2012 P& F Pension Fund Summmary Plan DescriptionVILLAGE OF NORTH PALM BEACH
FIRE AND POLICE PENSION FUND
SUMMARY PLAN DESCRIPTION
May 2012
TABLE OF CONTENTS
INTRODUCTION ...................... ............................... 1
PARTICIPATION IN THE PENSION FUND .. ............................... 1
ELIGIBILITY FOR NORMAL RETIREMENT . ............................... 1
AMOUNT OF A NORMAL RETIREMENT PENSION .......................... 1
EARLY RETIREMENT BENEFIT .......... ...............................
FORMS OF PAYMENT OF A PENSION .... ...............................
NormalForm .................... ............................... 3
Optional Forms of Payment ......... ............................... 3
SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT ..................... 4
DISABILITY RETIREMENT .............. ............................... 4
Non -Duty Disability Retirement ...... ...............................
Duty Disability Retirement .......... ............................... 5
ENDING EMPLOYMENT BEFORE NORMAL RETIREMENT ...................
ROLLOVER TRANSFERS ............... ...............................
COST OF LIVING ADJUSTMENT ......... ............................... 6
FILING FOR RETIREMENT .............. ............................... 6
FORFEITURE OF PENSION ............. ............................... 6
CLAIMS PROCEDURES ................ ............................... 7
COST OF THE PENSION FUND .......... ............................... 9
ADMINISTRATION OF THE PENSION FUND ............................... 9
INVESTMENTS ....................... ............................... 9
ACTUARIAL SOUNDNESS ............. ............................... 10
AGENT FOR LEGAL PROCESS ......... ............................... 10
PLAN YEAR ......................... ............................... 10
DEFINITIONS ........................ ............................... 11
ACTUARIAL DATA .................... ............................... 13
INTRODUCTION
As a member in the Village of North Palm Beach Fire and Police Pension Fund, you
are included in a program of benefits to help you meet your financial needs in retirement,
or in the event of disability or death. The purpose of this booklet is to give you a brief
description of benefits available to you under your pension plan.
Planning for retirement begins now. This booklet can be a valuable tool in preparing
for your retirement and financial future. If you need any further information on any of the
topics presented in this booklet, please contact the Fund Administrator, Resource Centers,
LLC, or the Board of Trustees. They will answer any questions to help you better
understand your benefits.
The information presented is a summary of the pension plan as provided in the
Village of North Palm Beach Code of Ordinances which governs your Pension Fund, and
includes the last amendment to the Plan, Ordinance No. 2011 -22 dated December 8, 2011.
The legal citation for your Plan is Division 4, Section 2 -159 et seq., Village of North Palm
Beach Code, Article V. Any discrepancies between information in this booklet and the Plan
will be governed by the Plan. A copy of the Plan can be obtained from the Fund
Administrator, The Pension Resource Center, LLC whose address is:
Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
Telephone (561) 624 -3277
Fax Number (561) 624 -3278
Board of Trustees
Village of North Palm Beach
Fire and Police Pension Fund
Robert DiGloria, Chairman
Henry Maki, Secretary
Maria Walden
Jake Stone
Robert Coliskey
PARTICIPATION IN THE PENSION FUND
Each firefighter and police officer in the Village of North Palm Beach Public Safety
Department is a Pension Fund member.
ELIGIBILITY FOR NORMAL RETIREMENT
A firefighter or police officer who is age 55 or older, or who is age 52 with 25 years
of service, is eligible for normal retirement. An application for normal retirement
must be filed with the Fund Administrator and approved by the Board of Trustees.
AMOUNT OF A NORMAL RETIREMENT PENSION
The amount of a normal retirement pension is based on a member's credited
service, average monthly earnings and pension multiplier.
Average Monthly Earnings is the monthly average of earnings during the best five
years of employment during the last ten years. Earnings includes base salary,
overtime, public safety pay increment and special pay, but excluding bonuses such
as longevity, safety and attendance awards and other non - regular payments such
as unused sick leave or vacation time pay.
