10-01-2010 Actuarial Valuation Report General Employees Retirement FundGabriel Raeder smith & Company
Consaltaats ~ Actuaries
VILLA~L €~~ I~C?itTH PALM REACYI t~ENEI2Ai. ~bF'i'IId~MF1~'T Fi1IVI9
ACTliAR1AL VALUATION I2EPORTAS OF OCTOBER 1, 2070
ANNUAL EMPLOYER CONTRIBL~"ZION DETERiv1INED F'OK PLAN YGAK ENDING SEPTEMBER 3Q 2012
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May 2, 2011
Board of Trustees of the
Village of'Vorth Palm Beach
General Retirement Fund
iv~otth Palm Beach, FIo3~ida
Dear Board Members
We are pleased tv present our October 1, 2010 Act~tarial Valuation Report for the f']an. 'Phe propose of the
Report is to set forth required contribution levels, to disclose plan assets and actuaria! 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.
1"he valuation was performed on the. basis of employee, retiree and financial information supplied by the
City. Although we did not audit this information, ii was reviewed fot reasonab{eness and comparability to
prior years.
The benefits valued are outlined al the end of the Report. Actuarial assumptions and Lhe acurarial cost
method are also described herein. wry changes in benefits, assumptions or methods are described in dte
first section.
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate. In my opini<rn, the techniques and assumptions used are reasonable, meet the
requirements and intent of Part VTI, Chapter t I2, Florida Statutes, and are based on generally accepted
actuarial principles and practices. There is no benefit or expense to he provided by the plan ancUor 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.
As indicated below, one of the undersigned is a Member of the American Academy of Actuaries (3VIAAA)
and meets the Qualification Standards Uf the Academy of Actuaries to render the actuarial opinion herein.
~Ve wili be pleased to answer auy questions pertaining to the valuation and to meet with you to review this
Report.
Respectfully submitted
GABRIEL., ROEDER, SMI'T'H AIVD COMPATv~Y
h 4
J. 'tephen Palntquist, ASA, AAA, FCA
Finalled Ac[uaq~ No. t I-01560
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"FAI3LI? (3F E"Oh'`i'E~TS
tiecfion "Fide I'~2e
A Disc ussion ot~ Valuation Results t
B Valu ation Results
1. Participant Data
2. Amnial Required Contribution (ARC} 5
3. Actuarial Value of Benefits & Assets 6
4. Calculation of Employer sV'ormal Cost 7
5. Liquidation of Unfimded Liability 8
6. Actuarial Gains and Losses IO
7. Recent History of Valuation Results 15
8. Recent History of Required and
Actua! Contributions 18
9. Actuarial Assumptions and Cost R~ethud 20
I0. Glossary of'Ferms 22
C Pe~tsion Fund Information
1. Statement of Assets 25
2. Cocome and Disbursements 2b
3. Actuarial Vahte of Assets 27
4. Investment Rate of Return 28
ll Financial Accounting InEormatio^
1. FASB No. 35 ?9
2. Gi1SI3 No. 25 30
3. GASB No. 27 32
E Miscellaneous Information
t_ Reconciliation of IVlembership Data 3q
2. Age/ServicelSalary Distributions 35
F Summary of Plan Provisions 38
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iDtSd~L'S~fO~ OI' VALUATTf3~l t21iSUf.TS
Co[nt~arisan of Required Enrployer t;ontributions
A compuisnn of the required employer cornribution developed ut this year's and last years actuarial
valuations is as follows:
For FYE 9/30/ 12 For FYE 9130111
Based on IIasedon6l7/]0
10/1/10 Actuarial Impact Increase
Vah~ation Statement (Decrease)
Required Employer Contribution ~ 696,946 $ 499,954 $ ty6,992
As % of Cowered Payroll 19.57 % 15.7$ °l0 3.79 %
The contribution ttas been adjusted Por interest on the basis that employer contribotious are. made in
equal payments on a bi-weekly basis. The actual employer contribution during the year ending September
3Q, 2010 was $759,729 compared to the minimum required contribution of $734,636.
Revisions ier Benefits
Ordinance 2010-07 was passed Ivfay 27, 2010 and effective February 27, 20E0. The effect of the
amendment was pre~sentcd in an actuarial impact statement issued June 7, 2010. The Ordinance eliminates
lump sums as au optional form of payment and eliminates the one }year eligibility period for plan entry.
Results for the October 1, 201)9 valuation shown in this repozt reflect the impact statement.
Revisions in Actuarial Assunmtigns or IVtethocls
In connection with Ordinance 2010-07, the post-retirement assumed rate of return was changed
from 5.25% to 8.00°Io, due to the elimination of Pump sum distributions. This change is reflected in the
results shown for last year. Additionally, this yew's results reflect a change in the assumed rate of
investment return from S.Ofc to 7.7'h and a change in assumed mortality rates from dte 1983 Group t\nnuity
NIortaliry Tables to the RP?000 Mortality '1"ables including modality improvements from 2000 to 2010.
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flctuarial Experience
There was an actuarial loss of 5392,336 for the year which means that actual experience was less
favorable tlr<ur expected. There was a loss due tv the recognized asset return of 4.0°~o versus the expected
8.OrIc. The. returt on market value was 8.8%. In addition, salary increases exceeded the assumed rats of
5.5°l0. The net loss for tfie year translates into an increase in annual employer contributions of 1.39% of
covered payroll
Anatvsis of Cban~e nr Euenlover Contributions
The components of change in the rec{wired contribution are as follows:
Contribution rate firm Actuarial Impact Statement 15.78 °lo
Change in Actuarial Assumptions 3.55
Payment on unfwtded liability (0.99)
Experience gain/loss 1.39
Grange in administrative exp~rse (0.16)
Contributimt rate this ye<u 19.57
Funded Ratio
The funded ratio this year is 6~.3%r, compared to 72b% provided in the Actuarial Lnpact Statement
with letter dated Tune 7, 2010. Prior to the change in actuarial assumptions, the ratio was 73.6%. The ratio
is equal to the actuarial value of assets divided by the actuarial accrued (past service) liability.
Variability of Future Contribution Rates
The actuarial Cost Method used Eo determine the required contribution is intended to produce
contribution rates which are generally level as a percent of payroll. Even so, wizen experience differs
from the assumptions, as it often does, the employer's coneribution rate can vary significantly from year-
to-year
Over tune, if the year-to-year gains and losses offset esch other, the contribution rate wou3d be
expected to return to the current level, but this does not always happen.
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The Acuiarial Value of Assets exceecLs the Market Valnt~ of Assets by $606,930 as of the
valuadon date (see Section C). This difference wHl 6e gradually recognized over the neat five years in
the absence of offsetting gains. In turn, the computed employer conh'ihution rate will increase by
approximately Z.07% of covered payroll over the same period.
ItelatiansErip to Market Valcre
If ivfarket Value hart been the basis for the valuation, the City contribution rate would have been
21.64%,. In the absence of other gains and losses, the City contribution rate should increase to that level
over the next several years.
Conclusion
The remainder of this Report includes detailed actuarial valuation restdts, financial information,
miscellaneous information and statistics, and a stunmary of plan provisions.
