Resolution 246-2008
James Callahan
Emergency Services
RESOLUTION NO. 246 -2008
A RESOLUTION OF THE BOARD COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, AUTHORIZING EACH P ARTICI-
PANT IN THE LENGTH OF SERVICE AWARDS PROGRAM (LOSAP)
TO BE CREDITED WITH AN ADDITIONAL YEAR OF SERVICE
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. Each Participant in the Length of Service Awards Program ("LOSAP") shall be credited
with an additional Year of Service actually earned in the Year 1990, providing the Participant:
(A) was enrolled as a member of the non-profit corporation or MSTU; and
(B) was eligible for and received reimbursement of expenses for nine or more
months of the Year 2007.
2. The total number of Years of Service that may be credited for service accrued prior to the
Effective Date of LOSAP shall not exceed a maximum of one Year of Service actually earned by
each Participant prior to the Effective Date of LOSAP.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the 20th day of August ,2008.
Mayor Mario Di Gennaro
Mayor Pro Tern Charles "Sonny" McCoy
Commissioner Dixie M. Spehar
Commissioner George Neugent
Commissioner Sylvia Murphy
Yes
Yes
Yes
Yes
. . ..~.i~~~'>.
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'" AM!Ii: 'J5ANNY L. KOLHAGE, Clerk
Yes
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BOARD OF COUNTY COMMISSION~3
OF MONROE COUNTY, FLORIDA ,,<"c.
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MONROE COUNTY ATTORNEY
AR OV~~ AS .lG rF'R,Mj
YNTH!P. L ~
~T CO].iNTY ATTORNEY
1- -l(- :A onI?
ASSIS
Date
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1, 2007
REVISED DRAFT
June 8, 2008
Monroe County Board of County Commissioners
c/o Acting Fire Chief James Callahan
490 63rd Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1,2007, covering the actuarial
aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 2007 and the
County's fiscal year ending September 30, 2008.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
2005 2006 2007
Item Plan Year Plan Year Plan Year
Participants 147 73 83
Covered Payroll * $ na $na $na
Current EOY Plan Costs .. $60,877 $24,233 $28,477
· assuming an additional years past service benefit
.. includes provisions for expenses and provisions for Funding Standard Account debit
balances
Due to Key Largo terminating from the County plan effective October 1, 2006, we have not
assigned any costs to them. We have kept the vested participants for Key Largo's Fire and EMS
and assets estimated to be sufficient for those participants and reallocated the remaining assets to
the other participating departments. Should additional vested participants arise from future census,
we will include them with the future year's valuation and recapture the assets for those benefits.
Additionally, in the future, should assets not be sufficient to cover those benefits, an additional
recapture of assets may be needed. These recaptures, if any, will be made in the same ratio as the
reallocation was determined, which split assets available for reallocation equally among the
remaining active departments.
Monroe County Board of County Commissioners
June 8, 2008
Page Two
The plan's investment return continues to be much below current market rates. We have
lowered our valuation interest rate assumption to 2.5%, which represents an increase in the present
value of benefits of$58,478. The plan has continued to invest in what appears to us to be a short
term cash equivalent. The plan can, and should, consider longer horizon investments, since the
plan's obligations are not short term. Should the plan's investment return continue its past patterns,
future valuations will continue to lower the discount rate assumption.
Assuming that the recommended funding is made and that the asset performance becomes
consistent with our current assumption, it is our opinion that the Plan will be proceeding with a
funding program, which can be expected to support the benefits promised by the Plan on an
adequate and timely basis.
Respectfully submitted,
Glenn F. Mouton, FSA
Consulting Actuary
GFM/nm
Enclosures
June 8, 2008
ACTUARIAL REPORT
PLAN:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR:
January 1, 2007 through December 31, 2007
SPONSOR FISCAL YEAR: October 1, 2007 through September 30,2008
V ALUATlON DATE:
January 1,2007
This report presents the results of the Actuarial Valuation as of Valuation Date shown above of the
Plan. The principal purposes of this report are
To present the financial condition of the Plan
To satisfY the requirements of Chapter 112 of the Florida Statutes
To present the contributions required to adequately fund the Plan during the
current year, according to the plan's current funding methodology
To present disclosures required by Governrnental Accounting Standards Board,
Statements #25
Mouton and Company, Inc. was retained by the Plan Administrator of the Plan for this report. This
actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and 1 acknowledge responsibility for the results. To the best of my knowledge, the
results are complete and accurate, and in my opinion, the techniques and assumptions used are.
reasonable and meet the requirements and intent of Part Vll, Chapter 112, Florida Statutes. There
is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which
liabilities or current costs have not been established or otherwise taken into account in the
valuation. All known events or trends which may require a material increase in plan costs or
required contribution rates have been taken into account in the valuation.
