIGHTERS
, [`_ ' Valuation Dote - SEPTEMBER 30, 2016 2013 2016 2117 2018 2019 2020
V3 A. Actuarial Value of Assets Beginning of Year $ 7,634,732 $ 8,646,544
B. Market Value End of Year 8,401,715 8,827,021
C. Market Value Beginning of Year 7,824,203 8.401,715
D. Non- InvestnendAdainistrative Net Cash Flow 500,299 (184,012)
E Investment income
El. Actual Market Total: B-C -D 77,213 609,318
E2. Assumed Rate of Return 7.50% 725% 7.25% 725•/o 7.25% 715%
E3. Assumed Amount of Return 591,366 620,204
E4. Amount Subject to Phase -In: El —E3 (514.153) (10.886)
F. Phase -In Recognition of Investment Income
FI. Current Year. 0.20 x E4 (102,831) (2,177)
F2. Fist Prior Year 10,883 (102,831) (2,177)
F3. Second Prior Year 35,852 10,883 (102,831) (2,177)
F4. Third Prior Year 62,136 35,852 10,883 (102,831) (2,177)
F5. Fourth Prior Year (85.893) 62,136 35.852 10.::3 (102.831) (2,177)
F6. TotalPhase-1ns (79.853) 3.863 (58.273) (94,125) (105.008) (2.177)
G. Actuarial Value af Assets End a(Year
Gl. Preliminary Actuarial Value of Assets $ 8,646544 $ 9.086,599
G2. Upper Corridor Lint: 120%* B 10,082,058 10.592,425
G3. Lower Corridor Unit: 80% 6,721,372 7.061,617
04. Funding Value End of Year 8,646,544 9,086,599
G5. Less: State Contribution Reserve 545.142 302.876
G6. Less: DROP Accounts 456,863 220,510
G7. Funding Vakre End of Year 7,644,539 8,563,213
H. Difference between Market & Actuarial Value $ (244,829) $ (259,578)
L Actuarial Rate at Retua 6.5% 73%
J. Market Value Rate a( Return I.0''0 73%
K Ratio of Actuarial Value of Asset: b Market Value 102.9% 102.9%
w
a
SECTION D
FINANCIAL ACCOUNTING INFORMATION
GRS
37
FASB NO. 35 INFORMATION
Police Fire Total Total
A Valuation Date 10/1/2016 10/1/2016 10/1/2016 10/1/2015
B. Actuarial Present Value of Accumulated
Plan Benefits
I. Vested Benefits
a. Members Currently Receiving Payments S 364,569 S 2,601.749 S 2,966,318 S 2,262.007
b. Terminated Vested Members 565.703 155,732 721,435 596.940
c. Other Members 744,499 5,228 5 6,122,159
d. Total 1,674,771 7,985,702 9,660,473 8,981,106
2. Non - Vested Benefits - 49,515 49,515 17.551
3. Total Actuarial Present Value of Accumulated
Plan Benefits: Id + 2 1.674.771 8.035.217 9,709.988 8,998.657
4. Accumulated Contributions of Active Members 141,578 768,269 909,847 935,140
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Period 1,689,878 7,308,779 8,998,657 7,843,270
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment - - - 124,644
b. Change in Actuarial Assumptions (18,744) (95,692) (114,436) 299,527
c. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 83,383 1,008,672 1,092,055 917,815
d. Benefits Paid (79,746) (186,542) (266,288) (186,599)
e. Net increase (15,107) 726,438 711,331 1,155,387
3. Total Value at End of Period 1,674,771 8,035,217 9,709,988 8,998,657
D. Market Value of Assets 3,052,832 8,303,635 11,356.467 10,197,105
E. Actuarial Assumptions - See page entitled
Actuarial Assumptions and Methods
GRS
38
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No- 67
Police Officers
Fiscal year ending September 30, 2916 2015 2014
Total Pension Liability
Service Cost $ 110,495 $ 126,703 $ 161,156
Interest 201,452 213,603 169,526