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PARTICIPANT' DATA
October [. 20[0 Ocmh,•r~,?_009
ACT[VE NIEi1~IBERS 6/ ~~curnl
Imp a~ 7 Srarenrei2t
Number 64 63
Covered Annual Payrol[ $ 3,124,324 ~ 3,046,121
AF~erage Annual Payroll $ 53,505 $ 48,356
Average Age 47.7 47.5
Average Past Seevice 12.1 11.6
Average Age at Hire 35.6 359
RE'I7RI ES c4 BENlF1CIARIES 8c DROP
?Sumbei' 7 7
Annual Benefits ~ 29,649 $ 29,649
Average Annua[ Benefit $ 4,236 ~ 4,236
Average Age 74.0 73.0
DISABILITY RETIRIsTS
Number p 0
Annual Bem;fits ~ 0 $ 0
Average Amu~a[ Benefit $ 0 ~ 0
Average: Age 0.0 0.0
TER;V[INATED VESTL-;D Iv1EiV1BERS
Number 48 50
Annual Benefits ~ 269,561 $ 300,471
Average Annual Benefit ~ 5,616 ~ 6,009
Average Age 53.0 52. ]
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ANNUAL REQUt3tf'sD CON'CRIBUTION (AkC)
A. Valuation Date Ocu>her 1, 2610 October 1, 2010 October 1, 2009
AJter Changes 13efore Changes G%7/ZOIO
Acrt~arial 6npacl
B. ARC to Be Paid lluring Stalemenr
Fiscal YearF.nding 9/30/2012 9/36/20}2 9/30/2011
C. AsstnnedBateofF_mployerContrib. Bi-Weekly Bi-Weekly 13i-Weekly
D. Annual Payment to Amortize
UntruidedActuarlall_lability ~ (35,123 $ 64,392 ~ 86,388
E. Employer Normal Cost 510,653 463,055 375,751
F. AKC if Paid on the Valuation
Date: D+E 645,731 527,447 462,139
G. ARC Adjusted for Frequency of
Payments 670,D55 543.545 480,(124
H. ARC us °lo of Covered l?ayrol! } 9.57 % 16.02 io I SJ8 1.
I. Assumed Rate of Increase [n Covered
Payroll to Contribution Year X1.00 °l0 4.00 % 4.00
J. Covered Payroll for Contribution Year 3,>61,297 3,561,297 3,16$,278
K REC for Contribution Yetu~: H x d 696,946 570,520 499,954
L. REC as °lo of Covered Pa~~roll in
Contribution Year: M =) i 957 °fo 16.62 I 15.78 9'0
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ACTUAFtIkL V,iLI;F nF' I3I?~'E:FI'I:`s ANI) ~9SS1:1;`i
A. Valuation (late October 1, 2010 October (, 30(0 October I, 2009
After Changes 13e(ore Gian,_ges 6/7/2010
Actrrnrinl bnpact
B. Actuarial Pi csent Value of All Protected S'rore,neer
Benefits for
1. Active Members
a. ServiceI2etirementBenefits $ ]1,938,469 k 10,445,569 ~ 9,054,857
b. Vesting Benefits 667,231 565,745 540.840
c. Disability Benefits - _ _
d_ Preretirement Deat17 Benefits ! 92,000 256,545 233.818
e_ Return of Member Contributions 8,019 S.U_'a 5,782
f. Total 12,805,719 _
I'. 75,sx ~ 9,835,297
2. Inactive Members
a. Service Retirees&Bcue6ciaries ]03,428 (01,707 l21pll
b. Disability Retirees _ _ _
a't'erminated Vested Members 1,609,368 1,407,850 1,452,713
d. Total 1,7]2,796 ],509,557 1,573,724
3. 'Dotal for All Members I4,518,Sli (2,755,444 11,409,021
C. Actuarial Aecrtted (past Service)
Liability perCiAS33No.25 10,516,549 9,400,173 8,32833(
13. Actuarial Value of Accumulated Plan
Benefits per- PASB No. 35 7,678,015 6,371,424 6,222,6$5
E. Plan Assets
1. Market Vahie 6,256,127 Ci,256,127 5,208,323
2. Actuarial Value 6,863,057 f.,,563,U57 6,048,508
i~. Actuarial Present Value of Projected
Covered Payroll 30,3fi4,9f)I 29,278,796 2fi948,832
C'r. Actuarial Present Value of Projected
ibtember Contributions 1,572,253 1,517,$63 1,390,957
CALCULATION OF EMPLOYER NORMAL COST
A. Valuation Date October I, 2010 October ], 3010 October I, 2(709
.-1fter Changes 82fi?re Changes 11712070
Actuarial Lnpac7
B. Actuarial Present Value of Projected Smre»aent
Benefits .5 14,513,515 ~ 13,735,444 S ]1,409,02L
C Actuarial Value of Assets 6,863,057 6,363,057 6,048,308
D. Unfundzd Actuarial Accrued Liability ],696,464 580,033 811,73(
E. Actuarial Present Value oY Projected
D4ember Convibutions 1,572,253 ],51"7,363 1,390,957
F. Actuarial Present Value of Projected
Employer Normal Costs: B-GD-E 4,386,74E 3,824,436 3,157,535
G. Actuarial Present Value of I'rojzcted
CovereUPayrnll 30,364,901 29,278,796 26,948,832
H. Employer Normal Cost Rate: FIG 14.45 % 13.06 l t L72 %a
1. Covered Annual Payroll 3,424,324 3,424,324 3,046,42(
J. Employer Normal Cost: H x I 494,815 447,217 35"7,041
K. Assumzd Amount of Administrative
Fxpznses 15,338 15,838 18,110
L. Total Employer Nonn:d Cost J+K 510,653 463,055 375,751
M, Employer Normal Cost as ~yo of
Covered Payroll 14.41 I 1352 % 12.33 elo
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L,1QL'~P3A'T~t)N Oh ~'HF, U~'P'U~I~~;i) I`120~4~~ ACTLiAIBIAi. P CCRDh,~ IlIABII.I'#'~'
A. Derivation of the Current UAAL
1. Lasi Yc<~r's UAAL S 811,731
?. Lasl Year's Employer tvonnal Cost 454,988
3. Last Year's Contributions 759,529
4. Interest aC the Assumed Rate on:
a. 1 and 2 for one year 101,337
b. 3 from dates paid
5. 1"his Year's UAAL Prior to Revision:
1 + 2 - 3 + 4c 580,088
4. Change in UAAL Due to Plan Amendments
andlor Changes in Actuarial Assumptions 1,116,376
7. "Phis Years Revised CARL= 5 + 6 1,696,464
B. UAAL Amortization Period and T'aymenis
Original LlA.4I_ Current UAAL
Amortization
Date Period Years
Established {Years) AiIOLIDE Remainin' Amount Payment
(0/I/99 30 k 535,538 19 S 378,053 $ 30,258
(0/(/00 30 1,426,008 20 1,186,775 92,1"19
1011/03 30 70Q742 23 598,821 43,060
10/ll03 30 (77,576) 23 (66,292) (4,767]
CO/VOS 30 313,729 25 263,272 18,141
IOIU09 30 ('3,127,680) 29 (1,780,540) {114,479)
101010 30 1,! 16,376 30 1,116,376 70,736
Totals 1.696,464 735,128
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('. ~~~;oi•tizatian Schedule ~~ y
The UPAAL is being amortized as a IeG=e( percene of payroll over the num6ea of years remaining in tl~e
amortization period. "Phe expected amortization schedule 3s as tollr~ws:
Amortization Schedule
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Year Expected UAt~i.