Date
Glenn F. Mouton
Enrollment #08-2773
On Behalf of Mouton & Company, Inc.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1, 2007
TABLE OF CONTENTS
----------------------------------------------
--------------- ------------------------
EXHIBIT I VALUATION RESULTS
Schedule A - Plan Description - After Changes
Schedule A - Plan Description - Before Changes
Schedule B - Development of Current Year's Costs
Schedule C - Development of Historical and Projected FSA
Schedule D - Participant Data
Schedule E - Assets
Schedule F - Liabilities
Schedule G - Actuarial Present Value of Accrued Benefits
Schedule H - Statement of Changes in Total Actuarial
Present Value of All Accrued Benefits
Schedule I - Pension Cost
Schedule J - Past Contributions
Schedule K - Comparison of Actual to Assumed Earnings
1
2
3
4
5
5
5
6
6
7
7
8
EXHIBIT 2 PARTICIPANT DEMOGRAPHICS
Schedule A - Coverage
Schedule B - Participant Reconciliation
9
10
EXHIBIT 3 PLAN ASSET INFORMATION
Schedule A - Statement of Net Assets Available
for Benefits at Market Values
Schedule B - Statement of Changes in Net Assets
Available for Benefits
11
12
EXHIBIT 4
PLAN SUMMARY
13
EXHIBIT 5
COST METHOD AND ASSUMPTIONS
16
EXHIBIT 6
PENSION COST RATIONALE
18
EXHIBIT 7
GASB 25 INFORMATION
19
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERViCE AWARD PLAN
Page 3 of22
Actuarial Valuation as of Januwy 1,2007
CURRENT VALUATION RESULTS
EXHIBIT I
Development of Current Year's Costs
Schedule B
_________________n__________________n____.-____________________________________________________________.____u_____________________________________.n..h_____________.__b______________________
Before Change After Change >I'
Current Year Current Year Prior Year
o 1-Jan-2007 OI-Ian-lOD7 OI-Jan-2006
A Present Value of Future Obligations: -- ---
1. Active Members 558,521 570,916 780,318
2. Inactive Members 262,904 262,904 21,687
3 Retired Members 0 0 0
4. Survivors on Benefit 0 0 0
5 Disabled Members 0 0 0
-------------. _____.____h_ -------------
Total Actuarial Accrued Liability: 821,425 833,820 802,005
B. Less Present Value of:
1. Member Contributions 0 0 0
2. Florida Premiwn Tax Rebates 0 0 0
-------------- ------------- ______u.___
0 0 0
C. Less Actuarial Plan Assets 725,508 725,508 700,939
------------ ________b_ .--------
D. Amount to be Funded by County (A-B-C) 95,917 108,312 101,066
(Unfunded Actuarial Accrued Liability) --- ---
--
E. Aggregate Normal Costs from District Calculations 16,711 18,826 19,233
F. Expenses not paid directly by the County 5,000 5,200 5,000
G. Interest Adjustments not included elsewhere 0 0 0
------------- ------------ -----------
H. Total Plan Normal Costs = GASB 25 ARC 21,711 24,026 24,233
. Change is the crediting of 1990 as W1 additional year of potential past credited service.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 4 of 22_.
Actuarial Valuation as of January I, 2007
CURRENT VALVA nON RESULTS
EXHIBIT I
Development of Historical and Projected Funding Standar.d Account Balances
Schedule C
B. Less Charges to Account
1. Nonnal Costs for the Year (BOY)
2. Provision for Expenses
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
2.50%
Before Changes After Changes
Projected Projected
Current Current
Plan Year Plan Year Prior Year
01-Jan-2007 01-Jan-2007 01-Jan-2006
--
-4,342 -4,342 639
-109 -109 19
-4,451 -4,451 658
16,711 18,826 19,233
5,000 5,200 5,000
0 0 0
0 0 0
21,711 24,026 24,233
0 0 19,233
0 0 0
0 0 0
0 0 19,233
-26,162 -28,477 -4,342
-
A. Beginning Balance
Interest Adjustment to End of Year
sub-total
C. Plus Credits to Account
1. Contributions Credited During the Year
2 Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
D. Ending Balance'"
Date Made
Amount
Interest
17-Sep-07
19,233
o
o
o
o
o
o
o
19,233
o
'" Note: A positive ending balance represents the accumulation of past contributions in excess of required minimums.
