2020 CAFR

Page 123

VILLAGE OF BUFFALO GROVE, ILLINOIS Firefighters' Pension Fund Required Supplementary Information Schedule of Employer Contributions December 31, 2020

Actuarially Determined Contribution

Fiscal Year 2014 2015 2016 2017 2018 2019 2020

$

1,884,815 1,848,990 1,728,496 1,862,674 1,897,942 1,859,212 1,984,773

Contributions in Relation to the Actuarially Determined Contribution $

2,168,844 2,202,138 2,166,040 1,864,498 1,897,968 1,915,164 2,019,305

Contribution Excess/ (Deficiency) $

284,029 353,148 437,544 1,824 26 55,952 34,532

Covered Payroll

Contributions as a Percentage of Covered Payroll

$ 5,224,950 5,308,713 5,390,509 5,585,881 5,836,466 6,026,152 5,890,818

41.51% 41.48% 40.18% 33.38% 32.52% 31.78% 34.28%

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 2.20% 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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