Benefit Changes - (39,467) -
Difference between actual & expected experience (226,384) (391,613) -
Assumption Changes 75,463 - -
Benefit Payments (27,708) (30,312) (10,073)
Refunds (52,038) - (43,331)
Other (Increase in State Contribution Reserve) - - -
Net Change in Total Pension Liability 81,280 (121,086) 277,278
Total Pension Liability - Beginning 2,615,403 2,736,489 2,459,211
Total Pension Liability - Ending (a) $ 2,696,683 $ 2,615,403 $ 2,736,489
Plan Fiduciary Net Position
Contributions - Employer $ 38,638 $ 80,782 $ 111,164
Contributions - Employer (from State) - - -
Contributions - Non - Employer Contributing Entity - - -
Contributions - Member 17,067 20,545 25,888
Net Investment Income 306,504 20,718 219,219
Benefit Payments (27,708) (30,312) (10,073)
Refunds (52,038) - (43,331)
Administrative Expense (27,026) (27,967) (18,677)
Other - - -
Net Change in Plea Fiduciary Net Position 255,437 63,766 284,190
Plan Fiduciary Net Position - Beginning 3,130,710 3,066,944 2,782,754
Plan Fiduciary Net Position - Ending (b) $ 3,386,147 $ 3,130,710 $ 3,066,944
Net Pension Liability- Ending (a) - (b) (689,464) (515,307) (330,455)
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 125.57 % 119.70 % 112.08 %
Covered Payroll 8 341,342 $ 410,897 $ 517,760
Net Pension Liability as a Percentage
of Covered Payroll (201.99)% (125.41)% (63.82)%
GRS
39
SCHEDULE OF CHANGES IN THE EMPLOYER'S
NET PENSION LIABILITY AND RELATED RATIOS
GASB Statement No. 67
Firefighters
Fiscal year ending September 30, 2016 2015 2014
Total Pension Liability
Service Cost S 348,504 S 334,559 S 312.030
Interest 778,642 679,400 582,897
Benefit Changes - 318,787 -
Differcnce between actual & expected experience (401,835) 108,010 450
Assumption Changes 300,255 - -
Benefit Payments (438,149) (61,913) (53,637)
Refunds - - -
Other (Use of State Contribution Reserve) (242,266) 118,555 30,162
Net Change la Total Pension Liability 345,151 1,497,398 871,902
Total Pension Liability - Beginning 10,252,464 8,755,066 7,883,164
Total Pension Liability - Ending (a) S 10,597,615 S 10252,464 $ 8,755,066
Plan Fiduciary Net Position
Contributions - Employer S 60,162 $ 335,771 $ 351,652
Contributions - Employer (from State)' 394,709 189.010 100,617
Contributions - Non - Employer Contributing Entity - - -
Contributions - Member 68,982 64,721 65,803
Net 1mestment Income 609,318 77 ,213 567,786
Benefit Payments (438,149) (61,913) (53,637)
Refunds - - -
Administrative Expense (27,450) (27 ,290) (18,921)
Other (Use of State Contribution Reserve) (242,266) - -
Net Change in Plan Fiduciary Net Position 425,306 577,512 1,013.300
Plan Fiduciary Net Position - Beginning 8,401,715 7,824,203 6,810,903
Plan Fiduciary Net Position - Ending (b) S 8,827,021 S 8,401,715 $ 7,824,203
Net Pension Liability - Ending (a) - (b) 1,770,594 1,850,749 930,863
Plan Fiduciary Net Position as a Percentage
of Total Pension Liability 83.29 % 81.95 % 8937 %
Covered Payroll S 1,379,650 S 1,294,416 $ 1,316,060
Net Pension Liability as a Percentage
of Covered Payroll 128.34 "A 142.98 % 70.73 %
* State Contribution Reserve was used to offset the Village's contribution requirements for fiscal years ending 2016.