201(3 ~ 7 ,696,464
2011 (,678,417
201 ~ 1,655, 884
2013 ] ,628,440
2014 1,595,647
2015 1,557,032
2020 1:257,348
2025 716,297
2030 (134,917)
2035 (179,018)
2039 -
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A~"i`tJr~[8If4i. Cnr4I~~ A;1~I~ L~3SS~~S
The assumptions used to anticipate mortality, employment tt€tnouer, investment income, expenses,
salary increases, and ether factors have been based on long mange trends and expectations. Actual
experience eau vary from these expectations. 1'he variance is measured by the gain and loss for the period
involved. If significu~t long term expel fence reveals consistent deviation fram what has been expected and
that deviation is expected to continue, the assumptions should be modified. The net actua~ ial gam (loss) For
the past year has been computed as follows:
A. Employer Normal Cost as a
Percentage of Covered Payroll
1. Last Valuation 11.7?_ °Jn
2. Cunene y~aluation 13.Ofi
3. Difference: 1 - 2 (1.34)
13. Actuarial Present Value of ~ 29,278,796
Projected Covered Payroll
C. :Vac Actuarial Cain (Loss): A3 x B (392,336)
D. Gain (Loss) Due. Co Investments (354,969)
1. t3aue (Loss) from O@eer Socu~ces (137,367)
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Net actuarial guns rn previous years have been as follows:
Year Ended Change iii Employer
Norma] Cost Rate
Gain (bass)
9!30139 Q 27) % ~ 247,650
9/30/90 0.94 (203, ] 34}
9/30191 Q .89} :149,934
9/30/92 (0.46) 116,603
9/30193 (0.85} 220.810
9/30/44 0.25 (72,092)
9/30!95 {0.75) 218,857
9130/96 (0.62) ] 19,415
)130147 (1.09) 238,623
9/30/93 (0.63) 143,651
9/30199 (t .14) 2(16, 397
9/30/00 (0.42) 98,421
9/30101 (0.94} ? 66,154
9130102 2.05 (526,867)
9/30/03 2.01 (566,552)
9/30/04 4.74 (1,665,087)
9/30/05 (0.06) 17,103
9/30/06 (1.24} 403362
9/30/07 (134) 375,088
9!'30/03 (0.43) 112,703
9/30/09 Q 12 (31,231)
9130/10 1.34 (392,336)
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"1'he fund earnings and salary increase assumptions have considerable impact on the cos[ of the Plan
so it is important that they tyre iu line with the actual experience. The table shows the acu~a! fluid earnings
and salary incze use rates compared to the assumed rates for the last tew years:
Year lnvustmen t Return Sa3ary Ir
Ending ~ ~ctua( ~ wsumcd ~ Actual ~ ~~o
9/30/I985 t3.8 `r 7.0 ~% 53 r'c t 7 Rio
9130J198fi 272 7,0 12.8 6.0
9/30!1987 ]b.4 7.0 8.6 G.0
9/3{)11988 (63) 7.0 6.8 fi.0
9/30/19823 19.4 Z0 5.2 b.0
9/30/1990 (0.6) 7.0 I(}.4 6.0
9/30/1991 19.7 ZU 5.0 6.0
9/30/1992 11.8 7.0 7.7 6.0
9/30/1993 9.7 7.0 0.8 6.0
9/30/1c394 6.0 7.0 5.9 (,0
9/30/1995 8.7 7.0 A.6 6.0
9/30/ ] 996 9_3 8.0 4.4 6.0
9/3U/1997 I15 8.0 43 6.0
9/30/1998 10.9 8.0 43 6.0
9130/]999 I32 8.0 2.8 6.0
9730/2000 12.7 8.5 t03 5.5
9/3012001 7.9 S.5 3.4 5.5
9/30J2002 2.5 8.5 6.8 5S
9/30/2003 L6 8.5 7.2 5.5
9/30/2004 8.6 8.5 239 5.5
9/30/2005 8.7 8.5 (2.9) 5.5
9/30/2006 8.1 89 8.5 5.5
9/30/2007 9.0 8.0 8.0 5.5
9/30/2008 4.9 8.0 4.0 55
9/30/2009 3.8 8.0 3.4 5.5
9/30/3010 4.0 8.0 103 5.5
Averages <<}.l % -- 6.5 % --
The actuz~l investment return rates shown above are based on the actuarial vatue of assets. 't'he
actual salary me3easc rates shown above arc tiie increases received by those active members who were
included in the actuarial valuations both at the beginning and the end of each year.
i3
Ilistaa~y~ of It3vesYn~ent Itetnrr~ Basest a~~ ~ef~uaria( S~ahte of ,assets
3D7a 3070
2~% 25°Io
20% 2070
15°I iz%
]070 (070
s~n~ sir
o o7~
-1o7a -1070
°~~~' 9~yb~l~cb 9~~' q~~'~1~~ a~~ q~g q~~ o~~q a~`~ q~`~bq~q q~~ 9A~'q~~~Oq~~ q~~ ~~~ ~~a ~~~ ~~~bA~~ q~~ q~~ q~,~0
Plan Year End
--~---AC~usl --a--As~suined~
History of Salary Increases
24°I 9gat
v
-( n °07v
] 6°fn 16%
1245 1 ? ~%.
8% 81
a7G 4~~
o~ 0~~
-a ~ -470
A~~~l~q, q~~~ ~~ g~~~q~~ ~~~ ~~~' ~,~~ 9~~ q~~ 0~~ 9~~ ~3~~ q~~~ ~~ q~~ ~,~~ q~~ q~~ q~~~ ~~ ~~~~~~~ q~~ 9~~0
Plan Year End Compared toPrevioos Yea r
-~--ACIUaI -'~--.Assumed
V l 0~
Aettaal (_~) €:on~~ares! try F;xpeeted (~:) 1)ecretxtents
.4ino~r~ Active Ernpluyees
~R'nmlter
Added [~~~~~
.~4fCC' [~''
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Daring DRQ>P Disability Terminations NFembers
Year Year Retirrment RetireEnent Death Vested Other 'ibtals End of
Ended A E A E ,A E A E A A A I's Year
9130/x003 7 3 0 7 0 0 0 0 ? I 3 3 92
)/30/2004 10 g 5 3 6 0 0 6 I 2 3 3 94
9/36/3005 12 22 J O 7 0 0 0 0 9 ; 13 3 8A
<)/3012066 7 5 9 0 2 0 6 1 0 4 4 S 2 9€}
9/30/2007 3 21 2 ~t 0 0 0 6 8 J 1 19 4 72
97.10/?008 6 14 6 3 0 0 0 0 7 I 8 2 64
9/30[2009 ~ 6 2 ? 0 0 0 0 3 ] ~ Z (i3
9/30/2610 4 3 ] 2 0 0 0 0 0 2 2 2 64
9(30/2011 3 0 0 2
8 Yr'1'otals * 62 86 26 a5 6 0 l (I 34 25 59 21
Totals aim tttrouah current Plan Year oaty
1a~crNT ~rtsT~xY car VALUATION x~t1~,~rs
Nmnber of Covered Actuarial Em to per Normal Cost
Valuation :V[embers Annual Value l of
llate Aetive Inactive Pa•roll oPAssets IJRAAL Amount Yavroti
IO/U88 71 37 ~ 1,473,422 $ 1,743,234 ,b 0 R 19b,109 12.0%
10/1189 33 37 ],715,049 2,105,292 0 L84,804 10.8
10/1!90 79 37 1,848,72(1 2,134,052 U 232,938 ]3.6
l0/l/91 86 34 2,022,569 2,53!,076 0 219,669 IQ9
101]/92 87 35 2,!53,537 2,645,252 0 Z(6,0ti9 10.0
(0/1/93 91 35 2,241,595 3,018,716 0 205,294 92
10!1194 96 35 2,471,296 3,209,342 0 258,406 105
10/1/95 93 35 ?,451,309 3,471,658 0 245,007 10.0
10/1/96 80 39 2,251,6(0 3;805,073 0 229,496 102
101ll97 79 40 2,380,024 4,30!,968 0 214,402 9.0
10/]198 79 42 2,435,518 4,574,342 0 204,401 8.4
10/1/99 83 46 2,532,74! 5,179,781 535,528 249,653 4.8
10/1/00 84 45 2,961,773 5,73?,329 (,891,134 285,337 103
]U/1/01 93 45 3, 127,3 t3 6,3]2,447 1,899,439 397,452 9.5
10/1/02 8$ 49 3,076,443 6,]93,676 1,900,967 359,426 11.7
10/I/03 92 48 3,443,843 6,759,0(2 2,555,?16 451,615 13.1
(OIU04 94 48 4,275,981 6,578,832 2,618,b09 760,337 1'1.8
(0/1/05 84 55 3,220,258 3,817,605 2,956,402 596,120 185
l0/1106 90 56 3,680960 5,283,023 2,970,967 628,5 t5 17.1
1011107 72 59 3,238,894 6,481,382 2,944,876 505,658 15.6
]0/1/08 64 GO 2,977,995 5,824,447 2,951925 454,988 153
10/I/09 63 55 3,046,421 6,048,808 817,721 375,751 12.3
10/1/10 64 55 3,424,324 6,863,057 ],696,464 5]0,653 14.9
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Recent History of Number of Members
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Reezi~t Flistory of Covered Annual Payroll (Mil])
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Acfuhrial Vu lua tion Date
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Recent History of Employer Normal Cost ($~00)
