09-05-1989 Noe
GENERAL EMPLOYEES PENSION BOARD
POLICE RETIREMENT BOARD
TUESDAY, SEPTEMBER 5, 1989
COMMUNITY CENTER
10:00 A.M.
Vice Mayor Gold called to order a regular meeting of the General
Employees Pension Board and the Police Retirement Board, at 10:00
a.m., Tuesday, September 5, 1989 in the Community Center.
ROLL CALL:
General Employees Pension Board members present: Vice Mayor
Gold, Susan Wadsworth, Charles Chamberlin, Karen Rickelman and
Rev. Harvey Hardin.
Police Retirement Board members present: John Borzner.
Also present were Jack Ascherl, Agent of Record and Sondra
Meager - Pengov, Secretary.
NEW BUSINESS_
Vice Mayor Gold introduced Mr. Ascherl to the Board.
Mr. Ascherl distributed a report; Analysis of the Actuarial
Report for the City of Edgewater General Employees' Retirement
Plan (see attached.) The report provides information needed to
determine current year contribution to the plan. Mr. Ascherl
stated everything is in "good shape."
The Frozen Initial Liability is $367,418 of which 3362,927 is
unfunded as of the beginning of the plan year. Mr. Ascherl said,
we were actually getting a lot of our past service almost paid
off. When the plan changed and the benefits were increased this
created a big liability, that's why we are kind of starting all
over in funding our past service liability.
Minimum Funding Account, charges to the Funding Standard Account
was discussed explaining, the Accumulated Funding Deficiency, we
had no deficiency last year, as always; Employer Normal Cost as
of a year ago was requiring 380,155 for total normal cost;
Amortization charges (past service liability contributions) was
338, 678, with Interest on that amount of $9,506. The total
charges against the account is $128,339.
Mr. Ascherl also discussed Credits to the Funding Standard
Account and Accumulated Credit Balance. He also referred to
Emerging Retirement Liability which shows where the plan is
headed on the bases of the plan year beginning October 1, 1988
through October 1, 2002.
Further review of the report followed.
The Contract Holders Fund report was reviewed. This is a report
of the monies invested, showing the fund balance of $748,357.53
as of December 31, 1988, the amount was all invested in the
General Investment Fund. A more conservative investment has been
the contention over the years, whereas we presently invest in a
sure investment, not mixed, where the investment could fluctuate.
Mr. Ascherl further reviewed the report (copy of report
attached.)
A quarterly report developed by Mr. Ascherl's office was
distributed to the Board's. This shows the total monies in the
account to be $871,117 (estimated), 100 % of the funds. Rate of
Return for 1988, 3 Yr. and 5 Yr. Avg. were shown (see copy of
report attached.)
Going back to the Contract Holders Fund, Mr. Ascherl explained
' 'Nfe
General Employees Pension Board
Tuesday, September 5, 1989
Page -2-
that the idea of diversifying further is something that should be
considered. A suggestion that the Fund Mix Target would be the
ideal mix. The Fund Mix shows the Bond and Mortgage Account
would be 27.5 %, General Investment Account would be 27.5%, U.S.
Stock Account would be 35'/. and Real Estate Account would be 10'/..
The question, will mixing this account yield a higher rate of
return, rather than having it all in the General Investment
Account? The overall average has been 11:6 on the account, with
nearly zero risk. The soft approach of going 100'/. General
Investment Account is currently being used.
If the Fund Mix Target were to be decided on, it would have to be
understood that the percentages will change.
The Police Pension Plan is staying with the 100% General
Investment Account at this time. Mr. Borzner asked if the cost
would be any more to diversify. Mr. Ascherl replied no.
Mr. Ascherl said if no changes are wanted, no action needs to be
made, we will continue with the 100% in the General Investment
Account. Mr. Chamberlain stated, since the General Investment
Account has done so well, he sees no reason to change it.
Ms. Rickelman stated at the last Board meeting a suggestion to
voluntarily contribute to the pension plan was desired. Ms.