Credited service is generally a member's period of employment as a firefighter or
police officer in the Public Safety Department of the Village of North Palm Beach,
measured in years and fractions of a year. Special conditions apply if a member
has a break in service as a firefighter or police officer. In certain circumstances,
limited periods of military service and firefighter or police service with another
municipality may be recognized as credited service. Promptly contact the Fund
Administrator if either situation applies and a determination has not been rendered.
The pension multiplier is two and one -half percent (2.5 %) for up to 24 years of
service. However, in all cases, the member must receive at least two percent (2 %)
per year of service. In practical effect this means that members are entitled to 2.5%
for years 1 through 24 and 0% for years 25 to 30 and 2% for each year after 31
years of service.
Sample Calculation
The following example illustrates how average monthly earnings are calculated.
This is an example for planning purposes only and does not indicate the actual
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benefit for any member.
Year Before
Retirement
Sample Salary
for Year
Year 10
$25,000
Year 9
$26,000
Year 8
$27,000
Year 7
$28,000
Year 6
$29,000
Year 5
$30,000
Year 4
$30,000
Year 3
$31,000
Year 2
$32,000
Year 1
$33,000
The chart above represents the last 10 years of service. To calculate average
monthly earnings, you must first determine the best 5 years out of the last 10 that your
salary was the greatest. In this example, it would be years 5 through 1. Add the salary of
those years together and divide it by 60 months:
$30,000 + $30,000 + $31,000 + $32,000 + $33,000 = $2,600 1 -month average
60
The following is an illustration of a normal retirement pension calculation. This is
an example for planning purposes only and does not indicate the actual benefit for any
member.
2.5% (.25) of average monthly earnings multiplied by credited service up 31 years.
1.
Total credited service
31.0 yrs.
2.
Average monthly earnings
$2,600
3.
2 -'/2% times 24 yrs.
.025 x 24
60%
4.
Line (3) times line (2)
60% x $2,600
$1,560
5.
0% times 6 yrs.
.00 x 6
0
6.
Line (5) times line (2)
0 x $2,600
$0
7.
2% times 1 year
.02 x 1
2%
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8. Line (7) times line (2) 2% x $2,600 $52
9. Line (4) + line (6) + line (8) $1,560 + $0 + $52 $1,612
EARLY RETIREMENT BENEFIT
A member who is age 50 is eligible for early retirement. The early retirement
benefits that are payable to a member are determined in the same manner as the
normal retirement benefit but are reduced by three percent (3 %) for each year by
which the member's age at retirement preceded the member's normal retirement
age to take into account the firefighter's or police officer's younger age and the
earlier commencement of retirement income payments, or the member may elect
a deferred monthly retirement benefit which begins at the normal retirement age but
is paid without an actuarial reduction.
FORMS OF PAYMENT OF A PENSION
Normal Form
The retiree will receive a benefit for his /her life. However, if the retiree dies prior to
receiving 120 monthly payments (10 years certain), then the pension payments will
continue until a total of 120 monthly payments have been made to the retiree and
his /her beneficiary combined.
A member may designate a beneficiary to receive the benefit payable, if any, upon
the death of the retired member.
When there is no beneficiary named, the benefit will be paid to the deceased
firefighter or police officer's estate. Pension payments will continue to the retired
member's beneficiary until a total of 120 payments have been made.
IT IS IMPORTANT TO KEEP YOUR
BENEFICIARY DESIGNATION UP TO DATE
Optional Forms of Payment
Option 1 - Joint and last survivor option. The member may elect to receive a
benefit, which has been adjusted to the actuarial equivalent of the normal form of
benefit, during his /her lifetime and have such adjusted benefit (or a designated
fraction thereof, for example one hundred percent (100 %), seventy -five percent
(75 %), sixty -six and two - thirds percent (66 -2/3 %) or fifty percent (50 %) continued
after his death to and during the lifetime of his beneficiary. The election of Option
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1 shall be null and void if the designated beneficiary dies before the member's
benefit payments commence.
Option 2 -Social security adjustment option. If a member retires before being
eligible for social security benefits, he may elect this option. A member may elect
to receive a larger pension up to the date he begins receiving social security
benefits. The member's pension benefits may be reduced or terminated after social
security payments begin. The amount of reduction shall be actuarially determined.