GRS
40
SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY
GASB Statement No. 67
Police
Total Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of
September 30. Liability Position Liability Pension Liability Payroll Covered Payroll
2014 $ 2,736,489 $ 3,066,944 $ (330.455) 112.08 % $ 517,760 (63.82) %
2015 2,615,403 3,130.710 (515.307) 119.70 410,897 (125.41)
2016 2,696,683 3,386.147 (689.464) 125.57 341,342 (201.99)
Fire
Total Plan Net Position Net Pension Liability
FY Ending Pension Plan Net Net Pension as a % of Total Covered as a % of
September 30, Liability Position Liability Pension Liability Payroll Covered Payroll
2014 $ 8,755,066 $ 7,824,203 $ 930,863 89.37 % $ 1316,060 70.73 %
2015 10,252,464 8,401,715 1,850,749 81.95 1,294,416 142.98
2016 10,597,615 8,827,021 1,770,594 83.29 1.379,650 128.34
GRS
41
NOTES TO SCHEDULE OF THE EMPLOYER'S NET PENSION LIABILITY
GASB Statement No. 67
Valuation Date: October 1, 2015
Measurement Date: September 30, 2016
Methods and Assumptions Used to Determine Net Pension Liability:
Actuarial Cost Method Entry Age Normal
Inflation 3.0%
Salary Increases 6.0%, including inflation
Investment Rate of Return 7.25%
Retirement Age 100% upon reaching normal retirement age. Probability of early
retirement is 5% for each year eligible.
Mortality RP -2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years using
Scale AA.
Other Information:
Notes See Discussion of Valuation Results in the October 1, 2015 Actuarial
Valuation Report, dated August 1, 2016
GRS
42
SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Police
Actuarially Contribution Actual Contribution
FY Ending Determined Actual Deficiency Cohered as a% of
September 30. Contribution Contribution (Excess) Payroll Covered Payroll
2014 $ 1 1 1,164 $ 111.164 $ - S 517,760 21.47 %
2015 80,782 80,782 - 410,897 19.66
2016 37,377 38,638 (1,261) 341,342 11.32
Fire
Actuarially Contribution Actual Contribution
FY Ending Determined Actual Deficiency Covered as a % of
September 30, Contribution Contribution (Excess) Payroll Covered Payroll
2014 $ 416,665 $ 422,107 $ (5,442) $ 1316,060 32.07 %
2015 403,211 406,226 (3,015) 1,294,416 3138
2016 454,871 454,871 - 1379,650 32.97
GRS
43
NOTES TO SCHEDULE OF CONTRIBUTIONS
GASB Statement No. 67
Valuation Date: October 1, 2014
Notes Actuarially determined contribution rates are calculated as of October 1,
which is two years prior to the end of the fiscal year in which contnbutions
are reported.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial Cost Method Entry Age Normal
Amortization Method Level Dollar, Closed
Remaining Amortization Period 20 years
Asset Valuation Method 5 -year smoothed market
Inflation 3.0%
Salary Increases 6.0%, including inflation
Investment Rate of Return 7.50%
Retirement Age 100% upon reaching normal retirement age. Probability of early
retirement is 5% for each year eligible.
Mortality RP -2000 Combined Healthy Participant Mortality Table for males and
females with mortality improvement projected to all future years using
Scale AA.
Other Information:
Notes See Discussion of Valuation Results in the October 1, 2014 Actuarial
Valuation Report, along with changes presented in the February 12, 2015
and June 28, 2015 Actuarial Impact Statements, as further discussed in the
Discussion of Valuation Results in the October 1, 2015 Actuarial Valuation
Report
GRS
44
SINGLE DISCOUNT RATE
GASB Statement No. 67
A single discount rate of 7.25% was used to measure the total pension liability. This single discount rate
was based on the expected rate of return on pension plan investments of 7.25 %. The projection of cash
flows used to determine this single discount rate assumed that plan member contributions will be made at
the current contribution rate and that employer contributions will be made at rates equal to the difference
between the total actuarially determined contribution rates and the member rate. Based on these
assumptions, the pension plan's fiduciary net position was projected to be available to make all projected
future benefit payments of current plan members. Therefore, the long -term expected rate of return on
pension plan investments (7.25 %) was applied to all periods of projected benefit payments to determine
the total pension liability.
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following
presents the plan's net pension liability, calculated using a single discount rate of 7.25 %, as well as what
the plan's net pension liability would be if it were calculated using a single discount rate that is 1-
percentage -point lower or 1- percentage -point higher.
