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Fort Walton Beach Council agenda — 02-28-12 regular — reading text
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TOTALASSETS 15, 094, 244. 06 17, 252, 741. 15
LIABILITIES AND NET ASSETS
Liabilities:
16, 821. 15 16, 821. 15
Prepaid City Contribution
16, 821. 15 16, 821. 15
Total Liabilities
Net
Active
Assets:
and Retired Members' Equity 15, 077,422. 91 17, 235, 920. 00
15, 077,422. 91 17, 235, 920. 00
Total Net Assets
15, 094, 244. 06 17, 252, 741. 15
TOTAL LIABILITIES AND NET ASSETS
16
City of Fort Walton Beach
Police Officers' Pension Fund
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
September 30, 2010
Market Value Basis
INCOME
Contributions:
Member 108,767. 82
500, 006. 85
State
City 165, 213. 10
Total Contributions 773, 987. 77
Earnings from Investments
Interest & Dividends 426, 630. 60
Net Realized Gain ( Loss) 506, 029. 84
Unrealized Gain ( Loss) 429, 352. 99
Total Earnings and Investment Gains 1, 362, 013.43
EXPENSES
Administrative Expenses:
Investment Related` 106, 125. 26
Other 28, 686. 27
Total Expenses 134, 813. 53
Distributions to Members:
Benefit Payments 1, 097,291. 19
Termination Payments 40, 366. 34
Total Distributions 1, 137, 657. 53
Change in Net Assets for the Year 863, 530. 14
Net Assets Beginning of the Year 16, 372, 389. 86
Net Assets End of the Year 17, 235, 920. 00
Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
17
City of Fort Walton Beach
Police Officers' Pension Fund
ACTUARIAL ASSET VALUATION
September 30, 2010
Actuarial Assets for funding purposes are developed by increasing the Actuarial Assets used
in the most recent actuarial valuation of the Fund by the average annual market value rate of
return ( net of investment related expenses) for the past four years, but are limited to 120% of
Market Value, if less.
Details of the derivation are set forth as follows:
Plan Year End Rate of Return"
9/ 30107 13. 07°/
9130108 11. 02%
9130/ 09 0. 58%
9/ 30/ 10 7. 76%
Annualized Rate of Return
for prior four (4) years: 2. 19%
A) 10101109 Actuarial Assets: 18, 856, 173. 40
1) Net Investment Income:
1. Interest and Dividends 426, 63060
2. Realized Gains ( Losses) 506, 029. 84
3. Change in Actuarial Value 418, 201. 14)
4. Investment Related Expenses 106 125. 26)
Total 408,
3344
B) 10/ 01/ 10 Actuarial Assets: 18, 874, 149. 41
Actuarial Asset Rate of Return = 21 /( A +B -I): 2. 19%
10/ 01110 Limited Actuarial Assets: $ 18, 874, 149. 41
Lesser of Actuarial Assets or 120% of Market Value)
Market Value Basis, net of investment related expenses
W-1
City of Fort Walton Beach
Police Officers' Pension Fund
CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
September 30, 2010
Actuarial Asset Basis
INCOME
Contributions:
Member 108, 767. 82
500, 006.85
City
State 165, 213. 10
Total Contributions 773, 987. 77
Earnings from Investments
Interest & Dividends 426, 630. 60
Net Realized Gain ( Loss) 506,029. 84
Change in Actuarial Value 418,201. 14)
514, 459. 30
Total Earnings and Investment Gains
EXPENSES
Administrative Expenses:
Investment Related* 106, 125.26
Other 28, 688. 27
Total Administrative Expenses 134, 813. 53
Distributions to Members:
Benefit Payments 1, 097 291. 19
Termination Payments 40,366. 34
Total Distributions 1, 137, 657. 53
Change in Net Assets forthe Year 15, 976. 01
18, 858, 173. 40
Net Assets Beginning of the Year
18, 874, 149. 41
Net Assets End of the Year"
Investment Related expenses include investment advisory,
custodial and performance monitoring fees.
Net Assets may be limited for actuarial consideration
19
PREPAID CITY CONTRIBUTION RECONCILIATION
A) Prepaid Balance as of October 1, 2009 $ 0
B) Required City Contributions for Fiscal 2010 500, 007
C) Actual City Contributions for Fiscal 2010 516, 828
D) Prepaid Balance as of October 1, 2010 $ 16, 821
A) * ( C) - ( B)
SECTION IV
MEMBER STATISTICS
PIN
ELIGIBILTY FOR RETIREMENT
Members are eligible for Normal Retirement based upon the following criteria:
1) Attained Age 55
or 2) 30 Years of Credited Service regardless of Age
Members are eligible for Early Retirement based upon the following criteria:
1) Attained Age 50 with 10 Years of Credited Service
2) 25 Years of Credited Service regardless of Age
As of the date of this valuation, the following list of Members are eligible for
Normal Retirement Early Retirement
BERRY, ROSEMARIE I. BRUHN, DARRELL A.
CHENEY, PHILIP A. MATZ, THOMAS E.
MICHAEL, JOSEPH E. MILLARD, ROBERT D.
ROYAL, WILLIAM D. POND, CURTISS A.
STAFFORD, RICHARD L.
21
STATISTICAL DATA
Averages are salary weighted)
1011/ 2009 10/ 1/ 2010
10/ 1 12007 10/ 1/ 2008
Active Members
49 47 43
51
Number
43.2 42. 6 40. 6
43. 4
Average Current Age
29. 3 28. 8 27. 9
30. 0
Average Age at Employment
14. 0 13. 7 12. 7
13. 4
Average Past Service
51, 636 54, 422 51, 059
51, 032
Average Annual Salary
22
AGE AND SERVICE DISTRIBUTION
PAST SERVICE
Total
AGE 0 1 2 3 4 5 -9 10 -14 15 -19 20 -24 25 -29 30+
0 0 0 0 0 0
15 - 19 0 0 0 0 0 0
0 0 0 0 3
20 - 24 1 0 0 1 1 0 0
1 0 0 0 0 0 6
25 - 29 2 1 0 1 1
0 0 0 0 8
30- 34 1 0 0 3 1 2 1
5 0 0 0 0 8
35- 39 0 0 0 0 0 3
0 0 0 0 4
40 - 44 0 0 0 0 0