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E
~~~
Ri?CEiv'1' H151'DRY O!^ 1YEQUIRED ASI) ACTL{AL f'ON"CRIBI;'~fL..S
EncE of Year To Required ~on4ribu[io€~
ValvaT€ot~ 1~VIaicCi Aefua)
Valuateou Cantribiztion
Applies % of
Amuunf Payroll
10/1188 9/30189 $ 183,611 1246 °Io $ 184,000
1011/89 9130190 192,677 I L21 195,000
10/1190 9/30/9] 242,868 t3.(4 24>,000
]0/I/91 9/30192 229,034 iL42 130,000
10/]/92 9/30/93 225180 IQ46 226,000
(0/ll93 9110/9=1 214,046 9S5 22.1,000
(0/1194 9/30/95 269,422 10.90 27Q000
I GIU95 9130/96 259,75 ( 10.65 260.000
101[(96 9130/97 240,637 1Q69 245169
1011/97 9/30/98 22=1,810 9.45 250,721
10/1/9& 9130/99 214,323 8.30 227,([2
101099 9130!00 29x,866 1L56 372,744
]0/1/00 9130101 4L_5,152 15.03 447,1?.S
10/I1p( 9/3(7/02 430.41 i 13.75 467,750
101]102 9130/03 502,855 1635 503,220
(011/02 9730/1)4 5231?7 1635 524.000
10!!103 9/30105 662,237 18A9 662 ?37
IOIV04 9/30/06 1,007,695 12.66 L,007,695
10!(105 9130/07 866,069 25.36 873,854
10/1/06 9/30108 875,(26 22.86 876,712
1011/07 9/30/09 76(,943 2262 765,381
]0/1108 9/30/[G 73'l,fi36 23.72 759,529
l0/1!09 9/30/11 499,954 15.78 na
1011110 9/30!12 696,946 19.57 na
19
Recent History of Reyau~ed and tlctuat Contlibueions ($00(7)
SI,Z06 .._.. _... __--- ._... .... _.... _.....
$(,00(7
$800 .~
-~:-: ~ '.
5600
5400
Sgt 0 s
`;
~41~~ o ~9~~9'~ q~9 0 ~ ~a ~~9~~ ~ ~9 .~ ~~p ~~ ~~p'~~~~ ~~p~~~~b ~~~~~4~49~~~0 .ti ~~~1.
I+`ucai Year L-nd
BliequireA Convibution l9AC(~,ttl CuntriDutinn
G1~S
20
~yC7'UAFtIAi, ~~4`titJM&'T'F(3~t~ A.~'I~ C't94'1' ;11IiT4ft)1)
A. Cost Metbod
L Funding Frozen Entry Age Actuarial Cost Method.
2. Accumulated Benefit Obligation Accreted Benefit Method
B. Investment Earnings 7.S% per year, compounded annually, net rate after
(htcludin<> httlationj investment related expenses (8.040 per year was assumed
in the prior valuation).
C. Salat~~ Incaeases 5.5% per year up to the assumed retirement age.
(Inchtdiitg Inflation)
D. }11Y1aU077 ~°~a peI" yeel".
E. Retirement Age See Tab{e below.
F. Turnover Rates See Tabte below.
G. Mortality Rates Rates in the RP-2000 Mortality Tab[es including mortality
improven~nts projected by scale AA from 2000 to 2010
(The 1983 Group Annuity Mortality 'T'ables for males and
fema{es was used in the prior valuation).
H. Disability
1. Rates NA
2. Percent Service Connected NA
I. Asset Value Difference between actual and expected return recognized
over five }ears.
3. Administrative Expenses Expenses paid out of the fund other tltan investment
related expenses are assumed to be equal to tfie average of
actual expenses over Cite previous two years.
K. Increase in Covered Payroll 4.0%n per year, but limited to average increase over last 10
years (2.I7°Jc this year).
L. PoseT2etirement Benefit Increase 3% for those who retired before 2/1182. Employees hired
before ]0(1100 may choose to contribute an extra 2%
starting t0/1/00 in order to receive a 3a/o COLA upon
retirement. This clause is mandatory for employees hired
after 9130/00.
M. (`hanger Since Last Valuation Changes were made in dte asstm7ed rate of investment
rearm, and the tab3es for assumed mortality rates.
~~
~i
--------
Annual Rate of
A e Turnover T7isabil
25 18.8°lo NA
30 11.2 NA
5 63 NA
40 4.8 NA
45 3.4 NA
50 2.4 NA
SS 0.5 NA
60 0.0 NA
Anneal Rate of Retirement
For each year
eligible for early
retirement 5%
For year wren
normal retirement
date is attained 60
For each of frnu
years after normal
retirement date 40
For fifth year after
normal retirement
date 100
~~
~~
AcfuariaL9ccruerl L,iabi&ay The [fifFerence beht-een the Actuarial Present Value of Future Benefits, turd the
(AAL) .lctaarial Present Value of Future Normal Costs.
hctuariat Assaanzptians A~~umption; about future plan experience that affect costs or Jrabilitics, such as:
mortality, withdrawal, disablement, and retirement; future increases in salary;
future rates of investment earnings; funne investment and administrative expenses;
characteristics of meotbers not specified i^ the dart}, such as nuu~ital status;
characteristics of fuhu~e members; furore elections made by members; and other
items.
Aciuardal Cost hfethod A procedure for allocating the Actuarial Present Value of 1"uture Eenefits between
dte Actuarial Present Value of Fu[w~e Normal Costs and the .Actuarial Accrued
L9ability.
Actuarialliqurvalent Of equal Actuarial Present Value, determined as of a given date and based on a
given set oCActuarial Assumptions.
Actuarial Presena Vrrlue {APV) The amount of ftmds required to provide a payment or series of payments in the
future. his determined by discounting the fiance payments with ao assumed
interest t~tfe and with the assumed probability each payment will be made.
Acturarirrt Present Value of T`he Actuarial Present Value of amounts which are expected to be paid at various
Frelm~e BcneJ'ils (APVF'B} funire times to active members, retired nrembets, beneficiaucs receiving benefits,
and ioaetisre, nonretired members entitled to either a refund or a fitaue retirement
benefit. Expressed another way, it is the value that ~~oald have to be invested on
dye valuation date so that the amount invested phis investment earnings would
provide sufficient assets to pay all projected benefits and expenses when due.
Actuarial Valuation The detennfnatinn, as of a valna'i, ~. t dale, of the Nmxnal Cost. Actuarial Accrued
Liability. Actuarial Value of Assets, and related Actuarial Present Values far a
plan. ,fir Acnuuial Valuation for a u~,.;-nmental retirement system typically also
inclines calculations of item, i ..:i, I f; ~r : ompliance with Gt1SB No. 25, such as
the Funded Aatio and the Annual Required Contribution (AItC).
Acdunrial Valrae o(~Assets "I"he value of the asrets as of a given date, used by the actuary fm' valuation
purposes. This may be the market or fair value of plan assets or a smogthed
uahte in order to reduce the year-to-year volatility of calculated results, salt as
the funded rttio and the actuarially required contribution (ARC).
Atnm4izatzaei hletlrod 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, aIl equal,
whose Achtariai Present Value is equal to the LAAL. Under dte Level Percentage
of Pay method, the Amortization Payment is one of a sn~r-.m of increasing
paymenLS, whose Actuarial Present Value is equal to the L`A ~ I .Under the Level
Percentage of Pay method, the stream oP p€tyments incre~ ~_ ~ at the rate at which
total c~.wered payroll of alI active members is assumed to hum.-,~.