Police
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
Current Single Discount
1% Decrease Rate Assumption 1% Increase
6.25% 7.25% 8.25%
($347,386) ($689,464) (5970,907)
Fire
Sensitivity of the Net Pension Liability to the Single Discount Rate Assumption
Current Single Discount
1% Decrease Rate Assumption 1% Increase
6.25% 7.25% 8.25%
$3,114,908 $1,770,594 $644,432
GRS
SECTION E
MISCELLANEOUS INFORMATION
GRS
45
RECONCILIATION OF MEMBERSHIP DATA
From 10/1/15 From 10/1/14
To10 /1 /16 To 10 /1 /15
A. Active Members
L Number Included in Last Valuation 23 23
2. New Members Included in Current Valuation 1
3. Non - Vested Enpbyment Terminations 0 0
4. Vested Employment Terminations (2) 0
5. Service and DROP Retiretnents (1) 0
6. Disability Retirements 0 0
7. Deaths 0 0
8. Other 0 (1)
9. Number Included in This Valuation 21 23
B. Terminated Vested Members
1. Number Included in Last Valuation 3 3
2. Additions from Active Members 2 0
3. Lump Sum Payments /Refund of Contributions (1) 0
4. Payments Commenced 0 0
5. Deaths 0 0
6. Other 0 0
7. Number Included in This Valuation 4 3
C. Service Retirees, DROP, Disability Retirees and Beneficiaries
1. Number Included in Last Valuation 5 5
2. Adduions from Active Members 1 0
3. Additions from Terminated Vested Members 0 0
4. Deaths Resulting in No Further Payments 0 0
5. Deaths Resulting in New Survivor Benefits 0 0
6. End of Certain Period - No Further Payments 0 0
7. Other 0 0
& Number Included in This Valuation 6 5
GRS
46
STATISTICAL DATA
POLICE OFFICERS
10/1/2013 I 10/1/2014 ** I 10/1/2015 I 10 /1/2016
Active Participants
Number 9 7 6 4
Total Annual Payroll"` $ 636,834 $ 496,153 $ 429,707 $ 311,044
Average Annual Salary 70,759 70,879 71,618 77,761
Other Averages
Current Age 40.0 39.0 41.4 41.0
Age at Employment 31.8 30.4 31.9 29.8
Past Service 8.2 8.6 9.5 11.2
Service Retirees and Beneficiaries
Number 0 2 2 2
Total Annual Benefit - $ 27,708 $ 27,708 $ 27,708
Average Monthly Benefit - 1,155 1,155 1,155
Disability Retirees
Number 0 0 0 0
Total Annual Benefit - - - -
Average Monthly Benefit - - - -
Terminated Members with Vested Benefits
Number 4 2 2 3
Total Annual Benefit $ 59,717 $ 37,272 $ 37,272 $ 49,884
Average Monthly Benefit 1,244 1,553 1,553 1,386
* Reported payroll with salary scale
** From Actuarial Impact Statement dated February 12, 2015
GRS
47
STATISTICAL DATA
FIREFIGHTERS
1 10/1/2013 1 10/1/2014 1 10/1/2015 1 10/1/2016
Active Participants
Number 16 16 17 17
Total Annual Payroll's $ 1,300,712 $ 1,395,026 $ 1,419,058 $ 1,434,198
Average Annual Salary 81,295 87,189 83,474 84,365
Other Averages
Current Age 40.0 41.0 41.2 41.9
Age at Employment 27.8 27.8 27.8 28.5
Past Service 12.2 13.2 13.4 13.4
Service Retirees and Beneficiaries
Number 3 3 3 4
Total Annual Benefit $ 156,287 $ 156.287 $ 156,287 $ 216,799
Average Monthly Benefit 4,341 4,341 4,341 4,517
Disability Retirees
Number 0 0 0 0
Total Annual Benefit - - - -
Average Monthly Benefit - - - -
Terminated Members with Vested Benefits
Number 1 1 1 1
Total Annual Benefit $ 17,524 $ 17,524 $ 17,524 $ 17,524
Average Monthly Benefit 1,460 1,460 1,460 1,460
•
* Reported payroll with salary scale
GRS
SID
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81
49
INACTIVE PARTICIPANT DISTRIBUTION
Terminated Vested Disabled Retlred Beneficiaries
Total Total Total Total
Age Number Benefits Number Benefits Number Benefits Number Benefits
Under 20 0 0 0 0 0 0 0 0
20- 24 0 0 0 0 0 0 0 0
25 -29 0 0 0 0 0 0 0 0
30- 34 0 0 0 0 0 0 0 0
35- 39 0 0 0 0 0 0 0 0
40 -44 0 0 0 0 0 0 0 0
45- 49 2 30,136 0 0 0 0 0 0
50- 54 1 21,324 0 0 1 12,088 0 0
55- 59 1 15,948 0 0 3 129,126 0 0
60- 64 0 0 0 0 2 103,293 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 & Over 0 0 0 0 0 0 0 0
Total 4 67,408 0 0 6 244,507 0 0
Ave. Age 52 0 58 0
GRS
SECTION F
SUMMARY OF PLAN PROVISIONS
GRS
50
SUMMARY OF PLAN PROVISIONS
A. Ordinances
The Plan was established under the Code of Ordinances for the Village of Tequesta, Florida, Chapter 2,
Article III, Division 1, Section 2 -61 (b), and was most recently amended under Ordinance No. 15 -15,
passed and adopted on August 13, 2015. The Plan is also governed by certain provisions of Chapter
175, Florida Statutes, Part VII, Chapter 112, Florida Statutes and the Internal Revenue Code
B. Effective Date
Not currently available
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a single employer
plan.