Rickelman stated there is no way this can be done with the
existing plan, another plan would have to be set up.
Ms. Rickelman discussed the benefit to an employee who has no
spouse. A deceased employee's pension goes back into the plan,
not to a beneficiary. Ms. Rickelman is awaiting information to
prevent this. The information will state that a lump sum benefit
equal to the present value of accrued benefit (would be received
by a designated person.)
Also, the cost of living increase in the benefit payment would
only effect the fund when a person retired. Mr. Ascherl stated
a cost of living plan is one of the most expensive things to be
put into a plan.
Mr. Ascherl reviewed employee supplemental benefits and the
different ways this can be done.Mr. Ascherl will get additional
information listing options 1 through 5 listing the pluses and
minuses to help understand the plan.
Ms. Rickelman discussed the memo from Mr. Munoz, Finance
Director, regarding Investment Portfolio Performance Analysis.
Vice Mayor Gold suggested the Board should possibly listen to an
independent auditor for additional options. Mr. Chamberlin
agreed, saying we should try to narrow the independent auditors
to possibly three (3). The Board agreed to this.
There being no further business to come before the Board, Mr.
Chamberlin made a motion to adjourn. Seconded by Vice Mayor Gold.
The meeting adjourned at 11:22 a.m.
Minutes respectfully submitted by:
Sondra Meager - Pengov, Secretary
/smp
Report
of the
t 1
Valuation
uar
MADE AS O F October 1, 1988
FOR City of Edgewater General
Employees' Retirement Plan
GA 59450
-- Principal Mutual Life
the' •fpa ' Insurance Company
711 tiiyh Street
Des Moines, lom i b0309
Financial
Group
Gp 9502 -3
i �1
J
Nor Nye
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, 1988.
The report provides the information you need to determine your current year
contribution to the plan.
A summary of the results of the actuarial valuation is as follows:
Total Normal Cost $ 88,042
Normal Cost as Percentage of Compensation 6.4%
Minimum Employer Deposit to avoid Funding Deficiency 126,021
Normal Cost plus amount to fund the Unfunded Frozen
Initial Liability over 20 years 134,008
Total Normal Cost as a percentage of compensation has decreased from 7.0% to
6.4 %. This decrease is a result of higher than assumed investment earnings
and the deaths of two plan participants.
You may deposit for the current plan year any amount in excess of the minimum
deposit, $126,021. 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 Frozen Initial Liability over a definite period
of years.
Inquiries concerning your actuarial valuation report should be referred to
your local Principal Mutual Life Insurance Company Group Representative or
your valuation analyst in the home office. Feel free to use the home office
toll free number (1- 800 - 543 -4015) and ask for Dave Hardin, ext. 6232. You
may call Dave directly at (515) 247 -6232.
January 31, 1989
Pension Actuarial Services
Principal Mutual Life
the • rincipa Insurance Company
711 High Street
Financial Dos Moines, Iowa 50309
Group
Nov Nome
ACTUARIAL VALUATION RESULTS
For the plan year beginning October 1, 1988
As of the valuation date October 1, 1988
1. Deposit Levels
a. Your minimum deposit necessary for the current plan year is $126,021
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 contri-
butions, 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 amounts include 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 $134,008 9.7% $124,896 10.9%
2. Normal Costs
Current Plan Year Last Plan Year
Amount Percentage* Amount Percentage*
Total Normal Cost $ 88,042 6.4% $ 80,155 7.0%
3. The Frozen Initial Liability is $367,418 of which $362,927 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 $1,379,409 and for the last plan year
was $1,144,007.
-2-
_ Principal Mutual Life
♦
the rincipa • Insurance Company
711 High Street
Financial Des Moines. Iowa 50309
J Group
tir .r II'
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 exceed 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.
Your Minimum Funding Account is calculated at the end of the plan year.
Therefore, the Minimum Funding Account for the October 1, 1987 plan year
is shown in this October 1, 1988 Valuation Report.
