Item C11C ounty of M onroe
{f `° "
rel
BOARD OF COUNTY COMMISSIONERS
n
Mayor David Rice, District 4
The FlOnda Key
y
m
1
��
Mayor Pro Tem Sylvia J. Murphy, District 5
Danny L. Kolhage, District 1
George Neugent, District 2
Heather Carruthers, District 3
County Commission Meeting
July 18, 2018
Agenda Item Number: C.11
Agenda Item Summary #4404
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 2018 and transfer of funds for Plan
Year 2018 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 2018 into the LOSAP Trust Fund in the amount of $3,265.00.
DOCUMENTATION:
Jan 12018 LOSAP Actuarial Draft
FINANCIAL IMPACT:
Effective Date: 7/18/18
Expiration Date: N/A
Total Dollar Value of Contract: N/A
Total Cost to County: $3,265
Current Year Portion: $3,265
Budgeted: Yes
Source of Funds: 14500 - 530360
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
07/02/2018 8:41 AM
Gary Boswell
Completed
07/02/2018 8:56 AM
Pedro Mercado
Completed
07/02/2018 8:59 AM
Budget and Finance
Completed
07/02/2018 9:08 AM
Maria Slavik
Completed
07/02/2018 9:12 AM
Kathy Peters
Completed
07/02/2018 9:34 AM
Board of County Commissioners
Pending
07/18/2018 9:00 AM
I M M 0 U T 0 N
&COMPANY, INC. June 5, 2018
ACTUARIES AND PENSION ADMINISTRATORS
Monroe County Board of County Commissioners
c/o Chief James Callahan
490 63" Street
Marathon, FL 33050
Subject: Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
January 1, 2018 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. We have combined the
Big Coppitt, Big Pine and Layton Keys into the M/C Volunteer group.
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
MOUTON
&COMPANY, INC.
ACTUARIES AND PENSION ADMINISTRATORS
05- Jun -18
Monroe County Board of County Commissioners
c/o Fire Chief James Callahan
490 63rd Street
Marathon, FL 33050
INVOICE Monr01
----------------------------------------------------------------------------------------------------------------------------
Outstanding Charges:
TOTAL OUTSTANDING $0.00
Current Charges:
Professional Services:
(D18) Preparation of January 1, 2018 Actuarial Valuation for
County of Monroe LOSAP Plan including new GASB
requirements and schedules. $4,776.00
Sub -Total Professional Services $4,776.00
Expenses (UPS overnight, telephone, postage) $0.00
TOTAL CURRENT CHARGES $4,776.00
TOTAL DUE $4,776.00
Lakeview Professional Village - 516 Lakeview Road - Villa 6 - Clearwater, FL 33756 - (727) 441 -1526 - Fax (727
DDRAL FT'
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1, 2018
May 15, 2018
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, 2018, covering the actuarial
aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 2018 and the
County's fiscal year ending September 30, 2019.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
Item
2016 2017
Plan Year Plan Year
2018
Plan Year
Participants
Covered Payroll
Current EOY Plan Costs
57
$ na
$36,820
45
$ na
$24,448
41
$ na
$3,265
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.
This valuation combines Big Coppitt, Big Pine and Layton Keys into the M/C Volunteer group.
Sugarloaf Key has one retired participant receiving benefits and is listed separately as well as
Tavernier Key, The Monroe/Volunteer group now contains 3 of the original 5 groups.
LL A\ IF
Monroe County Board of County Commissioners
June 4, 2018
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
IF
ACTUARIAL REPORT
PLAN: Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR: January 1, 2018 through December 31, 2018
SPONSOR FISCAL YEAR: October 1, 2018 through September 30, 2019
VALUATION DATE: January 1, 2018
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.
Future actuarial measurements may differ significantly from the current measurement presented
in this report due to such factors as the following: plan experience differing from that
anticipated; changes in economic or demographic assumptions; increases or decreases expected
as part of the natural operation of the methodology used for these measurements (such as the end
of an amortization period or additional cost or contribution requirements based on the plan's
funded status); and changes in plan provisions or applicable law. An actuarial analysis of the
range of potential future measurement differences was not within the scope of this project. The
undersigned credentialed actuary meets the Qualification Standards of the American Academy of
Actuaries to render the actuarial opinion contained herein.
