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Fort Walton Beach Council agenda — 04-26-11 regular — reading text
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Normal Cost - Year Ended 9/ 30/ 10 1, 001, 574
O
a
3. Interest Accrued on (1) and (2) 486,246
a
4. Contributions - Year Ended 9/ 30/ 10 1, 477,777
a
0
5. Interest Accrued on (4) 49, 556 0
N
O
d
6. Expected UAAL at 10/ 01/ 10 5, 036, 986
1) +( 2) +( 3)- ( 4) -(5)] a
a
7. Changes Due to:
M
N
a) Assumption Changes ( 82, 285)
b) Actuarial (Gain) / Loss 1, 122, 057
c) Total $ 1, 039, 772 N0
O
M
Q
8. UAAL at Valuation Date 6, 076, 758
0
N
0
RL
W
LL
E
v
Y
a
3 -1
SECTION 3
ANALYSIS OF VALUATION RESULTS
Valuation Comparison Table
a) Active Members 196 154 154
b) Retirees, Beneficiaries and Disableds 119 135 135
O
c) Vested Terminated and Limited Members 56 48 48 C.
d
d) Total Anticipated Payroll for Applicable Fiscal Year 7,542,491 5, 818, 879 5, 483, 209
e) Actuarial Present Value (APV) of Future Valuation Payroll 54, 539, 147 40, 895, 855 36, 889, 203 C
O
f) Total Annual Benefit Pavments 1, 980, 288 2, 352, 132 2, 352, 132 w
M
C
Market Value 27, 780, 232 29, 986, 598 29, 986,598 M
Actuarial Value 33, 336,278 34,351, 948 34, 351, 948
M
C
a) APV of Future Benefits
U
1) Active Members
a
Retirement 18, 848, 715 14,351, 980 13, 271, 554 0
931, 614 760, 475 713, 167
Withdrawal 0
2, 928,449 2, 248, 081 2, 054, 240 N
Disability 4-
Death 584,302 463, 159 421, 006 O
160, 537
Refund of Contributions 239, 515 164,506
dU
23, 532, 595 17,988, 201 16, 620, 504 C
Total
R
21, 813, 811 26, 652, 707 26, 873, 508
2) Retirees and Beneficiaries Q.
597, 805 578, 606 583, 153
3) Disabled Members v
d
729, 490 1, 490, 099 1, 509, 538 v
4) Vested Terminated and Pending Lump Sums Q
5) Total 46,673, 701 46, 709,613 45,586, 703
b) APV of Vested Accrued Benefits 31, 946, 878 35, 167, 110 35, 498, 381 ti
c) APV of All Accrued Benefits 34, 640, 273 37, 519, 400 37, 824,943 N
M
r
d) Actuarial Accrued Liability (AAL)
1) Retirement 13, 391, 576 10, 242, 501 9, 922, 028
2) Withdrawal 426, 890 378, 950 399, 193
1, 118, 278 895, 328 875, 456
3) Disability
4) Death 301, 739 245, 205 235, 731
5) Refund of Contributions 33, 189 27, 595 30, 099
6) Inactives 23, 141, 106 28, 721, 412 28, 966, 199
7) Total 38, 412, 778 40,510, 991 40, 428, 706
e) Unfunded AAL (UAAL) 5, 076, 500 6, 159, 043 6, 076, 758
x
a) Retirement 870,437 674, 526 575, 580
b) Withdrawal 57,449 43, 117 37,983
285, 067 219, 883 199, 734
c) Disability
d) Death 44, 385 35,990 31, 923
e) Refund of Contributions 26, 244 18, 770 18, 814
f) Expense 64,485 55, 853 55, 246
1, 348, 067 1, 048, 139 919, 280
g) Total
ConI
3 -2
Valuation Comparison Table ( continued)
a) Plan Normal Cost** 1, 441, 804 $ 1, 348, 067 1, 048, 139 $ 919, 280
b) Amortization Payment 427,092 606, 673 769, 933 755, 775
c) Total Plan Requirements* 1, 868, 896 1, 954,740 1, 818, 072 1, 675, 055
d) Estimated Member Contributions 391, 119 377, 125 290, 944 274, 160
1, 477, 777 1, 577, 615 1, 527, 128 1, 400, 895
e) Total City Requirements*
1, 521, 400 1, 624, 184 1, 572,207 1, 441, 739
f) Total Citv Requirement Adjusted to End of Year
402, 664
2) Contribution Required by Members
3) Total Contribution Requirements 1, 924, 064
1, 477, 777
b) ( 1) Actual City Contributions Paid
2) Actual Member Contributions Paid 322,527
3) Total Contributions Paid 1, 800, 304
1, 527,333
c) ( 1) Actual City Contribution w /hit. Adj. to End of Year
2) Actual Member Contribution w /Int. Adj. to End of Year 335, 025
3) Total Contributions w /Int. Adj. to End of Year