HomeMy WebLinkAboutItem D29
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: September 21,2005
Division:
Fire Rescue Services
Bulk Item: Yes X No
-
Department: Fire Rescue
Staff Contact Person: Clark Martin
AGENDA ITEM WORDING: Acceptance ofthe Monroe County Length of Service Award Program
(LOSAP) actuarial valuation report for the Plan Year 2005.
ITEM BACKGROUND: These actuarial valuations and/or cost determinations were prepared and
completed by Glenn F. Mouton, on behalf of Mouton & Company, Inc. They meet the requirements
and intent of Part VII, Chapter 112, Florida Statutes (Actuarial Soundness of Retirement Systems).
PREVIOUS RELEVANT BOCC ACTION: On June 9,1999, the Board adopted Ordinance No.
026-1999, providing for the creation of a Length of Service Awards Plan, providing benefits to eligible
volunteer fire fighters and emergency medical services volunteers.
CONTRACT/AGREEMENT CHANGES: Not an agreement.
STAFF RECOMMENDATIONS: Acceptance of actuarial valuation report.
TOT AL COST:
COUNTYIDISTRICT CONTRIBUTION 2005: $56,050.00
BUDGETED: Yes X No
COST TO COUNTY: $56,050.00
SOURCE OF FUNDS: Ad valorem taxation
REVENUE PRODUCING: Yes
No X
AMOUNTPERMONTH_ Year
DIVISION DIRECTOR APPROVAL:
ent N/A
APPROVED BY: County Arty N/A
DOCUMENT A TION:
Included X
Not Required
DISPOSITION:
AGENDA ITEM #
Revised 2/05
~ MOUTON
~ &COMP~ INC.
ACTUARIES AND PENSION ADMINISTRATORS
August 30, 2005
Monroe County Board of County Commissioners
c/o Chief Clark Martin
490 63rd Street
Marathon,FL 33050
Subject:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
January 1,2005 Actuarial Valuation
Dear Chief Martin:
Enclosed is the actuarial valuation for the Monroe County LOSAP plan. Once the
valuation report has been accepted by the board, we will forward a copy to the State for
approval.
Should you have any questions regarding the enclosed report, please give me a call.
Sincerely,
{~~
Nanette Mouton
Executive Vice President
NSMls
Enclosure
Professlonal
. 516 Lakevlew Road - Villa 6 . Clearwa[er, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
=== MOUTON
=- - - &COMP~ INC.
ACruARIES AND PENSION ADMINISTRATORS
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1, 2005
Lakeview Professional Village. 516 Lakeview Road - Vilta 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
~ MOurON
~ &COMP~ INC.
ACTUARIES AND PENSION ADMINISTRATORS
August 25, 2005
Monroe County Board of County Commissioners
c/o Chief Clark Martin
490 63rd Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1, 2005, covering the actuarial
aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 2005 and the
County's fiscal year ending September 30,2006.
A brief overview ofthe results can be obtained by looking at the following figures for the
past three years:
2003 2004 2005
Item P1Hn Ye~r Pl:m Y e~r P1::m Year
Participants 193 189 147
Covered Payroll $ na $na $na
Total Plan Normal Funding '" $73,480 $58,904 $61,050
Florida Required Funding'" '" $84,381 $64,092 $60,877
'" assuming an additional years past service benefit
"'* includes provisions for expenses and provisions for Funding Standard Account debit
balances
Again, there was a decrease in active participation by the cities, which resulted in a drop in
the funding costs.
Additionally, the actua13-year average of 0.29% and the 5-year average of .58%. as shown
on page 8 of the valuation report, are below the previous interest assumption of 5.0%. We have
therefore reduced the interest rate assumption from 5.0% to 4.0% for this valuation. The plan has
continued to invest in, what appears to us to be, a money market equivalent. The plan can, and
probably should, consider longer horizon investments, since the plan's obligations are not short
term.
Lakeview Professional Village. 516 Lakeview Road - Villa 6 0 Clearwater, FL 33756 . (727) 441-1526 0 Fax (727) 441-3564
" = MOUTON
~
~ &COMP~ INC.
