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Item C01BOARD OF COUNTY COMMISSIONERS C ounty of M onroe A(I Mayor George Neugent, District 2 T he Fl orida Keys 4� �� m Mayor Pro Tem David Rice, District 4 l Danny L. Kolhage, District I „ Y „; ° W Heather Carruthers, District 3 Sylvia J. Murphy, District 5 County Commission Meeting August 16, 2017 Agenda Item Number: C.1 Agenda Item Summary #3195 BULK ITEM: Yes DEPARTMENT: Fire TIME APPROXIMATE: STAFF CONTACT: Valeri Kolessar (305) 289 -6014 N/A AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award Program ( LOSAP) actuarial valuation report for the Plan Year 2017 and transfer of funds for Plan Year 2017 into the LOSAP Trust Fund. ITEM BACKGROUND: These actuarial valuations and /or cost determinations were prepared and completed by Nanette 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: N/A STAFF RECOMMENDATION: Acceptance of actuarial report and transfer of funds for Plan Year 2017 into the LOSAP Trust Fund in the amount of 36,940.00. DOCUMENTATION: Actuarial Valuation for Monroe County LOSAP Plan FINANCIAL IMPACT: Effective Date: 8/16/17 Expiration Date: N/A Total Dollar Value of Contract: N/A Total Cost to County: $36,940 Current Year Portion: $36,940 Budgeted: Yes Source of Funds: 11500- 530340 CPI: N/A Indirect Costs: N/A Estimated Ongoing Costs Not Included in above dollar amounts: N/A Revenue Producing: No If yes, amount: Grant: N/A County Match: N/A Insurance Required: N/A Additional Details: REVIEWED BY: James Callahan Completed 08/01/2017 5:50 PM Gary Boswell Completed 08/02/2017 9:36 AM Pedro Mercado Completed 08/02/2017 9:36 AM Budget and Finance Completed 08/02/2017 9:38 AM Maria Slavik Completed 08/02/2017 9:50 AM Kathy Peters Completed 08/02/2017 9:55 AM Board of County Commissioners Pending 08/16/2017 9:00 AM CA a MOUTON &COMPANY, INC. June 27, 2017 ACTUARIES AND PENSION ADMINISTRATORS Monroe County Board of County Commissioners c/o Chief James Callahan 49063 rd Street Marathon, FL 33050 Subject: Monroe County, Florida Volunteer Firefighter and Emergency Medical Services Length of Services Award Plan January 1, 2017 Actuarial Valuation Dear Chief Callahan: Enclosed is the draft of the actuarial valuation for the Monroe County LOSAP plan. We have maintained the discount rate at 1.00 %. No award of another past year of service credit is reflected as there are no eligible participants for this credit. This draft also reflects new GASB 67 cash flow schedules detailed on page 30 -32. Once the draft of the report has been accepted by the board, we will forward the original report to you with 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 NSM/s Enclosure Lakeview Professional Village • 516 Lakeview Road - Villa 6 • Clearwater, FL 33756 • (727) 441 -1526 • Fax (727) Packet; Pg. 16 MONROE COUNTY FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN ACTUARIAL REPORT JANUARY 1, 2017 June 26, 2017 Monroe County Board of County Commissioners Fire Chief James Callahan 49063 d Street Marathon, FL 33050 Dear Plan Administrator: We are pleased to present the attached Report as of January 1, 2017, covering the actuarial aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 2017 and the County's fiscal year ending September 30, 2018. A brief overview of the results can be obtained by looking at the following figures for the past three years: 2015 2016 2017 Item Plan Year Plan Year Plan Year Participants 64 57 45 Covered Payroll $ na $ na $ na Current EOY Plan Costs * $39,899 $36,820 $24,448 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. Monroe County Board of County Commissioners June 26, 2017 Page Two The undersigned credentialed actuary meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. 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, MAAA, EA Consulting Actuary GFM/nm Enclosures June 26, 2017 ACTUARIAL REPORT PLAN: Monroe County, Florida Volunteer Firefighter and Emergency Medical Services Length of Services Award Plan PLAN YEAR: January 1, 2017 through December 31, 2017 SPONSOR FISCAL YEAR: October 1, 2017 through September 30, 2018 VALUATION DATE: January 1, 2017 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 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. The undersigned credentialed actuary meets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. Date Glenn F. Mouton Enrollment #17 -2773 On Behalf of Mouton & Company, Inc. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN Actuarial Valuation as of January 1, 2017 TABLE OF CONTENTS EXHIBIT 1 VALUATION RESULTS Schedule A — Development of Actuarial Assets 1 Schedule B — Plan Description 2 Schedule C - Development of Current Year's Costs 3 Schedule D — Development of Historical and Projected FSA 4 Schedule E - Participant Data 5 Schedule F - Assets 5 Schedule G - Liabilities 5 Schedule H - Actuarial Present Value of Accrued Benefits 6 Schedule I - Statement of Changes in Total Actuarial Present Value of All Accrued Benefits 6 Schedule J - Pension Cost 7 Schedule K - Past Contributions 7 Schedule L - Comparison of Actual to Assumed Earnings 8 EXHIBIT 2 PARTICIPANT DEMOGRAPHICS Schedule A - Coverage 9 Schedule B — Year of Credited Service 9 Schedule C - Participant Reconciliation 10 EXHIBIT 3 PLAN ASSET INFORMATION Schedule A - Statement of Net Assets Available for Benefits at Market Values 11 Schedule B - Statement of Changes in Net Assets Available for Benefits 12 EXHIBIT 4 PLAN SUMMARY 13 EXHIBIT 5 COST METHOD AND ASSUMPTIONS 16 EXHIBIT 6 PENSION COST RATIONALE 18 EXHIBIT 7 GASB INFORMATION 19 EXHIBITS 8 -9 GASB SCHEDULES 23 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 1 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 1 Recap of Results: Development of Actuarial Assets by Department Interest Rate: 1.