CITY OF TAMARAC POLICE OFFICERS’ PENSION TRUST FUND
Chapter112.664,F.S.ComplianceReport
InConnectionwiththeOctober1,2014FundingActuarialValuationReport AndthePlan’sFinancialReportingfortheYearEndingSeptember30,2014
TABLE OF CONTENTS
Ch.112.664,F.S.Results
ScheduleofChangesinNetPensionLiability
1.UsingfinancialreportingassumptionsperGASBStatementNo.671
2.UsingassumptionsprescribedinSection112.664(1)(a),F.S.2
3.UsingassumptionsprescribedinSection112.664(1)(b),F.S.3
4.Usingthemandatedmortalityandfundinginterestrate+2%4
AssetsVersusBenefitPaymentsProjections
1.UsingassumptionsfromthePlan’slatestactuarialvaluation5
2.UsingassumptionsprescribedinSection112.664(1)(a),F.S.6
3.UsingassumptionsprescribedinSection112.664(1)(b),F.S.7
4.Usingthemandatedmortalityandfundinginterestrate+2%8 ActuariallyDeterminedContribution9
RESULTS
FiscalyearendingSeptember30, 2014
1. Total pension liability
a.ServiceCost$
b.Interest689,432
c.BenefitChanges-
d.Differencebetweenactual&expectedexperience&Othere.AssumptionChangesf.BenefitPayments(1,068,563)
g.ContributionRefundsh.
$10,368,965
2. Plan Fiduciary Net Position
a.Contributions-Employer400,131 $ b.Contributions-Non-EmployerContributingEntity233,874
c.Contributions-Member-
d.NetInvestmentIncome379,485
e.BenefitPayments(1,068,563)
f.ContributionRefundsg.AdministrativeExpense(57,817) h.Other-
$5,246,701
3.
FiscalyearendingSeptember30, 2014
1. Total pension liability
a.ServiceCost$
b.Interest689,432
c.BenefitChanges-
d.Differencebetweenactual&expectedexperience&Othere.AssumptionChangesf.BenefitPayments(1,068,563)
g.ContributionRefunds-
h.
$10,368,965
2. Plan Fiduciary Net Position
a.Contributions-Employer400,131 $ b.Contributions-Non-EmployerContributingEntity233,874
c.Contributions-Member-
d.NetInvestmentIncome379,485
e.BenefitPayments(1,068,563)
f.ContributionRefunds-
g.AdministrativeExpense(57,817)
h.Otheri.
$5,246,701
5,122,264
FiscalyearendingSeptember30, 2014
1. Total pension liability
a.ServiceCost$ b.Interest576,278
c.BenefitChangesd.Differencebetweenactual&expectedexperience&Othere.AssumptionChangesf.BenefitPayments(1,068,563)
g.ContributionRefunds-
h.
$12,174,156
2. Plan Fiduciary Net Position
a.Contributions-Employer400,131 $ b.Contributions-Non-EmployerContributingEntity233,874
c.Contributions-Member-
d.NetInvestmentIncome379,485
e.BenefitPayments(1,068,563)
f.ContributionRefundsg.AdministrativeExpense(57,817)
h.Other-
$5,246,701
6,927,455
Schedule of Changes in the Employers' Net Pension Liability
Using Assumptions under 112.664(1)(b), F.S. except 2% higher investment return assumption
FiscalyearendingSeptember30, 2014
1. Total pension liability
a.ServiceCost$ b.Interest767,087
c.BenefitChangesd.Differencebetweenactual&expectedexperience&Othere.AssumptionChangesf.BenefitPayments(1,068,563)
g.ContributionRefunds-
h.
$8,999,519
2. Plan Fiduciary Net Position
a.Contributions-Employer400,131 $ b.Contributions-Non-EmployerContributingEntity233,874
c.Contributions-Member-
d.NetInvestmentIncome379,485
e.BenefitPayments(1,068,563)
f.ContributionRefunds-
g.AdministrativeExpense(57,817)
h.Other-
$5,246,701
3. Net Pension Liability / (Asset) 3,752,818 Certain Key Assumptions ValuationDate10/01/2013 MeasurementDate09/30/2014 InvestmentReturnAssumption8.75% MortalityTableRP-2000fullygenerational usingScaleAA
Asset and Benefit Payment
Projection
Not Reflecting Any Contributions from the Employer, State or Employee Using Assumptions from the Plan's Latest Actuarial Valuation FYE Market Value of Assets (BOY)
Return
Numberofyearsforwhichcurrentmarketvalueofassetsareadequatetosustainthe paymentofexpectedretirementbenefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statues and Plan provisions:
Benefit Payments Market Value of Assets (EOY) 20155,246,701317,8831,074,6364,489,948 20164,489,948267,3081,059,6503,697,607 20173,697,607214,3721,043,4652,868,513 20182,868,513158,9981,025,9762,001,535 20192,001,535101,1111,007,1811,095,465 20201,095,46540,634986,964149,135 2021149,135-965,2892022--942,0882023--917,3052024--890,9112025--862,9062026--833,2352027--801,8452028--768,7372029--733,9852030--697,6752031--660,0032032--621,1912033--581,4852034--541,2132035--500,6892036--460,2862037--420,5172038--381,7032039--344,0982040--308,1866.17
Certain Key Assumptions
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.