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 417 -2773
On Behalf of Mouton & Company, Inc.
A F7
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2018
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
EXIIIBIT 6 PENSION COST RATIONALE 18
EDIT 7 GASB INFORMATION 19
EXHIBITs 8 -9 GASB SCHEDULES 23
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018
Recap of Results: Development of Actuarial Assets by Department
Note: All rounding adjustments are made to Tavemier.
MIC Volunteer now includes the Big Coppitt, Big Pine and Layton Keys
Beginning
of Year
Benefits
District
Assets
Contribution
Paid
M/C Volunteer
360,323.34
31,434.83
7,020.00
Key Largo Fire
126,800.02
0.00
7,560.00
Key Largo EMS
129,644.00
0.00
11,880.00
Sugarloaf Key
63,023.36
0.00
3,240.00
Tavernier
176,655.72
29,953.17
1,980.00
Monroe County
856,446.44
61,388.00
31,680.00
Note: All rounding adjustments are made to Tavemier.
MIC Volunteer now includes the Big Coppitt, Big Pine and Layton Keys
J
Page IA of 32
EXHIBIT 1
After Changes to Groups
Interest Rate:
LOD%
Reallocation of
Interest
End
Present
Assets from
End
Expenses
Credited
of Year
Value of
Terminated
of Year
Paid
for Year
Assets
Fut, Benefits
Groups
Assets
1,858.35
2,325.70
385,205.52
353,321.00
- 848.60
384,356.92
756.80
818.42
119,301.64
127,545.00
8,243.36
127,545.00
773.77
836.79
117,827.02
110,998.00
- 6,829.02
110,998.00
205.54
406.78
59,984.60
34,267.00
- 282.87
59,701.73
1,155.55
1,140.22
204,613.56
213,878.00
- 282.87
204,330.69
4,750.01
5,527.91
886,932.34
840,009.00
0.00
886,932.34
Note: All rounding adjustments are made to Tavemier.
MIC Volunteer now includes the Big Coppitt, Big Pine and Layton Keys
Note: All rounding adjustments are made to Tavernier.
MONROE COUNTY, FLORIDA VOLUNTEER
FIREFIGHTER AND
Page 1 B of 32
EMERGENCY MEDICAL SERVICES LENGTH
OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018
EXHIBIT 1
Recap of Results:
Development of Actuarial
Assets by Department
Before Changes to Groups
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
125,537.41
13,522.62
0.00
639.28
810.28
139,231.03
135,358.00
- 282.87
138,948.16
Big Pine
70,801.77
0.00
1,800.00
326.90
456.99
69,131.86
55,186.00
- 282.87
68,848.99
Layton
163,984.16
17,912.21
5,220.00
892.17
1,058.43
176,842.63
162,779.00
- 282.87
176,559.76
Sub -total
360,32334
31,434.83
7,020.00
1,858.35
2,325.70
385,205.52
353,323.00
- 848.61
384,356.91
Key Largo Fire
126,800.02
0.00
7,560.00
756.80
818.42
119,301.64
127,545.00
8,243.37
127,545.01
Key Largo EMS
129,644.00
0.00
11,880.00
773.77
836.79
117,827.02
110,998.00
- 6,829.02
110,998.00
Sugarloaf Key
63,023.36
0.00
3,240.00
205.54
406.78
59,984.60
34,267.00
- 282.87
59,701.73
Tavemier
176,655.72
29,953.17
1,980.00
1,155.54
1,140.22
204,613.57
213,878.00
- 282.87
204,330.70
Monroe County
856,446.44
61,388.00
31,680.00
4,750.00
5,527.91
886,932.35
840,011.00
0.00
886,932.35
Note: All rounding adjustments are made to Tavernier.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018
fil
Page 2A of32
CURRENT VALUATION RESULTS EXHIBIT I
Plan Description Schedule B
Actuarial Study as of. 01 -Jan-18
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:
Total
For vesting purposes:
120
For benefit accrual purposes:
12
First Year for which Retroactive Benefit Accanal 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:
1,722
Present value of maximum benefit (a, NRA:
43,047
Interest Adjustment to Move Normal Costs to End of Valuation Year:
1.00997
Recap of Results: After Changes to Groups Interest Rate:
1.00
Monroe County 41 9 0 32 256,029 583,980 840,009 886,932 (46,923) 206.736 5.042 - 29,422 5,200 3,265
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.