ACTUARIES AND PENSION ADMINISTRATORS
Monroe County Board of County Commissioners
August 25, 2005
Page Two
Assuming that the recommended funding is made, 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
Lakeview Professional Village" 516 Lakeview Road - Villa 6 .. Clearwater. FL 33756 . (727) 441-1526 .. Fax (72 7) 441-3564
~MOUTON
~ &COMPANY INC.
~ - ,
ACTUARIES AND PENSION ADMINISTRATORS
August 15, 2005
A(;TTTARTAL REPORT
PLAN:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR:
January 1,2005 through December 31,2005
SPONSOR FISCAL YEAR: October 1, 2005 through September 30, 2006
VALUATION DATE:
January 1, 2005
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 ofthe 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 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.
a, 5~ ~.s
~~
Date
Glenn F. Mouton
Enrollment #05-2773
On Behalf of Mouton & Company, Inc.
Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 · (727) 441-1526 · Fax (727) 441-3564
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2005
TABLE OF CONTENTS
EXHIBIT 1 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
MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
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MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNlY. FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page \ of 22
AclIWial Valuation as of January I, 2005
CURRENT V ALUA nON RESULTS
EXHIBIT I
Plan Descriptiou
Schedule A
.._-_.._.._--_................__-..........................~................_........................-.--..-----_...._------------------------------
Actuarial Study as of
01-Jan-G5
Value
Completed months to participate
o
Years of Credited Sernce Required to be Fully Vested:
10
Maximum number of credited Service Months at prognun inception:
For vesting purposes:
For benefit accrual purposes:
120
12
First Year for which Retroactive Benefit Accrual Service Is Granted:
1992
Annual Benefit Accrued for each completed year of service
ISO
Maximum Annual Benefit
4,500
Present Value of Annual Bft Earned @ NRA:
1.518
Present value of maximum benefit@NRA:
37,959
Interest Adjustment to Move Normal Costs to End of Valuation Year:
1.03989
Recap of Results:
After Change
Interest Rate:
4.008/.
..__..~-_.._....-...----_.._--------------_..__.._------_.._----_..--------------------------------------------------
Parti. Active Present Present Present Aggregate Average
Parti- cipants Not Ineligible Value of Value of Allocated Value of Future Future Curmlt
cipants Valued Accruing Parti- Inactives Fut. Benefits ht. Benefits Actuarial Future Service Service Normal
District Reported Active Benelits cipants Valued Active Inactive Assets Nonnal Costs Annuity Annuity Cost EOY
Big Coppitt 21 14 7 0 0 93.090 0 52,951 40.139 129.592 6.171 6,764
Big Pine 18 6 11 0 92,355 9,790 66.838 35,307 129.713 7.206 5.W5
Coach Key 0 0 0 0 0 9.064 32.571 (23.507) 16.675 8.338 -2,932
Key Largo Fire 38 25 9 0 4 205,307 18.973 126,23\ 98.049 251.442 6.617 15,409
Key Largo EMS 20 11 9 0 0 \88.029 0 107.157 80.872 140.935 7.047 11.934
La)IIOR 12 4 0 0 110.931 0 69.651 41,280 60.695 5.058 8,437
SUllarloafKey IS 4 9 0 2 65.070 11,233 69.506 6.197 96.593 6.440 1.098
Tavernier 23 0 19 0 4 146.019 18.430 101.733 62.716 147.121 6.397 10.195
Monroe County . 141 68 68 0 13 900.80 I 67,490 626.638 341.653 972.766 6.529 56.050
NOIe: 0eIy Plrticipants wilh 3 or III)I"C IlDlIhI of aavia:: in lbc prior plan )'CII'" or wbo arc vcai&Cd in a benefit are valued.
Expense cost shown on page 3.
