VILLAGE OF BUFFALO GROVE, ILLINOIS Police Pension Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2020
Actuarially Determined Contribution
Fiscal Year 2014 2015 2016 2017 2018 2019 2020
$
2,359,777 2,256,676 2,407,865 2,538,183 2,673,256 2,795,672 3,034,524
Contributions in Relation to the Actuarially Determined Contribution $
2,083,758 2,284,315 2,430,017 2,641,453 2,668,632 2,899,820 3,095,593
Contribution Excess/ (Deficiency) $
(276,019) 27,639 22,152 103,270 (4,624) 104,148 61,069
Covered Payroll
Contributions as a Percentage of Covered Payroll
$ 5,984,178 6,056,962 6,406,672 6,565,793 6,738,022 6,957,008 7,316,636
34.82% 37.71% 37.93% 40.23% 39.61% 41.68% 42.31%
Notes to the Required Supplementary Information: Actuarial Cost Method Amortization Method Remaining Amortization Period Asset Valuation Method Inflation Salary Increases Investment Rate of Return Retirement Age Mortality
Entry Age Normal Level % Pay (Closed) 20 Years 5-Year Smoothed Market 2.25% Graded by Years of Service 7.00% Graded by Age (11% at 50 to 100% at age 62) PubS-2010(A) Adjusted for Plan Status, Collar, and Illinois Public Pension Data, as Appropriate
Note: This schedule is intended to show information for ten years. Information for additional years will be displayed as it becomes available.
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