~~
?3
Anror•dizadion PaymenF That portion of the plan axrtrihution or ARC whidt is designed to pay interest on
and to ama2ize the. Unfunded Actuarial Accrued Liability.
ArnorYlzation Period The period used in calculn[ing the Amortization Payment.
Atuauat Required Coredribution The employer's periodic regrured conn~ibutions, expressed its a dollar amomri or
(AI{C) a percentage of covered plan compensation, determined under GASB No. 25.
Fhe ARC consists of the Employer Normal Cost and Amortization Payment.
[7osed AmorYizafior: Period A specific nwuber of years that is redaoed by one each year, and declines to zero
with dte passage of tittle. For exsmple if the amortization period is initially set at
30 years, it is 29 years at the end of one year, 2t3 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 [o the
Normal Cost less expected member contributions.
Equivalent Single Amortization For plans that do not establish separate amortization bases (separate components
Period of the UAiIL), this is the some as the Amortization Period Fa' plans that do
establish separate amortization bases, this is the period over which the L`AAL
would be amortized if all amortization bases were, combined upon the cun~eot
UAAh payment.
Experience GainfL.oss A measure o[ the difference between the normal cost rate from lint year and the
normal cost rate from this year.
Frozen Enhy Age Actuarial A method under whicPr the excess of the Actual ial Present Value of Projected
Cost Med/zod Benefits of the group included in the valuation, over die surn of 8re Actuarial
Value of Assets, the Unfunded Frozen Actuarial Accrued Liability 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 date and the
assumed retirement age. This allocation is performed for dre group as a whole, not
as a sum of indivSdnal allocatimrs. The portion of this Actuarial Present Value
allocated to a specific year is called the Employer Normal Cos7. Under this
method, actuarial gains (losses) reduce (increase) future Notate] Costs.
FrozenActuarialAcerned "I7te portion of the Actuarial Present Va[ue of Projected Benefits which is
Gialiility separated as oP a valuation date and frozen under the Actuarial Cost Method being
used. This separated purtimr is the smn of an initial Unfunded Actuarial Accrued
Liability and any increments or decrements in the Actuarial Accntcd Liability
established subsequently as a result of changes in pension plan benefits. Actuiu~ial
Assumptions or methods.
P+meded Radio 1'he ratio of the Actuarial Value of Asset to the Actuarial Accrued Liability.
GASB Oovermnentitl Accounting Standards Board.
GASB No. 25 and These are the governmental accounting standards that set the accounting rules for
GASB No. 27 public retirement systems and the employers that sponsor or contribute to them.
Statement No. ?7 sets the accounting rules for the employer, that sponsor or
contribute to public retirement systems, while Statement No. 25 sets the rules for
the systems themse(Ves.
~~~
~q
Normal Cost The annual cosC assigned, under the Actuarial Cnst 6~€eihod, N the cur~~ent plan
vent.
then Flraortizattan Period An open amortization period is one ~e~hic}t is used to determine the Amortization
Payment but v.9lich does ^ot change over time. In other words, if dte initial period
is set as 30 }ears, the same 30-year pec~ind is used in determining [he tlmor[ization
Period each yeas: hr theory, if an Open Flmgrtization Period is aced to amortize
the Unfunded Actuarial Accrued Liability, the UAfei_ will never completely
disappear, but will beemne smaller each year, either as a dolhu' amount or in
relation to eovere<I payroll.
Unfunded AetuariatFiccrued "hhe difference betwec^ the Actuarial Accrued Liability and Actuarial ~ialue of
L.BaGility Assets.
Valuation t7ate The date as of sn~hich the Actuarial Present Value of Future Benefits are
determined. "The bene6YS expectec( to be paid in the future are discomvetl to this
date.
~~
GRS
l'E:;d~iiCD~N FU~'I3I~Fd)I2itt~~Ti~~}
1
7
25
5__~'_. ,~.i'f3F A" ,
Item
Selrtembee 30
2011) ztx~9
A. Cash and Cash Equivalents (Operating Cash) S - ~ _
B. Receivables:
i. Member Contributions $ 6,553 $ 4,659
2. Employer Contributions S ZS,988 S 20,202
3. Investment Income and Other Receivables 22 64
4. 'Iblitl Receivables ti 3.5,563 S 24.925
C:'. Investments
1. Shor[-Term Investments S 220,943 $ 271,508
2. Domestic and International Equities 3,719,423 2,665,079
3. Domestic and Tnternatiooal Fixed Income 2;290,877 2,3b6,288
4. Keel Estate _ _
5. Private Equity _
6. 'Coral Ltvestnents $ 6,231,243 $ 5,302,575
D. Liabilities
1. BenefitslRefnnds Payable S _ $ (7.879)
2. Lwnp Sums Distributions Payable - (1 11,598)
3. Accrued Expenses and Other Payables (10,679) -
4. Oder _ _
5. TotalLiabilitles (10,679) $ (t 19,477)
L. Total Market Value of Assets Available Tor Benefits S 6,256,127 $ 5,203,323
F. Allocation of Investments
(. Sltort-Term Investments 3.SJ~o S.t2Ca
2. Domestic and InYemational Equities 59.69°l0 50.2G"!o
3. Domestic and International Fixed Htcome 36.76/0 44.62%
4. Real Estate 0.00°70 0.00°Io
5. Private Equity O.OO~Yo 0.00%
6. Total Investments 100.00%~ 100.00%,
~S
26
iNt;t)Mi: AiiT3lDitiBllR~is'tY1GtN'I'
item
a. Market Value of Assets at Beginning of Year
B- Revenues and Expenditures
L Contributions
a. Employee Contributions
b. City Contributions
c. Purchased Service Credit
d. Total
2. Investment Income
a. Interest, Dividends, and Otiie~r 6rcame
b. Realized Gainsl(Losses)
c. Unrealized Gains/(Lasses)
d. Investment Expenses
e. Net Investment Income.
3. Benefits and Refunds
a. Refunds
b. Regrdar Monthi>> SenefiLs
c. Lump Stun Distributions
d. Totat
4. administrative and i44iscellaneaus Expenses
C. Market: Value of Assets at End of Year
Se1~Cember 30
2070 2069
5,208,323 $ 5,014,956
163,213 $ I54,G40
759,529 765,381
932,742 ~ 920,021
12,359 ~ 19,437
(72,611) (144,787)
587,492 351,392
(42,037) (36,533)
$ 485,003 $ 189,509
$ - ~ (7,879)
(29,509) (35,845)
(314,984) i,45fi,?_I I)
~; (34=f,493) $ {899,935}
$ { i 5,448) $ (16,228)
$ 6?56,127 $ 5,208,323
~~~
27
%~C°t'L1 ~I2I;4L Vt~T,C;i° {)I::1~~Ii'I;'s
Vahiatton Bate - Septembea~ 30 2009 2070 2011 2072 2073
A. :Yctuarial Valuc oi'Assets Beginnins! of Year S 5,824;4=1'7 ~; 6.048.808 ~ - 5
B. Market Value End oI Year ~ 5;20$,.123 4 6,256,]27
C. Al.trket Value Beginning of Year 5,014 <)Sb 5;208,323
D. Non-Lrvestment/Administrative NeC Cash Plow 3,85'3 56? R01
E. Invesnnentlncome
El. Acma1 3vtarket Totah S-GD 189,509 485,003
132. Assumed Rate of Return 8.0070 8.00 <0 7.SOla 750°io 7.5070
E3. Assumed Amount of Return 466, l 10 506,417 -
E4. Amount Subject to Phase-Tn: Fl--E3 (276,601) (21,414) -
F. Phase-In Recognition of [nvestntent Luomc
FL Cun~ent Year: 0?0 x F,4 (55,3201 (4,283)
F2. First Prior Year (237 qIS) (55,320] (4.283)
P'3. Second Prior Year 5 k,931 (237,9 (5) (55.320) (4,283)
F4. 'T'hird Prior Year (9,442] 51,991 {237,975) (55 320) (4,283)
F5. fourth Prior Year 5,079 (9.442) 51,991 (237.9]5) (55,320)
F6. Totai Phase-Ins (2d5,1i07) (254,969) (245,527) (297,518) (59.603}
G. tlctnaria{ Value of Assets ('sl ''.) End oI' Year
L.I. Preliminary AVA Fnd ~~ ': . u': A+Di-133+F6 S (1,048,808 $ 6,863,057 $ - S $ -