E. Eligibility Requirements
All full -time police officers hired before February 1, 2013 and all full -time firefighters are eligible for
membership on the date of employment.
F. Credited Service
Service is measured as the total number of years and completed months of a year as a police officer or
firefighter with the Village of Tequesta. No service is credited for any periods of employment for
which the member received a refund of their contributions.
G. Compensation
Total cash remuneration for services rendered as a police officer or firefighter. For firefighters and
police officers hired before October 1, 2010, overtime hours are limited to 300 hours per year, effective
October I, 2013 for firefighters and October 1, 2014 for police officers. For firefighters and police
officers hired before October 1, 2010, payments for unused leave earned after October 1, 2013 for
firefighters and October 1, 2014 for police officers are excluded from pensionable salary. For
firefighters hired on or after October 1, 2010, fixed monthly remuneration including regular earnings,
vacation pay and sick pay but excluding lump sum payments, overtime, bonuses, incentives and
longevity.
H. Average Final Compensation (AFC)
The average of Compensation over the highest 5 years during the last 10 years of Credited Service.
GRS
51
L Normal Retirement
Eligibility: A member may retire on the first day of the month coincident with or next following
the earlier of:
(1) age 55 and 6 years of Credited Service (10 years of Credited Service for
firefighters hired on or after August 14, 2015), or
(2) age 52 and 25 years of Credited Service.
Benefit: For police officers and firefighters hired before August 14, 2015 (firefighters:
Credited Service only prior to September 1. 2015):
3.0% of AFC multiplied by the first 6 years of Credited Service, plus
3.5% of AFC multiplied by the next 4 years of Credited Service, plus
4.0% of AFC multiplied by the next 5 years of Credited Service, plus
3.0% of AFC multiplied by the next 6 years of Credited Service, plus
2.0% of AFC multiplied by the next 4 years of Credited Service, plus
3.0% of AFC multiplied by all years of Credited Service over 25 years
For firefighters hired before August 14, 2015, Credited Service on or
September 1. 2015:
3.0% of AFC multiplied by years of Credited Service
For firefighters hired on or after August 14, 2015:
2.0% of AFC multiplied by the first 10 years of Credited Service
2.5% of AFC multiplied by all years of Credited Service over 10 years
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
J. Early Retirement
Eligibility: A member may elect to retire earlier y re ear er than the Normal Retirement Eligibility upon
attainment of age 50 and 6 years of Credited Service (10 years of Credited Service for
firefighters hired on or after August 14, 2015).
Benefit: The Normal Retirement Benefit is reduced by 3.0% for each year by which the Early
Retirement date precedes the Normal Retirement date.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
GRS
52
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to S20 for each year of the member's Credited Service up to a maximum
of $ 600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the
date of actual retirement.
L. Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and unable to render
useful and efficient service to the Village as a result from an act occurring in the
performance of service for the Village is immediately eligible for a disability benefit.
Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 42% of
AFC.
Normal Form
of Benefit: 10 Years Certain and Life thereafter.
COLA: None
Supplemental
Benefit All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to S20 for each year of the member's Credited Service up to a maximum
of 5600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
M. Non - Service Connected Disability
Eligibility: Any member who becomes totally and permanently disabled and unable to render
useful and efficient service to the Village is immediately eligible for a disability benefit.
Benefit: The accrued Normal Retirement Benefit taking into account compensation earned and
service credited as of the date of disability with a minimum benefit equal to 25% of
AFC.