Option 3 - Other. In lieu of the other optional forms in this section, benefits may
be paid in any form approved by the Board so long as actuarial equivalence with the
benefits otherwise payable is maintained provided, however, that the board shall not
authorize any actuarially equivalent single or lump sum distributions.
A retired member may change his or her designation of joint annuitant or survivor
up to two times. If changed, the member's monthly benefit shall be adjusted by the
application of actuarial tables and calculations developed to ensure that the benefit
paid is the actuarial equivalent of the present value of the member's current benefit
and there is no impact to the plan. The member shall be responsible for the cost
of recalculation of the benefit by the actuary.
SURVIVOR BENEFITS - DEATH BEFORE RETIREMENT
If a member who is no longer an employee of the Village dies prior to the normal
retirement date and has attained age fifty (50) and has ten (10) or more years of
credited service, a pension benefit of fifty percent (50 %) of the amount the member
would have been entitled to, actuarially reduced for early retirement, shall be paid
to the designated beneficiary for a long as the beneficiary shall live. Such amount
shall be based on the amount payable under the 50% joint and survivor option,
reduced actuarially to the age of the beneficiary.
If a member dies while employed by the Village and has ten (10) years credited
service, regardless of the member's age, a pension benefit equal to the member's
vested accrued pension shall be paid to the member's designated beneficiary in
equal, consecutive monthly installments over ten years.
DISABILITY RETIREMENT
A pension may be payable to a member who, prior to the normal retirement date,
becomes disabled while employed in the public safety department as a firefighter
or police officer. Eligibility and the amount of the pension are dependent on
whether or not the disability occurred in the line of duty.
The disability must arise from a mental or physical illness, disease or injury which
totally and permanently prevents the member from performing useful and efficient
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service as a firefighter or police officer in the Village of North Palm Beach Public
Safety department. No firefighter or police officer shall be permitted to retire under
a disability retirement until examined by a duly qualified physician or surgeon to be
selected by the Board of Trustees and the physician or surgeon finds the member
to be disabled from performing the functions of a firefighter or police officer. The
final determination of disability is made by the Board.
No disability pension can be awarded if the disability results from
1. Excessive and habitual use of drugs, intoxicants or narcotics;
2. Willful and illegal participation in fights, riots or civil insurrection, or while
committing a crime;
3. Injury or disease sustained while serving in any nation's armed forces;
4. Injury or disease sustained after employment has been terminated; or
5. While working for someone other than the Village and arising from that
employment.
A member who is retired for disability may be required to undergo periodic medical
examination under the direction of the Board of Trustees to determine if the retired
member is capable of performing the duties of a firefighter or police officer in the
Department.
(a) Non -Duty Disability Retirement
The amount of pension is calculated the same as a normal retirement
pension based on average monthly earnings and credited service at the time
of disability. The minimum pension is 25% of average monthly earnings.
There is no non -duty disability pension if a police officer's credited service is
less than 10 years. In that event, accumulated contributions are refunded.
(b) Duty Disability Retirement
If the Board finds the disability to have arisen out of and in the course of the
member's performance of duty as a Village of North Palm Beach firefighter
or police officer, the amount of pension is equal to the normal retirement
benefit or 42% of the member's average monthly earnings, whichever is
greater.
ENDING EMPLOYMENT BEFORE NORMAL RETIREMENT
A member not eligible for normal retirement who leaves the employment of the
Village with 10 or more years of service may elect to receive early retirement
benefits at any time after reaching age 50 or normal retirement benefits at age 55.
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The member's early retirement benefit would be calculated in the same manner as
normal retirement benefit, reduced three percent (3 %) for each year retirement
precedes normal retirement age. Such a member may also take a refund of
contributions instead of any other benefits from the Fund.
A member terminating before completing 10 years of service will receive a full
refund of employee contributions. No further benefit will be payable from the Fund.
ROLLOVER TRANSFERS
To minimize the tax consequences of lump sum distributions, including refunds of
contributions, roll overs to an IRA or another qualified plan are available. Please
see your administrator for the appropriate forms.
