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PFPB Actuarial Report 10-01-2007
i ~~ Gabriel Roeder Sznit~ & C,Qmpany Consultants & Actuaries VILLAGE OF NORTH PALM BEACH FIRE AND POLICE RETIl~EMENT FUNGI ACTUARIAL VALUATION REPORT AS OF OCTOBER 1, 2007 - ANNUAL EMPLOYER CONTRIBUTIC}N iS DETERMINE^ BY THIS VALUATION FOR THE PLAN YEAR ENDING SEPTEMBER 3~, 2Q09 ~~ G~t7~1Q~ ~(7ret~eC Slllitil ~ COmpB~ly C)ne~;ast N~nS~~~ar~ };{1'Ej. `~J$.S'~i.1H_15 ~~htint^ Co~~sultadts & Actuar[cs Suft.• if1~ ~)~~.5'?S Oi18.3 fax l-t, Lau~7er~lzilc, k~I. 3,i3tT'I-1~;2 titia~.#;abriclr~~ecler.c~rfn May 19, 2008 Board of Trustees of the Village of North Palm Beach Fire and Police Retirement Fund North Palm Beach, Florida Board Members: We are pleased to present our October 1, 2007 Actuarial Valuation Report for the Plan. The -- purpose of the. Report is to set forth rer~uired contribution levels, to disclose plan assets and actuarial liabilities, to comment on funding progress and to provide supporting information -- regarding the operation of the Plan. This Report is also designed to comply with requirements of the State. The valuation was performed on the basis of employee,. retiree and financial information supplied by the City. Although we did not audit this information, it was reviewed #ar reasonableness and comparability to prior years. _ The benefits valued are outlined at the end of the Report. Actuarial assumptions and the actuarial cost method are also described herein. Any changes in benefits, assumptions or methods are described in the first section. _ We will be pleased to answer any questions pertaining to the valuation and to meet with you to review this Report. Respectfully submitted, GABRIEt., ROEDER, SMITH AND COMPANY .,- ~ . BY . Ste en Palmqulst, A A, MAAA, FCA -- Enrolled Actuary No. 08- 560 By -~ 4 Duane Howison, FSA Enrolled Actuary No. 08-6169 Statement by Enrolled Actuary This actuarial valuation andlor cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility far the results. To the best of my knowledge, the results are complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements and intent of part VII, Chapter 112, Florida Statutes, and are based an generally accepted actuarial principles and practices. There is no benefit or expense to be provided by the plan andlar paid from the plan's assets for which liabilities or current casts 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. ~~ ~ . Signature S' l 9 -®~' Date as-~ 5~a Enrollment Number TABLE OF CONTENTS Section Title q Discussion of Valuation Results 1. Discussian of Valuation Results 2. Chapter Revenue B Valuation Results 1. Participant Data 2. Annual Rec}uired Contribution 3. Actuarial Value of Benefits and Assets 4. Calculation of Employer Normal Cost 5. Actuarial Gains and bosses 6, Recent History of Valuation Results 7. Recent History of Contributians 8. Actuarial Assumptions and Cost Method 9. Glossary of Terms C Pension Fund Information 'I. Summary of Assets 2. Pension Fund Income and Disbursements 3. Actuarial Value of Assets 4. Investment Rate of Return D Finan cial Accounting Information 1. FASB Na, 35 2. GASB No. 25 3. GASB No. 27 E Miscellaneous Information 1. Reconciliation of Membership Data 2. Active Participant Distribution 3. Inactive Participant Distribution F Summary of Plan Provisions Pa4e 1 3 21 22 23 24 25 26 28 30 31 32 33 ~1~7 SECTII~N A DISCUSSION OF VALUATION RESULTS 1 DISCUSSION OF VALUATION RESULTS Com orison of Re wired Em to er Contributions A comparison of the required employer contribution developed in this year's and last year's actuarial valuations is as follows: For FYE 9130109 For FYE 913018 Based on Based on 1(11112Q07 1 fl1112pa6 Increase Valuation Valuation (Decrease} Required EmployerlState Contribution $ 72$,729 $ 715,784 $ 12,945 i4s % of Covered Payroll 22.53 % 24.59 % (2.06) Estimated State Contribution $ 138,200 $ 138,200. $ 0 As °/a of Covered Payroll 4.27 °/a 4.75 °/a (p.48) % Required Employer Contribution $ 590,529 $ 577,584 $ 12,945 As % of Covered Payroll 18.26 % 19.84 %a ('E;58} °/a The employer contribution has been adjusted for interest on the basis that employer contributions are made in equal payments at the end of each quarter. The required employer contribution has been computed under the assumption that the amount to be received from the State on behalf of members this year will be equal to the last payment. If this year's payment from the State falls below the estimated am©unt, then the employer must raise its contribution by the difference, The actual employer and State contributions during the year ending September 30, 2007 were $401,451 and $325,962, respectively.. C7nly $138,200 of the State revenue in 2007 may be used as a credit against the City contribution. Revisions in Benefits There have been no revisions in benefits since the last valuation. ~~ 2 Recisions in Actuarial Assum bons or Methods There have been nQ changes in actuarial assumptions or methods since the last valuation. Actuarial Experience Thera was a net. actuarial gain of $691,943 for the year which means that actual experience was mare favorable than expected. The gain is due to more employment terminations than expected., #ewer retirements than expected and investment return that was above the assumed rate of 8:9%. The net actuarial gain for the year translates into a decrease in annual employer contributions of 2.68% of covered payrall. Funded Ratio The funded ratio this year is 85.2% compared to 80..7% last year. The funded ratio is equal to the actuarial value of assets divided by the actuarial accrued (past service} liability .Analysis of Change in Emglaver Contributions The components of change in required contribution are as follows: Contribution rate Oast year 19.