G2. Upper Corridor Limit: I -~ ~ ~ ~ 6,249,988 7,Sfl7,352
G3. Lower Corridor Limit:~~~~'~°B 4,166,658 5,004,902
Ci4. funding Value End of ~ .~ar 6,048,808 6,863,057
U5. i~ss: llROP Balance
Ci6. Final Fending Value End of Year 6,048,"4° 6,863,057 - - -
H. llifference between Market ~ ~1VA (840 ~~) (606,9307 S $ $ -
I. Actnar~ial Rafe of Return 3 ' i~ ! 3.9770 0.00%n 0.(1070 0 !:
J. ?Market Value Rate of Return 3.7r~', 8.837c 0,00% 0.00°l0 0.~:'~~'°
K. Ratio of 9V,~ to Mar•Icet Value 116.14 - 109.701n O.OU%v 0.00% O.U!!"
~~
2A
fisti~E~'TM7~;i9tI' iBAT~ t~F 3t~TiIIBN
The ittvesGnent rate of return ]ras been calculated as Follows:
Basis 1 Interest, dividends, realized gains dosses) and unrealized appreciation (depreciation) divided by
the weighted ave~raee oP the market value of the_ food during the year. This figure is norn3alfy
called the Total Rate of Return.
Basis 2 hwestmeat earnings recognized in the Acntarial Value of Asses divided by the weighted aeerage
of the Actuarial Value of Assets during the year.
Inveihuent Rate of Return
Year Ended 13asis l w~ Basis' 2
9/30/85 (3.8 °la J 3.8 0
9130186 2"7.2 372
9730787 16.4 16.4
9/30/88 (6.3) (6.3}
9130/$9 ]9.4 19.4
9730190 (0.6) (6.(i)
9130/91 19.7 (9.7
9/30/92 11.8 11.8
9/30/93 109 9.7
9130/94 (L5) 6.0
(/30/95 78.6 8.7
9130/96 12.fi 9.3
9130/97 23.1 11.5
9/30198 5.6 10.9
9!30!99 t 39 13.2
9/30100 13.0 12.7
9/30/01 (4.6) 7.9
9/30/02 (6.6} 2.5
~)130I03 1D.9 L6
9130/04 9.0 8.b
9!'30/05 99 8.7
9/36/06 6.9 8J
9!30/07 12.6 9.0
9/30108 (11.4) 4.9
9136109 3.8 3.8
9/30/10 R.8 4.0
Average Compounded hate of Reeurn for
Number of Yeat's Shown 8.6 % 9.1 °lo
Average Compounded Rate of Remr^ for' Last
5 Years 3.8 4c 5.9 I
~` Figures prior to 1988 were taken from the previous actuary's report for 1987.
"`* Net rate after invesdnettt expenses starting in 2004.
~~~
SEC"CI4)N ~
I~IN~ItiCI~.T~ AC's€~OtN'FINCr I~E(312Mr1T[t3~'
~~
GRS
Pass Nio. ss II~TroR1,~a rlc~N
/~. Valuation Date October (, 2016 October 1, 2009
B. Actuarial Present Value of Accumulated
Plan Benefits
L Vested Tenefits
a. Members Currently Receiving Fayments ~ 103,428 S 121,01 I
b. Terminated Vested'iVlembers (,609,368 ],452.713
a Other Members 5,541,529 4,252328
d. Total 7,254,325 5,826,052
2. Non-Vested Benefits 423,696 396,633
3. Total Actuarial Prevent Value of Accumulated
Plan Benefits: 1 d + 2 7.678,615 6,222,635
4. Accumulated Contributions of Active Members 924,200 773,682
C. Chaiuves in the Actuarial Present Value of
Accumulated Plan Benefits
1. 1"oral Value at Begimting of fear 6,222,685 7,331,193
2. Increase (Decrease] During the Period
Attributable to:
a. Plan Amendment 0 (1,442,792)
b. Change io Actuarial Assumptions 806,591 0
c. Latest 1Vlember Data, Benefits Accumulated
and Decrease in the Discount Period 993,232 1,234,219
d. Benefits Paid (344,493} ('899,935)
e. NetInciease
1,455,330 .~___ ___
(l,iti~,SU~}
3. Total Value at End of Period 7,678,015 6,222,6'
D. Market Value of Assets 6,256,127 5,208,323
E. Actuarial Assumptions -See page entitled
Actuarial Assumptions and IVlethods
~cxr1~>1~ a~ ~u~~lr~~tr rnocazcSs
(GASH Skafen~ent i~o. 25)
Actuarial
Vahiaeion
Date
Actuarial
Vahie of
Assets Actuarial
Accaied
Liability (AAL)
Envy Abe
Unfanded
AAL (UAAL)
Puoded
Ratio
Covered
Payroll UAAL As
~l of
Co~~ered
Payroll
lOf1/9I ~ 2,531,076 $ 2,716,601 $ 1$5,535 93.2 °Io ~ ?,022,569 9.2
10/1/93 2,645,252 3,OSS,166 409,914 86.6 2,153 587 19.0
1011193 3,018,716 3,258,012 239,296 92.7 2,241,595 10.7
]0/1/94 3,309,342 3,Ci59,663 450,321 87.7 2,471,296 18?