COST OF LIVING ADJUSTMENT
Retired members and beneficiaries will have their pension benefit increased in
accordance with the changes in the Consumer Price Index (CPI -W U.S.), as of
October 1. The maximum increase in the member's pension benefit for any one (1)
year is three percent (3 %). If there is a decrease in the Consumer Price Index, then
the amount of the pension benefit will not increase again until there is an increase
in that index beyond the prior high level of the Consumer Price Index.
FILING FOR RETIREMENT
In order to ensure that you receive your pension on time, you should file your
application with the Fund Administrator at least 30 days before retirement. All forms
can be obtained from the Fund Administrator at the address on the Introduction
page. Penalties will be imposed for making a false or misleading statement to
obtain a pension benefit. It can take up to 60 days after your date of retirement to
receive your first pension check.
FORFEITURE OF PENSION
Any Member who is convicted of any of the below offenses committed prior to
retirement shall forfeit all rights and benefits under this Fund, except for a refund of
accumulated contributions. The specified offenses are:
(a) Committing, aiding or abetting of an embezzlement of public funds;
(b) Committing, aiding or abetting of any theft by a public officer or employee
from employer;
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(c) Bribery in connection with the employment of a public officer or employee;
(d) Any felony specified in Chapter 838, Florida Statutes;
(e) The committing of impeachable offense;
(f) The committing of any felony by a public officer or employee who, willfully
and with intent to defraud the public or the public agency for which the public
officer or employee acts or in which he or she is employed of the right to
receive the faithful performance of his or her duty as a public officer or
employee, realizes or obtains, or attempts to realize or obtain, a profit, gain,
or advantage for himself or herself or for some other person through the use
or attempted use of the power, rights, privileges, duties, or position of his or
her public office or employment position;
(g) The committing on or after October 1, 2008, of any felony defined in
§800.04, Florida Statutes, against a victim younger than 16 years of age, or
any felony defined in Chapter 794, Florida Statutes against a victim younger
than 18 years of age, by a public officer or employee through the use or
attempted use of power, rights, privileges, duties, or position of his or her
public office or employment position.
Any Memberwho has received benefits from the Plan in excess of his accumulated
contributions shall be required to repay the Fund. The Board may implement legal
action necessary to recover such funds.
Additionally, a Member who makes a false or misleading statement to obtain
retirement benefits shall commit a misdemeanor of the first degree and if convicted,
the Member shall forfeit his /her benefit.
CLAIMS PROCEDURES
Any member, former member, or beneficiary who has been denied a benefit by a
decision of the Board shall be entitled to request in writing that the Board give
further consideration to the claim. This request, together with a written statement
of the reasons why the claimant believes his claim should be allowed, shall be filed
with the Board no later than 20 days after receipt of the written notification of the
denial.
The board of trustees shall hold a hearing within forty -five (45) days of the receipt
of the appeal. Written notice of said hearing shall be sent by certified mail to the
applicant at the address listed on his application ten (10) days prior to the hearing.
The procedures at the hearing shall be as follows:
(a) All parties shall have an opportunity to respond, to present physical and
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testimonial evidence and argument on all issues involved, to conduct cross -
examination, submit rebuttal evidence, and to be represented by counsel.
Medical reports and depositions may be accepted in lieu of live testimony,
at the board's discretion.
(b) All witnesses shall be sworn.
(c) The applicant and the board shall have an opportunity to question all
witnesses.
(d) Formal rules of evidence and formal rules of civil procedure shall not apply.
The proceedings shall complywith the essential requirements of due process
and law.
(e) The record in a case governed by this subsection shall consist only of:
(1) A tape recording of the hearing, to be taped and
maintained as part of the official files of the board of
trustees, by the pension's secretary.
(2) Evidence received or considered.
(3) All notices, pleadings, motions and intermediate rulings.
(4) Any decisions, opinions, proposed or recommended orders or
reports by the board of trustees.
Within five (5) days after the hearing, the board shall take one of the following
actions:
(a) Grant the pension benefits by overturning the proposed order by majority
vote.
(b) Deny the benefits and approve the proposed order as a final order, after
making any changes in the order that the board feels is necessary.