Such a balance is available to the sponsor in the current or future years to adjust nonnal funding requirements.
For the current year, Contributions Credited are detennined as the lowest amount which would avoid an ending
negative balance, under the assumption that the contribution is received on the last day of the plan year.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 5 of 22
Actuarial Valuation as of January 1,2007
CURRENT V ALUA nON RESULTS
EXHIBIT I
Participant Data
Schedule D
_________________________h______________________________________~__________________________________________________.________.______________________________________
Next
Current Year Prior Year Prior Year
01-Jan-2007 01-Jan-2006 01-Jan-2005
Number Included ---
Active Members 51 70 136
Inactive Members 30 3 13
Retired Members 2 2 0
Current Beneficiaries 0 0 0
Disabled Members 0 0 0
Total Annual Payroll of Actives 0 0 0
Total Annual Benefits:
to Retired Members 5,850 3,420 0
to Current Beneficiaries 0 0 0
to Disabled Members 0 0 0
Assets Schedule E
-----------------------------------------------.-------------------------------------------------------------.------------------------------------------------------
Actuarial Value
725,508
700,939
626,637
Market Value
725,508
700,939
626,637
Liabilities
Schedule F
---------_._-~-------------_._---------------------------------------.------------------------------------.------------------------------------------------._-------
Total
Before Changes After Changes
CWTent Current Prior
Plan Year Plan Year Plan Year
01-Jan-2007 01-Jan-2007 01-Jan-2006
558,521 570,916 780,318
262,904 262,904 21,687
0 0 0
0 0 0
0 0 0
-----~--------- --------------- ----~~---------
821,425 833,820 802,005
0 0 0
0 0 0
--------~------ -----~--------- ---------------
0 0 0
--------------- --------------- ---------------
821,425 833,820 802,005
(725,508) (725,508) (700,939)
--------------- --------------- ---------------
95,917 108,312 101,066
Present Value of Future Benefits
Active Members
Inactive Members
Retired Members
Current Beneficiaries
Disabled Members
Less Present Value
Future Member Contributions
Future State Contributions
Actuarial Accrued Liability
less Actuarial Plan Assets
Unfunded Actuarial Accrued Liability
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 6 of 22
Actuarial Valuation as of January 1,2007
CURRENT VALUATION RESULTS
EXHIBIT I
----------------------------~------------------------------------------------------------------
------------------------------------------------------------------------------------------------
Actuarial Present Value of Accrued Benefits
Schedule G
----------------------------------------------------------------------------------------------------------.-----------~---------------------------------------------
Vested Accrued Benefits
Inactive Members & Beneficiaries
Active Members
Before Changes After Changes
Current Year Current Year Prior Year
01-Jan-2007 01-Jan-2007 o I-Jan-2006
---
264,985 264,985 5,942
261,722 280,332 376,936
-------------- -------------- --------------
526,707 545,317 382,878
56,741 54,612 78,722
-------------- -------------- ------------.-
581,547 599,929 461,600
Total
Nonvested Accrued Benefits
Total
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule H
------------------------~------------------~------------------------------------------------------------------------------------------------------------------------
Before Changes
Current Year
01-Jan-2007
After Changes
Current Year
OI-Jan-2007
Present Value of Accrued Benefits at
Beginning of Year
461,600
461,600
Increase (Decrease) During Year Attributable
to (where applicable):
Plan Adoption
Plan Amendment
Changes in Valuation -- interest rate
Increase due to Survivorship