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Reallocation of - - - - - - - - - - - - - - - - - - - - Beginning Interest End Present Assets from End of Year Benefits Expenses Credited of Year Value of Terminated of Year District Assets Contribution Paid Paid for Year Assets Fut. Benefits Groups Assets Big Coppitt 124,378.98 8,789.00 0.00 823.29 350.62 132,695.31 163,487.00 - 7,157.90 125,537.41 Big Pine 79,886.27 0.00 1,800.00 351.80 225.20 77,959.67 54,808.00 - 7,157.90 70,801.77 Key Largo Fire 112,05101 0.00 7,200.00 532.74 315.87 104,636.14 126,800.00 22,163.88 126,800.02 Key Largo EMS 129,499.00 0.00 13,230.00 615.68 365.06 116,018.38 129,644.00 13,625.62 129,644.00 Layton 164,134.26 11,642.00 4,140.00 956.89 462.69 171,142.06 182,755.00 - 7,157.90 163,984.16 Sugarloaf Key 73,380.35 0.00 3,240.00 165.95 206.86 70,181.26 34,267.00 - 7,157.90 63,023.36 Tavernier 167,836.39 19,468.00 2,655.00 1,308.90 473.13 183,813.62 245,999.00 - 7,157.90 176,655.72 Monroe County ---- --- - - - - -- 851,168.26 ------- - - - - -- 39,899.00 ----- -- - - ---- 32,265.00 - --- -- - - -- - -- 4,755.25 ------- - - - - -- 2,399.43 - ------ - - - - -- 856,446.44 ------- - - - - -- 937,760.00 ----- -- -- - - -- 0.00 - ------ - - - - -- 856,446.44 Note: All rounding adjustments are made to Tavernier. Attachment: aria) Valuation for Monroe County LOSAP Plan (Acceptance of LOSAP Trust Fund Actuarial ) MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 2 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 1 Plan Description - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Schedule B - - - - - - Actuarial Study as of - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 01 -Jan-17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Value Completed months to participate 0 Years of Credited Service Required to be Fully Vested: 10 Maximum number of credited Service Months at program inception: For vesting purposes: 120 For benefit accrual purposes: 12 First Year for which Retroactive Benefit Accrual Service Is Granted: 1986 Annual Benefit Accrued for each completed year of service 180 Maximum Annual Benefit: 4,500 Present Value of Annual Bft Earned @ NRA: 1,722 Present value of maximum benefit @ NRA: 43,047 Interest Adjustment to Move Normal Costs to End of Valuation Year 1.00997 Recap of Results: - - - - - - -' - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Interest Rate: 1,00 Parti- Present - - - - - - Present - - - - - - - - - - - - - - - - - - - - - - - - Total - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Present - - - - - - - - - - - - - - - - - Aggregate - - - - - - - - - - - - - - - - - - - - - - Average - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Parti- cipants Ineligible Value of Value of Present Allocated Value of Future Future Current cipants Valued Parti- Inactives Fur. Benefits Fur. Benefits Value of Actuarial Future Service Service Normal Administrative Plan District Reported Active cipants . ,._._....,.,,.,, ___._---- ----- ,,. -- Valued Active Inactive Fut. Benefits Assets Normal Bft Annuity Annuity Cost EOY Expenses Costs EOY* Big Coppitt 12 7 11 5 65,095 98,392 163,487 125,537 37,950 96.445 8.037 4,769 1,040 5,809 M/C Volunteer (Big Pine) 2 1 12 1 37,674 17,134 54,808 70,802 (15,994) 10.697 5.349 -3,020 1,040 0 Key Largo Fire 7 0 0 1 7 0 126,800 126.800 126,800 (0) 36.292 5.185 0 0 0 Key Largo EMS 7 0 0 1 7 0 129,644 129,644 129,644 0 9.702 1.386 0 0 0 Layton 7 4 5 1 3 114,543 68,212 182,755 163,984 18,771 25.971 3.710 5,110 1,040 6,150 Sugarloaf Key 1 1 3 0 34,267 0 34,267 63,023 (28,756) 1.000 1.000 - 29,043 1,040 0 Tavernier 9 4 13 1 1 5 109,487 136,512 245,999 176,656 69,343 55.053 6.117 11,449 1,040 12,489 ---- -- --- ----- Monroe County 45 17 44 - -- -- 28 ------ --- -- -- 361,066 -- ----- --- --- 576,694 --------- -- -- 937,760 --- --- 856,446 -- ---- --- ---- 81,314 ----- -- ---- -- 235.160 5.226 --- --- -- ---- - 10,735 ------- ------ 5,200 ------------ 24,448 * Not less than zero Note: Only Participants with 3 or more months of service in the prior plan year or who are vested in a benefit are valued. Expense cost shown on page 3. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 3 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 1 Development of Current Year's Costs Schedule C Current Year Prior Year 01- Jan-2017 01- Jan -2016 A. Present Value of Future Obligations: 1. Active Members 361,066 399,292 2. Inactive Members 576,694 600,904 3. Retired Members 0 0 4. Survivors on Benefit 0 0 5. Disabled Members 0 0 Total Actuarial Accrued Liability: --- ------ - - - - -- 937,760 --------------- 1,000,196 B. Less Present Value of: 1. Member Contributions 0 0 2. Florida Premium Tax Rebates 0 0 --- -- ---- - - - - -- 0 ---- ----- - - - - -- 0 C. Less Actuarial Plan Assets 856,446 851,168 D. Amount to be Funded by County (A -B -C) --------- - - - - -- 81,314 --------- - - - - -- 149,028 (Unfunded Actuarial Accrued Liability) _ - - - - E. Aggregate Normal Costs from District Calculations including expenses 24,448 36,940 F. Expenses not paid directly by the County (included above) na na G. Interest Adjustments not included elsewhere 0 0 H. Total Plan Normal Costs = GASB 25 ARC --------- - - - - -- 24,448 --------- - - - - -- 36,940 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS Page 4 of 32 EXHIBIT 1 Development of Historical and Projected Funding Standard Account Balances Schedule D * 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. Projected Current Plan Year Prior Year 01- Jan -2017 01 -Jan -2016 A. Beginning Balance --------- 23,189 --------- 19,664 Interest Adjustment to End of Year 232 197 sub -total ----- - - - - -- 23,421 ----- - - - - -- 19,861 B. Less Charges to Account 1. Normal Costs for the Year (BOY) 24,448 36,940 2. Provision for Expenses (included in (1) above) na na 2. Amortization Charges (net) (BOY) 0 0 3. Interest Adjustment to End of Year 1.00% 0 0 -- - - - --- 24,448 -- - - - - -- 36,940 C. Plus Credits to Account 1. Contributions Credited During the Year 0 39,899 2. Amortization Charges (net) (BOY) 0 0 3. Interest Adjustment to End of Year 0 369 -- - - - - -- 0 -- - - - - -- 40,268 D. Ending Balance* (not less than 0) -- - - -- -- 0 -- - - - - -- 23,189 1.00% Date Made Amount Interest ------ ------- 28 -Jan-16 39,899.00 369 0 0 0 0 0 0 ----- - - - - -- 39,899 --- - - - - -- 369 * 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. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Current Prior Page 5 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Plan Year O1- Jan -2017 Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS Present Value of Future Benefits EXHIBIT 1 -------- Active Members 361,066 Participant Data ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Inactive Members 576,694 Schedule E Retired Members 0 0 Next 0 Current Year Prior Year Prior Year 0 O1 -Jan -2017 01- Jan -2016 01- Jan -2015 Number Included Future Member Contributions Active Members 3 4 10 Inactive Members 28 38 42 Retired Members 14 15 12 Current Beneficiaries 0 0 0 Disabled Members 0 0 0 Total Members -- ----- -- 45 --- - -- - -- 57 --- -- - - -- 64 Total Annual Payroll of Actives 0 0 0 Total Annual Benefits: to Retired Members 32,265 28,365 30,855 to Current Beneficiaries 0 0 0 to Disabled Members 0 0 0 Assets Schedule F Actuarial Value 856,446 851,168 857,437 Market Value 856,446 851,168 857,437 Liabilities Schedule G Current Prior Plan Year Plan Year O1- Jan -2017 01- Jan -2016 Present Value of Future Benefits ---- --- -------- Active Members 361,066 399,292 Inactive Members 576,694 600,904 Retired Members 0 0 Current Beneficiaries 0 0 Disabled Members 0 0 Total --------- - -- --- 937,760 --------------- 1,000,196 Less Present Value Future Member Contributions 0 0 Future State Contributions 0 0 -- -- ----- -- -- -- 0 --- --- -- - - -- - -- 0 Actuarial Accrued Liability - ------- -- -- - -- 937,760 --------------- 1,000,196 less Actuarial Plan Assets (856,446) (851,168) Unfunded Actuarial Accrued Liability - ---- ---- - --- -- 81,314 --------------- 149,028 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 6 of 32 Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 1 Actuarial Present Value of Accrued Benefits Schedule H Current Year Prior Year O1- Jan -2017 01- Jan -2016 Vested Accrued Benefits -------- --------- Inactive Members & Beneficiaries 512,194 494,891 Active Members 283,661 336,769 Total -------- - - - - -- 795,855 -------- - - - - -- 831,660 Nonvested Accrued Benefits 64,500 106,013 Total -------- - - - - -- 860,355 -------- - - - - -- 937,673 Statement of Changes in Total Actuarial Present Value of All Accrued Benefits -------------------------------------------------------------------------------------------------------------------------------------------------------------------- Schedule I Current Year 01- Jan -2017 Present Value of Accrued Benefits at -- ------ Beginning of Year 937,673 Increase (Decrease) During Year Attributable to (where applicable): Plan Adoption 0 Plan Amendment 0 Changes in Valuation -- interest rate 0 Increase due to Survivorship 0 Increase for less Interest Discount 9,215 Benefits Accrued, net of excluded participants 7,779 Benefits Paid (32,265) Other Changes - terminations (60,350) Net Increase (Decrease) -------- - - - - -- (75 621) Actuarial Present Value of Accrued Benefits at End of Year 860,355 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS Page 7 of 32 EXHIBIT 1 Pension Cost Accumulated Prior Deficiency (Credit) Required Funding Costs Current Sponsor Contributions 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 12/31/15 Total Contribution Required 36,940 Actual Contribution Made By: Prior Year State 0 County 39,899 Participants 0 Schedule J Schedule K 39,899 Next Plan Year Prior Year Prior Year O1- Jan -2017 01- Jan -2016 01- Jan -2015 (2,635) (11,951) 24,448 36,940 39,899 (39,899) (30,304) 0 --- ---- - - -- (369) (279) 24,448 ---- ---- - -- (5,964) ----- - - - - -- (2,635) N/A N/A N/A 0 0 0 N/A N/A N/A 0 0 0 N/A N/A N/A 24,448 0 0 N/A N/A N/A Schedule K 39,899 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 8 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 1 Comparison of Actual to Assumed Earnings --------------------------------------------------------------------------------------------------------------------------------------------------------------- Schedule L (Assuming uniform income and disbursements, Employer Contributions assumed at End of Year) Benefits Year Beginning Ending Investment Other and Ended 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 31- Dec -2010 831,083 841,980 7,821 0 25,838 31- Dec -2011 841,980 849,903 6,561 0 29,018 31- Dec -2012 849,903 848,808 3,333 0 32,573 31- Dec -2013 848,808 857,126 1,860 0 30,330 31- Dec -2014 857,126 857,437 2,591 0 30,855 31- Dec -2015 857,437 851,168 1,305 0 37,878 31- Dec -2016 851,168 856,446 2,399 0 37,020 Year Net Expected Actual 3 Year 5 Year Assumed Ended 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 4.44% na na 5.00% 31- Dec -2002 (4,116) 19,260 1.11% 2.46% na 5.00% 31- Dec -2003 9,169 23,736 1.93% 2.49% na 5.00% 31- Dec -2004 (5) 27,926 1.51% 1.52% 1.29% 5.00% 31- Dec -2005 13,252 24,913 3.35% 2.26% 1.75% 4.00% 31- Dec -2006 5,336 20,876 2.22% 2.36% 2.22% 3.00% 31- Dec -2007 32,319 18,061 5.32% 3.63% 2.45% 2.50% 31- Dec -2008 6,975 19,256 3.98% 3.84% 2.72% 2.50% 31- Dec -2009 (17,220) 20,141 0.81% 3.37% 3.09% 2.50% 31- Dec -2010 (18,016) 20,454 0.96% 1.92% 3.02% 2.50% 31- Dec -2011 (22,456) 20,687 0.79% 0.85% 2.72% 2.50% 31 -Dec -2012 (29,240) 16,672 0.40% 0.72% 2.14% 2.00% 31- Dec -2013 (28,470) 12,505 0.22% 0.47% 1.47% 1.50% 31- Dec -2014 (28,264) 8,417 0.31% 0.31% 0.85% 1.00% 31- Dec -2015 (36,572) 8,385 0.16% 0.23% 0.52% 1.00% 31- Dec -2016 (34,621) 8,327 0.29% 0.25% 0.40% 1.00% 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 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 9 of 32 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 46 persons covered by the plan as of December 31, 2016. Category Number Amount Active Participants 17 0 Other Inactive Participants 14 0 ** Retirees on Benefit 14 0 ** Survivors on Benefit 0 0 ** Participants on Disability Benefit 0 0 ** Terminated Vested Participants 0 0 ** TOTAL - - -- 45 ----- - - - - -- N/A * Annual covered pay only ** Annual Benefit 45 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, 2016. Years of Credited Service -- all Participants -------------------------------------------------------- Years of Service ------------------------ --------- -- - - - -- < 1 1 1 -4 1 5 -9 Attained Age Under 25 26 -29 30 -34 35 -39 