(1) Findings of fact by the board shall be based on competent,
substantial evidence on the record.
(2) Within twenty (20) calendar days after rendering its order, the board
of trustees shall send by certified mail a copy of said order to the
applicant.
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(3) The applicant may seek review of the order of the board of trustees
by filing a petition for writ of certiorari with the circuit court within thirty
(30) days.
COST OF THE PENSION FUND
(a) Member contributions. Your contribution rate is two percent (2 %) of your
covered salary. (See "Definitions" for covered salary).
(b) State contributions. Monies are paid to the Fund each year by the State
pursuant to Chapters 175 and 185, Florida Statutes to be used exclusively
for the benefit of firefighters and police officers.
(c) Employer contributions. The Employer must contribute an amount
determined by the Plan's actuary to be sufficient, along with your
contributions and the State contribution, to sufficiently fund the Plan. The
Employer's contribution will vary depending upon the experience of the Plan.
ADMINISTRATION OF THE PENSION FUND
The Pension Fund is administered by a Board of Trustees which is responsible for
overseeing the investment of Pension Fund assets and application of the provisions
of the Pension Ordinance. The Board has authority over distribution of all pensions
and makes final decisions on claims and appeals. Five trustees comprise the
Board: two full -time, certified firefighters of the Village elected by Pension Fund
members, two full -time, certified police officers of the Village elected by Pension
Fund members and a fifth member who must be a legal resident of the Village and
who shall be appointed by the Village Council.
Pension Fund assets are maintained and invested entirely separate from Village
assets and cannot be used for any purpose other than those specified in the
Pension Plan Ordinance.
INVESTMENTS
The assets of the Plan are presently invested by Investment Counsel Company
under investment guidelines adopted by the Board of Trustees in consultation with
their investment advisors.
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ACTUARIAL SOUNDNESS
The actuary for the Plan has determined that the Plan is actuarially sound and can
adequately fund the benefits based upon projected contributions to the Plan and
investment earnings.
AGENT FOR LEGAL PROCESS
Board of Trustees
% Resource Centers, LLC
4360 Northlake Boulevard, Suite 206
Palm Beach Gardens, FL 33410
PLAN YEAR
The plan year is the twelve month period beginning each October 1. Records are
kept on a fiscal year basis.
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DEFINITIONS
Average Monthly Earnings - the monthly average of salary of the highest 5 years of the
last 10 years of credited service prior to retirement.
Beneficiary - an individual such as a spouse, child or dependent parent, who is receiving
a survivor benefit from the Pension Fund following the death of a member.
Credited Service - a member's years of service as a firefighter or police officer with the
Village of North Palm Beach Public Safety Department. Also includes those years which
a member has purchased by making a contribution to the plan. Years of service can be
purchased for years or fractional parts of years that a member served in the United States
Military service, or service with another municipal, county, state, orfederal law enforcement
agency.
Early Retirement Date - the first day of the month coincident with or next following the
date on which the member reaches age 50.
Firefighter - any person employed in the fire department who is certified as a firefighter
as a condition of employment in accordance with the provisions of §633.35, Florida
Statutes.
Normal Retirement Date - the earliest date when unreduced retirement benefits may be
paid. A members Normal Retirement Date is the date the member reaches age 55, or
reaches age 52 with 25 years of credited service.
Member - a full -time, certified Village of North Palm Beach Firefighter or Police Officer.
Plan or System - the Village of North Palm Beach Fire and Police Retirement Fund and
all amendments thereto.
Police Officer - any person employed in the police department who is certified as a law
enforcement officer as a condition of employment. A police officer is an employee who is
certified as a law enforcement officer as a condition of employment in accordance with the
provisions of §934.14, Florida Statutes.
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Salary - the total salary paid by the Village to a police officer or firefighter for services
rendered, including overtime, public safety pay increment and special pay, but excluding
bonuses such as longevity, safety and attendance awards and any other non - regular
payments such as unused sick leave and vacation pay.
Spouse - the lawful wife or husband of a member at time or pre- retirement death or
retirement.
Village - The Village of North Palm Beach, Florida.
