Resolution 302-2010James Callahan
Emergency Services
RESOLUTION NO. 302 -2010
COUNTY, FLORIDA, as follows:
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
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 1987, providing the Participant:
A RESOLUTION OF THE BOARD COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, AUTHORIZING EACH PARTICI-
PANT IN THE LENGTH OF SERVICE AWARDS PROGRAM (LOSAP)
TO BE CREDITED WITH AN ADDITIONAL YEAR OF SERVICE
(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 2009, thus resulting in a credit for the Plan Year 2010.
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 October , 2010.
Mayor Sylvia J. Murphy
Mayor Pro Tem Heather Carruthers
Commissioner Kim Wigington
Commissioner George Neugent
commissioner Mario Di Gennaro
L. KOLHAGE, Clerk
13 � .
Deputy C1 rk
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BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By � 4�� '
ayor /Chauman
MONROE COUNTY ATTORNEY
AW'FROVER AS TO FpF)4:
C, NTHIA L. HALL
ASSISTAN C ATTORNEY
Date " 7 4 0
D apF4
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1, 2010
DRAFY
July 8, 2010
Monroe County Board of County Commissioners
Fire Chief James Callahan
490 63 Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1, 2010, covering the actuarial
aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 2010 and the
County's fiscal year ending September 30, 2011.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
2008
Item Plan Year
Participants 80
Covered Payroll $ na
Current EOY Plan Costs * $24,777
2009 2010
Plan Year Plan Year
61 62
$ na $ na
$23,714 $25,179
assuming an additional years past service benefit and includes provisions for expenses and
provisions for Funding Standard Account debit balances, but not credit 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 a 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.
♦ M
U H A w Ir
Monroe County Board of County Commissioners
July 8, 2010
Page Two
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
D G1G�F4
July 8, 2010
ACTUARIAL REPORT
PLAN: Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR: January 1, 2010 through December 31, 2010
SPONSOR FISCAL YEAR: October 1, 2010 through September 30, 2011
VALUATION DATE: January 1, 2010
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 Governmental 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 I 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 VII, 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.
� � M
D WQF4
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2010
TABLE OF CONTENTS
EXHIBIT 1 VALUATION RESULTS
Schedule A — Development of Actuarial Assets
Schedule B — Plan Description — After Changes
Schedule B — Plan Description — Before Changes
Schedule C - Development of Current Year's Costs
Schedule D — Development of Historical and Projected FSA
Schedule E - Participant Data
Schedule F - Assets
Schedule G - Liabilities
Schedule H - Actuarial Present Value of Accrued Benefits
Schedule I - Statement of Changes in Total Actuarial
Present Value of All Accrued Benefits
Schedule J - Pension Cost
Schedule K - Past Contributions
Schedule L - Comparison of Actual to Assumed Earnings
EXHIBIT 2 PARTICIPANT DEMOGRAPHICS
Schedule A - Coverage
Schedule B — Year of Credited Service
Schedule C - Participant Reconciliation
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
EXHIBIT 4 PLAN SUMMARY
EXHIBIT 5 COST METHOD AND ASSUMPTIONS
EXHIBIT 6 PENSION COST RATIONALE
EXHIBIT 7 GASB 25 INFORMATION
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M.ONROECOUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 4 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 CURRENT VALUATION RESULTS EXHIBIT I
Development of Current Year's Costs Schedule C
* Change is the crediting of 1987 as an additional year of potential past credited service.
Before Change
After Change *
Current Year
Current Year
Prior Year
01- Jan -2010
01 -Jan -2010
01- Jan -2009
A. Present Value of Future Obligations:
—
---
1. Active Members
513,985
514,650
551,821
2. Inactive Members
370,065
370,065
289,726
3. Retired Members
0
0
0
4. Survivors on Benefit
0
0
0
5. Disabled Members
0
0
0
Total Actuarial Accrued Liability:
- ---- - - - -- --
884,050
--- --- - -- - --
884,715
841,547
B. Less Present Value of
1. Member Contributions
0
0
0
2. Florida Premium Tax Rebates
0
0
0
0
----- -- - ---
0
--- - - - ---
0
C. Less Actuarial Plan Assets
831,083
831,083
817,512
D. Amount to be Funded by County (A -B-C)
52,967
— 53,632
— w 24,035
(Unfunded Actuarial Accrued Liability)
_
E. Aggregate Normal Costs from District Calculations including expenses
25,084
25,179
5,922
F. Expenses not paid directly by the County (included above)
na
na
5,200
G. Interest Adjustments not included elsewhere
0
0
0
H. Total Plan Normal Costs = GASB 25 ARC
25,084
_ ~ 25,179
11,122
* Change is the crediting of 1987 as an additional year of potential past credited service.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 CURRENT VALUATION RESULTS
Page 5 of 23
EXHIBIT 1
Development of Historical and Projected Funding Standard Account Balances
A. Beginning Balance
Interest Adjustment to End of Year
sub -total
B. Less Charges to Account
1. Normal Costs for the Year (BOY)
2. Provision for Expenses (included in (1) above)
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
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* (not less than 0)
Date Made Amount
14- Aug -09 30,791
0
0
0
30,791
Schedule D
Before Changes
After Changes
Projected
Projected
Current
Current
Plan Year
Plan Year
Prior Year
01 -Jan-2010
01- Jan -2010
01 -Jan-2009
10,825
10,825
3,369
271
271
84
11,096
A11,096
_ 3,453
25,084
25,179
23,714
na
na
na
0
0
0
2.50% 0
0
0
25,084
25,179
23,714
0
0
30,791
0
0
0
0
0
295
0
^ 0
31,086
0
0
10,825 '
Interest
295
0
0
0
295
[DR A FCT
* 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 normal funding requirements.