40 -44 45 -49 50 -54 55 -59 60 -64 64 -69 Over 70 Count Count 1 Count i I 3 5 I I 1 I I 1 1 2 I I I I I I I I I 0 8 4 Schedule B ------------------------------------------------------------------------------------------------------ •------------------------------------------------------------------------------------------------------ 10-14 1 15 -19 1 20 -24 1 25 -29 1 30 -34 1 Count 1 3 1 3 2 11 1 Count 1 Count Count 1 Count I Totals I I I 0 I I 3 i I I 5 I I I I I 1 1 I I 3 I 1 I I 6 I 3 1 1 I 4 I 4 1 1 I 6 4 I I 7 I 5 i i 7 2 1 I 3 17 4 1 0 45 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 10 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 PARTICIPANT DEMOGRAPHICS EXHIBIT 2 Participant Reconciliation Schedule C Active Participants at 01- Jan -2015 19 New 0 Retirement 0 Death 0 Non - Vested Termination -2 Vested Termination 0 Lump Sum Settlement 0 New Survivors 0 Completed Retiree Payments 0 Participants at 31- Dec -2015 17 Retired Survivor on on Benefit Benefit Disabled Inactive Total 15 0 0 23 57 0 0 0 -9 (I1) 0 0 0 -1 - - - - - -- - - - - - -- (1) 14 - - - - - -- 0 0 - - - - - -- 14 - - - - - -- 45 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 11 of 32 Actuarial Valuation as of January 1, 2017 PLAN ASSET INFORMATION EXHIBIT 3 Statement of Net Assets Available for Benefits* Schedule A 31 -Dec -2015 31- Dec -2016 ------------------------------------------------------------------------------------------------------------------------------------ Market Value Money Market 851,168.26 856,446.44 Accrued Contribution - Employer 0.00 0.00 ---------------- ---------------- 851,168.26 856,446.44 ---------- - - - - -- ---------- - - - - -- Liabilities Accounts Payable 0.00 0.00 Deferred Revenues 0.00 0.00 ---------- - - - - -- --------------- - 0.00 0.00 ---------------- --------------- - Net Assets Available 851,168.26 856,446.44 ------ - - - - -- * As reported by the County MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 12 of 32 Actuarial Valuation as of January 1, 2017 PLAN ASSET INFORMATION EXHIBIT 3 Statement of Changes in Market Value of Net Assets Schedule B Plan Year Ending: 31- Dec -2015 31- Dec -2016 INCREASES Earnings on Investments Unrealized Appreciation (Depreciation) State Insurance Contributions Employee Contributions Employer Contributions: 30,304.00 Accrued 0.00 1,305.43 0.00 0.00 0.00 2,399.43 0.00 0.00 0.00 30,304.00 31,609.43 DECREASES Expenses Professional Fees (4,757.50) Professional Fees (4,755.25) PMA Fees 0.00 Paid to Participants Retirees (28,365.00) Survivors 0.00 Disabled 0.00 Overpayment due to City 0.00 (9,512.75) (28,365.00) --------------- -- (37,877.75) --------------- -- Net Increase /(Decrease) (6,268.32) NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS: 39,899.00 0.00 39,899.00 42,298.43 (4,755.25) 0.00 0.00 (4,755.25) (32,265.00) 0.00 0.00 0.00 (32,265.00) - -------------- (37,020.25) --------------- 5,278.18 Beginning of Year 857,436.58 851,168.26 ------------- - - - - -- --------------- - - -- End of Year 851,168.26 856,446.44 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 13 of 32 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. 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 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 14 of 32 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 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 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 15 of 32 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 AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 16 of 32 COST METHOD EXHIBIT COST METHOD A variation of the aggregate actuarial cost method is being used to value the benefits for funding progress. 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. For GASB 67 purposes the Individual Entry Age Normal Method is also presented herein. To avoid certain calculation problems involving division by zero, an actual interest rate of .001 % was used. Considering the plan's current funding status, the short term nature of benefits (10 year certain only), the very low assumed discount rate, the current low level of recommended contributions when compared to current plan assets, and the history of sponsor contributions at or above recommended levels, it is our opinion that plan assets will not be depleted in the foreseeable future. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 17 of 32 Actuarial Valuation as of January 1, 2017 ACTUARIAL ASSUMPTIONS EXHIBIT 5 Actuarial Study as of: 01- Jan -2017 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 1.00% v: 0.99010 d: 0.00990 114.79272 a(10)due: 9.56606 i(12): 0.083% v(12): 0.99917 d(12): 0.00083 a(120)due: 114.26266 Maximum annual benefit accrual limited by IRC 3,000 313.61 Present value of maximum benefit: 43,047 Present value of annual benefit accrual 1,722 Year First Allowed for Benefit Accrual Purposes: After: 1986 Before: 1986 Maximum Credited Years for Benefit Accrual as of the Valuation Date: 32 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 18 of 32 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 Page 19 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 7 GASB 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 14 Beneficiaries currently receiving benefits 0 Terminated employees entitled to benefits 14 28 Fully vested and past normal retirement date 33 Partially vested 0 Non - vested 12 45 (3) The benefit provisions are as follows: — 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 (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 Serv 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. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 7 GASB 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. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 21 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 7 GASB Notes to the Financial Statements The significant actuarial assumptions used to compute the pension benefit obligation were: Investment Yield: 1.00% 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 Y0S <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. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 22 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 7 GASB Schedules of Funding Progress The actuarially determined normal cost as of Contributions actually made by employees and employer were: County Participants As discussed in paragraph 87 of GASB, a schedule of funding progress is not required under the aggregate cost method, which the plan uses. 31- Dec -2016 $24,448 % of Annual Amount Payroll 39,899 na 0 on Net Increase /Decrease 5,278.18 (6,26832) (4,444.52) 8,317.67 (1,094.83) 7,922.53 10 8 T 51 13,570.75 35,452.26 56,551.81 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Smmmary of Fund Progress by Plan Years - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — - - - - - - - - - - - - - - - - - - 1/1/2016 1/1/2015 1/1/2014 1/1/2013 1/1/2012 1/1/2011 1 /1/2010 1/1/2009 1/1/2008 1/1/2007 to to to to to to to to to to 12/31/2016 12/31/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 Increases to funds Employer Contribution 39,899.00 30,304.00 28,575.00 36,788.00 28,145.00 30,379.00 28,914.00 30,791.00 28,477.00 24,233.00 Employee Contribution 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 Total Contributions 39,899.00 30,304.00 28,575.00 36,788.00 28,145.00 30,379.00 28,914.00 30,791.00 28,477.00 24,233.00 Investment Income 2,399.43 1,305.43 2,590.73 1,859.67 3,332.67 6,561.28 7,82126 6,554.75 30,627.76 38,438.81 Other Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 000 0.00 0.00 Total Increases 42,298.43 31,609.43 31,165.73 38,647.67 31,477.67 36,940.28 36,73526 37,345.75 59,104.76 62,671.81 Decreases to Funds Benefit payments (32,265.00) (28,365.00) (30,855.00) (25,575.00) (28,065.00) (24,660.00) (21,480.00) (15,075.00) (18,720.00) (6,120.00) Admin expenses (4,755.25) (9,512.75) (4,755.25) (4,755.00) (4,507.50) (4,357,75) (4,357.75) (8,700.00) (4,932.50) 0.00 Total Decreases (37,020.25) (37,877.75) (35,610.25) (30,330.00) (32,572.50) (29,017.75) (25,837.75) (23,775.00) (23,652.50) (6,120.00) Net Increase /Decrease 5,278.18 (6,26832) (4,444.52) 8,317.67 (1,094.83) 7,922.53 10 8 T 51 13,570.75 35,452.26 56,551.81 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 23 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 EXHIBIT 8 GASB Schedules of Funding Progress -- Current Year EAN Calculations -------------------------------------------------------------------------------------------------------- a. b. C. d. e. Present Value Fut Bfts: Present Value Fut Entry Age NC: Entry Age Actuarial Liability (a - b): Plan Assets: Unfunded Entry Age Actuarial Liability (c - d): Entry Age Normal Cost: 2017 937,763 73,955 -------- - - - - -- 863,808 856,446 -------- - - - - -- 7,362 12,761 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2017 Page 24 of 32 GASB 67 Schedules Experience Gains and Losses (EAN method) -- for year ending on the current valuation 1.00% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - — - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - EXHIBIT 8 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 01 -Jan -2016 EAN 1.00% Unfunded Actuarial Valuation Actuarial Liability Assets Liability a. Beginning Balances 907,808 851,168 N 56,640 b. Interest Adjustment 9,078 8,512 566 C. Plan Normal Costs 22,937 0 22,937 d. Interest Adjustment 229 0 229 31- Dec -16 1.00% Date Made Amount Days Factor* Interest --------- _ H --~~~ e. Employer Contributions -- ---- 0 39,899 (39,899) f Interest Adjustment 28- Jan -16 39,899 338 0.92539 369 0 369 (369) g. Benefits Paid (32,265) (32,265) 0 h. Interest Adjustment (161) (161) 0 i. Expenses Paid (4,755) (4,755) 0 j. Interest Adjustment (24) (24) 0 k. Expected Values --- - - - - -- 902,847 ---- - - - - -- 862,743 --- -- - - -- 40,104 1. Assumption Changes 0 m. Actual Values 863,808 856,446 7,362 n. Actual Deviation --- - - - - -- 39,039 --- - - - - -- 6,297 --- - - - - -- 32,742 o. Expected Investment Earnings (normal cost change): 8,696 (a 1.00% p. Actual Investment Earnings (normal cost change): 2,400 0.28% check: 0 * Based on 365.25 days /year MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 25 of 32 Actuarial Valuation as of January 1, 2017 EXHIBIT 8 Summary of Fund Progress by Plan Years -- GASB Schedules of Funding Progress ------------------------------------------------------------------------------------------------------------------------------------------- Individual Entry Age Normal Method 1/1/2016 1/1/2015 to to 12/31/2016 12/31/2015 Total Liability Service Cost 22,937 16,394 Interest 9,146 8,895 Changes of benefit terms 0 0 Differences between expected and actual experience (39,039) 33,109 Changes in Assumptions 0 0 Benefit payments, including refunds of member contributions (32,265) (28,365) Net change in total pension liability ----- -- ------ --- --- (39,221) --------------- - - -- 30,033 Total pension liability -- beginning 917,368 887,335 Total pension liability -- ending (a) $878,147 $917,368 Plan Fiduciary net position Employer Contribution 39,899 30,304 Employee Contribution 0 0 State Contribution 0 0 Investment Income 2,400 1,305 Other Income 0 0 Benefit payments (32,265) (28,365) Admin expenses (4,755) (9,513) Net change in plan fiduciary net position 5,278 (6,269) Plan fiduciary net position -- beginning 851,168 857,437 Plan fiduciary net position -- ending (b) $856,447 $851,168 Net Pension Liability (asset) -- ending (a) - (b) $21,700 $66,199 Plan fiduciary net position as a percentage of the total pension liability 97.53% 92.78% Covered employee payroll #N /A #N /A Net pension liability (asset) as a percentage of payroll #N /A #N /A MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 26 of 32 Actuarial Valuation as of January 1, 2017 EXHIBIT 8 GASB Schedules of Funding Progress -- EAN results representing discount rate 1.0% higher Discount rate: 2.00% a. b. C. d. e. Present Value Fut Bfts: Present Value Fut Entry Age NC: Entry Age Actuarial Liability (a - b): Plan Assets: Unfunded Entry Age Actuarial Liability (c - d): 842,139 54,663 -------- - - - - -- 787,476 856,446 -------- - - - - -- - 68,970 Entry Age Normal Cost: 10,504 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 