MIC Volunteer now includes the Big Coppitt, Big Pine and Layton Keys
If
r
f,
r
;t
,
Parti-
Present
Present
Total
Present
Aggregate
Average
Parti-
cipauts
Ineligible
Value of
Value of
Present
Allocated
Value of
Future
Future
Current
cipants
Valued
Parti-
Inactives
Fut Benefits
Fut Benefits
Value of
Actumal
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`
M/C Volunteer
19
5
0
14
90,124
263,197
353,321
384,357
(31,036)
113.096
5.952
-5,266
1,733
0
Key Largo Fire
7
0
0
7
0
127,545
127,545
127,545
0
34.444
4.921
0
0
0
Key Largo EMS
6
0
0
6
0
110,998
110,998
110,998
0
7.835
1.306
0
0
0
Sugarloaf Key
1
0
0
1
34,267
0
34,267
59,702
(25,435)
1.000
1.000
- 25,688
1,733
0
Tavernier
8
4
0
4
131,638
82,240
213,878
204,331
9,547
50.361
6.295
1,532
1,733
3,265
Monroe County 41 9 0 32 256,029 583,980 840,009 886,932 (46,923) 206.736 5.042 - 29,422 5,200 3,265
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.
MIC Volunteer now includes the Big Coppitt, Big Pine and Layton Keys
If
r
f,
r
;t
,
fay
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
Page 2B of32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
I
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS
EXHIBIT 1
Present
Total
Plan Description
Schedule B
Actuarial Study as of 01- Jan -18
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:
cipants
For vesting purposes:
120
For benefit accrual purposes:
12
First Year for which Retroactive Benefit Acc-mal Service Is Granted:
1986
Annual Benefit Accred for each completed year of service
180
Maximum Annual Benefit..
4,500
Present Value of Annual Bft Earned (a, NRA:
1,722
Present value of maximum benefit (a, NRA:
43,047
Interest Adjustment to Move Normal Costs to End of Valuation Year:
1.00997
Recap of Results: Before Changes to Groups Interest Rat,-
1.00
Average
Present
Parti-
I
Value of
Present
Present
Total
Service
Parti-
cipants
Ineligible I
138,948
Value of
Value of
Present
(13,663)
cipants
Valued
Parti- I
Inactives
Fut. Benefits
Fur Benefits
Value of
District
Reported
Active
cipants J
I
Valued
Active
Inactive
Fur, Benefits
Big Coppitt
11
3
I
0 I
8
31,861
103,497
135,358
MIC Volunteer (Big Pine)
2
1
I
0 I
1
0
55,186
55,186
Key Largo Fire
7
0
I
0 I
7
0
127,545
127,545
Key Largo EMS
6
0
I
0 J
I
7
0
110,998
110,998
Layton
6
2
0 I
I
4
58,264
104,514
162,778
SugarioafKey
1
1
0 I
I
0
34,267
0
34,267
Tavernier
8
4
0 I
4
131,638
82,240
213,878
Average
Present
Aggregate
Allocated
Value of
Future
Actuarial
Future
Service
Assets
Normal Bft
Annuity
138,948
(3,590)
88.473
68,849
(13,663)
10.311
127,545
(0)
34.444
110,998
0
7.835
176,560
(13,782)
14.311
59,702
(25,435)
1.000
204,331
9,547
50.361
Average
Future
Current
Service
Normal
Administrative
Plan
Annuity
Cost EOY
Expenses
Costs EOY•
8.043
-451
1,040
569
5.156
-2,676
1,040
0
4.921
0
0
0
1.119
0
0
0
2.385
-5,836
1,040
0
1.000
- 25,688
1,040
0
6.295
1,532
1,040
2,572
Monroe County 41 11 0 1 31 256,030 583,980 840,010
• 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.
886,932 (46,922) 206.735
4.922 - 33,119 5,200 3,161
r*
If
r
f,
r
l:
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 3 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS EXHIBIT I
Development of Current Year's Costs Schedule C
Current Year
Prior Year
01 -Jan -2018
01 -Jan -2017
A.