10/095 3,471,b58 4,132,092 660,434 54.0 2,451,309 269
[0/1196 3,805,073 4,295,018 489,945 88.6 2,251,610 21.8
10/1/97 4,301,468 4,585,587 283,619 93.8 2,380,024 11.9
]O1ll98 4,574,342 4,733,864 159,522 96.6 2,435,518 6.5
10/1199 5.179,781 5,943,849 764,068 87.1 2,543,984 30.0
3011J00 5,732,329 7,508,961 1,776,632 76.3 2,761,773 64.3
10/1101 b,312,447 8,150,125 1,837,678 77.5 3,127,313 58.8
1011102 6,193,fi7fi 8,594,442 2,400,766 72.1 3,076,493 78.0
10/1/03 6,7.59,012 10,404,349 3,645,337 65.0 3,443,843 105.9
10/1/04 6,578,332 12,084,785 5,505,953 54.4 4,275,981 128.8
10/1/OS 3,817.605 9,1]6,599 5,298,994 41.9 3,320,258 164.6
1011/06 5,283,023 10,490,332 5,207,309 50.4 3,680,960 14].5
1011/07 6,481,382 10,997,783 4,516,40I 58.9 3,238,894 139.4
10/008 5,824,447 10,138,981 4,314,534 >7.4 2,977,995 144.9
10/1/09 6.048,808 8,328,331 2,279,523 72.6 3,046,421 76.8
10/1/10 6,863,057 iQ516,549 3,653,492 653 3,424,324 106.7
~~~
~c~It~;~t~.E €>d~ E~~Pr,c~~~~a c(;~~1~~att~tl'r~~v
(E~A3S ~t¢~rYet~ent No. ~~)
Year
Ended
9/30 Annual
Required
Contribution
Actual
Contribution
Percentage
Contributed
I991 $ 342,868 '~ 245,000 100.9 "Ic
1992 229,034 230,000 100.4
1993 225,280 226,000 1003
1994 214,046 ?23,000 (04.2
1995 269,422 27Q,000 (00.2
199b 259,751 260,000 100.1
1997 240,637 245.169 101.9
1998 224,810 250721 111.5
1999 314,323 227,112 106.0
2000 292,566 372.744 727.3
2001 415, ] 52 447,128 107.7
2002 43Q411 467,750 108.7
2(703 502,855 503,220 100.1
2004 523, ] 27 524,000 100.2
2005 662,237 662,237 100.0
200b 1,002695 1,007,695 lOt1.0
?007 866,069 873.854 100.9
2008 875,126 876,713 100.2
?009 261,943 765,381 100.5
20]0 734,636 759,529 103,4
~~
32
ANNIJAI~ PENSION COST AND NET PENSION OBLIGATION
(GASB STATEMENT NO, 27)
Employer PYE September 30 201 I 2010 2004
Annual Required Contribution (ARC) $ 449,954 ~ 734,636 $ 761,943
Interest on Net Pension Obligation (NPO) {13,400) (13,240) (13,404}
Adjustment to ARC (20,344) (18,30$) (18,390)
Annual Pension Cost (APC} 506,398 739,704 "767,429
Contributions made *Y 754,529 765,381
Increase (decrease.) in NPO "* (14,825) 2,048
NPO atbegiiming of year (185,330) (165,505} (167,553)
NPO at end of year ~ r (] 85,330) (165,505)
x* To be determined
THI2EE YEAR TREND INFORMATION
Fiscal Annual Pension Actual Percentage of Aret Pension
Year Ending Cost (APC) Contribution APC Contributed Obligation
9/30/2003 $ 88Q303 $ 876,712 99.6 % $ (167,553)
9/30/2009 76'7,429 765,381 99.7 (165,505)
9/30!2010 739,704 759,529 102.7 (185,330)
~~~
3:3
I2lC~L'II2T:I) S~~'1'I,EIl~II?NTr~RY ;<~e'h'f3ItiLIAT'I~t~'
(aA5i3 Shatetnent Nu~ 2~ ancf !~~>. 27
"1'he information presented in the required suppteme~ntary schedules was determined as past of the actuarial
valuations at the t3ates inc3icatted. Additional info oration as of the latest ae~tuaria( valuation:
Valuation date October 1, 2010
Contribution Rates:
Empli~yer 19.57~Io
Plan Members 690%n`~
Actuarial Cost Method Frozen Envy Age
hmnrtiz,ation Method t,evel percent, closed
Remaining amortization period 30
Asset s~aluation method Difference between
actual return and
CX()CCted C'efnrn
recognized over 5 years.
Actuarial assumptions:
[nvestmettt rate of return 7.5~:'o per anmm~
Projected salary incrcases SSA%,
lndudes inflation and other ;eneral increases at 4.0°/r,
Cost-of-living adjustments i9°Io for those retired
before 211 /82 or who
contribute an extra
2%.
Except for certain members who have elected not to contribute and for other members
who have elected to contribute only 2°io or 4°/a.
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RId:~NCII,tA~'I(~iV Off' ME1VLt3(~;Ru'II~ DATA
>irom 1011Jt)~ to pram 10/t/tt~ to
lE)/~/10 1f112/09
~. Active Mexrxbers
I. Numbex Included in Lust Valuation 6;3 EiA~
~. New Members Included in Current Valuation 4 5
3. Non-VestedEmploynxent Terminations (2) {I)
4. Vested Employment Terminatiolu 0 (3)
5. Service Ketirements (1} (?}
~). D1Sabdily Retlrctnents (~ ()
7. Deaths ~ p
8. Othet' 0 0
9. Number Included in `T`his Valuation 64 63
B. 1'el•rninntecl ~'estert Members
I . Number hlnluded in Last Valuation SU 50
2. Additions Pram Active Members 0 3
3. Lump Sum Payments/F'teFund of Canteibutions (?) (?)
4. PaymentsConanxenced q ~I)
5. Deaths p ~
6. Other--Return Co Actives p p
7. Nwnberlncludedin'IhisValuation 4S 50
~, ~ercice Retirees, l~isabiiity Retirees and BexxePiciaries
1. Number [ncluded in Last Valuation 7 Ip
2. Additions from Active Members I 2
3. Additions from Terminated Vested Members {7 I
4. Additions from DROP Plan G 0
4. Deaths Resulting in No Further Payments 0 (3)
5. Deaths Resulting in Ne~~ Survivor Benefits 0 0
6. End of Certain Period - No Further Payments 0 U
7. Other-L.umpSiun Distributions (1) (3)
8. Number Inetuded in This Valuation '] 7
~~
3s
NOK'CH I'AL4'<-1 BEAt'R GEi'VE12AL EMI'LL3YIiF.S - ACTIVE t49G1+[BEftS 6N 6CTt)$~R 1. ZO10
Age Yesu~s oP S enSee
Group 0-4 5-9 10-34 ]5-19 3U-24 3529 3t) & Up Totuis
20-24 ho. 2 2
"Coral Pny 60,429 60,429
Avg Pay 30,215 30215
25-29 No. 2 2
Total Pay &4,824 84,889
Avg Pay 42,415 42,415
3G-34 Na. 3 3
Total Puy 103,496 103,446
A~^g Pay 34,49) 34,499
35-39 No. I 2 3 6
Total Pay 45,$4$ I%,ll4 I57,S27 354,189
Avg Pay 45,548 78A57 52,504 54,565
40-44 No. 3 i 2 9
Total Pay 19$401 137,242 77,787 106,2 519,652
Avg Pay <6,t34 45,747 77,787 53,1 i t 57,739
45-49 No. 2 2 2 1 3 10
Total Pay I0,8ti5 131,392 94,767 40,895 159,271 515,134
A~~B P:ry 45,433 65,696 4"1,334 40,895 52,425 51,519
50-54 No. 4 .. I 5 ( 2 15
Totui Pay 144,R81 98,236 4L,640 ;93,969 61,217 1%5,%64 815,707
Avg Aay 36,220 49,118 41,640 58,794 61,217 37,332 54,380
55-59 No. 1 3 3 1 ? 10
Total Pay 77,fr15 168,294 130,830 49,>73 99,314 525,661
Avg Pay 7?,645 56,098 43,6]0 49,578 49,657 52,Sti6
60-64 No. 3 t 1 5
Total Pay ]23,037 38,585 103,589 265,211
Avg Pay 4(,012 38,585 103,589 53,00.2
65A9 No. 7_ 2
Total Pay 83.307 83,307
Avg Pay 41,654 4 (,654
Total No. U 17 12 3 13 2 2 64
Total Pay 702,548 878,081 583,948 132,113 695,365 164,806 175,764 3,333,675
Avg Nay 4fi,840 51,652 48,662 44,038 53490 82,403 87,882 52,073
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36
NORTH PALM BHACIi GL"NERAL ti~IAC:TTVE PARTICIPAiV"I'S I2ECfiIVINCz "1`IIEi Ct7LA
AS OI OCTOBER t .2010
Retirees and
'Terminated Vested Disabled Beneficiaries
Anmtal Annual Annual
Age No. Benefits No. Benefits No. Benefits
Under A5 0 $0 0 ~0 0 $0
45-49 4 20,:189 0 D 0 U
50-54 2 ]6,342 0 0 0 0
55-59 2 8,761 0 0 1 1 1,071
60-64 4 (3,770 0 0 0 0
65-69 1 640 0 0 2 7,866
70-74 1 442 0 0 0 0
75-79 0 0 0 p {f 0
80-84 0 0 0 0 0 0
85-89 0 0 0 0 I 1,079
90<p 0 0 0 0 0 0
Total 14 X60,544 0 $0 4 $20.016
37
NORTH PALM BEACH GENERAL NACTIVE PARTICIPAN"rS NOT RECEIVSNG THE COLA
AS OF OCTOBER 1, 2010
Retirees and
Termi nated Vested Disabled Beueficrarie~s
Annual Annua( Annual
Age. No. Benefits' No. Benefits No . Benefits
Under 45 4 $32,348 0 $0 0 $0
45-49 II 70,756 0 6 0 0
50-54 ]0 67,583 0 0 0 0
55-59 7 54,367 0 0 0 0
60-64 1 1,389 0 0 0 0
65-69 1 2,573 0 0 0 0
70-74 0 0 0 0 0 0
75-79 0 0 0 0 2 6,393
80-84 0 0 0 0 1 3,240
85-89 0 0 0 0 0 0
90&Up 0 0 0 0 0 0
Tohtl 34 $209,016 0 $0 3 !S~ Fi33
~~~
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~L'MR4ARY ~i' 9'LAt~` i'R4~V1~T(~~i~
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~t„~~:~>iAit~~ c~r< ~i.Aiv >>>~d~vt~lt~~
A. C3rdintmces
Plan established udder [he Code of Ordinances for the Village of iVorth Patin Bench, Florida, Part Il,
Chapter 2, and was most recently amended under Ordinance Rto. ?010-7 Passed ~1ay 27, 2016 and
effective F~etn~uary 2>, 2010. The Plan is also governed by certain provisions of Parr VIT, Chapter 11?