Increase for less Interest Discount
Benefits Accrued, net of excluded participants
Benefits Paid
Other Changes - tenninations
Net Increase (Decrease)
0 0
0 20,675
58,478 58,478
0 0
13,760 11,467
87,611 87,611
(5,850) (5,850)
(34,052) (34,052)
-~-_._-------- ---------~----
119,947 138,329
581,547 599,929
Actuarial Present Value of Accrued
Benefits at End of Year
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 70f22
Actuarial Valuation as ofJanuary 1,2007
CURRENT VALUATION RESULTS
EXHIBIT 1
--------~-----'---~----------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Pension Cost
Schedule I
~-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Before Changes After Changes
Current Current Prior
Plan Year Plan Year Plan Year
01-Jan-2007 01-Jan-2007 01-Jan-2006
-~- --~
Required Funding Costs 16,711 18,826 19,233
Current Administrative Expense 9,342 9,542 4,361
Interest Adjustment 109 109 (19)
--._------- ------._--- ---------.-
Total Required County Contribution 26,162 28,477 23,575
As % of Payroll N/A N/A N/A
Estimated Participant Contributions 0 0 0
As % of Payroll N/A N/A N/A
Estimated Premium Tax Refund 0 0 0
As % of Payroll N/A N/A N/A
Remaining Amount to be Contributed
by County 26,162 28,477 23,575
As % of Payroll N/A N/A N/A
Past Contributions Schedule J
------------.----------..---------------------..--------------------------------------------------------------------------------------------------------------------
For the fiscal year ended 12/31/06
Total Contribution Required
Actoal Contribution Made By:
State
County
Participants
23,575
o
19,233
o
19,233
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 8 of 22
Actuarial Valuation as ofJanuary 1,2007
CURRENT V ALUA nON RESULTS
EXHIBIT I
Comparison of Actual to Assumed Earnings
Schedule K
-.------------------------------------------------------------------------------.-----------------.-----------------------------------------------._-----------------------
(Assuming uniform income and disbursements, Employer Contributions assumed at End of Year)
Benefits
Valuation Beginning Ending Investment Other and
Date Assets Assets Earnings Income Expenses
~"- ~- --~ --- ---
31-Dec-1999 0 150,113 0 0 0
31-Dec-2000 150,113 313,548 2,751 0 0
3 I-Dec-200 I 313,548 389,408 13,821 0 4,210
3 I -Dec-2002 389,408 474,729 4,284 0 8,400
31-Dec-2003 474,729 562,738 9,169 0 0
31-Dec-2004 562,738 626,637 8,412 0 8,417
31-Dec-2005 626,637 700,939 20,872 0 7,620
31-Dec-2006 700,939 725,508 15,466 0 10,130
Valuation Net Expected Actual 3 Year 5 Year Assumed
Date Increase Earnings Experience Average Average Factor
-~~~ --- -~~~
31-Dec-1999 0 0 0.00% na na 5.00%
31-Dec-2000 2,751 7,506 1.83% na na 5.00%
31-Dec-2001 9,611 15,572 3.09% na na 5.00%
31-Dec-2002 (4,116) 19,260 -1.07% 1.28% na 5.00%
31-Dec-2003 9,169 23,736 1.93% 1.32% na 5.00%
31-Dec-2004 (5) 27,926 0.00% 0.29% 0.58% 5.00%
31-Dec-2005 13,252 24,913 2.13% 1.35% 0.85% 4.00%
31-Dec-2006 5,336 20,876 0.77% 0.96% 1.04% 3.00%
1999 is the first plan year and no assets were present prior to the end of the year, other than County accrued contributions.
Current earning rates are artificially depressed due to the plan only recently starting its funding. Future assets will be
invested assets and are expected to earn at or above the assumed factor, net of investment expenses.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 90f22
Actuarial Valuation as of January I, 2007
PARTICIPANT DEMOGRAPHICS
EXHIBIT 2
------------------------------~---------------------------------------------------------
----------------------------------------------------------------------------------------
Coverage
Schedule A
This valuation includes the following 83 persons covered by the plan as of December 31, 2006.