$4 Experience gain/loss (2.68) Change in administrative expensd 0.62 Ghange in State revenue 0.48 Contribution rate this year 18.26 The remainder of this Report includes detailed. actuarial valuation results, pension fund information, miscellaneous information and statistics., and a summary of plan previsions. ~1~7 3 CHAPTER REVENUE Increments in Chapter revenue over that received in 1998 must first be used to 1`unt# the cost of compliance with minimum benefits. Once minimums are met, any subsequent additional Chapter revenue must be used to provide extra. benefits.. As of the valuation date, the following changes are needed to meet the minimum required benefits: • Allow retirement at age 52 with 25 years of service, Eliminate one year waiting period before Plan entry, and • Provide a minimum accrued benefit equal to 2% of AFC multiplied by years of service. Actuarial Confirmation of the Use of State Chapter Money 1. Base Amount Previous Plan Year $ 138,201) 2. Amount Received for Previous Plan Year 325,962 3. Benefit Improvements Made in Previous Plan Year ~ 4. Excess Funds for Previous Plan Year: {2} - {'1) - {3} 187,702 5. Accumulated Excess at Beginning of Previous Year 257,221 6. Prior Excess Used in Previous Plan Year 0 7. Accumulated Excess as of Valuation ^ate (Available for Benefit Improvements}: (4} + (5} - (fi} 444,983 $. Base Amount This Plan Year: {i } + {3} 138,200 The Accumulated Excess shown in line 7 is being held in reserve to pay for additional benefts. The reserve is subtracted from Plan assets (see Section C of this Report).. The Base Amount. in line 8 is the amount the employer may take as a credit against its required contribution. SECTION B VALUATICIN RESULTS ~~ 4 PARTICIPANT DATA J October 1, 200'7 October 1, coos ACTIVE MEMBERS Number 46 ~ Covered Annual Payroll $ 3,110,081 $ 2,798,919 Average Annual Payroll $ 67,6101 $ 63,612 Average Age 39.9 40.7 Average Past Service 9.0} 9.4 Average Age at Hire 30.9 31.4 RETIREES & BENEI=ICIARIES ~ DROP Number 3 5 Annual Benefits $ 18,163 $ 99,632 Average Annual Benefit $ 6,054 $ 19,926 Average: Age 72.9 63.8 DISABILITY RETIREES Number 1 0 Annual Benefits $ 37,940 $ 0 Average Annual Benefit $ 37,940 $ 0 Average Age .5.4.3 0.0 TERMINATED VESTED MEMBERS Number 11 12 Annual Benefits $ 193,799 $ 211,364 Average Annual Benefit $ 17,618 $ 17,614 Average Age 50.8 49.8 ~~ 5 ANNUA4 REQUIRED CCINTRIBUTiC)N (ARC} A. Valuation Date October 1, 2407 October 1, 2008 B. ARC to Be Paid During Fiscal Year Ending 9/30/2009 9/30/2008 C. Assumed Date of Employer Contrib. Quarterly Quarterly D. Annual Payment to Amortize Unfunded Actuarial Liability $ 0 $ 0 E. Employer Normal Cost 668,177 656,324 F. ARC if Paid on the Valuation Date: D+E 668,177 656,324 G. ARC Adjusted for Frequency of Payments 70fl,610 fi88~ 182 H. ARG as % of Covered Payroli 22.53 % 24.59 °fa I. Assumed Rate of Increase in Covered PayroN to Contribution Year 4.00 % 4.00 % ,t. Covered Payroll for Contribution Year 3,234,484 2,910,876 K. ARC for Contribution Year: H x J 728,729 715,784 L. Estimate of State Revenue in Contribution Year 138,2[10 138,200 M. Required Employer Contribution (REC) in Contribution Year 590,529 577,584 N. REC as % of Covered Payroll in Contribution Year: M = .t 1$.26 % 1 ~•$4 ~1~-.~7 6 ACTUARIAL VALUE OF BENEFITS AND ASSETS A. Valuation Date October 1, 2007 October 1, 2006 B. Actuarial Present Value of All Projected Benefits for 1. Active Members a. Service Retirement Benefits $ 9,616,784 $ 8,937,830 b. Venting Benefits 51.9,154 468,075 e. Disability Benefits 1,054,966 902'265 d. Preretirement Death Benefits 195,193 171,316 e. Return of Member Contributions 29,854 23,531 f. Total 11,415,951 10,503,017 2, Inactive Members a. Service Retirees & Beneficiaries 1,302,543 1,687,549 b. Disability Retirees 571,818 c. Terminated Vested Members 1,739,314 1,757,015 d. Total 3,613,675 3,444,564 3. Total for All Members 15,029,626 13,947,581 C. Actuarial Accrued (Past Service) Liability per GASB No. 25 10,836,562 10,294,848 D. Actuarial Value of Accumulated Plan Benefits per FASB No. 35 9,131,J1g 8,665,687 E, Plan Assets 1. Market Value 10,404,511 9,193,248 2, Actuarial Value 9,228,:137 8,312,363 F. Actuarial Present Value of Projected Covered Payroll 27,027,461 23,459,286 G. Actuarial Present. Value of Projected Member Contributions 540,;149 4fi9,186 - a CALCULATION OF EAAPLOYER NORMAL COST A. Valuation Date Qctober 1, 2407 Qctober 1, 2006 - B Actuarial Present Value. of Projected ~,. . Benefits $ 15,429,626 $ 13,947,581 - C. Actuarial Value of Assets 9,228,537 8,312,363 ...- D. Unfunded Actuarial Accrued Liability 0 D - E. Actuariai Present Value of Prajected Member Contributions 540,549 468,.186 F. Actuarial Present Value of Prajected - Employer Normal Costs: B-GD-E 5,260,540 5,16fi,032 - G. Actuarial Present Value of Projected Covered Payroll 27,027,461 23,459,2$6 H, Employer Normal Cast Rate: FIG 19.46 °!