2. Minimum Funding Account for the plan year beginning October 1, 1987
and ending September 30, 1988.
a. Charges to the Funding Standard Account
i. Accumulated Funding Deficiency - -last valuation date $ 0
ii. Employer Normal Cost - -last valuation date 80,155
iii. Amortization charges 38,678
iv. Interest on the above items 9,506
Total Charges $128,339
b. Credits to the Funding Standard Account
i. Accumulated Credit Balance - -last valuation date $ 492
ii. Employer contributions - -last plan year 118,426
iii. Amortization credits 8,687
iv. Interest on the above items 2,080
Total Credits $129,685
c. Accumulated Credit Balance $ 1,346
The outstanding balance of amortization charges and credits as of the beginning
of the current plan year is $364,273. The corresponding Unfunded Frozen
Initial Liability as of the beginning of the current plan year is $362,927.
Principal Mutual Life
the • rincipa Insurance Company
711 High Street
-3- Financial Des Moines, Iowa 50309
� GP 14553 A -9 Group
Nor Nwe
EMERGING RETIREMENT LIABILITY
The following is a listing by plan year of projected retirement benefits, the
expected increase to the retired life floor and a cumulative total of these
increases.
Plan Year Projected Monthly Expected Increase Cumulative
Beginning Pension 1 to Floor 2 - Increase
10 -1 -88 $1,560 $170,274 $ 170,274
10 -1 -89 172 19,316 189,590
10 -1 -90 180 18,177 207,767
10 -1 -91 0 0 207,767
10 -1 -92 1,231 136,505 344,272
10 -1 -93 0 0 344,272
10 -1 -94 0 0 344,272
10 -1 -95 0 0 344,272
10 -1 -96 0 0 344,272
10 -1 -97 0 0 344,272
10 -1 -98 6,048 719,213 1,063,485
10 -1 -99 688 83,502 1,146,987
10 -1 -00 4,293 480,912 1,627,899
10 -1 -01 1,113 124,712 1,752,611
10 -1 -02 5,059 632,579 2,385,190
•
For the purposes of illustration
1. The projected monthly pension was calculated using the salary scale, if
any, shown on page 7 of this report.
2. The expected increase to your "floor" is calculated using the purchase rates
in effect on the current anniversary for the normal form of annuity. This
increase represents the total purchase price.
Principal Mutual Life
the • rincipa Insurance Company
711 High Street
-4- Financial Des Moines, Iowa 50309
Group
*l , ftof
•
CENSUS DATA AND ASSET DISPLAY
I. CENSUS DATA — based on data supplied by the employer
Active Participants Inactive Participants
Age Projected
Group Number Monthly Pension* Number Monthly Pension
Under 25 12 $ 53,958
25 — 29 13 56,559 1 $ 25
30 — 34 17 69,912
35 — 39 21 73,788 2 196
40 — 44 8 22,059 2 205
45 — 49 10 10,143
50 — 54 3 4,602
55 — 59 4 1,404 1 538
60 — 64 7 1,740
65 & over
Totals 95 $294,165 6 $964
Projected monthly pension was calculated on the assumption that employees would experience annual
compensation increases of 7.5 %.
II. The following assets were used in calculating Normal Cost and deposit levels shown in this report.
General Investment Fund $631,254.22
This valuation does not include retired lives since it is assumed that the
retired life liability is offset by the retired life "floor ". The actuarial
value of the retired life "floor" is $102,066.15.
Principal Mutual Life
the • rincipa Insurance Company
711 High Street
Financial Des Moines, Iowa 50309
Group
GP 1 4555 M3 -5-
leMO
SUMMARY OF PLAN PROVISIONS
1. Plan Eligibility
Age: Attained age 18.
Service: Three months of service.
Class: General classification.
2. Normal Retirement Benefit
Eligibility: Attained age 60 with five years of accrual service
or after 30 years of accrual service.