Category
Number
Amount
Active Participants
Other Inactive Participants
Retirees on Benefit
Survivors on Benefit
Participants on Disability Benefit
Terminated Vested Participants
51
30
2
o
o
o
0*
o **
o **
o **
o **
o **
TOTAL
83
N/A
* Annual covered pay only
** Annual Benefit
20 persons (included in the data furnished to us) were ineligible for participation as of the valution
date. Participant data was furnished by the County of Monore and was as of December 31, 2006.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page IO of22
Actuarial Valuation as of January I, 2007
PARTICIPANT DEMOGRAPHICS
EXHIBIT 2
~-----------------------------~---------------------------------------------------------------
----------------------------------------------------------------------------------------------
Participant Reconciliation
Schedule B
Retired Survivor
on on
Active Benefit Benefit Disabled Inactive Total
-- --- ~~-~
Participants at 01-Jan-2006 68 2 0 0 3 73
New 10 IO
Retirement 0 0
Death 0 0
Non-Vested Termination 0 0
Vested Termination -27 27 0
Lump Sum Settlement 0 0
New Survivors 0 0
Participants at 31-Dec-2006 51 2 0 0 30 83
---
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2007
Page 11 of22
PLAN ASSET INFORMATION
EXHIBIT 3
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Statement of Net Assets Available for Benefits*
31-Dec-2005
Schedule A
31-Dec-2006
--------------------------------------------------------------------------------------------------------------------------------------
Market Value
Money Market
Accrued Contribution - Employer
700,938.69
0.00 .
725,508.15
0.00
700,938.69
725,508.15
Liabilities
Accounts Payable
Deferred Revenues
0.00
0.00
0.00
0.00
0.00
0.00
Net Assets Available
700,938.69
725,508.15
----------
-----------
-----------
------------
* As reported by the County
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2007
Page 12 of 22
PLAN ASSET INFORMATION
EXIDBIT 3
------~------~--------~----------------------------------------------------------------------
-----------------------------------------------------------------------------------------------
Statement of Changes in Market Value of Net Assets
Plan Year Ending:
31-Dec-2005
Schedule B
31-Dec-2006
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
+
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
20,871.50
0.00
15,466.07
0.00
State Insurance Contributions
Employee Contributions
Employer Contributions:
0.00
0.00
0.00
0.00
61,050.00
19,233.00
Accrued
0.00
0.00
61,050.00
19,233.00
81,921.50
34,699.07
DECREASES
Expenses
Professional Fees
Professional Fees
PMAFees
(4,200.00)
0.00
0.00
(4,269.61)
0.00
(10.00)
Paid to Participants
Retirees
Survivors
Disabled
Overpayment due to City
(4,200.00)
(4,279.61)
(3,420.00)
0.00
0.00
0.00
(5,850.00)
0.00
0.00
0.00
(3,420.00)
(5,850.00)
(7,620.00)
(10,129.61)
Net Increase/(Decrease)
74,301.50
24,569.46
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year
626,637.19
700,938.69
End of Year
700,938.69
725,508.15
-----------
----------
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1,2007 Page 13 of22
PLAN SUMMARY
EXHIBIT 4
1. General Information
(a) Plan Name: Monroe County, Florida Volunteer Firefighter and
Emergency Medical Services Length of Service Award Plan
(b) Plan Year: January 1 through December 31
(c) Plan Sponsor: County of Monroe, Florida
(d) Sponsor Fiscal Year: October 1 through September 30
(e) Plan Administrator: Board or such other person or entity as designated by the Board
to administer the Plan
(f) Effective Date: January 1, 1999
2. Eligibilitv for Participation
The Plan Administrator shall, in its sole discretion, determine those Volunteer
Firefighters and EMS Volunteers ("Volunteers") eligible to participate in the Plan. Any
Volunteer who was age 60 or older on January 1, 1999 shall not be eligible to participate in
the Plan. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years of Service by their Normal Retirement Age shall not eligible to participate.
3. Years of Service
Each year of volunteer service, a participant will accrue a year of benefit accrual if the
participant was:
A. enrolled as a member of the nonprofit corporation or MSTU; and
B. was eligible for and received reimbursement of expenses for nine or more months of
the year.
In the event that a non-vested Participant fails to accrue a Year of Service during any
three consecutive Plan Years, the Participant shall incur a "break-in-service", and any
Years of Service earned by the Participant prior to the break-in-service, shall be
disregarded for purposes of the Plan. In addition, in the event that any Participant ceases
to be carried on an active membership roll as a Volunteer Firefighter or EMS Volunteer
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January I, 2007 Page 14 of22
PLAN SUMMARY
EXHIBIT 4
-------------------------------------------------------
------------------------------------------------
and later returns to active membership roll, only Years of Service earned after the
Participant's return to the active membership roll shall be counted for purposes of the Plan
No Years of Service shall be earned for any year of volunteer service after the Participant
has attained age sixty (60).