° 22.02 % 1. Covered Annual payroll 3,110,031 2,798,919 J. Employer Normal Cost: H x i 605,222 61fi,322 K. Assumed Amount of Administrative - Expenses 62,955 40,002 - L. Total Employer Normal Cost: J+K 668,177 656,324 M. Employer Normal Cost as % of - Covered Payroll 21.48 % 23.45 % ~~ 8 ACTUARIAL GAINS AND L.QSSES The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary increases, and other factors have been based an long range trends and expectations. Actual experience can vary from these expectations. The variance is measured by the gain and lass for the period involved. if significant Ivng term experience reveais consistent deviation from what has been expected acrd that deviation is expected to continue, the assumptions should be modified. The net actuarial gain (loss} for the past year has been computed as failflws: A• Employer Normal Cost as a Percentage of Covered Payroll 1. Last Valuation 22.02 % 2. Current Valuation 19.40 3. Difference: 1 - 2 2.50 B. Actuarial Present Value of Projected Covered Payroll $ 27,027,461 C. Net Actuarial Gain {Loss): A3 x B 699,903 D. Gain {Loss) Due to Investments 99,455 E. Gain (Loss) #rom Other Sources 592,448 Nek ac#uariai Qains in previous years have been as follows Year Ended Change sn Employer Normal Cost Rate Gain (Lass) 9130189 1.53 % $ 220, 70:9 9130190 (0.27) (40,469} 9130191 0.96 156,905 9130192 {0.48) {91,50fi) 9130193 1.88 297,196 9130194 2.28 357,7fifi 9130195 1.11 179,910 9130196 (1.79) {236,969} 9130197 3.27 440,982 9130/98 {2.87) (417,330} 9130199 4.60 584, 057 9/30/D0 1.09 155,044 9130101 {2.57} (338,945) 9130102 (7.70) { 1,284,021 } 9!30103 { 1.51) {297, 859} 9130104 {3.70} (785,221 } 9130105 3.56 703,235 9130106 (3.13} {734,276) 9130107 2.56 691,903 G1~7 9 Actuarial Gain (+) or taass (-) $z $2 ~~ $~ ~ c o ~a ~o ~' {~1) {$1) {$2) {$2) 9189 9190 9181 9192 9193 9194 9195 9198 9197 9198 9199 9100 9101 910'. 9103 9104 9105 9/06 9107 Plan Year End Gain or Loss -~-Cumulative Change in Employer Narmal Cost Rate 8% &% 4% 4% a~i° a~i° -a% -4°i° -$% -8% -12% -12% 9189 9190 9191 9192 9193 9194 9195 9196 9197 9198 9199 9100 9101 9102 9103 9104 9105 910fi 9107 Phan Year Enci Normal Gosi Rate ~-Cumuiativ~ V 11.x_) 10 The fund earnings and salary increase assumptions have considerable impact an the cost of the Plan so it is important that they are in line with the actual experience. The following table shows the actual fund earnings and salary increase rates compared to the assumed rates for the last few years: Investment Return salary Increases Year Ending Actual Assumed Actual Assumed 9/30/1985 17.8 % 7.0 % 1.4 %O 6.0 % 9/30/1986 24.9 7.0 13.9 6.0 9/3011987 13.3 7.0 10.9 6.0 3/30/1988 2.3 7.0 4.3 6.0 9/30/1983 20.1 7.0 8.7 6.0 9/30/1990 (0.5} 7.0 5.3 6.0 9/30/1991 23.6 7.0 8.3 6.0 9130/1992 12.2 7.0 9.0 6.0 9130!1993 9.4 7.0 0.7 6.0 9/30/1994 7.2 7.0 1.2 6.0 9/30/1995 10.6: 7.0 6.4 6A 9/3011996 8.3 8.0 '! 0.2 6.0 3/30/1997 16.1 8.0 (5.4) 6.0 9/30/1998 10.7 8.0 18.6 6.0 9/30/1999 12.6 8.0 (5.5) 6-d 9/30/2000 11.6' 8.0 9.2 6.0 9/30/2001 7.4 8.0 8.7 6 A 9/30/2002 1.8 8.0 15.5 6.0 9/30/2003 3.9 $.0 7.1 6.0 9/30/2004 2.8 8.0 14.Q 6.0 9/30/2005 3.3 $.0 (7.1) 6.0 9/30/2006 5.0 8.0 11.2 6.0 9/3012007 $.4 $•0 9.8 6.0 Averages 9.9 % --- 6.6 % --- The actual investment return rates shown above are based. on the actuarial value of assets. The actual salary increase rates shown above are the increases received by those active members who were included in the actuarial valuations bath at the beginning and the end of each year. ~1~r~7 11 History of Investment Return Based on Actuarial Value of Assets San/a ~o% 25a/u 25% 20°/a 20%a 15%a 15°/a 10°/a - 1y0/°/u 5%4 fJ1°/O 0% 0%a -5% -5°/a -10% -10% ~~~~ q`~'0 ~~~~ ~~~$ ~~'ag ar~p~0 ~~~~ ~~p~ti~~°'" ~ ~~~~`°~~~~ g~~~ ~~~~ ~~°~~ 0~~g °~~~ o'~4R p'\ ~,~~Q'3 g\oR oy\o~ p~\~~ oy\~~ Plan Year End. CAI---Actual -~-Assumed History of Salary Increases 20% 20% 15o/a 18°/a 16% 16% 1~% 14% 1 ~' %a 12% 10%a 1 D°/a 8% 8% 5a/0 ~]% 4%° 4°/a 2% 2% 0°/a 0% -2%a -2% -4°!° -4°fo -8°/a -8% ~\~~ ~\$~ ~\~,~ ~~~~ °y\~g ~\~ °~\~,~ °,\gy °J\~~ °\~q~'~\~e~ °s\~~ °'~~1 °,\~~ °~~~vy ~~~q °,\~ ~ orfl~L °J\0"~ °J\~9~ °~h °,~~F, °,~~1 Plan Year End Compared to Precious Year --E--Actual -f--Assumed ~z Actual {A) Compared to Expected {E) Decremer~ts Among Active Employees Number Added. Service & Active During DROP Disability Terminations Members Year Year Retirement Retirement Death Vested Other Tot als End of Ended A E A E A E A E A A A E Year 913012002. 6 2 0 1 0 0 0 0 t 1 2 1 31 913fl12fl03 8 2 0 1 0 0 0 0 1 1 2 1 37 9130f20fl4 4 3 fl 1 0 D 0 0 17 3 3 1 38 913012flfl5 8 6 fl 3 0 0 0 0 ] 5 6 1 4Q 9130/2006 9 5 2 3 0 0 0 fl +~ 3 3 1 44 913012flfl7 7 5 1 3 0 0 fl fl ~~ 4 4 2 46 913fl12fl08 3 0 0 2 6 Yr Totals * ~}2 23 3 12 0 0 fl 0 3 17 20 7 _... ~~ 13 a o S O N P Cf3 r W fD C7 N N~~ N M N r tD ~fJ LfS a N p r d G Q o o ~ a0 r LO lf7 DO Op O~ G M r r r r r r r r r r r r N N N N N ~..