Normal Form
of Benefit: 10 Years Certain and Life thereafter.
COLA: None
Supplemental
Benefit All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to S20 for each year of the member's Credited Service up to a maximum
of 5600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
GRS
53
N. Death in the Line of Duty
Eligibility: Members are eligible for survivor benefits regardless of Credited Service.
Benefit: The member's spouse or dependent child will receive the 50% of the member's AFC
as of the date of death.
Normal Form
of Benefit: Payable for the life of the beneficiary.
COLA: None
Supplemental
Benefit: All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to $20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
O. Other Pre - Retirement Death
Eligibility: Members are eligible for survivor benefits after the completion of 6 or more years of
Credited Service (10 years of Credited Service for firefighters hired on or after August
14,2015).
Benefit The beneficiary will receive the actuarial equivalent of the member's accrued Normal
Retirement Benefit taking into account compensation earned and service credited as of
the date of death_
Normal Form
of Benefit: Payable for the life of the beneficiary.
COLA: None
Supplemental
Benefit All retirees and beneficiaries receiving pension benefits will be paid a supplemental
benefit equal to S20 for each year of the member's Credited Service up to a maximum
of $600. The supplemental benefit ceases upon the later of the death of the retired
member or beneficiary.
The beneficiary of a plan member with less than 6 years of Credited Service (10 years of Credited
Service for firefighters hired on or after August 14, 2015) at the time of death will receive a refund of
the member's accumulated contributions.
P. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
Q. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are
the Life Annuity option or the 50%, 66 2/3 %, 75% and 100% Joint and Survivor options.
GRS
54
R. Vested Termination
Eligibility: A member has earned a non- forfeitable right to Plan benefits after the completion of 6
years of Credited Service (10 years of Credited Service for firefighters hired on or after
August 14, 2015).
Benefit: The benefit is the member's accrued Normal Retirement Benefit as of the date of
termination. Benefit begins on the member's Normal Retirement date. Alternatively,
members can elect a reduced Early Retirement benefit any time after age 50.
Normal Form
of Benefit: 10 Years Certain and Life thereafter; other options are also available.
COLA: None
Supplemental
Benefit Once in pay status, all retirees and beneficiaries receiving pension benefits will be paid
a supplemental benefit equal to 920 for each year of the member's Credited Service up
to a maximum of $600. The supplemental benefit ceases upon the later of the death of
the retired member or beneficiary.
Members terminating employment with less than 6 years of Credited Service (10 years of Credited
Service for firefighters hired on or after August 14, 2015) will receive a refund of their own
accumulated contributions.
S. Refunds
Eligibility: All members terminating employment with Tess than 6 years of Credited Service (10
years of Credited Service for firefighters on or after August 14, 2015) are eligible.
Optionally, vested members (those with 6 or more years of Credited Service — 10 years
of Credited Service for fuefighteis hired on or after August 14, 2015) may elect a
refund in lieu of the vested benefits otherwise due.
Benefit: Refund of the member's contributions.
T. Member Contributions
5% of Compensation for police officers and for firefighters through the fiscal year ending September
30, 2016; 5.5% of Compensation for firefighters beginning in the fiscal year ending September 30,
2017; thereafter, 6% of Compensation for firefighters. Employee contributions for firefighters would
revert back to 5% of Compensation if the Village opts out of participation in Chapter 175.
U. State Contributions
Chapter 185 Premium Tax Revenue: None.
Chapter 175 Premium Tax Revenue: The Village is permitted to use all annual Chapter 175 revenue
as a credit toward the Required Employer Contribution and to apply the Chapter 175 reserve of
$545,142 to reduce the Required Employer Contributions for the fiscal years ending September 30,
2016 through September 30, 2018, as determined by the Village.
V. Employer Contributions
Any additional amount determined by the actuary needed to fund the plan properly according to State
laws.
GRS
55
V. Cost of Living increases
Not Applicable
W.13"' Check
Not Applicable
X. Deferred Retirement Option Plan
Eligibility Plan members who have met one of the following criteria are eligible for the DROP:
(1) age 55 and 6 years of Credited Service (10 years of Credited Service for
firefighters hired on or after August 14, 2015), or
(2) age 52 and 25 years of Credited Service.