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ACTUARIAL DATA
Comparative Summary of Principal Valuation Results
Annual Rate of Payments to:
Service Retirees 212,356 172,126
Beneficiaries 0 0
Terminated Vested 129,541 162,008
Disability Retirees 43,476 38,585
B. Assets
Actuarial Value 11,656,106 11,240,540
Market Value 10,372,780 10,651,237
C. Liabilities
Present Value of Benefits
1011/2011
'10/1 /2010
A. Participant Data
Number Included
12,563,079
11,922,240
Actives
53
52
Service Retirees
10
8
Beneficiaries
0
0
Terminated Vested
8
10
Disability Retirees
1
1
Total
72
71
Total Annual Payroll
3,852,019
3,922,596
Payroll Under Assumed Ret. Age
3,656,462
3,690,332
Annual Rate of Payments to:
Service Retirees 212,356 172,126
Beneficiaries 0 0
Terminated Vested 129,541 162,008
Disability Retirees 43,476 38,585
B. Assets
Actuarial Value 11,656,106 11,240,540
Market Value 10,372,780 10,651,237
C. Liabilities
Present Value of Benefits
Active Members
Retirement Benefits
12,563,079
11,922,240
Disability Benefits
1,111,291
1,120,646
Death Benefits
120,589
119,435
Vested Benefits
812,263
779,252
Refund of Contributions
47,156
39,477
Service Retirees
3,220,543
3,307,814
Beneficiaries
0
0
Terminated Vested
1,364,868
1,886,941
Disability Retirees
605,789
548,291
Excess State Monies Reserve
57,770
23,894
Total
19,903,348
19,747,990
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C. Liabilities - (Continued)
Present Value of Future Salaries
Present Value of Future
Normal Costs (Aggregate Basis)
Present Value of Future
Normal Costs (Entry Age Basis)
Normal Cost (Aggregate, Level Percent)
Present Value of Future
Member Contributions
Actuarial Accrued Liability (Aggregate Basis)
Actuarial Accrued Liability (Entry Age Basis)
Unfunded Actuarial Accrued
Liability (UAAL)
D. Actuarial Present Value of Accrued Benefits
Vested Accrued Benefits
Inactives
Actives
Member Contributions
Total
Non - vested Accrued Benefits
Total Present Value Accrued
Benefits
Increase (Decrease) in Present Value of
Accrued Benefits Attributable to:
Plan Amendments
Assumption Changes
New Accrued Benefits
Benefits Paid
Interest
Other
Total:
10/112011 10/1/2010
32,177,418 33,473,103
8,247,242 8,507,450
5,268,472 5,602,138
937,171 937,927
643,548 669,462
11,656,106 11,240,540
14,634, 876 14,121,958
0 0
5,191,200
5,441,879
489,994
11,123, 073
1,027,815
12,150, 888
0
501,811
(966,475)
898,690
0
434,026
5,743,046
4,588,773
395,049
10,726,868
989,994
11,71 6,862
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Valuation Date 10/1/2011 10/112010
Applicable to the Fiscal Year Ending 9/30/2013 9/30/2012
E. Pension Cost
Normal Cost (with interest)
% of Total Annual Payroll* 26.66 26.43
Administrative Expense (with interest)
% of Total Annual Payroll* 1.87 1.85
Payment Required to Amortize
Unfunded Actuarial Accrued
Liability over 0 years
(as of 10/1 /11)
% of Total Annual Payroll* 0.00 0.00
Total Required Contribution
% of Total Annual Payroll` 28.53 28.28
Expected Member Contributions
% of Total Annual Payroll* 2.00 2.00
Expected Village & State Contrib.
% of Total Annual Payroll* 26.53 26.28
F. Past Contributions
Plan Years Ending:
Total Required Contribution
Village and State Requirement
Actual Contributions Made:
Members
Village
State
Total
G. Actuarial Gain (Loss)
N/A
9/30/2011
941,229
869,407
98,656
641,371
230,695 **
970,722
* Contributions developed as of 10/1/11 are expressed as a percentage of Payroll Under
Assumed Retirement Age at 10/1/11 of $3,656,462
** "Frozen" pursuant to Chapters 175 and 185, Florida Statutes.
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