~ d RI o Z L ~ W 1+ ~ 1~- LC} t+'S O of) tD o h o0 r CrJ C'7 (~ OQ O ~' P "~ O ftr Lt7 Of3 o r ~3 C35 lfl <t M CA P O M 1~ N N P 0 ~ M ~'! U? `17 M N I+ lt7 C? r 00 (L) M N O '~ O? G7 M r ~ E ni ors ci ~ ~ ~n u7 cs~ rS N ~( M N r= v ci CO N Lt7 ~ O' ti ni ~ ~ao SCl M f~ SD r O r r ? r N N i r M ~ dG ~ CO CD ~ a r r r r r r r r r r r O G O o 0 a o o O O C? 0 0 0 0 CS O C:1 C7 0. J w z 0 a c J ~ r Lf) 1L) r r C4 C4 ~ 1+ CS7 lt7 G Op r P~ N O ~ M P Cp ~ GD N N ~ SO tC3 r L[1 r ~ M ~ d d` Lf7 M CC5 M ` 3 ~ Gn r 0 CD CO N ld3 V O d) O W C7 N o M d} r M ~ m ~ M i''7 00 N d N N tD O? C7 Qx X17 OQ f~ l!? r o N Ob LL ro ~ OrorM Lni+7t+'9TM ~i]M0:5r-*S C"~I~ G7rN ® . ~' C V ~ 0p CA N ~ C9 i'r7 o Cp GO N I~ G] C4 I~ fS7 i+') N ~ ~ ~ r r r r r N N N M I d' ~~~ LD (D CL3 P oE? O d Q Ef3 ~ _ ~ ~ z ~ t~ CO o ~C7 OD M CO M N GO '~ ~ I`- ~ N oD 6! ~7 O r r C3? Lf3 N 0p OD CD M f°' N 00 Op Lr9 N M N M M r OD V ~ ~ N r 1~ O In f+ OD ~ o M Ch CO M lf] 1!S N N ~D ~ o 1J.i O` (di37~[3~N ~CVCI+~ N~c7f~r CV ti~oOO ~ o Cp o P P ~ N CQ r OC7 lf) L~ ~ r N r N O~ r ~ ~ ~ CA O O N N r r~ M il'S M~ I.f) Ch M_ CO cJ' P r d a ~ ~ r r r r r-- r r r r r r N N N N M ~ Q ~ ~ # K b # # # # i k M # # • # K it i. # ±~t {D !d G7 Cn G7 GO AD 00 t73 ~ O r C+'9 (C3 M 00 lL"J CD I~ l!7 ~ V r r r r r^ r r <-` r r C Q 3 ~~ r r r r Lf7 `t 'O OC1 r S+3 r Q) O 1~ r P o0 O~ LO ~ Z Q~ M M M M M M N N M M M N M N C7 C7 M~ C C! 00 Q? d r N S"? ~ ~ C~ P o0 G7 O r N c"1 ~ ~[3 CO 1~ ;F, fi G ~ CS} ~} o C? o ~ ~ ~ ~ ~ ~ ~ d ~O G ` ~ C O C d R ^~ . r ~ ID _ _ r r r T r i ~ ~ ~ ~ti ooooa ~ r r r r i ~ ~~ ~ ~ 00000 -- r r r r e A "~ ~ ~ 00'000 r r r ~' r ~.. ~ 1 `~ 1 ooooc {~ r T r r r r r r r r r r r r r r r r r !~ 7 M 3 C is ~g 3 OS L s+ L 4 'C G 0 .~ Ci. ~+ ~~ .~ Q .~ d C m 3 0 ~ 1 0 Q ~ (~ T t C1 .~ C ~ d ~ ~~ C t `t 3 r 14 Recent History of Number a# Members Actuarial Vaiuation Date Active Members ^Inactiye Members GRS ~5 Recent History of Employer Normal Cost $700 2$% 26% $600 24% 22% $500 20% vd - 18% o c $400 16% ;, 14% a t $300 12% o r- 10% $200 8% 6% $100 4% 2% $0 0% 01$~ ®1~9 o~o ~1~A 4~~ o~~ ~1~~ ~~~ ~19~ ~~~ ~r~~ ~~g ~!®~ ~1~~ g1~~ o1~~ ~14~ ~1a~ ~~~~ d14~ ~ ~ h ~ ~ ~ A ~ ~ ~ A ~ ~ ~ ~ A '~ '~ ~ ~ Actuarial Valuation Date ~ Employer NC Amount °~-- NC as % of P,~yroll '111ra7 d i~ O N CO 0U O G M O ~ lfS r~ en r N 0 r M r G br I` N 0 d ti~ Q !~ CO r O cs~ GO In I i r a 0~ 0 0a O ~ N ~9 l!) ld r r r a0 N GCl N o r (p O r (1j r r I r r N N ct r r [rJ C9 Q3 c+9 M f+~ CG ~f' O Cfl hl (A ~ O N O '~ O 017 O C31 0 r~ M w C qr ~~ G N P`^ CO ED CPS OS D ~ ~ Cfl r et M r N O r (LY tf7i M I~ N M r N N 463 Q GOO 0 0 0 0 0 i i' ar C . O OQ 0O N QS LL7 ~ ~ N r N ~ C'7 N N N N (} N lV C1 ~t r ~ l1] ~ lfS l!? 'cF '~ CGi ~ CO CV tl~ ef7 ~ ~ G~ O c+9 I+. 00 et f~ f~ f~ a0 M Cai G3 W OL1 M C7 M M ~ 7 r r r r r Q ~ ~ MdGOt77 N ~ Q Q® Q1OGt7N G o 0 G I~- cfllrahlf7?1 CO i;p O N M O~tcD*- I O CS3 00 LC5 a I i V o a G o ce G~ +r ~o ~ M o op Bi .~ r Q c`~a~c°0or°~ay ~ti~w~ °.i N~m-~ u°~ti c7 r N N ct ~YS St !LJ N ~ Z a ~ 7 ~ ~ O~ ~ 0~ M 0 CP) ~ d ti O d 00 00 0 N 0 .-- CS dr ti ~- r O M C P 0 N G l17 ~ (rS m C ~ ° d ~ Lf) CSS CD CO ~ r Lfl CD (CS I+ M . l4) L!9 N V t0 ~+- O M N ~? (~ iV d 0b N Lt3 O Cfl d N OD ~ r r r N r r r 0 !> ~ W yr ++ N Lf? u'i N 6S CO r O r tSS ~t ~ 11} N M to I~ GG O 0 Cry M O CO O O N N h 0 N f+ (D r ~} O CS 09 [ ~ m Z ~ M CD f~ Lt7 r N ~ CD h~ CLS N f~ ~ N f~ O O I J 0p I` efi ~ 'cw I!~ N l!7 ~ ~ h. 1 cr ca f~ LCS C~ ClCI 00 O N N N M 9CS I~ I~ r d' ~ R? h- M ~# OS CJ lfj M m Lfj r r P. ~ f~ L[) d R d O a r N NMU7et in ~ a ® 64 Q C G O ,F "- O a ~ O ~ ++ ~ O ~ lC V' 1lf) `~ r 1~ ~ ~ O r O r M O N 0 O 00 1~ d ~' h 4CS i~ CA 00 e!' Efi CV O Cn r QO LD N ILry !~ M 0 I i` 1~ N d ~ l[? b' 417 ~ ~ 'ct ~ CP) r17 4') lt'S L() Lf) Cfl n CfS Lfi LC] 4[7 'Cf N ~" 6LJ O ~ LL ~ ~ ~ ~ M i0 f~ O N N Cp 4' CO M i` ~ CQ r Lt) G r N O M M P. CD I~ 0 0p G~ N a0 OS M 0 O 0 0p 0 0 0 E 0 O . ~ ~ ~ t+ QO (~ Q) d 0D N QS Ln d N Q1 N N r r CP) N N N N ~ ~ '~ ~j +. Gq O '~ CV ~ ~ t-- ch 1n ~ ~ LCS 07i et 00 d ~t ~ ~[S l1~ L!) A rd eri o0 1~ ~ OD P.. ~ ~ M ~ ey" 0c7 od ao M M M M M 00 M ~ a r r r r ~ r r r _~ ~ 64 ~ ~ W O W ~ + + ~R 0 o N 0 f~ r 0 CT) ct Oro CSS r 4f> ~ CD '~t M r 00 Y13 'CC CCU LCS O r f+ r I`+ 1I9 N r O CO 1~ C3S N N N lt L27 M II} IJJ y t0 d N r r ~- r r r r - p r r r OJ - s-- f` lf5 OG 0 7 ~ r LCS r et (V a ~ r r r r r r r r r N N N N N G w G O r N N r d00~I~.M r d r M M ~7 rR9d` CS] In iES l1? O CpM(D0M r G Cp r 0O00 0 ~ ~ O °C# M ~ d P ~ lYS ~ (O ti ~B N r Oa CP) 0 ~ ~CO 00 0d c- 41'J i~ N I~ C I d 0 r r r r d' O G~ ~ ti 00 M N r N h~ ~ C:7 aS' a7 tTa 0 ~ Ln OD Q r r r r r C S (L} r r - 00 d CO M SD 0 O O M r N 1l.f r v r r 1- r CrS Crj 4fS ~D [n ~ ~ 69 ~ ~' V ~ 'a :ir ~,. t0 ,~ ._ ~ O O ti'- N M GiO~d?~OS ~ l[9 C~ I`~ 00 GS d00O O O r N M COO 0O SP' Lf~ Cfl h 03 Ca0O0C3 O 0 ~ Ri ~ W~$~ Q 00000 M M M M M 00000 M M M M M 00000 M M 00000 ~ ~ i i i i i CJS CS CA d CA i i. i i i d d C~ qS CA M M M ! i i i i O M M M M M i i i `~ O M i 0 d i~ CA 0 OS S CTS OS t~ C ~ w' 03 G] O r N oo as rn rn rn M ~ ~[] f~ ~ rn as as a~ 05 aCS O O N aS oa o o c N Cr9 +~' Lt7 (O a o 0 0 0 f~ 0 ~ r r r r r i i i i i. r r r r r i '~. i ~. 1 r r r r r i i i i i r r r r r r OG000 r 00070 O 00000 1 i. i i i OOC]OO i 0 r r r r r r r r 'ems T r t- r l: r r r r !