4. Contributions
Each Plan Year, the Board shall appropriate funds from the budgets of the various volunteer
fIre/rescue MSTU's to fund the accrued or prospective benefIts for Participants on an
actuarially sound basis.
5. Normal Retirement BenefIt
(a) Eligibility: Completion of 10 years of service.
(b) BenefIt: An annual benefIt based on the following schedule:
BenefIt Schedule
Years of Monthly Annual
Service BenefIt BenefIt
~ ~~ M~
24 360 4320
23 345 4140
22 330 3960
21 315 3780
20 300 3600
19 285 3420
18 270 3240
17 255 3060
16 240 2880
15 225 2700
14 210 2520
13 195 2340
12 180 2160
11 165 1980
10 150 1800
(c) Form of Payment: BenefIt payments are payable monthly for a period often years.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1, 2007 Page 15 of 22
PLAN SUMMARY
EXHIBIT 4
----------------------------------------------------
-------------------------------------------
6. Vesting
(a) Eligibility: Completion of 10 years of service prior to attainment of Normal
Retirement Age
(b) Volunteer Firefighters: Attained the rank of Structural Firefighter, Non-Structural
Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with
10 years of service.
(c) Volunteer EMS: Attained the certification of Emergency Medical Technician or
Paramedic or met all requirements by the State of Florida necessary to drive an
emergency medical care and transportation vehicle ( ambulance) prior to being
credited with 10 years of service.
7. Death Benefits prior to Attaining Normal Retirement Age
(a) Eligibility: Death of a vested Participant.
(b) Benefit: The present value of vested accrued benefits.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1,2007 Page 16 of22
COST METHOD
EXHIBIT 5-A
===========================--==========--------
COST METHOD: A variation of the aggregate actuarial cost method is being used to value the
benefits. The present value of the projected benefits is calculated using the provisions of
the plan and the actuarial assumptions. The actuarial value of assets is based on market
value. The balance to be funded is allocated over the present value of a level annuity for the
average future service of active participants. Total plan results are determined by summing
the results calculated by aggregating participants by fire district, and in the case of Key
Largo, separately by fire personnel and EMS personnel. A department's normal cost is not
allowed to become negative. Expenses are shown unallocated and are assumed to be paid
directly by the County.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January I, 2007
Page 17 of 22
ACTUARIAL ASSUMPTIONS
EXHIBIT 5 - B
=======================================================================================
Actuarial Study as of:
o I-Jan-2007
0
0
120
12
180
4500
Yrs Vesting
0 0%
10 100%
Valuation Date Adjustment:
Completed months to participate
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
Annual Benefit Accrued for each completed year of service
Maximum Annual Benefit Accrued for each completed year of service
Vesting Schedule
Termination Assumption: Godwin's Table I, V Select & Ultimate Table, with 50% termination prob. for YOS<I.
Interest rate function assumptions
107.65056
i: 2.50%
v: 0.97561
d: 0.02439
a(lO)due: 8.97088
i(12): 0.206%
v(12): 0.99794
d(12): 0.00206
a(120)due: 106.41486
3,000 334.42
40,369
1,615
After: 1990
Before: 1991
18
Maximum annual benefit accrual limited by IRC
Present value of maximum benefit:
Present value of annual benefit accrual
Year First Allowed for Benefit Accrual Purposes:
Maximum Credited Years for Benefit Accrual as of the Valuation Date:
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January I, 2007 Page 18 of22
PENSION COST RATIONALE
EXHIBIT 6
-----------------------------~---------------
--------------------------------------------
When one speaks of pension costs, one must distinguish between "true" costs and "actuarial" costs.
The true cost of a pension plan depends on its experience and is equal to:
Total Benefits Paid
+
Total Expense to Run the Plan
Investment Earnings
Because this true cost is not apparent until many years into the future, and then only in retrospect,
the actuary scientifically estimates what the true cost will be and then assesses a share against the
current year's operations.
In order to estimate the true cost elements, the actuary must try to predict the future happenings
which will affect them -- such as death, employee turnover, expenses, investment earnings, etc.
