TOWN OF LANTANA POLICE RELIEF AND PENSION FUND ...
TOWN OF LANTANA POLICE RELIEF AND PENSION FUND Chapter 112.664, F.S. Compliance Report In Connection with the October 1, 2016 Funding Actuarial Valuation Report And the Plan’s Financial Reporting for the Year Ending September 30, 2016
TABLE OF CONTENTS
Title
Page
Ch. 112.664, F.S. Results Schedule of Changes in Net Pension Liability 1. Using financial reporting assumptions per GASB Statement No. 67 2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 4. Using the mandated mortality and funding interest rate +2%
1 2 3 4
Assets Versus Benefit Payments Projections 1. Using assumptions from the Plan’s latest actuarial valuation 2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 4. Using the mandated mortality and funding interest rate +2%
5 6 7 8
Actuarially Determined Contribution
9
CH. 112.664, Florida Statutes RESULTS
1
Schedule of Changes in the Employers' Net Pension Liability Using Financial Reporting Assumptions per GASB Statement No. 67 Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
343,544 989,489 (271,466) (221,282) (388,273) (31,262) 420,750 13,059,412 13,480,162
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 1,118,564
10/01/2015 09/30/2016 7.50% FRS Mortality Rates from 7/1/15 FRS Valuation
2
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions required under 112.664(1)(a), F.S. Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
343,544 968,656 27,147 (388,273) (31,262) 919,812 12,781,632 13,701,444
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 1,339,846
10/01/2015 09/30/2016 7.50% RP-2000 fully generational using Scale AA
3
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions required under 112.664(1)(b), F.S. Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
534,905 914,806 27,147 (388,273) (31,262) 1,057,323 16,307,697 17,365,020
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 5,003,422
10/01/2015 09/30/2016 5.50% RP-2000 fully generational using Scale AA
4
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
229,311 981,397 27,147 (388,273) (31,262) 818,320 10,310,954 11,129,274
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 (1,232,324)
10/01/2015 09/30/2016 9.50% RP-2000 fully generational using Scale AA
5
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions from the Latest Actuarial Valuation
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Market Value of Assets (BOY) 12,079,784 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099
Expected Investment Return 886,538 912,713 937,160 957,843 970,160 971,531 966,233 957,000 943,477 926,623 907,185 884,352 857,115 825,748 790,503 751,833 709,969 664,443 615,026 561,529 503,662 441,215 374,044 301,814 224,124 140,621 51,005 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068 1,333,935 1,329,145
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099 -
27.00
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
6
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions required under 112.664(1)(a), F.S.
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Market Value of Assets (BOY) 12,079,784 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099
Expected Investment Return 886,538 912,713 937,160 957,843 970,160 971,531 966,233 957,000 943,477 926,623 907,185 884,352 857,115 825,748 790,503 751,833 709,969 664,443 615,026 561,529 503,662 441,215 374,044 301,814 224,124 140,621 51,005 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068 1,333,935 1,329,145
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099 -
27.00
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
7
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions required under 112.664(1)(b), F.S.
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Market Value of Assets (BOY) 12,079,784 12,211,368 12,311,138 12,354,340 12,308,595 12,079,906 11,693,849 11,245,802 10,716,948 10,116,570 9,462,154 8,756,586 7,974,303 7,113,141 6,183,287 5,181,810 4,124,340 3,001,571 1,809,844 546,754 -
Expected Investment Return 650,128 656,320 660,147 660,079 652,734 636,281 613,957 587,811 557,588 524,005 487,606 447,785 403,800 355,865 304,175 249,070 190,718 128,773 63,072 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,211,368 12,311,138 12,354,340 12,308,595 12,079,906 11,693,849 11,245,802 10,716,948 10,116,570 9,462,154 8,756,586 7,974,303 7,113,141 6,183,287 5,181,810 4,124,340 3,001,571 1,809,844 546,754 -