Present Value of Future Obligations:
.—
---
1. Active Members
256,029
361,066
2. Inactive Members
583,980
576,694
3. Retired Members
0
0
4. Survivors on Benefit
0
0
5. Disabled Members
0
0
Total Actuarial Accrued Liability;
--------- - - - - --
840,009
---------------
937,760
B.
Less Present Value of:
1. Member Contributions
0
0
2. Florida Premium Tax Rebates
0
0
--------- - - - - --
0
---- ---- - - - - --
0
C.
Less Actuarial Plan Assets
886,932
856,446
D.
Amount to be Funded by County (A -B -C)
- - -- ---- - - - - --
(46,923)
------ °------ --
81,314
(Unfunded Actuarial Accrued Liability)
E.
Aggregate Normal Costs from District Calculations including expenses
3,265
24,448
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
---- ----- - - - - --
3,265
--------- - - - - --
24,448
r
CD b", i
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 4 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS EXHIBIT I
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-2018
01- Jan -2017
A.
Beginning Balance
60,676
23,189
Interest Adjustment to End of Year
607
232
sub -total
--- -- - -- - --
61,283
--- -- -- ----
23,421
B.
Less Charges to Account
1. Normal Costs for the Year (BOY)
3,265
24,448
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
-- - - -- --
3,265
-- -- - ---
24,448
C.
Plus Credits to Account
1. Contributions Credited During the Year
0
61,388
2, Amortization Charges (net) (BOY)
0
0
3. Interest Adjustment to End of Year
0
315
-- - - -- --
0
-- - - - - --
61,703
D.
Ending Balance* (not less than 0)
-- - - - - --
58,018
-- - - - - --
60,676
1.00%
Date Made Amount
Interest
15- Apr -17 36,940
263
15- Oct -17 24,448
52
0
0
0
0
-- --- - - - - --
61,388
--- - - - - --
315
* 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.
Assets Schedule l'
Actuarial Value 886,932 856,446 851,168
Market Value 886,932 856,446 851,168
Liabilities Schedule G
Current
Prior
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
Page 5 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
O1- Jan -2018
01- Jan -2017
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS
EXHIBIT 1
Active Members
Participant Data
361,066
Schedule E
583,980
576,694
Next
0
Current Year Prior Year
Prior Year ;
0
O1- Jan -2018 01- Jan -2017
01- Jan -2016
Number Included
— ..- -
Total
Active Members
9 3
4
Inactive Members
18 28
38 ,
Retired Members
14 14
15 ,
Current Beneficiaries
0 0
0
Disabled Members
0 0
0
Total Members
41 45
57 ,
Total Annual Payroll of Actives
0 0
0 i
Total Annual Benefits:
81,314
to Retired Members
31,680 32,265
28,365
to Current Beneficiaries
0 0
0
to Disabled Members
0 0
0
Assets Schedule l'
Actuarial Value 886,932 856,446 851,168
Market Value 886,932 856,446 851,168
Liabilities Schedule G
Current
Prior
Plan Year
Plan Year
O1- Jan -2018
01- Jan -2017
Present Value of Future Benefits
Active Members
256,029
361,066
Inactive Members
583,980
576,694
Retired Members
0
0
Current Beneficiaries
0
0
Disabled Members
0
0
Total
840,009
937,760
Less Present Value
Future Member Contributions
0
0
Future State Contributions
0
0
0
0
Actuarial Accrued Liability
840,009
937,760
less Actuarial Plan Assets
(886,932)
(856,446)
Unfunded Actuarial Accrued Liability
(46,923)
81,314
MONROE COUNTY, FLORIDA VOLUNTEER FIREFTGHTER AND Page 6 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS EXHIBIT 1
Actuarial Present Value of Accrued Benefits Schedule H
Current Year
Prior Year -
01- Jan -2018
O1- Jan -2018
01- Jan -2017 '
Vested Accrued Benefits
- -- -- --
- -- - - ----
Inactive Members & Beneficiaries
539,300
512,194
Active Members
226,793
283,661
--
Total
-------- - - - - --
766,093
-------- - - - -
795,855 t
Nonvested Accrued Benefits
44,680
64,500
Total
-------- - - - - --
810,773
-------- - - - - --
860,355 F
t
Benefits Paid
(31,680)
t
Statement of Changes in Total Actuarial Present Value
Net Increase (Decrease)
t
of All Accrued Benefits
Schedule I `
Current Year
01- Jan -2018
Present Value of Accrued Benefits at
----- —
Beginning of Year
860,355
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
8,445
Benefits Accrued, net of excluded participants