For the current year, Contributions Credited are determined 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.
Prior year revised.
DRAFT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 6 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 CURRENT VALUATION RESULTS EXHIBIT I
Participant Data
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - -
Schedule E
Current
- - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - -
Next
Current Year
Prior Year
Prior Year
O1- Jan-2010
01- Jan-2009
01 -Jan-2008
Number Included
Active Members
28
32
44
Inactive Members
26
22
34
Retired Members
8
7
2
Current Beneficiaries
0
0
0
Disabled Members
0
0
0
Total Annual Payroll of Actives
0
0
0
Total Annual Benefits:
to Retired Members
15,075
18,720
6,120
to Current Beneficiaries
0
0
0
to Disabled Members
0
0
0
Assets
------------------------------------------------------------------------------------------------------------------------------------------------------------------
884,050
884,715
Schedule F
Actuarial Value
831,083
817,512
782,060
Market Value
831,083
817,512
782,060
Liabilities
Schedule G
Before Changes
After Changes
Current
Current
Prior
Plan Year
Plan Year
Plan Year
01 -Jan-2010
01 -Jan-2010
01 -Jan-2009
Present Value of Future Benefits
Active Members
513,985
514,650
551,821
Inactive Members
370,065
370,065
289,726
Retired Members
0
0
0
Current Beneficiaries
0
0
0
Disabled Members
0
0
0
Total
884,050
884,715
841,547
Less Present Value
Future Member Contributions
0
0
0
Future State Contributions
0
--------- - - - -
0
0
--
0
--------- - - - - --
0
--------- - - - - --
0
Actuarial Accrued Liability
884,050
884,715
841,547
less Actuarial Plan Assets
(831,083)
(831,083)
(817,512)
Unfunded Actuarial Accrued Liability
- - - --
52,967
- - - --
53,632
- - - -- 24,035
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Rik F 7 Page 7 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 CURRENT VALUATION RESULTS EXHIBIT 1
Actuarial Present Value of Accrued Benefits
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Before Changes
After Changes
Current Year
Current Year
01 -Jan-2010
01 -Jan-2010
Vested Accrued Benefits
Inactive Members & Beneficiaries
370,065
370,065
Active Members
275,812
280,528
Total
-------- - - - - --
645,877
-------- - - - - --
650,593
Nonvested Accrued Benefits
47,542
47,484
Total
-------- - - - - --
693,419
-------- - - - - --
698,077
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule H
Prior Year
01- Jan-2009
289,726
290,721
-------- - - - - --
580,447
69,202
-------- - - - - --
649,649
Schedule I
Before Changes
After Changes
Current Year
Current Year
01- Jan -2010
01- Jan-2010
Present Value of Accrued Benefits at
Beginning of Year
649,649
649,649
Increase (Decrease) During Year Attributable
to (where applicable):
Plan Adoption
0
0
Plan Amendment
0
0
Changes in Valuation -- interest rate
0
0
Increase due to Survivorship
0
0
Increase for less Interest Discount
16,053
16,053
Benefits Accrued, net of excluded participants
43,770
43,770
Benefits Paid
(15,075)
(15;075)
Other Changes - .terminations
(978)
(978)
Net Increase (Decrease)
-------- - - - - --
43,770
-------- - - - - --
43,770
Actuarial Present Value of Accrued
Benefits at End of Year
693,419
698,077
Schedule H
Prior Year
01- Jan-2009
289,726
290,721
-------- - - - - --
580,447
69,202
-------- - - - - --
649,649
Schedule I
c * I
[DMDQf�4
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 8 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 CURRENT VALUATION RESULTS EXHIBIT 1
Pension Cost
Required Funding Costs
Current and Prior Unfunded Administrative Expense
Interest Adjustment
Total Required County Contribution
As % of Payroll
Estimated Participant Contributions
As % of Payroll
Estimated Premium Tax Refund
As % of Payroll
Remaining Amount to be Contributed
by County
As % of Payroll
Past Contributions
For the fiscal year ended 12/31/09
Total Contribution Required
Actual Contribution Made By:
State
County
Participants
Schedule J
Before Changes
After Changes
Current
Current
Prior
Plan Year
Plan Year
Plan Year
01- Jan -2010
01- Jan -2010
01- Jan -2009
25,084
25,179
23,714
(19,114)
(19,114)
(11,456)
(478)
----- - - - - --
(478)
-----
(286)
5,492
- - - - --
5,587
----- - - - - --
11,972
N/A
N/A
N/A
0
0
0
N/A
N/A
N/A
0
0
0
N/A
N/A
N/A
5,492
5,587
11,972
N/A
N/A
N/A
Schedule K
11,972
0
30,791
0
30,791 -
• tis