Members must make a written election to participate in the DROP before the 27th year
of employment.
Benefit: The member's Credited Service and AFC are frozen upon entry into the DROP. The
monthly retirement benefit as described under Normal Retirement is calculated based
upon the frozen Credited Service and AFC. Firefighters have the optional sell back of
vacation and sick leave when entering the DROP.
Maximum
DROP Period: The earlier of 5 years of participation in the DROP or 30 years of employment.
Interest
Credited: The member's DROP account is credited on September 30 of each year with
investment earnings or losses at the same rate earned by the pension fund less any
administrative expenses. The interest rate will not be less than 0% nor greater than
7.5 %.
Normal Form
of Benefit: Lump Sum; other options are also available.
COLA: None
Y. Other Ancillary Benefits
There are no ancillary retirement type benefits not required by statutes but which might be deemed a
Village of Tequesta Public Safety Officers' Pension Trust Fund liability if continued beyond the
availability of funding by the current funding source.
Z Changes from Previous Valuation
There have been no changes since the previous valuation.
GRS
Tequesta Public Safety Officers' Pension Fund
Asset Allocation by Asset Class
As of December 31, 2016
September 30, 2016: $12,205,184 December 31, 2016: $12,114,877
Cash Acca nIs Cash Amami.,
Global Fixed income \
t JoOal Fixed Insane
5.
I
I
■
Donleenc Fixed Income '_,.. —.
Domestic Fixed Income
Inlemeeonal Equity -
International Equity
D
Allocation Allocation
Market Value Allocation Market Value Allocation
• Domestic Equity 6,125,685 50.2 • Domestic Equity 6,079,084 50.2
International Equity 1,800,050 14.7 International Equity 1,725,378 14.2
a Domestic Fixed Income 2,550,442 20.9 t✓ Domestic Fixed Income 2,488,852 20.5
Global Fixed Income 574,518 4.7 Global Fixed Income 622,561 5.1
• Real Estate 1,017,721 8.3 • Real Estate 1,022,503 8.4
• Cash Accounts 136,768 1.1 • Cash Accounts 176,499 1.5
&
Page 10
Tequesta Public Safety Officers' Pension Fund
Trailing Returns
As of December 31, 2016
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Total Fund (Gross) -1.04 (97) -1.04 (97) 4.39 (96) 3.89 (81) 7.47 (82) 6.10 (71) 05/01/2005
Total Fund Policy 1.30 (22) 1.30 (22) 9.25 (9) 5.43 (15) 8.95 (33) 6.26 (59)
All Public Plans -Total Fund Median 0.68 0.68 7.27 4.60 8.47 6.37
Total Fund (Net) -1.08 -1.08 4.15 3.68 7.16 5.71 05/01/2005
Total Equity -1.53 -1.53 4.06 4.43 11.08 6.45 04/01/2005
Total Equity Policy 2.98 2.98 10.98 6.16 12.65 6.8::
Domestic Equity -0.76 (93) -0.76 (98) 4.96 (93) 5.66 (64) 12.00 (75) 7.02 (59) 04/01/2005
Total Domestic Equity Policy 4.21 (38) 4.21 (38) 12.74 (26) 8.43 (11) 14.67 (19)
IM U.S. All Cap Core Equity (SA +CF +MF) Median 3.60 3.60 9.85 6.54 13.42 7.21
International Equity 1.15 (91) -4.15 (91) 1.01 (56) -0.54 (12) 7.26 (10) 4.83 (7) 05/01/2010
Total International Equity Policy -1.20 (39) -1.20 (39) 5.01 (15) -1.32 (19) 5.63 (39) 3.60 (30)
IM International Large Cap Core Equity (MF) Median -1.71 -1.71 1.41 -2.86 5.08 2.96