MOUTOl-o: & COMPA"Y, be
ACTUARIES & PEl-o:SIOt\ ADMINISTRATORS
MONROE COUNTY. FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 2 of 22
Actuarial Valuation as of January 1.2005
CURRENT V ALUA nON RESULTS
EXHIBIT I
Plan Desaiption
Schedule A
----.....-----------.-..-------------..-.--.-----------------------------------------------------------------------------------------------
Actuarial Study as of.
o I-Jan-05
Value
Completed months to participate
Years of Credited SeJVice Required 10 be Fully Vested:
10
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit a<:crual purposes:
120
12
First Year for which Retroactive Benefit Accrual Service Is Granted:
1993
AIlnual Benefit Accrued for each completed year of service
180
Maximum Annual Benefit
4.500
Present Value of Annual Bft Earned @ NAA:
1.518
Present value of maximum benefit@ NAA:
37,959
Interest Adjustment 10 Move Normal Costs 10 End of Valuation Year:
1.03989
Reup of Results:
Before Change
Inte.....t Rate:
4.000;8
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Pam- Active Present Present Present Aggregate Average
Pam- cipants Not Ineligible Value of Value of Allocated Value of Future Future Current
cipants Valued Accruing Pam- Inactives Fut. Benefits Fut. Benefits Actuarial Future Service Service Nonnal
District Reported Active Benefits cipants Valued Active Inactive Assets Nonnal Costs Annuity Annuity Cost EOY
Big Coppilt 21 14 7 0 0 92,236 0 52.951 39,285 129.592 6,171 6,620
Big Pine 18 6 II 0 92,355 8.566 66,838 34.083 129.713 7,206 4.918
Conch Key 0 0 0 0 2 0 7,332 32.571 (25,239) 16.675 8.338 -3.148
Key Largo Fire 38 25 9 0 4 200.120 17.545 126,231 91,434 251.442 6.617 14,369
Key Largo EMS 20 II 9 0 0 184.840 0 107,157 71.683 140.935 7.047 11.463
Layton 12 4 0 0 106.716 0 69.651 37.125 60.695 5.058 7,633
SugarIoafKey t5 4 9 0 2 65.073 9.317 69.506 4,884 96.593 6.440 789
Tavernier 23 0 19 0 4 139,083 17.500 IOt,733 54.850 147.121 6.397 8,916
Monroe County 147 68 68 0 13 880.483 60.260 626.638 314.105 972.766 6.210 5 t.560
NOIC: Only PlI'1icipaolS wilh 3 or IRlR Dlxuhs or service: in the ~ plan )"elU' C1I who are vested in a benefit.are valwd..
Expense cost shown on page 3.
MOUTON & COMPANY. he
ACTUARIES & PENSIOK ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 3 of 22
Actuarial Valuation as of January 1,2005
CURRENT V ALUA nON RESULTS
EXHIBIT I
Development of Current Year's Costs
Schedule B
---------------------------------.......---------------........-.....-----..--------..---.....---...---------------------------------------------------------------------------------..
Before Change After Change ...
Current Year Current Year Prior Year
o 1-lan-2005 OI-Jan-2005 OI-Jan-2004
A. Present Value of Future Obligations:
1. Active Members 880,483 900,80 I 761,705
2. Inactive Members 60,260 67,490 125,400
3. Retired Members 0 0 0
4. Survivors on Benefit 0 0 0
5. Disabled Members 0 0 0
--.....---------...- ----...---------- ---------------
Total Actuarial Accrued Liability: 940,743 968,291 887,105
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 626,637 626,637 562,738
--------------- --------------- ---------------
D. Amount to be Funded by County (A-B-C) 314,106 341,654 324,367
(Unfunded Actuarial Accrued Liability)
E. Aggregate Normal Costs from District Calculatio 51,560 56,050 53,904
F. Expenses not paid directly by the County 5,000 5,000 5,000
G. Interest Adjustments not included elsewhere 0 0 0
--------------- ---..----------- ---------------
H. Total Plan Normal Costs = GASB 25 ARC 56,560 61,050 58,904
... Change is the crediting of 1992 as an additional year ofpotentiaJ past credited service.