D [RAFT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 9 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010
CURRENT VALUATION RESULTS
EXHIBIT 1
Comparison of Actual to Assumed Earnings
---------------------------------------7----------------------------------------------------
Schedule L
(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
31- Dec -2001
313,548
389,408
13,821
0
4,210
31- 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
31- Dec -2007
725,508
782,060
38,439
0
6,120
31- Dec -2008
782,060
817,512
30,628
0
23,653
31- Dec -2009
817,512
831,083
6,555
0
23,775
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%
31- Dec -2007
32,319
18,061
4.47%
2.46%
1.28%
2.50%
31- Dec -2008
6,975
19,256
0.91%
2.05%
1.42%
2.50%
31- Dec -2009
(17,220)
20,141
-2.14%
1.08%
138%
2.50%
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 Page 10 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of J PARTICIPANT DEMOGRAPHICS EXHIBIT 2
Coverage Schedule A
This valuation includes the following 62 persons covered by the plan as of December 31, 2009.
Category
Number
Amount
Active Participants
28
0
Other Inactive Participants
26
0 **
Retirees on Benefit
8
0 **
Survivors on Benefit
0
0 **
Participants on Disability Benefit
0
0 **
Terminated Vested Participants
0
0 **
TOTAL
- - --
62
----- - - - - --
N/A
* Annual covered pay only
** Annual Benefit
61 persons (included in the data furnished to us) were
ineligible for participation as of the valaution
date. Participant data was furnished by the County of
Monore and was as of December 31, 2009.
Years of Credited Service -- all Participants
----------------------------------------------------------------
Years of Service
------------------------------------------- - - - - --
< 1 1 1 -4 1 5 -9
Attained
Age Count
Under 25
26 -29
30 -34
35 -39
40 -44
45 -49
50 -54
55 -59
60 -64
64 -69
Over 70 I
0
Count
2
6
1
5
2
1
4
I
I
I
21
----- - - - - --
I
Count
I
I
I
1 1
1 1
4
2 1
4
I
I
i
I
12
10 -14 I 15 -19 I 20 -24 I 25 -29
----- - - - - -- I ----- - - - - -- I ----- - - - - -- I ----- - - - - --
I I I
Count I Count I Count I Count
I I I
I I I
I I I
1 1 I I
i I I
2 1 I 3 1
5 1 2 1 I
4 1 1 1 I
71 I I
1 1 2 1 1 1
I I I i
20 5 4 0
30 -34
Schedule B
Count I Totals
I 2
I 6
I 3
I 6
I 6
8-
15
I 5
I 7
I 4
I 0
0 62
!j
DNA FT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 11 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 PARTICIPANT DEMOGRAPHICS EXHIBIT 2
Participant Reconciliation Schedule C
Retired
Survivor
on
on
Active
Benefit
Benefit Disabled Inactive
Total
Participants at 01- Jan-2009
32
7
0 0 22
61
New
0
0
Retirement
0
1
1
Death
0
0
Non - Vested Termination
0
0
Vested Termination
0
0
Lump Sum Settlement
0
0
New Survivors
0
0
Participants at 31- Dec -2009
- - - - - --
32
- - - - - --
8
- - - - - -- - - - - - -- - - - - - --
0 0 22
- - - - - --
62
� i
DRAZ Fy
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 12 of 23
Actuarial Valuation as of January 1, 2010
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Net Assets Available for Benefits* Schedule A
31- Dec -2008 31- Dec -2009
Market Value
Money Market 817,512.22 831,082.97
Accrued Contribution - Employer 0.00 0.00
---------------- ---- ------------
817,512.22 831,082.97
---------- - - - - -- ---------- - - - - --
Liabilities
Accounts Payable 0.00 0.00
Deferred Revenues 0.00 0.00
0.00 0.00
----------- ----- --------------- -
Net Assets Available 817,512.22 831,082.97
* As reported by the County
D DfinA FT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 13 of 23
Actuarial Valuation as of January 1, 2010
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Changes in Market Value of Net Assets Schedule B
Plan Year Ending: 31- Dec -2008 31- Dec -2009
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
State Insurance Contributions
Employee Contributions
Employer Contributions: 28,477.00
Accrued 0.00
DECREASES
Expenses
Professional Fees (4,932.50)
Professional Fees 0.00
PMA Fees 0.00
----------- - - - - --
Paid to Participants
Retirees (18,720.00)
Survivors 0.00
Disabled 0.00
Overpayment due to City 0.00
----------- - - - - --
30,627.76
0.00
0.00
0.00
28,477.00
--------------- --
59,104.76
----------- - - - - --
(4,932.50)
(18,720.00)
--------------- --
(23,652.50)
(
Net Increase/ Decrease ) 35,452.26
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 782,059.96
End of Year 817,512.22
6,554.75
0.00