19.33
5.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
8
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Market Value of Assets (BOY) 12,079,784 12,684,189 13,306,200 13,924,040 14,507,474 14,962,393 15,312,921 15,655,201 15,972,738 16,277,179 16,589,115 16,915,231 17,233,682 17,545,833 17,865,897 18,195,486 18,555,457 18,942,348 19,358,647 19,808,564 20,296,692 20,825,750 21,403,813 22,036,887 22,729,447 23,487,247
Expected Investment Return 1,122,949 1,178,562 1,234,784 1,289,257 1,336,342 1,372,866 1,404,282 1,434,202 1,462,407 1,490,357 1,519,290 1,548,519 1,577,114 1,605,782 1,635,242 1,666,511 1,700,378 1,736,799 1,776,079 1,818,615 1,864,741 1,914,944 1,969,865 2,029,977 2,095,745 2,167,778
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,684,189 13,306,200 13,924,040 14,507,474 14,962,393 15,312,921 15,655,201 15,972,738 16,277,179 16,589,115 16,915,231 17,233,682 17,545,833 17,865,897 18,195,486 18,555,457 18,942,348 19,358,647 19,808,564 20,296,692 20,825,750 21,403,813 22,036,887 22,729,447 23,487,247 24,317,957
N/A
9.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
9
ACTUARIALLY DETERMINED CONTRIBUTION
Plan's Latest Actuarial Valuation
112.664(1)(a) F.S. Assumptions
112.664(1)(b) F.S. Assumptions
112.664(1)(b) F.S. Except 2% Higher Investment Return Assumption
October 1, 2016
October 1, 2016
October 1, 2016
October 1, 2016
B. Actuarial Determined Contribution (ADC) to Be Paid During Fiscal Year Ending
9/30/2018
9/30/2018
9/30/2018
9/30/2018
C. Assumed Dates of Employer Contributions
Quarterly
Quarterly
Quarterly
Quarterly
A. Valuation Date
D. Annual Payment to Amortize Unfunded Actuarial Liability
$
399,564
$
399,564
$
772,236
$
82,617
E. Employer Normal Cost
432,722
432,722
753,234
254,041
F. Employer ADC if Paid on Valuation Date: D + E
832,286
832,286
1,525,470
336,658
G. Employer ADC Adjusted for Frequency of Payments
870,230
870,230
1,576,848
355,959
H. Employer ADC Adjusted for Frequency of Payments as % of Covered Payroll I. Assumed Rate of Increase in Covered Payroll to Contribution Year J. Covered Payroll for Contribution Year
50.23 %
50.23 %
91.02 %
20.55 %
4.00 %
4.00 %
4.00 %
4.00 %
1,801,697
1,801,697
1,801,697
1,801,697
K. Employer ADC for Contribution Year: H x J
904,992
904,992
1,639,905
370,249
L. Allowable Credit for State Revenue in Contribution Year
119,700
119,700
119,700
119,700
M. Net Employer ADC in Contribution Year
785,292
785,292
1,520,205
250,549
N. Net Employer ADC as % of Covered Payroll in Contribution Year: M ÷ J O. Expected Member Contribution P. Total Contribution (Including Members) in Contribution Year Q. Total Contribution as % of Covered Payroll in Contribution Year: P ÷ J R. Certain Key Assumptions Investment Return Assumption Mortality Table
43.59 %
43.59 %
84.38 %
13.91 %
126,119
126,119
126,119
126,119
1,031,111
1,031,111
1,766,024
496,368
57.23 %
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
57.23 %
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
98.02 %
5.50% FRS Mortality Rates from 7/1/16 FRS Valuation
27.55 %
9.50% FRS Mortality Rates from 7/1/16 FRS Valuation
TABLE OF CONTENTS
Title
Page
Ch. 112.664, F.S. Results Schedule of Changes in Net Pension Liability 1. Using financial reporting assumptions per GASB Statement No. 67 2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 4. Using the mandated mortality and funding interest rate +2%
1 2 3 4
Assets Versus Benefit Payments Projections 1. Using assumptions from the Plan’s latest actuarial valuation 2. Using assumptions prescribed in Section 112.664(1)(a), F.S. 3. Using assumptions prescribed in Section 112.664(1)(b), F.S. 4. Using the mandated mortality and funding interest rate +2%
5 6 7 8
Actuarially Determined Contribution
9
CH. 112.664, Florida Statutes RESULTS
1
Schedule of Changes in the Employers' Net Pension Liability Using Financial Reporting Assumptions per GASB Statement No. 67 Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
343,544 989,489 (271,466) (221,282) (388,273) (31,262) 420,750 13,059,412 13,480,162
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 1,118,564
10/01/2015 09/30/2016 7.50% FRS Mortality Rates from 7/1/15 FRS Valuation
2