` r 1 ej 17 Recent History of Required and Actual Contributions ~soa s7oa X800 ~ $500 e~ ~ $400 O ~ $300 $2D0 $100 $4 Fiscal Year End Required Contribution ^Actuai Contribution 18 ACTUARIAL ASSUMPTIONS AND C+DST METHOD A. Cost Method 1. Funding Aggregate Actuarial Cost Method 2. Accumulated Benefit Obligation . Accrued Benefit Method B. Investment Earnings (Including inflation) 8%° per year, compounded annually; net rate f a ter investment related expenses. C. Salary Increases (including inflation) 6% per year up to the assumed retirement age. D. inflation 4% per year. E. Retirement Age See Table below for retirement rates. F. Form of Payment It is assumed retiring participants will choose a benefit in the form of an annuity that includes a 3% COLA. ~. Turnover Rates See Table below. H. Mortality Rates 1983 Group Annuity Mortality Table for males and females with 5 year set forward for disabled participants. I. Disability 1. Rates 2. Percent Service Connected J. Asset Value K. Administrative Expenses L. Increase in Covered Payroll M. Post Retirement Benefit Increase N. Changes Since Last Valuation See Table below. NA Market Value less unrecc-gnized capital appreciation, where capital appreciation is recognized at the rate of 20% per year. F_xpensas paid aut of the fund other than investment related expenses are assumed tc~ be equal to the average of actual expenses over the ~revio~~s true years, NA 3% per year. None. 19 Annual Rate of e Turnover Disability 25 8.6°f° 0.15°f° 30 ~. ~ 0.18 ~~ 5.7 0.23 40 3.9 0.30 45 2,4 0.51 50 1.2 1..00 55 _-- Annual Rate of Retirement For each year eligible far early retirement 5'% For year when normal retirement date is attained g0 For each of four years after normal retirement. date 40 For fifth year after normal retirement 100 ~~ 20 '"` GLOSSARY 4F TERMS '^'"` Actuarial Present Value is the value of an amount or series of amounts payable at various times, determined as of the valuation date by the application of the set of actuarial assumptions. - Actuarial Assum tuns are assumptions as to the occurrence of future events affecting pension costs. The previous page. outlines the Actuarial Assumptions utilized in this valuation. Actuarial Cost Method is a procedure for determining the Actuarial Present Value of pension plan benefits and for developing an actuarially equivalent allocation! of such value to time periods, usually in the form of a Normal Cost and Actuarial Accrued liability. i A re ate Actuarial Cost Method is a method under which tht. excess of the Actuarial Present Value of Projected Benefits of the group included in the valuation, over the sum of the Actuarial Value _ of Assets and the Actuarial Present Value of Future Member Contributions {if any} is allocated as a - level percentage of earnings of the group between the valuation dot€, and the assumed retirement age. -- This allocation is performed for the group as a whole, not as a sum of individual allocations. The - portion of this Actuarial Present Value allocated to a specific year is called the Em to er Normal ~""' Cost. Under this method, actuarial gains {fosses} reduce (increase.} 1`uture Normal Costs. ~1~3 SECTION C PENSION FUND INFORMATION 21 SUMMARY 4F ASSETS 9/30/20x7 913Q120Q6 Cash and Securities -Market Value State Board of Admins ~ _ ~ _ Cash Money Market Funds 191,9116 19,741 Treasury and Agency Bonds & Notes 601,746 2,287,4i'9 607,540 2,371 798 Corporate Bonds 864,456 , 822 377 Common Stocks 6,899,288 , 5,546,799 Pooled Equity Funds _ Pooled Bond Funds _ ~ Other Securities _ Total 10,544,855 9,368,255 Receivables and Accruals State Contribution 325,96:2 233,641 Member Contribution _ Employer Contribution - 56 390 Interest and Dividends 50,154 46,426 (7ther _ Total 376,116 _ 336,457 Payables Reserve far Excess State Funds 444,98:3 257,221 Monthly Supplemental Benefit Reserve - _ Employer Pre-paid 2008 Contribution 62,827' (1,471} Refunds _ Expenses •• 12,072 C?t#7er -Pending Trades 8,65[1 243,242 Total 516,46[1 511,464 Net Assets -Market Value 1[«,404,511 9,19[3,248 ~~ 22 PENSION FUND INCOME AND DISBURSEMENTS Year Errding Year Ending 9/80/2007 9/30/2006 Market Value at Be inning of Period $ 9,459,46$ $ 8,485,462 Income Member Contributions 62,952 50,857 State Contributions 32',1,962 233,641 Employer Contributions 40'1,451 551,986 Other Contributions 0 31,589 Interest and Dividends 29Ei,061 175,840 Realized and Unrealized Gains {Losses} 84~i,979 435,882 Total Investment Income 1,14~i,t)40 611,722 Total Income 1,93;;G,405 1,479,795 Disbursements Monthly Benefit Payments 385,105 i 8,163 Lump Sum Distributions 0 393,092 Refund of Contributions 13,3fi0 4,634 Investment Related Expenses 50,66.2 58,242 Other Administrative Expenses 85,252 40 657 Insurance Premiums 0 0 Other Expenses 0 Total Disbursements 534,379 514,788 Net Increase During Period 1,399„028 965,007 Market Value at End of Period 10,849,494 9,450,469 Less: State Contribution Reserve 444,983 257,221 Final Market Value 10,404,511 9,193,24$ Gi47 23 ACTUARIAL VALUE Oi= ASSETS The Actuarial Value of Assets is equal to the market value less capital appreciation which has. r#ot yet been recognized, Capital appreciation, the total of raalized and unrealized gains., is bung recognized at the rate of 2Q% per year. Recognized and unrecognized capital appreciation for this year's valuation is developed as follows: Year {1) Capital Amount of (1} Recognized Amount of (1} Recognized by Amount of (1) 1lnrecogn`rzed by Ending Appreciation Each Year Valuation Date Valuation i,ate 9/30/2003 $ 891,198 $ 138, 244 $ 691,240 $ 4 9/30f2004 386,491 77,298 349,192 77,299 9130/2005 398,948 79,782 239,346 159 562 9/34/2046 435,882 87,176 