Florida Statutes (F.S.) and the Internal Revenue Code.
f3. I?Ftective Date
September 1, 1967
~. €rtan ~'eae•
October 1 through September 30
D. 'T'ype of Tian
Qualified, governmental defined benefit retirment plan; for GASB proposes it is a single employer
plan.
1+~. Eligibility Reciniremenfs
Alt full-time, General employees arc eligible for membership.
~'. C'redited Ser~eice
Total number of years and fractional parts of years of actual service
G. Compensation
Total compensation for services rendered to the Village as a General Employee includes gross salary
including overtime but excluding bonuses or any odrer non regular payments such as unused sick
leave and vacation pay.
FI. h7~tal Average Compensafion (FAC?
I"l7e average of Compensation dm~ing the 5 years within the last (0 years of emptoyment whicEt produces
the highest average
~~
s9
I. il~ormal Ketirement
Eligibility: A member may retire on the first city of the month coincident with or next following:
Age 6~ for employees hired prior to 1983
> Age 65 and 9 years of credited service or Age 60 and 9 years of ered~ted
service, depending on employee hire date and/or employee contribution rare.
Benefit Eithea 2%r, 2.25°>0, or Z.50~'0 (depending on employee contribution rate) of f1ME
multiplied by Credited Service up tv 20 years plus 1% of AME multiplied by
Credited Servicz over 20 years.
Normal f=orm
of Benefit Life Annuity, ~~~ith other options available.
COLA: For those retired before February 1, 1982, those hired after 9!30/00, or those hired
before 1011!00 who elect to contribute an extra 2°r'o, a Cost of Living increase is paid
annualty from the Plan, up to a u~aximum of 3%.
J• F;urly Retirement
Eligiblhty: Age 55.
Benefit Calculated in the same manner as Normal Retirement BenefiC and payable at Normal
Retirement gate; or payable immediately after reduction by 5% for each year by which
the benefit commencement date precedes the Na mal Retirement Date_
Normal Form
of Benefit. Life Amiuity, with other options available.
COLA: For ehose ix iced before February 1, 1982, those hired after 9/30!00, or those hired
before ]0/1/00 who elect to contribute an exh~a ?%, a Cost of Living increase is paid
annually from the Plan, up to a maximum of 3°Io.
K. Delayed Retirement
Eligibility: Any time after the Normal Retirement Date.
Benefit Calculated in the same manner as Normal Retiwment Benefit but using the AME and
Credited Service as of the actua3 retirement date.
Normal Form
of Benefit: Life A~muity, with other options ava[lable.
COLA: For those retired before February L 1982, those hired after 9/36/00, or those hired
before 1011/00 who elect to contribute an extra 2%, a Cost of Living increase is paid
annually from the Plan, up to a maximum of 3~'l0.
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ao
L. 5erviee ~ottrected l3isabiliY~,
Eligibility: The Plan does not provide for benefits in [he event of disability.
Benefit: N/A.
Norrna] Form: N/A.
coL.~: Nan.
IWi. ;don-Sen•vice C onnec#ed Disability
Eligibility: The flan does not provide for benefits in the event of disability.
Benefit: NJt1.
Nixmal Form: N/A.
COLA: N/A.
l~'. Death while employed by the Village
Fligibiliry: Members ere eligible for survivor benefits after the completion o#~ 5 yews oY Credited
Service. The benefit will be paid to the member's beneficiary.
Benefit The survivor benefit payable to the designated beneficiary is the membe.r's vested
accrued Norma( Reth~ernent Benefi€ as of the date of death.
Normal Form
of Benefit: Ten Yews Certain.
COLf1: For those tetrad before hebrttary 1, 1982, th ~: hired after 9130/00, or tlrose hired
before l0/1100 who elect to contribute an eata ,`-, a Cost of l:.iving increase is paid
annually from the Plan, up to a maximum of 3%
O. t)tlrer Pre-Itetirerner~t lleath
Eligil3ility: Vested terminated members who have reached age 55 and completed ~ years of
Credited Service.
Benefit Benefit payable as if member ietired on the date of death, selected a 50% joint
Sut'vivor annuity, and then passed away, with 50°Jc of [he benefit then continuing to the
survivor.
NOIl77al ]'OI'm
of Benefit lift of the beneficiary.
S
~l
COLA: For those retired before February I, 1982, those hired after 9/3D/00, or those hired
before 1011100 who elect to contribute an extra 2°Io, a Cost of Living increase is paid
annually from the Plan, up to a maximum of 3%. ~ "
,,,
P. Post Retirement Deuth
Benefit determined by d2e form of benefit elected upon retirement.
I
(~. Optional I orms
In lieu of electing the Normal Form of benefit, the optional forms of benefits ava3tab[e to alI retirees are
the 10 Year Certain and Life option or the 50a'o, 66.67°l0, 7~%a or 100rno Joint and Stuvivor options_ A
Social Security option is also available for members retiring prior to the time they are eligible for Social
Security retirement benefits. "Ghe Pension Board also reserves the right to pay out beneficiaries with this
option when the monthly benefit amount is less than 5100.00.
R. Vested "Germination
Eligibility: A member has earned anon-Forfeitable right to Plan benefits after the completion of 5
yews of Credited Sewiee.
Benefit: 'Ghe benefit is the Accrued Benefit on the termination date multiplied by the vested
interest. The vested percentage is 50°Io for those terminating with credited service
behveen 5 and 7 years, 75~7o for service between 7 and 9 yews and L00°o for those
terminating with 9 or more years of credited service. In Iieu oP the deferred vested
benefit, a member may receive a refund of member contributions.
Normal Foam
of Benefit: Life Annuity, with other options available.
COLA: For those retired before February 1, 198?, those hired after 9/30/U0, or those hired
before IO/1/00 who elect to contribute an extra 2~Ie, a Cost of Living increase is paid
annually from the Plan, up to a maximum of 3°/n.
S. Refunds
Return of Flecumulated Couh~ibutions.
T. Member Contributions
6~ro, 470, 2%, or 0% of Earnings as elected by the employee.
U. Employer Contributions
The amount determined by the actuary needed to fund the ptvi properly according to State laws.
t. T it~
42
V. Cost oP S~iving Irses~eases
For tliose retired before Fehrutt~y I, 1982, those hired after 9130/(70, or those hired before 10/I/00 whu
elect to contribute an extin ~~-o, a Cost of Living inereue is paid aornia(iy Prom the Plan, up to a
maxirrium of 3i'c.
~. (".hariges Prom Previous 'Valnatio~r
None.
Y. 13"' Check
Not Applicable.
I'. l3ePereed k2efiretiryent (3ption Plan
Eligibility: "F'he Plan does not provide for Df20P benefits.
!. Othen Ancillary Benefits
'Chore are, no ancillary retirement type benefits not required by sta[ut~s but which might be deemed a
Village of North Palm Beach General Bmployees' liability if continued beyond t7~e availability of
funding by the current tit~tding saurce.
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