27 of 32 Actuarial Valuation as of January 1, 2017 EXHIBIT 8 GASB Schedules of Funding Progress -- representing discount rate 1.0% lower --------------------------------------------------------------------------------------------------------- Discount rate: 0.00% a. b. C. d. e. Present Value Fut Bfts: Present Value Fut Entry Age NC: Entry Age Actuarial Liability (a - b): Plan Assets: Unfunded Entry Age Actuarial Liability (c - d): 1,053,052 100,708 952,344 856,446 -------- - - - - -- 95,898 Entry Age Normal Cost: 1 5,574 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 28 of 32 Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 8 GASB Schedules of Funding Progress --representing discount rate 1.0% higher - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - _ - Schedule B Actuatial Study as of - - - - - - _ - - - - - - - - - 01- Jan -17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- - - - - - - - - - - - - _ - _ - _ _ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - _ _ - - _ _ - - - - - - - - - - _ _ - - ° _ _ - - - - - - - - - - - - - - - - - - - - - - - - _ - - - - _ - - - - - - _ - - - ` - Value Completed months to participate 0 Years of Credited Service Required to be Fully Vested: 10 Maximum number of credited Service Months at program inception: For vesting purposes: 120 For benefit accrual purposes: 12 First Year for which Retroactive Benefit Accrual Service Is Granted: 1986 Annual Benefit Accrued for each completed year of service 180 Maximum Annual Benefit: 4,500 Present Value of Annual Bft Earned cr, NRA: 1,649 Present value of maximum benefit P NRA: 41,230 Interest Adjustment to Move Normal Costs to End of Valuation Year: 1.01994 Recap of Results: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Interest Rate: 2.00% Parti- - - - - - - - - - Present - - - - - - - - - - - - - - - - - - - - - Present - - - - - - - - - - - - - - - - - - - - - - - Total - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Present - - - - - - - - - - - - - - - - - - - - - - - - - Aggregate - - - - - - - - - - - - - - - - - Average - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Parti- cipants Ineligible Value of Value of Present Allocated Value of Future Future Current cipants Valued Parti- Inactives Fut. Benefits Fut. Benefits Value of Actuarial Future Service Service Normal Administrative Plan District Reported Active cipants Valued Active Inactive Fur. Benefits ___ - --- Assets ______ - Normal Bft _,M ................ Annuity .�._.,,. -,__ Annuity ___._._..�.„., Cost F,OY .�.._.__.�. Expenses _..�,.�._ Costs EOY* __- - --- Big Coppitt 12 7 11 5 49,811 88,301 138,112 129,441 8,671 89.937 7.495 1,180 1,040 2,220 M/C Volunteer (B. 2 1 12 1 31,587 16,330 47,917 74,706 (26,789) 10.184 5.092 -5,366 1,040 0 Key Largo Fire 7 0 0 7 0 113,874 113,874 113,874 (0) 34.482 4.926 0 0 0 I Key Largo EMS 7 0 0 7 0 123,051 123,051 123,051 0 9.651 1.379 0 0 0 Layton 7 4 5 3 103,937 64,711 168,648 167,888 760 24.624 3.518 220 1,040 1,260 Sugarloaf Key 1 1 3 0 32,659 0 32,659 66,927 (34,268) 1.000 1.000 - 34,952 1,040 0 Tavernier 9 4 13 5 92,818 125,064 217,882 180,560 37,322 52.497 5.833 6,526 1,040 7,566 - ---- - - --- - ---- --- -- Monroe County 45 17 44 28 ---- ---- -- - -- 310,812 --- -- -- - - - --- 531,331 - --- --- - --- -- 842,143 --- - - -- 856,446 ------------- (14,303) ---- ----- -- -- 222.375 4.942 - ----- _ ---- - 32,392 ---- --- - --- -- 5,200 --- --- _- -- -° 11,046 * Not less than zero Note: Only Participants with 3 or more months of service in the prior plan year or who are vested in a benefit are valued Expense cost shown on page 3. 1112 11 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 29 of 32 Actuarial Valuation as of January 1, 2017 CURRENT VALUATION RESULTS EXHIBIT 8 GASB Schedules of Funding Progress - representing discount rate 1.0% lower - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Schedule B Actuarial Study as of: - - - - - - - - - - - 01- Jan -17 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Value Completed months to participate 0 Years of Credited Service Required to be Fully Vested: 10 Maximum number of credited Service Months at program inception: For vesting purposes: For benefit accrual purposes: 120 12 First Year for which Retroactive Benefit Accrual Service Is Granted: 1986 Annual Benefit Accrued for each completed year of service 180 Maximum Annual Benefit: 4,500 Present Value of Annual Bft Earned @a, NRA: 1,800 Present value of maximum benefit @ NRA: 44,998 Interest Adjustment to Move Normal Costs to End of Valuation Year: 1.00001 Recap of Results: - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Interest Rate: 0.00% Parti- Present - - - - - Present - - - - - - - - - - - - - - - - - - - - - Total - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Present - - - - - - - - - - - - - - - - - - - - - - - - - Aggregate - - - - - - - - - - - - - - - - - Average - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Parti- cipants Ineligible Value of Value of Present Allocated Value of Future Future Current cipants Valued Parti- Inactives Fut. Benefits Fur. Benefits Value of Actuarial Future Service Service Normal Administrative Plan District Reported Active cipants Valued Active Inactive Fur. Benefits Assets .... ---- -- Normal Bft - - .----- Annuity .,.....w..,,_._.. Annuity ------- Cost EOY �...._._,w„�. Expenses �._...�� Costs EOY* __......_.