7,003
Benefits Paid
(31,680)
Other Changes - terminations
(33,350)
- - - - --
Net Increase (Decrease)
--------
(49,582)
Actuarial Present Value of Accrued
Benefits at End of Year
810,773
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 7 of 3:
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS EXHIBIT I
Pension Cost Schedule:
---------- — ---- — ------ — — -------------- — ------- — ------------------ —
- — ---- — -------------- — - — - — ----- —
--- — - — -------- — -------- — -- —
— — -------- -------- —
Nex
Plan Year
Prior Year
Prior Yeaj
01-Jan-2018
01-Jan-2017
01-Jan-2016
Accumulated Prior Deficiency (Credit)
(5,964)
(2,635]
Required Funding Costs
3,265
24,448
36,940
Current Sponsor Contributions
(61,388)
(39,899',
Interest Adjustment
0
(263)
(369',
Total Required County Contribution
3,265
(43,167)
(5,964
As % of Payroll
N/A
N/A
NIA
Estimated Participant Contributions
0
0
0
As % of Payroll
N/A
N/A
NIA
Estimated Premium Tax Refund
0
0
0
As % of Payroll
N/A
N/A
NIA
Remaining Amount to be Contributed
by County
3,265
0
0
As % of Payroll
N/A
N/A
NIA
Schedule K
Past Contributions
For the fiscal year ended 12/31/15
Total Contribution Required
24,448
Actual Contribution Made By:
State
0
County
61,388
Participants
0
61,388
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 8 of 3:
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 CURRENT VALUATION RESULTS EXHIBIT
Comparison of Actual to Assumed Earnings
(Assuming uniform income and disbursements, Employer Contributions assumed at End of Year)
Schedule I
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
Benefits
Year
Beginning
Ending
Investment
Other
and
Ended
Assets
Assets
Earnings
Income
Expenses
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
31- Dec -2017
856,446
886,932
5,528
0
36,430
Year
Net
Expected
Actual
3 Year
5 Year
Assumec
Ended
Increase
Earnings
Experience
Average
Average
Factor
31- Dec -2001
9,611
15,572
4.44%
na
na
5.00
31- Dec -2002
(4,116)
19,260
1.11%
2.77%
na
5.00°/
3I- Dec -2003
9,169
23,736
1.93%
2.49%
na
5.00
31- Dec -2004
(5)
27,926
1.51%
1.52%
1.70%
5.00°/
31- Dec -2005
13,252
24,913
3.35%
2.26%
1.81%
4.00%
31- Dec -2006
5,336
20,876
2.22%
2.36%
2.28%
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
31- Dec -2017
(30,902)
8,382
0.66%
0.37%
0.33%
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 41 persons covered by the plan as of December 31, 2017.
Category
Number
Amount
Active Participants
9
0
Other Inactive Participants
18
0 **
Retirees on Benefit
14
0 **
Survivors on Benefit
0
0 **
Participants on Disability Benefit
0
0 **
Terminated Vested Participants
0
0 **
TOTAL
- - --
41
----- - - - - --
N/A
* Annual covered pay only
** Annual Benefit
41 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, 2017.
Years of Credited Service -- all Participants
-----------------------------------------------------------------------------------------------------------------------------------------
Years of Service
-------------------------------------------------------------------------------------------------------------------------
< 1 1 1 -4 1 5 -9 1 10 -14 1 15 -19 1 20 -24 1 25 -29
Attained
Age Count
Under 25
26 -29
30 -34
35 -39
40 -44
45 -49
50 -54
55 -59
60 -64
64 -69
Over 70
1
2
- -- I - - - -- I - - - --
0 6 3
Count I Count I Count I Count I Count Count
2 I I I
4 1 I I I
2 1
4 I
I
I 1
2 I
I 1
4 I
11
6 1
6
I
I
1 1
I ( I
24 1
3
3
Schedule B e
30 -34
Count I Totals
0
2
1 4
1 2
7
3
1 6
7
I 7
1 2
:i
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 10 of 3<
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 PARTICIPANT DEMOGRAPHICS EXHIBIT
Participant Reconciliation Schedule C
Retired
Survivor
C
on
on
Active
Benefit
Benefit Disabled
Inactive
Tota i
r
e
Participants at 01- Jan -2017
17
14
0 0
14
45
New
0
L
0 i
Retirement
-2
2
0 F
t
Death
0
e
0 C
Non - Vested Termination
-2
(2; "
Vested Termination
-4
4
r
0
r
Lump Sum Settlement
0
0
New Survivors
0
r
0
Completed Retiree Payments
0
-2
y
(2; C
Participants at 31 -Dec -2017
- - - - - --
4
- - - - - --
14
- - - - - -- - - - - - --
0 0
- - - - - --
18
- - - - -- -
r
41
r
;°.
