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Fort Walton Beach Council agenda — 03-19-12--special--audit — reading text
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co ... Id Pro . 11) 38. 2%
3s3 ° b
25. 55 ( o II
Clty and State Sp %( 21 6G
5 fl o
Plan members
8 696] 16
874895 '
g 1263. 540 s
Annual pension cost
Contributions made
799. 961 591, 6 71
1306. 268 5
193. 034
EmplofF
State of Florida
g 168. 042
129 254) b 7 0- 63- 1
8( 11' 80Y) $
Net pevsiun obligation ( assc0
10101/ 2010
10 /01 / 3011 10/ 01/ 2010
Actuarial snluation dart for drsclosur
Ent' Age Normal Ent' Age Normal
Actuarial cost ncdrod
Individual Ent Age
Lescl percentage of
Normal Cost. closed Iescl percentage of
Amonlzafion anethud pa) closed
closed
30; cars 30 Year,
15, ear
Reinaivine amonlzation p, riod
4 -scar smoothed
5 - scar smoodred
4 -sear smoothed
A,aet caloation method markct
markct
market
Actuarial assumptions
80- 6 8.0
9 a°
Imesled rat, of return 6, 5
75 "
0. 0 -6. 5 ".
Prgiutttl salan' Incrcaves'" 3. 0
3. 0 0 3. 0 %
Includes inflation at 3U ° %O)
3. 0 °0
Post reliamevt COLA Up to 3%
Beginning 9/ 302012, this includes both City and State contributions
1) GERI' does not include State
2) Until 75% maximum accrued is a attained, and . 5% ther, aran
3) Starting at age 58
5555
3. 1. a
City of Fort Walton Beach, Florida
NOTES TO FINANCIAL STATEMENTS
September 30, 2012
NOTE 7 - DEFINED BENEFIT PENSION PLANS (CONTINUED)
C. Contributions, Funding Policy and Annual Pension Cost ( Continued)
PORT FRF
OFRF
Three -Year Trend Information
Actuarially
Percentage Net Pension
Determined
Contribution Obligation ( Asset)
Contribution
Year Ending 2, 105)
1, 477, 777 loo % S(
GERF October 1, 201 $
70, 081)
1 091, 338
October 1, 20111
October 1, 2012 1 258, 659 106104% % 112, 809)
103 % 38, 438)
5011, 007
PORF October 1, 2010 36, 146)
521, 425 100 %
October 1, 2011
100 % 129, 254)
October 1, 2012 875, 055
100 % 181. 809)
October 1. 20111 54. 78
FRF 100 % 175, 351)
October 1, 201 I 5114, 872
112 % 263340)
October I, 201' 700, 045 '
Beginning 91302011 this includes both City and State contributions
The components of net pension cost, the increase in Net Pension Asset. and the Net
ended September 30, 2012, most recent actuarial date, for
Pension Asset for the year
the General Employees'. Police officers' and Firefighters' Retirement Funds are as
follows:
General Police
Willem, Fire fighter
Fmployees'
875. 055
Actuarially determined
t
wion
1258,659 $
5, 536) 2 892 700.045
14 028)"
interest an net pension a...
asset
Adjusvnent to aduarislly determined annual 2732 1x699
10, 417
pevsiou It