174,352 , 261,534 9130/2407 846,979 169,396 169,396 677,583 2, 759,458 ;51,892 1, 5$3,486 1,175,974 Actuarial Value of Assets = {Market Value) - (Unrecognized Capital Appreciation) _ $ 10,849,494 - $ 1,175,974 $ 9,673,520 Range from 84%® to 124% of Market Vafue = $ 8,67c~,595 to $ 13,019,393 Preliminary Actuarial Value of Assets = $ 9,67..3,520. Reserve for Excess State Funds = $ 4411,983 Final Actuarial Value of Assets = $ 9,22E;,537 Investment earnings recognized in the Actuarial Value. of Assets are computed as follows: 9,673,520 - 8,569,584 - 794,365 + 534,379 847,950 - 5a,662 797,288 * Before reduction far State Cont Actuarial Value this year" Actuarial Value last year Contributions during year _ Expenses during year Grass. Earnings recognized Investment related expenses Net Earnings recognized ributian Reserve 24 INVESTMENT RATE OF RETURN The investment rate of return has been calculated as follows: Basis 1 - Interest, dividends, realized gains (losses} and unrealized appreciation (depreciation) divided by the weighted average of the market value of the fund during the year. This figure is normally called the Total Rate of Return. Basis 2 - Investment earnings recognized in the Actuarial Value of Assets divided by the weighted average of the Actuarial Value of Assets during the year. Investment Rate of Return Year Ended Basis 1 '" Basis 2 9130185 17.8 o D 17.8 9/30186 24..9 24,g 9130187 13.3 13.3 9!30/88 2.3 2.3 91301$9 20,1 20.1 9130/90 (0.5} (0,5) 9130191 23,0 23.5 9130/92 12..2 12.2 9!30/93 9.7 g,4 9130194 2.1 7.2 9130/95 17.9 10.6 9/30196 8,6 8.3 9130/97 26.4 16.1 9130/98 6.0 10.7 9130199 12.1 12.6 9130/00 8.7 11.6 9/30101 (5.6) 7.4 9130102 (5.7) 1.g 9130103 16.1 3.9 9/30/04 8.4 2.8 9130105 8.0 3.3 9130106 6.4 5.0 9/30!07 11,4 g.1 Average Compounded Rate of Return for Number of Years Shown 10.3 % 9.9 % Average Compounded Rate of Return for Last 5 Years 10.0 % 4,8 Note: Figures prier to '19186 were taken from the previous actuary`s report for 'f 981. ~~ SECTION D ~INANClAL ACCQUNTING INF®RMATION G~iS 25 FASB NO. 35 INFQRMATfON A. Valuation Date B. Actuarial Present Value of Accumulated Plan Benefits 1. Vested Benefits a. Members Currently Receiving Payments b. Terminated Vested Members c, Other Members d. Total 2. Nan-Vested Benefits 3. Total Actuarial Present Value of Accumulated Plan Benefits: 1d + 2 4. Accumulated Contributions of Ac#ive Members C. Changes in the Actuarial Present Value of Accumulated Plan Benefits 1. Total Value at Beginning of Year 2. Increase (Decrease} During. the Period. Attributable to: a. Plan Amendment b. Change in Actuarial Assumptions c. Latest Member Data., Benefits Accumulated and Decrease in the Discount Period d. Benefits Paid e. Net Increase 3. Total Value at End of Period D. MarfTet Value of Assets E. Actuarial Assumptions -See page entitled Actuarial Assumptions and Methods October 1, 2007 ~ October 1, 2006 1,874,361 1, 738, 314 4, 756, 087 ,B, 369, 762 762,157 9,131,919 302,658 €1,665,687 0 0 864,697 398, 465 466,232 9,131,919 10, 404, 611 $ 1,687,x49 ~ , 757, 015 4, 524, 546 7, 969,110 696,577 8, 665, 687 274, 832 7,295,994 0 0 1, 7$5, 582 (415,889) 1,369,693 8, 665, 687 9,193,248 ~~ 2s rrV~/ ,V,F+E W O N a a z~ Z ~ LL ~ ~~ wy ~a ~~ W a °~ o o a~ ~ R ~ ~ 00 G'i ~ ~ N O ' O ~ LN N n7 ~ cfl ~t Li? ~ W ~ ~ ~ o i~ ~~ ~ ~ c ~, ~ oa M ~ m N C7p a(3 CD CY] N ao ~t <t r.. r ~t N ao cn ~ O] _- ~ ~ ^-. ~ Ln ~ 00 ~' - N a0 O Lf :i [? M CA (Li Cri N M N C+7 CY3 Lf9 Ll? N CV CG .- aD ~ O ~ ~ Zy C? " ~ ~ N d' N O ti ~ ~ N ~ ti lC) N CS? Cr;~ r A. r N ti Ltd Cp O ~ w ~ ' O N CV r r Ch C'7 LL? M Cf' lCa C31 C'~ C4 ~ _ ~ ~-- _ yy ~- r r r r r r e'- r r r r N N N N i'~) N N ~ US ~ ~ U ~{} ~ C C] . ~ o ~ ~' R ~ ~ SI d' ~ ti Ch CQ C'7 C10 N O Irj GQ ~ r N ~ ~ N yam,,, ~ Tr V O D CO r Cn ez~e0~ ~ ~ r O VI !~ r I~ O O c''7 1~ ~ r ~ T r 1` C.~ 1~- O 1` C7 ~ ~~ ~ G~ ~ W ~ . ~ C C r~ r r r r r T `r ~~ ~ w~ ..` V} - ~ 'i`s J .-. ~ ~ C? L(~ c0 NCO CO CD Lr7 47 CQ ^ .-..--..--. Ob Cn M th Ln Li7 Lfa C? r-. t+ C70 CD ~[] C'h Li, Lf7 ~ ~ ~ J ~ C'7 CD O Cp Lid r di3 Ci? Cq LA O O r C37 N C~ r- l17 M 00 ti Cf] CC) N ~t d ~+ C) C N C :~ ~ m o0 CL7 ~ 00 r ' CV ir} ~) Q7 (yj CY) N O ~ N Cil a] •Z ~ ~i N O `-' ~ ~ ~ ti a ~ ~ O ~ ~ ~ 0 7 C p_ y N ~ r ~-- r r U 7~ s o 0 .~~a~ ~ j ~ ~ ~ ~ ~ -ia d ~ o W rl ~ r Ci) Ln ~t O Cij tf} 00 r C\! Lfj f~ N ~ i'7 f~ f~ O M Lt7 ~}' dr C7p ~ f~ 1~ C42 [9 i17 '~ GO N °Ct CO +~-' ~ ~ ~9 ~ ~'j .-~ Sr r N C77 O CO CV lf7 CJa CD I'~ C~ r 1~ I` 00 ~A ~ ~ 3 Q ~ ~ m ~ ~ ~ t 40 CD C7 C3a CC? d" Liz CC7 Cp N ~ Cfl ~ ~ S} ~ _ ..r Q '~+ ~ - c Ln C+D Q M ~ O ci' ~' ~ O St Cp C45 N ~ O tf:? r ~ Cni C"7 L(7 (9 LC/ Cp CA ~ N ~ CA ~ fU i:31 S] L 7~ R = P r N N N _ _ l~ C''3 `.7 C~' ~ LL7 CD ~ 00 Cab C7 C3 ~ 3 r r _ ~ ~ ~ ~N Q a 3 J ~ ~Z ~ ~ pp o ~N ~ r P Cr7 CL1 ~ N 1` CD LL'1 C? C7D r Cfl Cif ~ et M ti ~ Q !~ tf} GO O b lV Ln ~ ' O ~ O C+D O N N C7 ~ r i~ L{? ~ ~ C GD N O N CV Cfl C7s Q CS? L~ OCi M L~ r C7 CV a0 ~ . lC _~ aQ L • ~' C'7 Lfl M [7 c70 O N ~[7 O'i r i'7 LL') M ~ C+'S C~ Cif G~ Ci! r Ci? M f` C7 ~ ~'i CO f~ Cp r N i'~7 N ~ ~ ~ L Q _ _ N ~ r P CV N N (v5 ~ ct ~ Lit Liz !t] O CO f1 QU C~ N ~ N U 3 Q _ ~ ~ ~ E,F3 m ~ ~ ~ ~ .L 'e- N C'~7 d' LCJ O O'9 O O C3~ CL~ N p0 6'f O C~ C7> G1 Q1 C~ r N C*7 ~ Ln O O O £] O CD h O C> ~, m a+ C77 CS7 ~_ GS aT C~ C3~ C3a CA O C7 O O O O O O Q S ~ ~ ~' Q 1 '~. r r r r r _ _ __ N sr r,. r r r N N N N N ~~ ~ ~ ~ ~. ' N N ~. ~ Z +4 '~ O C7 O O O r r O O C~ O Q r r e ^ r r O O O Q O r r C7 O r r r r T r r r r r r r r P~ !"' r V 27 SCHEDULE OF CONTRIBUTIONS FROM EMPLOYER AND THE STATE OF FLORIDA (GASB statement No. 25) Year Ended Annual Required Actual Percentage September 3Q Contribution Contribution Contributed 1 ~~ 1 117, 352 122, 960 104.8 1992 119, 472 121,1332 102.0 1993 140, 031 141, 006 100.. 