F 7
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 11 of 32
Actuarial Valuation as of January 1, 2018
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Net Assets Available for Benefits* Schedule A i
31 -Dec -2016 31- Dec -2017 0
------------------------------------------------------------------------------------------------------------------------------------
Market Value
Money Market
Accrued Contribution - Employer
Liabilities
Accounts Payable
Deferred Revenues
Net Assets Available
* As reported by the County
856,446.44 886,932.36 s
0.00 0.00 U.
c
s
856,446.44 886,932.36
a
0.00 0.00 i
0.00 0.00 i
c
0.00 0.00 c
---------- - - - - -- ---------- - - - - -- i
4
856,446.44 886,932.36
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN _ Page 12 of 32
Actuarial Valuation as of January 1, 2018
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Changes in Market Value of Net Assets Schedule B
Plan Year Ending: 31- Dec -2016 31 -Dec -2017
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
State Insurance Contributions
Employee Contributions
Employer Contributions: 39,899.00
Accrued 0.00
2,399.43
0.00
0.00
0.00
OR
5,527.92
0.00
0.00
0.00
DECREASES
Expenses
Professional Fees (4,755.25)
Professional Fees 0.00
PMA Fees 0.00
Paid to Participants
Retirees (32,265.00)
Survivors 0.00
Disabled 0.00
Overpayment due to City 0.00
39,899.00
--------------- --
42,298.43
- ---- -- ---- - -- - --
(4,755.25)
(32,265.00)
--------------- --
(37,020.25)
--------------- --
Net Increase /(Decrease) 5,278.18
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 851,168.26
--------------- - - --
End of Year 856,446.44
61,388.00
0.00
----------- - - - - --
61,388.00
66,915.92
(4,750.00)
0.00
0.00
----------- - - - - --
(4,750.00) .!
(31,680.00)
0.00
0.00
0.00
(31,680.00) a
(36,430.00)
30,485.92 !
856,446.44
--------------- - - --
886,932.36 `
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2018 Page 13 of 32
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, 2018 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.
1 " j "
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2018 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.
IF
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2018 Page 16 of 32
COST METHOD EXHIBIT 5
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, 2018
ACTUARIAL ASSUMPTIONS
Actuarial Study as of:
Valuation Date Adjustment:
Completed months to participate
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
Annual Benefit Accrued for each completed year of service
Maximum Annual Benefit Accrued for each completed year of service
Vesting Schedule
EXHIBIT 5
01- Jan -2018
t
C:
C '
12C
12
18C i
t
450C
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
114.79272
Maximum annual benefit accrual limited by IRC
Present value of maximum benefit:
Present value of annual benefit accrual
Year First Allowed for Benefit Accrual Purposes:
Maximum Credited Years for Benefit Accrual as of the Valuation Date:
is
v:
d:
a(10)due:
i(12):
v(12):
d(12):
a(120)due:
3,000
1.00%
0.99010
0.00990
9.56606 f
0.083 ° / e
0.99917 ;
0.00083 ;
114.26266
313.61
43,047
1,722
After: 1986
Before: 1986
33
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2018 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.
R AF
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 19 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 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 18
32
Fully vested and past normal retirement date
32
Partially vested
0
Non - vested
9
41
(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
it 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 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.
°J l 1 i J
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 3,
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 EXHIBIT'
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, 2018 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 I, V Select & Ultimate Table, with 50% termination prob. for YOS <I
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 oflanuary 1, 2018 EXHIBIT 7
GASB Schedules of Funding Progress
The actuarially determined normal cost as of
31- Dec -2017
$728
% of Annual
Contributions actually made by employees and employer
were:
Amount
Payroll
County
61,388
na
Participants
0
na
As discussed in paragraph 87 of GASB, a schedule of
funding progress is not
required under the
aggregate cost method, which the plan uses.