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions required under 112.664(1)(a), F.S. Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
343,544 968,656 27,147 (388,273) (31,262) 919,812 12,781,632 13,701,444
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 1,339,846
10/01/2015 09/30/2016 7.50% RP-2000 fully generational using Scale AA
3
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions required under 112.664(1)(b), F.S. Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
534,905 914,806 27,147 (388,273) (31,262) 1,057,323 16,307,697 17,365,020
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 5,003,422
10/01/2015 09/30/2016 5.50% RP-2000 fully generational using Scale AA
4
Schedule of Changes in the Employers' Net Pension Liability Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption Fiscal year ending September 30, 1. Total Pension Liability a. Service Cost b. Interest c. Benefit Changes d. Difference between actual & expected experience & Other e. Assumption Changes f. Benefit Payments g. Contribution Refunds h. Net Change in Total Pension Liability i. Total Pension Liability - Beginning j. Total Pension Liability - Ending 2. Plan Fiduciary Net Position a. Contributions - Employer b. Contributions - Employer (from State) c. Contributions - Member d. Net Investment Income e. Benefit Payments f. Contribution Refunds g. Administrative Expense h. Other i. Net Change in Plan Fiduciary Net Position j. Plan Fiduciary Net Position - Beginning k. Plan Fiduciary Net Position - Ending 3. Net Pension Liability / (Asset) Certain Key Assumptions Valuation Date Measurement Date Investment Return Assumption Mortality Table
2016 $
$
$
$
229,311 981,397 27,147 (388,273) (31,262) 818,320 10,310,954 11,129,274
429,970 119,700 120,049 987,257 (388,273) (31,262) (65,361) 1,172,080 11,189,518 12,361,598 (1,232,324)
10/01/2015 09/30/2016 9.50% RP-2000 fully generational using Scale AA
5
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions from the Latest Actuarial Valuation
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Market Value of Assets (BOY) 12,079,784 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099
Expected Investment Return 886,538 912,713 937,160 957,843 970,160 971,531 966,233 957,000 943,477 926,623 907,185 884,352 857,115 825,748 790,503 751,833 709,969 664,443 615,026 561,529 503,662 441,215 374,044 301,814 224,124 140,621 51,005 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068 1,333,935 1,329,145
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099 -
27.00
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
6
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions required under 112.664(1)(a), F.S.
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044
Market Value of Assets (BOY) 12,079,784 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099
Expected Investment Return 886,538 912,713 937,160 957,843 970,160 971,531 966,233 957,000 943,477 926,623 907,185 884,352 857,115 825,748 790,503 751,833 709,969 664,443 615,026 561,529 503,662 441,215 374,044 301,814 224,124 140,621 51,005 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068 1,333,935 1,329,145
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,447,778 12,803,941 13,124,156 13,376,177 13,464,914 13,414,106 13,318,336 13,158,672 12,944,182 12,692,384 12,406,395 12,060,679 11,652,831 11,192,860 10,677,710 10,123,003 9,519,486 8,863,428 8,152,292 7,383,334 6,551,313 5,655,647 4,692,900 3,657,298 2,543,477 1,347,030 64,099 -
27.00
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
7
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions required under 112.664(1)(b), F.S.
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Market Value of Assets (BOY) 12,079,784 12,211,368 12,311,138 12,354,340 12,308,595 12,079,906 11,693,849 11,245,802 10,716,948 10,116,570 9,462,154 8,756,586 7,974,303 7,113,141 6,183,287 5,181,810 4,124,340 3,001,571 1,809,844 546,754 -
Expected Investment Return 650,128 656,320 660,147 660,079 652,734 636,281 613,957 587,811 557,588 524,005 487,606 447,785 403,800 355,865 304,175 249,070 190,718 128,773 63,072 -
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,211,368 12,311,138 12,354,340 12,308,595 12,079,906 11,693,849 11,245,802 10,716,948 10,116,570 9,462,154 8,756,586 7,974,303 7,113,141 6,183,287 5,181,810 4,124,340 3,001,571 1,809,844 546,754 -