MOUTOi' & CO\-lPANY, be
/\CTUARIES & PE"'SlC1N ADIAINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 4 of 22
Actuarial Valuation as of January 1,2005
CURRENT V ALVA TION RESULTS
EXHIBIT 1
Development of Historical and Projected Funding Standard Account Balances
Schedule C
------------------------------------------------------------------...-------------------------------------------------------------------------------------------------
Before Changes After Changes
Proj ected Proj ected
Current Current
Plan Year Plan Year Prior Year
OI-Jan-2005 01-Jan-2005 OI-Jan-2004
A. Beginning Balance 166 166 -4,941
Interest Adjustment to End of Year 7 7 -247
B. Less Charges to Account
1. Normal Costs for the Year (BOY) 51,560 56,050 53,904
2. Provision for Expenses 5,000 5,000 5,000
2. Amortization Charges (net) (BOY) 0 0 0
3. Interest Adjustment to End of Year 4.00% 0 0 0
56,560 61,050 58,904
C. Plus Credits to Account
1. Contributions Credited During the Year 0 0 63,904
2. Amortization Charges (net) (BOY) 0 0 0
3. Interest Adjustment to End of Year 0 0 354
0 0 64,258
D. Ending Balance'" -56,387 -60,877 166
Date Made Amount Interest
27-Jan-04 5,000 186
0 0
06-Dec-04 58,904 168
0
-----------
63,904 354
MOUTON & COMPANY, INC
ACTUARIES & PENSION ADML',ISTRArORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 5 of 22
Actuarial Valuation as of January 1,2005
CURRENT V ALUA TION RESULTS
EXHIBIT I
Participant Data
Schedule D
-----......-----------..----------------------------------------------------..----..----------------------------------...............-......--.....----..--------..........-----......
Next
Current Year Prior Year Prior Year
01-Jan-2005 01-Jan-2004 01-Jan-2003
Number Included
Active Members 136 150 157
Inactive Members 13 38 36
Retired Members 0 0 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 0 0 0
to Current Beneficiaries 0 0 0
to Disabled Members 0 0 0
Assets Schedule E
---...-------------------------------....--..----------..-------------.....---------------------------------------...-----------..........-----------------......--------...--
Actuarial Value
626,637
562,738
474,729
Market Value
626,637
562,738
474,729
Liabilities
Schedule F
----------------------..--------...-----------------------------.....--...-----------...............--..-..--.....................---....--..-..--...........--.........-...-.......--...................-...---------...---
Total
Before Changes After Changes
Current Current Prior
Plan Year Plan Year Plan Year
OI-Jan-2005 01-Jan-2005 01-Jan-2004
880,483 900,801 761,705
60,260 67,490 125,400
0 0 0
0 0 0
0 0 0
---..............------.. -------...------... --...-...--......-----...
940,743 968,291 887,105
0 0 0
0 0 0
...--...--------........ -..--------......--- ......--...--...----...--
0 0 0
...-------------- ---------...-......-- ....---..----..----
940,743 968,291 887,105
(626,637) (626,637) (562,738)
-...------------- -..-..------........-- ...-...-......-..-....-...-
314,106 341 .654 324,367
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
MOUTOr-; & COMPANY, IN(:
ACTUARIES
ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 6 of 22
Actuarial Valuation as of January 1,2005
CURRENT VALUATION RESULTS
EXHIDIT 1
Actuarial Present Value of Accrued Benefits
Schedule G
------------------------------------------------------------------------------------------------...-------------------------------.........--------------------------
Before Changes After Changes Corrected
Current Year Current Year Prior Year
01-Jan-200S o I-Jan-200S 01-Jan-2004
Vested Accrued Benefits
Inactive Members & Beneficiaries 60,240 67,471 141,946
Active Members 309,935 332,688 230,453
-------------- -------------- --------------
Total 370,175 400,159 372,399
Nonvested Accrued Benefits 120,477 116,648 133,184
------------- -------------- ----------...---
Total 490,652 516,807 505,583
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule H
---------------------...-..--------------------------------------.....---------------------------------------------------------------------------------------------
Before Changes
Current Year
01-Jan-2005
After Changes
Current Year
OI-Jan-2005
Present Value of Accrued Benefits at
Beginning of Year
505,583
505,583
Increase (Decrease) During Year Attributable
to (where applicable):
Net Increase (Decrease)
0 0
0 26,155
158,322 158,322
0 0
22,751 22,751
26,985 26,985
0 0
(222,989) (222,989)
-------------- --------------
(14,931) 11 ,224
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 - terminations
Actuarial Present Value of Accrued
Benefits at End of Year
490,652
516,807
MOUTO~ & COMPANY, I;;c.