�. Big Coppitt 12 7 11 5 86,063 110,203 196,266 121,037 75,229 104.023 8.669 8,678 1,040 9,718 M/C Volunteer (B 2 1 12 1 45,041 17,999 63,040 66,302 (3,262) 11.255 5.628 -580 1,040 460 Key Largo Fire 7 0 0 7 0 142,173 142,173 142,173 (0) 38.310 5.473 0 0 0 I Key Largo EMS 7 0 0 7 0 136,771 136,771 136,771 0 9.756 1,394 0 0 0 Layton 7 4 5 3 127,447 71,996 199,443 159,484 39,959 27.507 3.930 10,168 1,040 11,208 Sugarloaf Key 1 1 3 0 35,998 0 35,998 58,523 (22,525) 1.000 1..000 - 22,526 1,040 0 Tavernier 9 4 13 5 129,904 149,465 279,369 172,156 107,213 57.874 6.430 16,674 1.,040 17,714 - ---- - - --- -- -- ----- Monroe County 5 17 44 tY 28 ------------- 424,453 ------------- 628,607 ------- - ----- 1,053,060 ------- 856,446 ------------- 196,614 ------- - ----- 249.725 5.549 ----- -- ------ 12,414 5,200 39,100 * Not less than zero Note: Only Participants with 3 or more months of service in the prior plan year or who are vested in a benefit are valued. Expense cost shown on page 3. Attachment: aria) Valuation for Monroe County LOSAP Plan (Acceptance of LOSAP Trust Fund Actuarial ) MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 30 of 32 Actuarial Valuation as of January 1, 2017 EXHIBIT 9 GASB Schedules of Funding Progress Cash Flow Projections assuming 5 -Year Employer Contributions Schedule A Contribution Increase Rate: 1.00% Contributions by Source Benefit Payments by Recipient Group Beginning _ __ _ _ _ ___ ___ _______________ Earnings --------------------------------- Total Net Ending Assumed Calendar of Year Members & on Plan Benefit Increase in of Year Investment Discount Year Plan Assets City State Total Assets Inactives Actives Payments Plan Assets Plan Assets Yield Factor 2017 856,446 24,448 0 24,448 -------- 6,674 281,823 120,650 402,473 (371,351) 485,096 ------ 1.00% 0.995037 2018 485,096 24,448 0 24,448 4,617 64,929 6,268 71,197 (42,132) 442,964 1.00% 0.985185 2019 442,964 24,448 0 24,448 4,267 50,536 6,538 57,074 (28,359) 414,605 1.00% 0.975431 2020 414,605 24,448 0 24,448 4,128 22,307 5,651 27,958 618 415,223 1.00% 0.965773 2021 415,223 24,448 0 24,448 4,186 8,803 8,812 17,615 11,019 426,242 1.00% 0.956211 2022 426,242 0 0 0 3,907 34,121 36,972 71,093 (67,186) 359,056 1.00% 0.946744 2023 359,056 0 0 0 3,541 5,058 4,849 9,907 (6,366) 352,690 1.00% 0.937370 2024 352,690 0 0 0 3,378 24,165 5,709 29,874 (26,496) 326,194 1.00% 0.928089 2025 326,194 0 0 0 2,995 47,188 6,180 53,368 (50,373) 275,821 1.00% 0.918900 2026 275,821 0 0 0 2,719 1,713 6,147 7,860 (5,141) 270,680 1.00% 0.909802 2027 270,680 0 0 0 2,671 1,332 5,861 7,193 (4,522) 266,158 1.00% 0.900794 2028 266,158 0 0 0 2,628 2,280 4,441 6,721 (4,093) 262,065 1.00% 0.891875 2029 262,065 0 0 0 2,506 12,507 10,359 22,866 (20,360) 241,705 1.00% 0.883045 2030 241,705 0 0 0 2,046 1,363 72,786 74,149 (72,103) 169,602 1.00% 0.874302 2031 169,602 0 0 0 1,641 7,791 3,118 10,909 (9,268) 160,335 1.00% 0.865646 2032 160,335 0 0 0 1,551 465 10,032 10,497 (8,946) 151,389 1.00% 0.857075 2033 151,389 0 0 0 1,502 422 1,959 2,381 (879) 150,510 1.00% 0.848589 2034 150,510 0 0 0 1,494 299 1,871 2,170 (676) 149,834 1.00% 0.840187 2035 149,834 0 0 0 1,487 760 1,535 2,295 (808) 149,026 1.00% 0.831868 2036 149,026 0 0 0 1,450 5,584 2,496 8,080 (6,630) 142,396 1.00% 0.823632 2037 142,396 0 0 0 1,361 127 12,556 12,683 (11,322) 131,073 1.00% 0.815477 2038 131,073 0 0 0 1,305 118 1,088 1,206 99 131,172 1.00% 0.807403 2039 131,172 0 0 0 1,306 68 1,091 1,159 147 131,319 1.00% 0.799409 2040 131,319 0 0 0 1,307 264 1,012 1,276 31 131,350 1.00% 0.791494 2041 131,350 0 0 0 1,298 2,193 808 3,001 (1,703) 129,647 1.00% 0.783658 2042 129,647 0 0 0 1,290 47 1,296 1,343 (53) 129,594 1.00% 0.775899 2043 129,594 0 0 0 1,261 431 6,514 6,945 (5,684) 123,910 1.00% 0.768216 2044 123,910 0 0 0 1,232 0 1,438 1,438 (206) 123,704 1.00% 0.760610 2045 123,704 0 0 0 1,216 0 4,287 4,287 (3,071) 120,633 1.00% 0.753080 2046 120,633 0 0 0 1,204 0 428 428 776 121,409 1.00% 0.745623 2047 121,409 0 0 0 1,207 0 1,486 1,486 (279) 121,129 1.00% 0.738241 2048 121,129 0 0 0 1,210 0 182 182 1,028 122,158 1.00% 0.730932 2049 122,158 0 0 0 1,219 0 524 524 695 122,853 1.00% 0.723695 2050 122,853 0 0 0 1,206 0 4,595 4,595 (3,389) 119,463 1.00% 0.716529 2051 119,463 0 0 0 1,187 0 1,527 1,527 (340) 119,123 1.00% 0.709435 2052 119,123 0 0 0 1,191 0 0 0 1,191 120,315 1.00% 0.702411 2053 120,315 0 0 0 1,203 0 0 0 1,203 121,518 1.00% 0.695456 2054 121,518 0 0 0 1,215 0 0 0 1,215 122,733 1.00% 0.688571 2055 122,733 0 0 0 1,227 0 0 0 1,227 123,960 1,00% 0.681753 2056 123,960 0 0 0 1,240 0 0 0 1,240 125,200 1.00% 0.675003 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 31 of 32 Actuarial Valuation as of January 1, 2017 EXHIBIT 9 GASB Schedules of Funding Progress Cash Flow Projections assuming No Employer Contributions Schedule B Contribution Increase Rate: 1.00% Contributions by Source Benefit Payments by Recipient Group Calendar Beginning -------------------- of Year ---- ----- ---------- -- - - - - -- Members & Earnings on Plan ----- -------- ------- ------- --- - -- Total Net Ending Assumed Year Plan Assets NNN city NN State NNN Total Assets Inactives Actives Benefit Payments Increase in of Year Plan Assets Plan Assets Investment Yield Discount Factor 2017 856,446 0 0 0 6,552 281,823 120,650 402,473 (395,921) 460,526 1.00% 0.995037 2018 2019 460,526 393,578 0 0 0 0 4,249 64,929 6,268 71,197 (66,948) 393,578 1.00% 0.985185 2020 340,154 0 0 0 0 3,650 50,536 6,538 57,074 (53,424) 340,154 1.00% 0.975431 2021 315,458 0 0 0 3,262 22,307 5,651 27,958 (24,696) 31.5,458 1.00% 0.965773 2022 300,909 0 0 0 3,067 8,803 8,812 17,615 (14,548) 300,909 1.00% 0.956211 2023 232,470 0 0 2,654 34,121 36,972 71,093 (68,439) 232,470 1.00% 0.946744 2024 224,838 0 0 0 0 2,275 5,058 4,849 9,907 (7,632) 224,838 1.00% 0,937370 2025 197,063 0 0 0 2,099 24,165 5,709 29,874 (27,775) 197,063 1.00% 0.928089 2026 145,399 0 0 0 1,704 47,188 6,180 53,368 (51,664) 145,399 1.00% 0.918900 2027 138,954 0 0 0 1,415 1,713 6,147 7,860 (6,445) 138,954 1.00% 0.909802 2028 133,114 0 0 0 1,354 1,332 5,861 7,193 (5,839) 133,114 1.00% 0.900794 2029 127,691 0 0 0 1,298 2,280 4,441 6,721 (5,423) 127,691 1.00% 0.891875 2030 105,987 0 0 1,163 12,507 10,359 22,866 (21,703) 105,987 1.00% 0.883045 2031 32,528 0 0 0 689 1,363 72,786 74,149 (73,460) 32,528 1.00% 0.874302 2032 21,889 0 0 0 271 7,791 3,118 10,909 (10,638) 21,889 1.00% 0.865646 2033 11,559 0 0 0 0 166 465 10,032 10,497 (10,331) 11,559 1.00% 0.857075 2034 9,281 0 0 0 104 422 1,959 2,381 (2,277) 9,281 1.00% 0.848589 2035 7,193 0 0 0 82 299 1,871 2,170 (2,088) 7,193 1.00% 0.840187 2036 4,959 0 0 0 60 760 1,535 2,295 (2,235) 4,959 1.00% 0.831868 2037 (3,112) 0 0 0 0 9 5,584 2,496 8,080 (8,071) (3,112) 1.00% 0.823632 2038 (15,890) 0 0 0 (95) 127 12,556 12,683 (12,778) (15,890) 1.00% 0.815477 (165) 118 1,088 1,206 (1,371) (17,260) 1.00% 0.807403 2039 (17,260) 