05-07-1991 401111, sow Nee
GENERAL EMPLOYEES PENSION BOARD
REGULAR MEETING
City Hall Conference Room
Tuesday, May 7, 1991
2:00 P.M.
CALL TO ORDER:
Mayor Wessler called the General Employees Pension Board meeting
to order at 2:02 P.M., Wednesday, May 7, 1991 in the City Hall
conference room.
ROLL CALL:
Present were: Mayor Wessler, Susan Wadsworth, Charles
Chamberlin, Robert DeLoach, Mary Lou McDonald,
Rev. Harvey Hardin
Also present were: Jack Ascherl, Consulting Agent of Record
Debbie Sigler, Recording Secretary
Mr. Ascherl reviewed a report of funds for the period January 1,
1990 through December 31, 1990 held under Group Contract GA-
59450. Fund Balance as of December 31, 1990 was $1,174,509.02,
the Average Annual Rate of Return was 10.30Y. (See attached 4 page
report) Investment Results were reviewed (also attached).
Mr. Ascherl also reviewed the Report of the Actuarial Valuation,
made as of October 1, 1990 (Entire report attached)
There is one minor adjustment expected, Mr. Ascherl explained he
did not receive the updated information regarding the change in
the roll over investment to the stock accounts in time for this
meeting. He will forward it to us as soon as he can.
Mrs. McDonald had a question regarding mutual funds. Mr. Ascherl
explained that the City can go to outside investments, but there
would be complications. He offered to talk to her more; if she
wanted to give him specific mutual funds, he will look into it
for her.
ADJOURNMENT:
There being no further business to come before the Board, Mrs.
Wadsworth made a motion to adjourn. Mr. Chamberlin seconded the
motion. This meeting adjourned at 2:40 P.M.
Minutes submitted by:
Debbie Sigler
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Report
of the
Actuarial
Valuation
MADE AS OF October 1, 1990
FOR City of Edgewater General
Employees' Retirement Plan
GA 59450
the • rincipa
financial Principal Mutual Life Insurance Company
Group 711 High Street, Des Moines, Iowa 50392
GP 9502 -3
Now '
ANALYSIS OF THE ACTUARIAL REPORT FOR
City of Edgewater General Employees'
Retirement Plan
GA 59450
This Actuarial Valuation Report is for the plan year beginning October 1,
1990. The report provides the information you need to determine your current
year contribution to the plan.
CHANGES
Our annual comparison of actuarial assumptions to actual plan experience
indicates that an assumption change will be appropriate in the next actuarial
valuation. We estimate the assumption change will increase costs.
This report reflects the following plan changes:
The maximum benefits allowable under Section 415 of the Internal
Revenue Code increased.
The annual compensation limit as required by the Tax Reform Act of
1986 (TRA '86) increased. 10.4.J
0400
y 15 eel
DEPOSIT INFORMATION
A summary of the results of the actuarial valuation is as follows:
Total Normal Cost $155,388
Normal Cost as Percentage of Compensation 8.1%
Minimum Employer Deposit to avoid Funding Deficiency 203,807
Normal Cost plus amount to fund the Unfunded
Frozen Initial Liability over 20 years 196,867
Total Normal Cost as a percentage of compensation has increased from 7.9% to
8.17. This increase is primarily a result of participation terminations less
than assumed.
You may deposit for the current plan year any amount in excess of the minimum
deposit $203,807. if you wish to follow a schedule of funding dollar amounts
are illustrated in paragraph lc, page 2 of the report which will fund the
Normal Cost and fund the Unfunded Initial Liability over a definite period of
years.
Principal Mutual
the • rincipa life Insurance Company
Des Moines, Iowa 50392 -0610
Financial
Group
limov Sew ,„ 0100 'Noe
ACTUARIAL VALUATION RESULTS
For the plan year beginning October 1, 1990
As of the valuation date October 1, 1990
1. Deposit Levels
a. Your minimum deposit necessary for the current plan year is $203,807 as
of the end of the plan year. You may decrease this amount with
interest at 8.0% from the end of the plan year to the date the deposit
is received. This minimum amount is in addition to employee
contributions, if applicable.
This minimum is based on the requirements of Part Vii, Chapter 112,
Florida Statutes. specifically, this is the amount necessary to fund
the Normal Cost, and to amortize the unfunded Frozen Initial Liability
(UFIL) according to the schedule indicated in Appendix III.
b. The dollar amount illustrated below is the deposit required to fund
your Normal Cost and to fund the Unfunded Frozen Initial Liability over
a specified number of years. This amount includes interest for a full
plan year at 8.0 %.
Current Plan Year Last Plan Year
Period in Years Amount Percentage* Amount Percentage*
20 year funding $196,867 10.3% $181,580 11.5%
2. Normal Costs
Current Plan Year Last Plan Year
Amount Percentage* Amount Percentage*
Total Normal Cost $155,388 8.1% $125,556 7.9%
3. The Frozen Initial Liability is $440,859 of which $427,696 is unfunded as
of the beginning of the plan year.
*Amounts are expressed as a percentage of active employee annual compensation,
which for the current plan year is $1,910,062 and for the last plan year was
$1,584,746.
Principal Mutual
-2- the • rincipa fife Insurance Company
Des Moines, Iowa 50392 -0610
Financial
Group
Nay
Imre Nor,
MINIMUM FUNDING ACCOUNT
1. The Minimum Funding Account is used to measure the adequacy of funding your
pension plan. An Accumulated Credit Balance (total credits have been
greater than total charges) shows that the deposit has been adequate to meet
minimum funding requirements. An Accumulated Funding Deficiency (total
charges exceed total credits) shows that deposits have not been sufficient
to meet the minimum funding requirements. To prevent a deficiency your
contribution should be at least equal to the minimum deposit shown on page
2.
2. Funding Standard Account Statement for the plan year beginning October 1,
1989 and ending September 30, 1990.
a. Charges to the Funding Standard Account
i. Accumulated Funding Deficiency - -last valuation date $ 0
ii. Employer Normal Cost - -last valuation date 125,556
iii. Amortization charges 44,018
iv. Interest on the above items 13,492
Total Charges $183,066
b. Credits to the Funding Standard Account
i. Accumulated Credit Balance - -last valuation date $ 3,722
ii. Employer contributions - -last plan year 169,666
iii. Amortization on the above items 8,687
iv. Interest on the above items 3,700
Total Credits $185,775
c. Accumulated Credit Balance $ 2,709
The charges and credits shown in this Funding Standard Account also appear in
item 9 of the Schedule B which is included as an appendix to this report.
The outstanding balance of amortization charges and credits as of the beginning
of the current plan year is $430,405. The corresponding Unfunded Frozen Initial
Liability as of the beginning of the current plan year is $427,696.
•
Principal Mutual
-3- ♦ the • rincipa Lite Insurance Company
Des Moines. Iowa 50392 -0610
financial
Group
2
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