ACTUARIES & PENSIO;'; f,DMINlSTR/\TOF5
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 7 of 22
Actuarial Valuation as ofJanuary 1,2005
CURRENT VALUATION RESULTS
EXHmIT 1
Pension Cost
Schedule I
---------------------------------------------------------------------------------...--------------------------...------------.....-----......-..-------.....--..........-----------
As % of Payroll
Before Changes After Changes
Current Current Prior
Plan Year Plan Year Plan Year
01-Jan-2005 01-Jan-2005 01-Jan-2004
~ ~ - ~
51,560 56,050 53,904
4,834 4,834 9,941
(7) (7) 247
----------- ----------- -----------
56,387 60,877 64,092
N/A N/A N/A
0 0 0
N/A N/A N/A
0 0 0
N/A N/A N/A
Required Funding Costs
Current Administrative Expense
Interest Adjustment
Total Required County Contribution
Estimated Participant Contributions
As % of Payroll
Estimated Premium Tax Refund
As % of Payroll
Remaining Amount to be Contributed
by County
As % of Payroll
56,387
N/A
60,877
N/A
64,092
N/A
Past Contributions
Schedule J
-----------------------------------------------------------------------------------------------------------------------------------------------------------
F or the fiscal year ended 12/31/04
Total Contribution Required
Actual Contribution Made By:
State
County
Participants
64,092
o
63,904
o
63,904
MOUTON & COMPANY, h;c
ACTUARIES & PENS10r.: ADNlINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 8 of 22
Actuarial Valuation as of January 1, 2005 CURRENT VALUATION RESULTS EXHIBIT 1
Comparison of Actual to Assumed Earnings Schedule K
-----------------------------------------------------------------------------------------------------------------------------------------------...------------------..
(Assuming unifonn 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 8,4 1 7
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%
3 1 -Dec-2000 2,751 7,506 1.83% na na 5.00%
31-Dec-200l 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%
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.
MOUTON & COMPANY, l;"c
ACTUARIES & PENSIO" ADMIJ"ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 9 of 22
Actuarial Valuation as of January 1, 2005
P ARTICIP ANT DEMOGRAPHICS
EXHIBIT 2
Coverage
Schedule A
-----------------------------------------------------------------------------------------------------------------------------------------
This valuation includes the following 149 persons covered by the plan as of December 31, 2004.
Category
Number
Amount
Active Participants
Other Inactive Participants
Retirees on Benefit
Survivors on Benefit
Participants on Disability Benefit
Terminated Vested participants
136
13
o
o
o
o
o *
o **
o **
o **
o **
o **
TOTAL
149
N/A
* Annual covered pay only
* * Annual Benefit
40 persons (included in the data furnished to us) were ineligible for participation as of the valution
date. Participant data was furnished by the County ofMonore and was as of December 31, 2004.