0.00
0.00
30,791.00
0.00
30,791.00
37,345.75
(8,700.00)
0.00
0.00
----------- - - - - --
(8,700.00)
(15,075.00)
0.00
0.00
0.00
----------- - - - - --
(15,075.00)
--------------- --
(23,775.00)
13,570.75
817,512.22
831,082.97
D 6;i4�FT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2010 Page 14 of 23
PLAN SUMMARY
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
EXHIBIT 4
(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. Eligibility 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
DRAAU T
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2010 Page 15 of 23
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.
0
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.
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
25
$375
$4500
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 of ten years
UWlv�i��f
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2010 Page 16 of 23
PLAN SUMMARY EXHIBIT 4
6. Vestiniz
(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.
It i I-
17�G °dFV
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2010 Page 17 of 23
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.
i "
IuAFT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 18 of 23
Actuarial Valuation as of January 1, 2010
ACTUARIAL ASSUMPTIONS EXHIBIT 5 - B
Actuarial Study as of: 01 -Jan -2010
Valuation Date Adjustment: 0
Completed months to participate
0
Maximum number of credited Service Months at program inception:
For vesting purposes:
120
For benefit accrual purposes:
12
Annual Benefit Accrued for each completed year of service
180
Maximum Annual Benefit Accrued for each completed year of service
4500
Vesting Schedule
Yrs
Vesting
0
0 %
10
100%
Termination Assumption: Godwin's Table 1, V Select & Ultimate Table, w/ 50%
termination prob.
for YOS <1.
Interest rate function assumptions
is
2.50%
v:
0.97561
d:
0.02439
107.65056
a(10)due:
8.97088
i(12):
0.206%
v(12):
0.99794
d(12):
0.00206
a(120)due:
106.41486
Maximum annual benefit accrual limited by IRC
3,000
334.42
Present value of maximum benefit:
40,369
Present value of annual benefit accrual
1,615
Year First Allowed for Benefit Accrual Purposes: After:
1987
Before:
1988
Maximum Credited Years for Benefit Accrual as of the Valuation Date:
24
J 4 - ONAAFT
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2009 Page 19 of 23
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.
j #
DaGal�4
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 EXHIBIT 7
GASB 25 Notes to the Financial Statements
a. (1) 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 on 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
Fully vested and past normal retirement date
Partially vested
Non - vested
(3) The benefit provisions are as follows:
8
0
26
34
37
0
25
62
(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 Vounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle (ambulance) and/or 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.
Benefit Schedule
Years of
Monthly
Annual
Service
Benefit
Benefit
25
$375
$4,500
24
360
$4,320
23
345
$4,140
22
330
$3,960
21
315
$3,780
20
300
$3,600
19
285
$3,420
18
270
$3,240
17
255
$3,060
16
240
$2,880
15
225
$2,700
14
210
$2,520
13
195
$2,340
12
180
$2,160
11
165
$1,980
10
150
$1,800
8
0
26
34
37
0
25
62
(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 Vounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle (ambulance) and/or 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.
A ; ,.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 21 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 EXHIBIT 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 are no Participant contribution requirements.
The authority under which those obligations are established is the Monroe County Ordinance No. 026 -1999
b. (1) The accounting policies include the Accrual basis of accounting, and assets are 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.
Y• it -
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 22 of 23
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2010 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.
Mortality Pattern: Not applicable
Salary Increases: Not applicable
Termination: Godwin's Table 1, 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 of the 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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