The assessment to each current year is made using a particular "cost method", selected by the
actuary considering tax implications to the Employer, future cost versus future earnings patterns,
present and projected makeup of employee force, etc. Based on these considerations, the actuarial
costs are found to be as shown in this report.
It is important to remember that these annual costs are estimates of the actuary, which, if his
projections are realized, will accumulate according to certain future patterns, as dictated by the cost
method, to meet the true costs on an adequate and timely basis.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January t, 2007
Page 19 of22
EXHIBIT 7
a, (1)
GASB 25 Notes to the Financial Statements
---------------------------------.-------------------------------------------------------------------------.----------------------------------------
The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
(2)
Only Volunteer Firefighters and EMS Volunteers are eligible at the sole discretion of the
Plan Administrator. Any Volunteer who was age 60 or older oil January 1, 1999 shall not be eligible
to participate. In addition. any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years if Service by their Normal Retirement Age shall not be eligible to participate in this Plan.
Inactive Participants by category:
Retirees currently receiving benefits
Beneficiaries currently receiving benefits
Terminated employees entitled to benefits
2
o
30
32
Fully vested and past normal retirement date
Partially vested
Non-vested
(3)
31
o
52
83
Years of
Service
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
The benefit provisions are as follows:
Benefit Schedule
Monthly
Benefit
$375
360
345
330
315
300
285
270
255
240
225
210
195
180
165
150
Annual
Benefit
$4,500
$4,320
$4,140
$3,960
$3,780
$3,600
$3,420
$3,240
$3,060
$2,880
$2,700
$2,520
$2,340
$2,160
$1,980
$1,800
(4) Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and
or Emergency Vehicle Driver-Perator prior to being credited with ten Years of Service.
EMS V ounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle (ambulance) andlor attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
Eligibility for vesting is completion of 10 years of service.
The Plan shall be administered in accordance with the requirements of Chapter 112, Part VII,
Florida Statutes.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGlITER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as ofJanuary I, 2007
Page 20 of 22
EXIDBIT 7
============================================================================================
GASB 25 Notes to the Financial Statements.
--------------------~--------------------------------------------------------------------------------------------------------.-------------------------------------
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue MSTU's,
such funds to be applied as a contribution to the LOSAP trust account in an amount as determined by the
Plan Administrator as is necessary to fund the accrued or prospective benefits for Participants on an
actuarially sound basis and in accordance with Part VII of Chapter 112, Florida Statutes.
There arc no Participant contribution requirements.
The authority under which those obligations are established is the Monroe County Ordinance No. 026-1999
b. (I)
The accounting policies include the Accrual basis of accounting, and assets arc reported at Market Value.
Exchanges or "swaps" of securities are accounted for in the income.
(2)
We are aware of no investments (other than U.S. government and U.S. government-guaranteed obligations)
which represented more than 5% of net assets available for benefits.
(3)
We are aware of no investments in, loans to, or leases with any PERS official, government employer official,
party related to a PERS official or governmental employer official, nonemployer contributor, or organization
included in the reporting entity.
The Actuarial Present Value of credited projected benefits, is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected salary increases and any step-rate
benefits, estimated to be payable in the future as a result of employee service to date. There are no
salaries paid to the Participants.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2007
Page 21 of22
EXHIBIT 7
----~~~~--~_._--------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
GASB 25 Notes to the Financial Statements
-----------------------.-----------------------------------------------------------------------------------------------------------------------------------
The significant actuarial assumptions used to compute the pension benefit obligation were:
Investment Yield: 2.50% for both present and future. The prior valuation used 3.00%.
Mortality Pattern: Not applicable
Salary Increases: Not applicable
Termination: Godwin's Table I, V Select & Ultimate Table, with 50% termination prob. for YOS<1.
The System's funding policy, as mandated by ordinance, provides for actuarially determined
periodic contributions
The Actuarial Funding Method is a variation ofthe aggregate actuarial cost method. The
present value of the projected benefits is calculated using the provisions of the plan
and the actuarial assumptions. The actuarial value of assets includes only the value of assets.
There are no member contributions, nor any State premium tax refunds.
The GASB 25 Actuarial Funding Method is the Aggregate Method. Since there is no salary,
allocations are based on service. Aggregation is used by fire district, in order to permit the
county to allocate costs by district. Under this method, gains and losses are spread over
future normal costs.
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