MOUTON &. COylPANY, he
ACTUARIES & PENSION ADyUNISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 10 of 22
Actuarial Valuation as of January 1,2005
P ARTICIP ANT DEMOGRAPHICS
EXHIBIT 2
Participant Reconciliation
Schedule B
-----------------------------------------------------------------------------------------------------------------..--------------------......----------------
Active
Retired
on
Benefit
Survivor
on
Benefit
Disabled
With
Vested
Benefit
Total
Participants at 01-Jan~2004 150 0 0 0 38 188
New 23 23
Retirement 0 0
Death 0 0
Non-Vested Termination -20 -42 (62)
Vested Termination -17 17 0
Lump Sum Settlement 0 0
New Survivors 0 0
Participants at 31-Dec-2004 136 0 0 0 13 149
--- -- --- -- - -
MOUTON &. COMPA"Y, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD P
Actuarial Valuation as of January I, 2005
Page 11 of22
PLAN ASSET INFORMATION
EXHIBIT 3
31-Dec-2003
Schedule A
3l-Dec-2004
Statement of Net Assets Available for Benefits*
-----------------------------------------------------------------------------------------------------------------------------
Market Value
Money Market
Accrued Contribution - Employer
562,738.22
0.00
626,637.19
0.00
562,738.22
626,637.19
Liabilities
Accounts Payable
Deferred Revenues
0.00
0.00
0.00
0.00
0.00
0.00
Net Assets Available
562,738.22
626,637.19
* As reported by the County
MOUTO~ & COMPA~Y, be
ACTUARIES & PENSION ADMJ~JSTRATORS
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2005
PLAN ASSET INFORMATION
Statement of Changes in Market Value of Net Assets
Plan Year Ending:
31-Dec-2003
Page 12 of22
EXHIBIT 3
Schedule B
31-Dec-2004
+
-----------------------------------------------------------------------------------------------------------------------------------------------------
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
9,169.20
0.00
State Insurance Contributions
Employee Contributions
Employer Contributions:
0.00
0.00
78,840.00
Accrued
0.00
78,840.00
88,009.20
DECREASES
Expenses
Professional Fees -- 2003
Professional Fees -- 2004
PMA Fees
0.00
0.00
0.00
0.00
Paid to Participants
Retirees
Survivors
Disabled
Overpayment due to City
0.00
0.00
0.00
0.00
0.00
0.00
Net Increase/(Decrease)
88,009.20
NET MARKET VALUE OF ASSETS A V AILABLE FOR BENEFITS:
Beginning of Year
474,729.02
End of Year
562,738.22
63,904.00
0.00
(4,200.00)
(4,200.00)
(17.39)
0.00
0.00
0.00
0.00
8,412.36
0.00
0.00
0.00
63,904.00
72,316.36
(8,417.39)
0.00
(8,417.39)
63,898.97
562,738.22
626,637.19
MOUTON & COMPA1':Y, be
ACTUARIES & PE1':SION ADMI1':!STRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2005 Page 13 of22
PLAN SUMMARY
EXHIBIT 4
1. Genernl Tnfo1111~tion
(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. RI1Vhility for P::Irtlc.ip:ttion
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. Ye~m, of~ervlc.~
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
Y ears 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
MOUTO\.; & COMPM~'''' be.
ACTUARIES & PENSION ADMiNISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2005 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. Conttihlltion~
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. Norm::!l Retirement Renefit
(a) Eligibility: Completion of 10 years of service.
(b) Benefit: An annual benefit based on the following schedule:
Years of
~ervice
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
(c) Form of Payment:
Renefit ~ched111e
Monthly Annual
Renefit Renefit
$375 $4500
360 4320
345 4140
330 3960
315 3780
300 3600
285 3420
270 3240
255 3060
240 2880
225 2700
210 2520
195 2340
180 2160
165 1980
150 1800
Benefit payments are payable monthly for a period of ten years.
MOUTON & COMPA"Y. INC
ACTUARIES & PENSJO;-'; ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1, 2005 Page 15 of22
PLAN SUMMARY
EXHIBIT 4
6. V e~tine
(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. n~Mh Renefit~ prior to Att::linlne Norrn~l Retirement Aee
(a)
Eligibility: Death of a vested Participant.
(b)
Benefit: The present value of vested accrued benefits.
MO\.:TOI' & CO\1PA1'Y, h;c
ACTt'ARIES & PEl\SIOl' ADMIl'ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as ofJmlUary 1,2005 Page 16 of22
COST METHOD
EXHIBIT 5-A
rOST 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. Expenses are shown unallocated
and are assumed to be paid directly by the County.
MOUTO!\ & COMPA!\Y, he.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2005
Page 17 of22
ACTUARIAL ASSUMPTIONS
EXHIBIT 5 - B
Actuarial Study as of:
01-Jan-200S
Valuation Date Adjustment:
o
Completed months to participate
o
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
Vesting Schedule
120
12
180
4500
Yrs Vesting
0 0%
10 100%
Annual Benefit Accrued for each completed year of service
Maximum Annual Benefit Accrued for each completed year of service
Termination Assumption: Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob. for YOS<l.