Form: Monthly annuity payable for life (optional forms may
be elected prior to retirement).
Amount
(Accrued Benefit): 27 of Average Compensation multiplied by Accrual
Service.
3. Early Retirement Benefit
Age: Attained age 55.
Service: Five years of plan participation.
Form: Same as Normal Retirement Benefit.
Amount: Accrued Benefit on Early Retirement Date reduced by
6 2/37 for each year up to five and 3 1 /3 % for each
year between five and ten that the Early Retirement
Date precedes Normal Retirement Date.
4. Late Retirement Benefit
Age: No maximum age.
Form: Same as Normal Retirement Benefit.
Amount: Accrued Benefit as of Normal Retirement Date increased
to recognize that the annuity commences subsequent to
Normal Retirement Date.
-6-
Principal Mutual Life
the ' rincipa Insurance Company
711 High Street
Financial Des Moines, Iowa 50309
Group
Now NINO
5. Termination Benefit
Vesting Percentage: 100% subsequent to five years of plan participation.
Form: Same as Normal Retirement Benefit with income
deferred until Normal Retirement Date.
Amount: Accrued Benefit on date of termination multiplied
by the Vesting Percentage.
6. Disability Benefit
Eligibility: Active participant with five years of plan partici-
pation.
Form: Monthly income payable until Normal Retirement, death,
or recovery and a deferred annuity payable at the
Normal Retirement Date.
Amount: The greater of (a) or (b):
(a) Accrued Benefit on date of disability.
(b) 25% of Average Compensation.
7. Qualified Preretirement Survivor Annuity
Eligibility: Qualified married participant fully or partially
vested in an accrued benefit.
Form: Monthly annuity payable to spouse, deferred to
participant's Earliest Retirement Date if later than
the date of death.
Amount: If death occurs, the amount paid to the surviving
spouse is equal to the amount that would have been
paid had the participant terminated employment on the
date of death and survived to his /her earliest retire-
ment age, retired with a qualified joint and 50%
survivor annuity in effect, then died the next day.
8. Definitions
Average The monthly average of total pay received for the
Compensation: three consecutive years out of the ten latest years
prior to Normal Retirement Date which gives the
highest average.
Principal Mutual Lite
the • rincipa Insurance Company
711 High Street
-6a- Financial Des Moines, Iowa 50309
Group
'r✓ vale
ACTUARIAL VALUATION ASSUMPTIONS
AND METHODS
Since the benefits which your employees will receive are payable in the future,
certain assumptions must be made regarding future plan experience. The cost method
allocates estimated plan costs to plan years in a rational manner.
Actuarial Assumptions
Interest 8.0% per annum, compounded annually.
Mortality 1971 Group Annuity Table (Male) with pro-
jection, Principal Mutual Life Insurance
Company modification (setback 0 for males,
6 for females).
Expenses 5.0% of estimated plan costs.
Retirement Age Normal Retirement Age as defined on page 6.
Salary Scale 7.5% increase each year until retirement.
Disability Rates of disablement based on Period 4
(Benefit 4) and disabled life reserves
based on Benefit 4 of the 1952 Intercompany
Disability Study.
Assets Fixed income assets are valued on a contract
basis. Long -term Equity Investments are
adjusted by spreading unrealized appreciation
and depreciation over four years. Short -term
Investments, Real Estate, and Bonds are
valued at market.
Withdrawal Table 11 from the Actuary's Pension Handbook.
Selected rates of withdrawal are shown below.
Rate of Rate of
Age Withdrawal Age Withdrawal
20 25.94% 40 17.69%
25 24.92 45 13.96
30 23.20 50 9.67
35 20.77 55 4.96
Social Security Benefit expected to be available at retirement
based on a 6.0% increase in the Social Security
average earnings and a 5.5% increase in the
Consumer Price Index.
Principal Mutual Life
-7- the • rincipa " Insurance Company
711 High Street
Financial Des Moines, Iowa 50309
Group
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