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 Market Value of Assets (BOY)
Numberofyearsforwhichcurrentmarketvalueofassetsareadequatetosustainthe paymentofexpectedretirementbenefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statues and Plan provisions:
Investment Return Projected Benefit Payments Market Value of Assets (EOY) 20155,246,701317,8831,074,6364,489,948 20164,489,948267,3081,059,6503,697,607 20173,697,607214,3721,043,4652,868,513 20182,868,513158,9981,025,9762,001,535 20192,001,535101,1111,007,1811,095,465 20201,095,46540,634986,964149,135 2021149,135-965,2892022--942,0882023--917,3052024--890,9112025--862,9062026--833,2352027--801,8452028--768,7372029--733,9852030--697,6752031--660,0032032--621,1912033--581,4852034--541,2132035--500,6892036--460,2862037--420,5172038--381,7032039--344,0982040--308,1866.17
Certain Key Assumptions
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.
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 Market Value of Assets (BOY)
Numberofyearsforwhichcurrentmarketvalueofassetsareadequatetosustainthe paymentofexpectedretirementbenefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statues and Plan provisions:
Investment Return Projected Benefit Payments Market Value of Assets (EOY) 20155,246,701223,6961,074,6364,395,761 20164,395,761183,6321,059,6503,519,743 20173,519,743142,4051,043,4652,618,683 20182,618,683100,0211,025,9761,692,728 20191,692,72856,4841,007,181742,031 2020742,03111,806986,9642021--965,2892022--942,0882023--917,3052024--890,9112025--862,9062026--833,2352027--801,8452028--768,7372029--733,9852030--697,6752031--660,0032032--621,1912033--581,4852034--541,2132035--500,6892036--460,2862037--420,5172038--381,7032039--344,0982040--308,1865.75 Certain Key Assumptions
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.
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 Market Value of Assets (BOY) Expected Investment Return Projected Benefit Payments Market Value of Assets (EOY) 20155,246,701412,0711,074,6364,584,136 20164,584,136354,7521,059,6503,879,238 20173,879,238293,7821,043,4653,129,555 20183,129,555228,9501,025,9762,332,529 20192,332,529160,0321,007,1811,485,380 20201,485,38086,791986,964585,207 2021585,2078,974965,2892022--942,0882023--917,3052024--890,9112025--862,9062026--833,2352027--801,8452028--768,7372029--733,9852030--697,6752031--660,0032032--621,1912033--581,4852034--541,2132035--500,6892036--460,286-
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. Numberofyearsforwhichcurrentmarketvalueofassetsareadequatetosustainthe paymentofexpectedretirementbenefits, reflecting no contributions from the Employer, Employee or State, contrary to Florida Statues and Plan provisions:
Key Assumptions
A.ValuationDate
ACTUARIALLY DETERMINED CONTRIBUTION
112.664(1)(a)F.S. Assumptions Plan'sLatest ActuarialValuation
112.664(1)(b)F.S. Assumptions
OctoberOctober1,2014October1,2014 1,2014
112.664(1)(b)F.S. except2%higher investmentreturn assumption
October1,2014
B.ActuarialDeterminedContribution(ADC) toBePaidDuringFiscalYearEnding9/30/20159/30/20159/30/20159/30/2015
C.AssumedDatesofEmployerContributions*10/1/201510/1/201510/1/201510/1/2015
D.AnnualPaymenttoAmortizeUnfunded ActuarialLiability$619,307$619,307$743,084$511,363
E.EmployerNormalCost57,81757,81757,81757,817
F.ADCifPaidonValuationDate:D+E677,124677,124800,901569,180
G.ADCAdjustedforFrequencyofPayments*693,807693,807815,627586,074
H.AdjustedforFrequencyofas%of CoveredPayrollN/A%N/A%N/A%N/A%
I.AssumedRateofIncreaseinCovered PayrolltoContributionYear0.00%0.00%0.00%0.00%
J.CoveredPayrollforContributionYear0000
K.ADCforContributionYear:HxJ693,807693,807815,627586,074
L.AllowableCreditforStateRevenue inContributionYear233,874233,874233,874233,874
MADCinContributionYear459,933459,933581,753352,200
N.ADCas%ofCoveredPayroll inContributionYear:M÷JN/A%N/A%N/A%N/A%
O.CertainKeyAssumptions InvestmentReturnAssumption6.75%6.75%4.75%8.75% MortalityTableRP-2000fully generational usingScaleAA
RP-2000fully generational usingScaleAA
RP-2000fully generational usingScaleAA
RP-2000fully generational usingScaleAA
*Reflects$400,000paymenton10/2/2014,mid-yeartimingontheremainingCitycontributionandendof yeartimingontheStatecontribution.