Year First Allowed for Benefit Accrual Purposes:
After:
Before:
i: 4.00%
v: 0.96154
d: 0.03846
a(10)due: 8.43539
i(12): 0.327%
v(12): 0.99674
d(12): 0.00326
a(120)due: 99.44390
3,000 355.64
37,959
1,518
1992
1993
14
Interest rate function assumptions
10 1.22468
Maximum annual benefit accrual limited by IRC
Present value of maximum benefit:
Present value of annual benefit accrual
Maximum Credited Years for Benefit Accrual as of the Valuation Date:
MOUTON & COMPANY, he
ACTUARIES & PENSION ADMLNISTRATORS
MONROE COUNTY. FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1.2005 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
proj ections 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.
MOUTON &. COMPANY, be
ACTUARIES & PE>JSJON ADMINISTRATORS
Page 19 of22
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Va]uation as of January I, 2005
a. (I)
GASB 25 Notes to the Financial Statements
EXHIBIT 7
------------------------------..---------------------------------------------------------------------.............-.......---------..-..----.....------------
The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
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 I, 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 Norrnal Retirement Age shall not be eligible to participate in this Plan.
(2)
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
Years of
Service
25
24
23
22
21
20
19
18
17
16
IS
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
]80
165
150
(3)
o
o
13
13
44
o
105
149
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 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.
I
MOUTON & COMPANY, he
ACTUARIES & PENSION AD:-11NISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2005
Page 20 of 22
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.
I
MOUTON & Cm.1PANY, he
ACTUARIES & PENSlm; ADMINISTR:\TORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2005
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: 4.00% for both present and future. The prior valuation assumed 5.00%.
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
periodicconnibutions
The Actuarial Funding Method is a variation of the aggregate actuarial cost method. The
present value of the proj ected 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 disnict. Under this method, gains and losses are spread over
future normal costs.
MOUTOl'; & COMP1\l';Y, be
I
ACTUARIES & PE1\5IO:\ 1\DMI!-:ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2005
Page 22 of 22
EXHIBIT 7
GASB 25 Schedules of Funding Progress
..--.....-------..-...-----..--..................-..............-......-...........-------------------------------------------------------------..-------....-..--..--------...-----------------------------------------------------
County
Participants
31-Dec-2004 $61,050
% of Annual
Amount Payroll
63,904 na
0 na
The actuarially detennined normal cost as of
Contributions actually made by employees and employer were:
As discussed in paragraph 87 ofGASB-25, a schedule of funding progress is not required under the
aggregate cost method, which the plan uses.
............................................................................................................................................................................................................................................
.................................................................................................................................................................................H...........................................................
Summary of Fund Progress by Plan Years
-----------------------------------------------------------------------------------------------------------------------------------------------------
1/1/2004 1/1/2003 1/1/2002 1/1/2001 I II /2000 1/1/1999
to to to to to to
12/31/2004 12/31/2003 12/31/2002 12/3 1/200 1 12/31/2000 12/31/1999
Increases to funds
Employer Contribution 63,904.00 78,840.00 89,437.00 66,250.00 160,684.00 150,113.00
Employee Contribution 0.00 0.00 0.00 0.00 0.00 0.00
State Contribution 0.00 0.00 0.00 0.00 0.00 0.00
Total Contributions 63.904.00 78,840.00 89,437.00 66,250.00 160,684.00 150,113.00
Investment Income 8,412.36 9,169.20 4,283.59 13,820.69 2,750.86 0.00
Other Income 0.00 0.00 0.00 0.00 0.00 0.00
Total Increases 72.316.36 88,009.20 93,720.59 80,070.69 163,434.86 150,113.00
Decreases to Funds
Benefit payments
Admin expenses
Total Decreases
0.00
(8,417.39)
(8,417.39)
0.00
0.00
0.00
0.00
(8,400.00)
(8,400.00)
0.00
(4,210.12)
(4,210.12)
0.00
0.00
0.00
0.00
0.00
0.00
Net Increase/Decrease
63,898.97
88,009.20
85,320.59
75,860.57
163,434.86
150,113.00
MOUTON & COMPA;-;Y, he:.
ACTUARIES & PENSIO,J ADMINISTRATORS