0 0 0 (178) 68 1,091 1,159 (1,337) (18,598) 1.00% 0.799409 2040 (18,598) 0 0 0 (192) 264 1,012 1,276 (1,468 (20,066) 1.00% 0.791494 2041 (20,066) 0 0 0 216 ( ) 2,193 808 3,001 3,217) ( ) (23,283) 1.00% 0.783658 2042 (23,283) 0 0 0 (240) 47 1,296 1,343 (1,583) (24,865) 1.00% 0.775899 2043 (24,865) 0 0 0 (283) 431 6,514 6,945 (7,228) (32,094) 1.00% 0.768216 2044 (32,094) 0 0 0 (328) 0 1,438 1,438 (1,766) (33,860) 0 1.00/0 0.760610 2045 (33,860) 0 0 0 (360) 0 4,287 4,287 (4(815) (38,507) 1.00/0 0.753080 2046 (38,507) 0 0 0 (387) 0 428 428 ) (39,322) 1.00% 0.745623 2047 (39,322) 0 0 0 01) 1,48 1,41882 (1,88 (41,209) 1.00/0 0.738241 2048 (41,209) 0 0 0 (4 0 8 0 2049 (41,804) 0 0 0 (421) 0 524 524 (945) (42,748) 1.00 % 0 0.723695 2050 (42,748) 0 0 0 (450) 0 4,595 4,595 (5,045) (47,794) 1.00/0 0.716529 2051 (47,794) 0 0 0 (486 ) 0 1,527 1,527 (2,013) (49,807) 1.00% 0.709435 2052 (49,807) 0 0 0 (498) 0 0 0 (498) (50,305) 1.00% 0.702411 2053 (50,305) 0 0 0 (503) 0 0 0 (503) (50,808) 1.00% 0.695456 2054 (50,808) 0 0 0 (508) 0 0 0 (508) (51,316) 1.00% 0.688571 2055 (513) 0 0 0 (513) (51,829) 1.00% 0.681753 2056 (51,829) 0 0 0 (518) 0 0 0 (518) (52,347) 1.00% 0.675003 Note: As required in Section 112.664c of the Florida Statutes, projection of assets do not include contributions from either the Empoyer or the State. This is contrary to the provisions of the plan and does not reflect the past history of the Sponsor's contribution being always at least as much as recommended and the future expectation that such contribution levels will continue into the foreseeable future. For this reason, these projections should not be viewed as representative of the time the Fund can sustain benefit payments. Under the GASB standards, which DO include contributions from the employer, the Fund is expected to be able to sustain the benefit payment demands in the near long -term future. MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 32 of 32 Actuarial Valuation as of Janua ry 1, 2017 EXHIBIT 9 GASB - Schedules - of - Funding - - Progress - Schedule C - --------- - --- --- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ------------------------------------ Cash Flow Projections assuming No Employer Contributions - 2.00% lower, but no lower than 0.00% Contribution Increase Rate: 0.00% Contributions by Source Benefit Payments by Recipient Group Calendar Beginning -- --------- - - - --- of Year ---- ------ ------ -- ----- -- Members & -- - - --- Earnings on Plan -- ------ ------- -- ----- ---- -- - - - -- Total Net Ending Assumed Year Plan Assets City State Total Assets Inactives Actives Benefit Payments Increase in Plan Assets of Year Investment Discount Plan Assets Yield Factor 2017 2018 856,446 453,973 0 0 0 0 0 0 281,823 120,650 402,473 (402,473) 453,973 _ 0.00% 1.000000 2019 382,776 0 0 0 0 0 64,929 6,268 71,197 (71,197) 382,776 0.00% 1.000000 2020 325,702 0 0 0 0 50,536 6,538 57,074 (57,074) 325,702 0.00% 1.000000 2021 297,744 0 0 0 0 22,307 5,651 27,958 (27,958) 297,744 0.00% 1.000000 2022 280,129 0 0 0 0 8,803 8,812 17,615 (17,615) 280,129 0.00% 1.000000 2023 209,036 0 0 0 0 34,121 36,972 71,093 (71,093) 209,036 0.00% 1.000000 2024 199,129 0 0 0 0 5,058 4,849 9,907 (9,907) 199,129 0.00% 1.000000 2025 169,255 0 0 0 0 24,165 5,709 29,874 (29,874) 169,255 0.00% 1.000000 2026 115,887 0 0 0 47,188 6,180 53,368 (53,368) 115,887 0.00% 1.000000 2027 108,027 0 0 0 0 0 1,713 6,147 7,860 (7,860) 108,027 0.00% 1.000000 2028 100,834 0 0 0 0 1,332 5,861 7,193 (7,193) 100,834 0.00% 1.000000 2029 94,113 0 0 0 0 2,280 4,441 6,721 (6,721) 94,113 0.00% 1.000000 2030 71,247 0 0 0 0 12,507 10,359 22,866 (22,866) 71,247 0.00% 1.000000 2031 (2,902) 0 0 0 0 1,363 72,786 74,149 (74,149) (2,902) 0.00% 1.000000 2032 (13,811) 0 0 0 0 7,791 3,118 10,909 (10,909) (13,811) 0.00% 1.000000 2033 (24,308) 0 0 0 0 465 10,032 10,497 (10,497) (24,308) 0.00% 1.000000 2034 (26,689) 0 0 0 0 422 1,959 2,381 (2,381) (26,689) 0.00% 1.000000 2035 (28,859) 0 0 0 0 299 1,871 2,170 (2,170) (28,859) 0.00% 1.000000 2036 (31,154) 0 0 0 0 760 1,535 2,295 (2,295) (31,154) 0.00% 1.000000 2037 (39,234) 0 0 0 0 5,584 2,496 8,080 (8,080) (39,234) 0.00% 1.000000 2038 (51,917) 0 0 0 0 127 12,556 12,683 (12,683) (51,917) 0.00% 1.000000 2039 (53,123) 0 0 0 0 118 1,088 1,206 (1,206) (53,123) 0.00% 1.000000 2040 (54,282) 0 0 0 0 68 1,091 1,159 (1,159) (54,282) 0.00% 1.000000 2041 (55,558) 0 0 0 0 264 1,012 1,276 (1,276) (55,558) 0.00% 1.000000 2042 (58,559) 0 0 0 0 2,193 808 3,001 (3,001) (58,559) 0.000 1.000000 2043 (59,902) 0 0 0 0 47 1,296 1,343 (1,343) (59,902) 0.000 1.000000 2044 (66,847 ) 0 0 0 0 431 6,514 6,945 (6,945) (66,847) 0.00% 1.000000 2045 (68,285) 0 0 0 0 0 1,438 1,438 (1,438) (68,285) 0.00% 1.000000 2046 (72,572) 0 0 0 0 0 4,287 4,287 (4,287) (72,572) 0.00% 1.000000 2047 (73,000) 0 0 0 0 0 428 428 (428) (73,000) 0.00% 1.000000 2048 (74,486) 0 0 0 0 0 1,486 1,486 (1,486) (74,486) 0.00% 1.000000 2049 (74,668) 0 0 0 0 0 182 182 (182) (74,668) 0.00% 1.000000 2050 (75,192) 0 0 0 0 0 524 524 (524) (75,192) 0.00% 1.000000 2051 (79,787) 0 0 0 0 0 4,595 4,595 (4,595) (79,787) 0.00% 1.000000 2052 (81,314) 0 0 0 0 0 1,527 1,527 (1,527) (81,314) 0.00% 1.000000 2053 (81,314) 0 0 0 0 0 0 0 0 0 (81,314) 0.00% 1.000000 2054 (81,314) 0 0 0 0 0 0 0 0 (81,314) 0.000 1.000000 2055 (81,314) 0 0 0 0 0 0 0 0 (81,314) 0.00% 1.000000 2056 (81,314) 0 0 0 0 0 0 0 0 (81,314) 0.00% 1.000000 0 0 0 0 (81,314) 0.00% 1.000000 Note: As required in Section 112.664c of the Florida Statutes, projection of assets do not include contributions from either the Empoyer or the State. This is contrary to the provisions of the plan and does not reflect the past history of the Sponsor's contribution being always at least as much as recommended and the future expectation that such contribution levels will continue into the foreseeable future. For this reason, these projections should not be viewed as representative of the time the Fund can sustain benefit payments. Under the GASB standards, which DO include contributions from the employer, the Fund is expected to be able to sustain the benefit payment demands in the near long -term future.