7 1994 130, 551 131,.? 14 100.5 1995 126, 988 131, 926 103.9 1996 131,611 133, `01 10.1.4 1997 167,7$3 169,614 101.0 1998 118,643 149,1135 125.7 1999 182, 286 190,18..1 104.3 2000 97,135 126,190 129.9 2001 85,866 102,834 119.8 2002 130,305 146,2'77 112.3 2003 369,089 369,642 100.1 2004 383,891 388,200 101.1 2005 509,800 610,064 119.7 2006 690,186 690,186 100..0 2007 539,.651 539, 651 100.0 ~~7 28 ANNUAL PENSION CAST ANp NET PENSION OBLIGATION (GASB STATEMENT NO.27} Employer FYE September 3fl 2008 20{}7 2flfl6 Annual Required Contribution (ARC)* $ 715,784 $ 539,651 $ 690,186 Interest on Net Pension Obligation (NPO) (14,916) (15,567) {16,279) Adjustment to ARC (22,254) (23,701) {25,185) Annual Pension Cost {APC) 723,118 547,785 699,092 Contributions made ** 539,651 690,186 Increase (decrease) in NPO ** 8,134 8,906 NP{] at beginning of year (186,453) (194,587) {203,493) NPO at end of year ~'* (186,453) (194,587} * Includes expected State contribution +* To be determined THREE YEAR TREND INFORMATION Fiscal Annual Pension Actual Percentage of Net Pension Year Endin Cost APC Contribution APC Contributed Obli ation 9!3012005 $ 513,792 $ 610,064 118.7 °,''/o $ {x03,493) 9130/2flfl6 699,092 69fl,186 98.7 {194,587) 9130I2fl07 547,785 539,651 98.5 186,453 ~~ 29 REQUIRED SUPPLEMENTARY INFQRMATIUN GASB Statement No. 25 and Na. 27 The information presented in the required supplementary schedules was determined as part of the actuarial valuations at the dates indicated, Additional information as of the latest actuarial valuation: Valuation date October 1, 2007 Contribution Rates: Employer 22.53% Plan Members 2.00% Actuarial Cost Method Aggregate Amortization Method NA Remaining am©rtization period NA Asset valuation method 5-year smoothed market Actuarial assumptions: investment rate of return g.0% Projected salary increases 0.0a/o Includes inflation and other general increases at 4.p% Cost of Living adJustments 3.0% per year GRS SECTIQN E MISCE!_LANEOUS lNFQRMATION Gi~7 30 RECONCILIATION ©F MEMBERSHIP DATA From 1011106 From 1011105 To 1011107 Ta 1011106 A. Active Members 1. Number lncluded in Last Valuation 44 40 2. New Members lncluded in Current Valuation 7 g 3. Nvn-Vested Employment Terminations (q) {8) 4. Vested Employment Terminations p p 5. Service Retirements {1 ~ {2) 6. Disability Retirements Q a 7. Deaths Q Q 8. Transferfrom General Employees p 9. Number Included in This Valuation 46 44 B. Terminated Vested Members 1. Number Included in Last Valuation 12 13 2. Additions from Active Members p 0 3. Lump Sum PaymentslRefund of Contributions Q p 4. Payments Commenced p ~ 5. Dea#hs © 0 6. Other--Lump Sum Distribution _~ ~~ 7. Number lncluded in This Valuation 91 12 C. Service Retirees, Disability Retirees and Beneficiar ies 1. Number Included in Last Valuation* 5 3 2. Additions from Active Members 1 ~ 3. Additions from Terminated Vested Members p p 4. Deaths Resulting in No Further Payments 0 p 5. Deaths Resulting in New Survivor Benefits Q p 6. End of Certain Period - Nv Further Payments 0 Q 7. Other -- Lump Sum Distributions ~ 0 8. Number included in This Valuation 4 5 This number includes cyst-of-living benefits being paid by the pension fund far retirees whose annuities were purchased during the 1970'x, 37 r1 1~ 1-'! 5p b N N h d1 N Ia a1 135 M Q r h 03 N 5A h r-t >b P M M m SD M M Q N M N b 1D N lp sp M .-I h m 07 d1 O O N d5 W m bl h Ill W IA ~ W N I P T W ~ E'I m o7 1 N M N O N .i W W N ~-/ N h N [ N' O P r Iil A OP5 141 d P m N N b M l0 q ID h h M r r 65 M 1fl N l0 P P vl N N t-{ I p 1 M I 1 (]I ~ .h. 1 1 ~ I b o o 0 o q o 0 O q C3 G O O b [] [3 q o q 4 0 0 0 b q o I o q d I ~ m I i i I I P 1 m 00 ao 00 oa on 0n {,q /q QMr on I rim ra p5 a5 '-l N o 0 I m P R . -I •i P I b N Y Y I C1 6 ri o N rl p. p IeI ,y N I 0 0 0 O O O 0 0 6 O O O O O 'O O O O q 6 0 0 0 0 q 0 0 O q p I ~ N r I 1 I a I N 0nn 000 000 ono ream troo Nmri no0 000 I wrn N. O O N N P P 5p y1 a 0 P N ' m [6 T 4Y I .~-I O N 1 V N Ip m 1-1 ri q d '-I '-I m m m h d1 m I 1 r+ w rl M I I I I rn I N o00 oqo Ono 000 o0n Nnn 000 coo rI~ W N aP 61 N N 1 a S :W N lCl sl' P r r N. N Y 5D M Ilf .-I q ~` l` h h h h I N h C ri O ~ .~ 11 ~~ . O c] O 0 0 O rf W lp s-I N N 0 0 0 N l0 n'7 .-I N N 0 0 0 O b 0 I I S41 5p Ill rl t tP+ r N N a N N lA N N m 1 ~~ N O ~~ llY vl M M M 1 I r h r r P r N I(l M O v5 r O `~ i i l N dl V ~!~ Q1 ~ 1 O O O 0 0 O N N M M Q5 5p ry l0 M M O i4 O O q 0 0 0 .i Q1 O5 i I N Q5 W k N w r V5P .-I o ,-lr ao m rM o 5n r~ w .-l 5n m d ~ ?oP w~ rv lc ma NN mm N N 11 h a N 1n r-I tr 5o t~l m w -I a m In In o 5D W O . .~l r N I ly ~N o0a o00 000 Noo .inn o00 000 ,-i0o n00 more S1 P h R r r M M .~1 rf ~, ~ N N. P P h h [- h I b W r h Irl Irl N N N 111 11'5 1 N I d1 1 1 0 0 0 w P d1 N 0p y~ 0 0 0 0 0 0 0 0 0 O O O O O q 0 0 0 I M N r ' 1 m P P .