19.33
5.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
8
Asset and Benefit Payment Projection Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FYE 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Market Value of Assets (BOY) 12,079,784 12,684,189 13,306,200 13,924,040 14,507,474 14,962,393 15,312,921 15,655,201 15,972,738 16,277,179 16,589,115 16,915,231 17,233,682 17,545,833 17,865,897 18,195,486 18,555,457 18,942,348 19,358,647 19,808,564 20,296,692 20,825,750 21,403,813 22,036,887 22,729,447 23,487,247
Expected Investment Return 1,122,949 1,178,562 1,234,784 1,289,257 1,336,342 1,372,866 1,404,282 1,434,202 1,462,407 1,490,357 1,519,290 1,548,519 1,577,114 1,605,782 1,635,242 1,666,511 1,700,378 1,736,799 1,776,079 1,818,615 1,864,741 1,914,944 1,969,865 2,029,977 2,095,745 2,167,778
Projected Benefit Payments 518,544 556,550 616,945 705,823 881,423 1,022,338 1,062,003 1,116,665 1,157,966 1,178,421 1,193,174 1,230,068 1,264,963 1,285,719 1,305,652 1,306,540 1,313,487 1,320,500 1,326,162 1,330,487 1,335,683 1,336,881 1,336,791 1,337,417 1,337,945 1,337,068
Number of years for which current market value of assets are adequate to sustain the payment of expected retirement benefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statutes and Plan provisions: Certain Key Assumptions Valuation Investment return assumption Valuation Mortality Table
Market Value of Assets (EOY) 12,684,189 13,306,200 13,924,040 14,507,474 14,962,393 15,312,921 15,655,201 15,972,738 16,277,179 16,589,115 16,915,231 17,233,682 17,545,833 17,865,897 18,195,486 18,555,457 18,942,348 19,358,647 19,808,564 20,296,692 20,825,750 21,403,813 22,036,887 22,729,447 23,487,247 24,317,957
N/A
9.50% FRS Mortality Rates from 7/1/16 FRS Valuation
Note: As required in Section 112.664(c) of the Florida Statutes, the projection of the Fund assets do not include contributions from the Employer, Employee or State, which is contrary to Florida Statutes and Plan provisions. For this reason, these projections should not be viewed as a representation of the amount of time the Fund can sustain benefit payments. Under the GASB standards which DO include contributions from the employer, employee and State, the Fund is expected to be able to sustain the benefit payment demands in the near-term and long-term future.
9
ACTUARIALLY DETERMINED CONTRIBUTION
Plan's Latest Actuarial Valuation
112.664(1)(a) F.S. Assumptions
112.664(1)(b) F.S. Assumptions
112.664(1)(b) F.S. Except 2% Higher Investment Return Assumption
October 1, 2016
October 1, 2016
October 1, 2016
October 1, 2016
B. Actuarial Determined Contribution (ADC) to Be Paid During Fiscal Year Ending
9/30/2018
9/30/2018
9/30/2018
9/30/2018
C. Assumed Dates of Employer Contributions
Quarterly
Quarterly
Quarterly
Quarterly
A. Valuation Date
D. Annual Payment to Amortize Unfunded Actuarial Liability
$
399,564
$
399,564
$
772,236
$
82,617
E. Employer Normal Cost
432,722
432,722
753,234
254,041
F. Employer ADC if Paid on Valuation Date: D + E
832,286
832,286
1,525,470
336,658
G. Employer ADC Adjusted for Frequency of Payments
870,230
870,230
1,576,848
355,959
H. Employer ADC Adjusted for Frequency of Payments as % of Covered Payroll I. Assumed Rate of Increase in Covered Payroll to Contribution Year J. Covered Payroll for Contribution Year
50.23 %
50.23 %
91.02 %
20.55 %
4.00 %
4.00 %
4.00 %
4.00 %
1,801,697
1,801,697
1,801,697
1,801,697
K. Employer ADC for Contribution Year: H x J
904,992
904,992
1,639,905
370,249
L. Allowable Credit for State Revenue in Contribution Year
119,700
119,700
119,700
119,700
M. Net Employer ADC in Contribution Year
785,292
785,292
1,520,205
250,549
N. Net Employer ADC as % of Covered Payroll in Contribution Year: M ÷ J O. Expected Member Contribution P. Total Contribution (Including Members) in Contribution Year Q. Total Contribution as % of Covered Payroll in Contribution Year: P ÷ J R. Certain Key Assumptions Investment Return Assumption Mortality Table
43.59 %
43.59 %
84.38 %
13.91 %
126,119
126,119
126,119
126,119
1,031,111
1,031,111
1,766,024
496,368
57.23 %
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
57.23 %
7.50% FRS Mortality Rates from 7/1/16 FRS Valuation
98.02 %
5.50% FRS Mortality Rates from 7/1/16 FRS Valuation
27.55 %
9.50% FRS Mortality Rates from 7/1/16 FRS Valuation