Total Fixed Income -0.43 4143 4.53 2.78 2.01 3.87 04/01/2005
Total Fixed Income Policy -3.24 -3.24 3.59 3.01 2.35 4.06
Domestic Fixed Income -2.41 (48) -2.41 (48) 3.26 (60) 2.81 (62) 1.96 (88) 3.86 (81) 04/01/2005
Total Domestic Fixed Income Policy -2.98 (84) -2.98 (84) 2.65 (78) 3.03 (51) 2.30 (78) 4.04 (77)
IM U.S. Broad Market Fixed Income (SA +CF +MF) Median -2.46 -2.46 3.73 3.03 2.96 4.64
Global Fixed Income 8.36 (1) 8.36 (1) 8.81 (4) 1.52 (33) N/A 2.42 (27) 10/01/2013
Global Fixed lncoree Index -4.89 (59) -4.89 (59) 9.46 (4) 2.78 (22) 3.51 (15) 2.88 (22)
IM Global Fixed Income (MF) Median -3.95 -3.95 3.35 0.43 1.44 0.64
Total Real Estate 0.78 (99) 0.73 (99) NIA NIA WA 2.57 (97) 07/01/2016
'.CREIF Fund Index -Open End Diversified Core (EW) 2.16 (67) 2.16 (67) 9.27 (53) 12.21 (69) 12.20 (75) 4.39
iM U.S. Open End Private Real Estate (SA +CF) Median 2.30 2.30 9.47 12.77 13.01 4.60
Returns are s dal than ae year are annual¢ed. �
Returns ere poor to as s percentages
o not include Returns pr to io Jun expressed June 2010 rte not itGrtle rasr Page 18
Tequesta Public Safety Officers' Pension Fund
Trailing Returns
As of December 31, 2016
QTR FYTD 1 YR 3 YR 5 YR Inception Inception
Date
Domestic Equity Strategies
Brown Advisory (BAFGX) -4.76 (91) -4.76 (91) -2.86 (68) 3.42 (90) NIA 7.89 (97) 02/01/2013
Russell 1000 Growth Index 1.01 (16) 1.01 (16) 7.08 (8) 8.55 (8) 14.50 (21) 1
IM U.S. Large Cap Growth Equity (MF) Median -1.20 -1.20 1.98 6.09 12.95 11.53
Gabelli /GAMCO Value 3.19 (85) 3.19 (85) 13.25 (74) 7.74 (45) N/A 12.05 (56) 02/01/2013
Russell 3000 Value Index 7.24 (36) 7.24 (36) 18.40 (32) 8.55 (29) 14.81 (38) 12.65 (48)
IM U.S. All Cap Value Equity (SA +CF) Median 6.38 6.38 16.59 7.58 13.87 12.31
International Equity Strategies
Europacific Growth (RERGX) -4.15 (91) -4.15 (91) 1.01 (56) -0.80 (13) 7.22 (10) 6.43 (10) 06/01/2010
MSCI AC World ex USA -1.20 (39) -1.20 (39) 5.01 (15) -1.32 (19) 5.48 (43) 5.23 (38)
IM International Large Cap Core Equity (MF) Median -1.71 -1. 1.41 -2.86 5.08 4.88
Domestic Fixed Income Strategies
Garcia Hamilton -2.41 (11) -2.41 (11) 3.26 (45) N/A N/A 0.74 (71) 02/01/2015
.. ^i berg Barclays U.S. Aggregate Index -2.98 (76) -2.98 (76) 2.65 (77) 3.03 (84) 2.23 (92) 0.57 (84)
IM a S. Broad Market Core Fixed Income (SA +CF) Median -2.80 -2.80 3.10 3.33 2.82 0.91
Global Fixed Income Strategies
Templeton Global Total Retum (FTTRX) 8.36 (1) 8.38 (1) 8.81 (4) 1.52 (33) N/A 2.42 (27) 10/01/2013
Global Fixed Income Index -4.89 (59) -4 89 (59) 9.46 (4) 2.78 (22) 3.51 (15) 2.88 (22)
IM Global Fixed Income (MF) Median -3.95 -3.95 3.35 0.43 1.44 0.64
Real Estate Strategies
ASB Real Estate 0.78 (99) 0.78 (99) NIA N/A WA 2.57 (97) 07/01/2016
',GREIF Fund Index - Open End Diversified Core (EW) 2.16 (67) 2.16 (67) 9.27 (53) 12.21 (69) 12.20 (75) 4.39 (56)
M U.S. Open End Private Real Estate (SA +CF) Median 2.30 2.30 9.47 12.77 13.01 4.60
Returns for wads greaser elan one year are annualized
Returns ere r p expressed
Jun e 2 0 1 0 00 percentages
∎nciu
R
86
eturns prior June 11 m nnl ■June rasn Pepe 19
■