+ ml P h v1 h I Pr 05 a P P I[7 N N N M 5D ~ W 1 Ill w E I ~ m ~ t 1-{ Q 'S I t M ` . a Q O O M 05 O 5a m M N w •+rr oa0 ,-I d1~ oaq o00 ooq m.-Im ' N n u3 .-l 0 rm 50 5n hn 5p 5a o ° ~~ ~ ~ ur ~ xn u iv i W ~ m P rl ~ I u i 1 a I o r rl 1 i LI Id 1 N I H t6 5v N N M ri O It] Ifl .i M M N 0 0 .i vl Ill O O O O O O C O O 0 0 0 r IPl N r-! I .-I ri .-1 M ~ N N .-I .d .ti N N N 5p m w i h m 1 N rl m W r h h 05 N Y m - Q .1 N ll1 ~ P V1 IfT N N vl r 1 N ~ M 1 i W r i 1 I ~ tL .-1 I 1 o O q o [] o q p 0 b o o o O q o q p O O o O O o 4 0 0 6 0 0 I O I V ~ f ~ 1 (~ E ~ os~N za oa.s~ z R oNS. 7 rC Q 0ats+ Z4~ ors Z ¢ oa.a1 oNN o;~a1 oar ~HF ~ ~,~ w ao 1 , aa1 ma 1 Q as xFC><C wa zRR as ~ ~r5 i>,a ~ ~kd a a D ~d~d N ~~ ropHpy rvE©.y mE~~ I+mSFp [7 ~ ~ppL7 ~ppF C9 ~ uP1F [7 u~x l~U' 1 Sou E+t7 2 F HC7 2, ~ Hd ryFQ ~ Hrf, ~ F11 2 F+Q F~' 2' F ~R 1~1C FR p F R p ~ ~ ~ M F ~~ 32 t N I i1 O p p O p ri O 6i Q~ O tiD P. M 4 <S o 0 o N N P~ i '-I ~.1 V+ N .~I q +~0 N sM O N a I ~ V-I 1 !~Y [D 00 h sy Pl O ~ ~..~ I 1] 0 O N' N 65 lQ N n N pl ry ~ F ,. ~ N n ~ '"~ w N rn p ~ N I°~ J~ 0 E. I I H ppp o0 N In NN O N Hr-I 80000 N ,,,~~~~~~ i z m u o 0 0 0 0 ,-r -~I 0 0 0 0 0 0 0 0 0 0 0 0 0 p o c I +m w I L Q] I O q I E N Aq a'I !+ N F Y. Iq a.+ O I !3 I }I 4. 0 0 0 0 I ~ 0 0 C] p 0 0 4 0 q 4 p p 0 p N I ,C 3 F q q a z z d t4 N N L O o 0 0 0 p O O O O lp dl ~ 0 0 0 0 0 [~1 N n H W I J N Q5 O 1 O] 1A r N to O E U N N '~ ~ . m .~ ~ y Q N N a w rn ~ IYy' ~ 0 0 0 o q 0 0 9 0 0 .i ri r-I 0 0 0 0 0 H I H ~ 2 U I ~ z ~ o o a o a 0 0 0 0 o qo 0 00 0 0 0 d a uo ~ I N -N W T P N N ~ y G J n al `' w ~' z I o ~ M m r I F ~ W N [u '~ 4d O .4 m N aT .~ A I .7 410 oop o op r/o gOpo 0000q ,-~ D ~ 3 ~ A ~ z ~ p7 ~ .~C U ~ i ~ ~ ~ ~.q p o 0 0 d a m e~ o p o o g p p o o cl a ~ ~ GF ~ m m~ m N ~ N G~ w U c~ n I+I Cu. S O C a N ti m ,bi rn rn L In F m ~ N F N ~ y ~-I .ti H 'd w ~ v a ~ ~ A o N I •r~ ~ ~ a O g 9 0 o N rh P N O o 0 0 0 0 g p O N pj I$S a ~ ~ W Qi t. ,~ z 7 C w w ;~ dl 01 AEI Oi C Oi d` C1 W 05 W Q~ Y '=-I ~ ~ ~ N N N M M d' W N N lD l0 r h ~ tp O1 Ol dl ~ IY. W CIU~+^ I t I I I I I I I 1 I I I I I I ~ ~ ~ .I I.y e{ [+' O N O Vi .5 N N ~'1 f'1 C I(5 O u~ al yl N i!1 O N 6 N b * n O N O N ~ O O O ~ ~ J_I 2 O z D r W 1D a, Y ° N Q7 •r, ~ ~ a ~~ W SECTION F SUMMARY OF PLAN PR©VISIONS ~~ 33 SUMMARY OF PLAN PROVISIONS Effective Date March 1, 1967 Eli. ibili Full-time fire and police employees are eligible for membership on the October 1st fallowing completion of 12 months of employment. - Earnings - Gross salary including overtime but excluding bonuses or any other nanregular payments such y- as unused sicCc leave and vacation pay. - Avera a Monthl Earnirr s AME -- Average of earnings during the five years within the. last ten years of employment which produces the highest average. Credited Service Total number of years and fractional parts of years of actual service, _,,.,._ Normal Retirement - Eligibility Age 55. - Benefit 2.50°1`° of AME multiplied by Credited Service, with a maximum benefit of 60% of AME. - Form of Benefit 10 years certain and life thereafter with other options available. Early Retirement - Eligibility Age 50. - Benefit Calculated in same manner as Normal Retirement Benefit and payable at fVarmal Retirement Date; or payable immediately after reduction by 3%° - for each year by which the benefit. commencement date precedes the Normal Retirement Date. Delayed Retirement. - Eligibility Any time after the Normal Retirement Date. __.. 34 - Benefit Calculated in the same manner as the Normal Retirement Benefit using the AME and Credited Service as of the Normal Retirement Date and -- increased actuarially to the actual retirement date. Prerstirement Death Benefits For a member who is age 55 and has at least five years of service but who dies before commencement of retirement benefits, a monthly benefit is payable to the designated ,~ beneficiary; the benefit is calculated as though the member had retired on his date of death and had chosen the 50°/a Joint and Survivor Annuity Option. Upon the death of a ,,,~ member with ten years of service, a death benefit is payable for ten years in arr amount equal to the vested accrued benefit. Disability Re#irement Eligibility For non-service connected disability, ten years of Credited Service and a total and permanent disability. For service connected disability, a total .~ and permanent disability with no service re+~uirement. Benefit A ten year certain and life annuity that. can be provided by the single-sum value of the member's accrued pension #~enefit, but is at least 42% of AME for service connected disability and at least 25% of AME fior non- service connected disability. Termination Benefits For a member with less than ten years of Credited Service when he terminates, no - benefit is payable. For a member with ten or more years of Credited Service when he terminates, his accrued benefit is payable at his Normal Retirement Date, or at any time -~- after age 50 is attained, with the benefit being subject to the same reduction as for Early Retirement Senefits. Contributions From Members 2%~ of earnings. ,~ From the City The amount necessary to fund the Pian properly according to the Plan's actuary.. _._. Cost of Livin Increases lip to 3%'o change effective each Qctober 1st in accordance with the Consumer Price Index. Changes Since Last Valuation None. _ ~~