............................ ...............................
Summary of Fund Progress by Plan Year
1/ 1/2017
1 / 1/2016
1/1/2015
I / 1/2014
111/2013
I/ 1/2012
1/112011
1/ 1/2010
1/ l /2009
1/ 1/2008
to
to
to
to
to
to
to
to
to
to
12/31/2017
M31/2016
12/31/2015
12/31/2014
12/31/2013
12/312012
I2/31/2011
12/31/2010
12/31/2009
L2/31/2008
Increases to funds
Employer Contribution
61,388.00
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
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 Coutributious
61,388.00
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
Investment Income
5,527.92
2,399.43
1,305.43
2,590.73
1,859.67
3,332.67
6,561.28
7,821.26
6,554.75
30,627.76
Other Income
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Total Increases
66,915.92
42,298.43 ✓
31,609.43
31,165.73
38,647.67
31,477.67
36,940.28
36,735.26
37,345.75
59,104.76
Decreases to Funds
Benefit payments
(31,680.00)
(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)
Admin expenses
(4,750.00)
(4,755.25)
(9,512.75)
(4,750.00)
(4,755.00)
(4,507.50)
(4,357.75)
(4,357.75)
(8,700.00)
(4,932.50)
Total Decreases
(36,430.00)
(37,020.25) ✓
(37,877.75)
(35,605.00)
(30,330.00)
(32,572.50)
(29,0IT75)
(25,837.75)
(23,775.00)
(23,652.50)
Net Increase/Decrease 30,485.92 5,278.18 (6,268.32) (4,439.27) 8,317.67 (1,094.83) 7,922.53 10,897.51 13,570.75 35,452.26
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 23 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018 EXHIBIT 8
GASB Schedules of Funding Progress -- Current Year EAN Calculations
a. Present Value Fut Bfts:
b. Present Value Fut Entry Age NC:
C. Entry Age Actuarial Liability (a - b):
d. Plan Assets:
e. Unfunded Entry Age Actuarial Liability (c - d):
Entry Age Normal Cost:
Amortization of Payment
UAAL Payment:
2018
840,007
14,776
-------- - - - - --
825,231
886,932
-------- - - - - --
- 61,701
1,811
10
-6,170
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018
GASB 67 Schedules Experience Gains and Losses (EAN method) -- for year ending on the current valuation
a. Beginning Balances
b. Interest Adjustment
C. Plan Normal Costs
d. Interest Adjustment
Date Made Amount Days Factor'
e. Employer Contributions
f. Interest Adjustment 15- Apr -17 36,940 260 0.71184
15- Oct -17 24,448 77 0.71184
g. Benefits Paid
h. Interest Adjustment
i. Expenses Paid
j. Interest Adjustment
k. Expected Values
1. Assumption Changes
M. Actual Values
n. Actual Deviation
o. Expected Investment Earnings (normal cost change):
p. Actual Investment Earnings (normal cost change):
31- Dec -17
1.00%
Interest
Page 24 of 32
1.00% EXHIBIT 8
0
61,388
01 -Jan -2017
EAN
1.00%
Unfunded
Actuarial
Valuation
Actuarial
Liability
Assets
Liability
(158)
(158)
0
863,808
856,446
7,362
8,638
8,564
74
24,448
0
24,448
244
0
244
0
61,388
(61,388)
263 0
263
(263)
174 0
174
(174)
(31,680)
(31,680)
0
(158)
(158)
0
(4,750)
(4,750)
0
(24)
(24)
0
860,526
890,223
(29,697)
0
825,231
886,932
(61,701)
35,295
3,291
32,004
8,819 �D
1.00%
5,528
0.63%
check:
0
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 25 of 32
Actuarial Valuation as of January 1, 2018 EXHIBIT 8
Summary of Fund Progress by Plan Years --
GASB Schedules of Funding Progress Individual Entry Age Normal Method
1/1/2017
1/1/2016
to
to
12/31/2017
12/31/2016
Total Liability
Service Cost
(10,735)
22,937
Interest
8,724
9,146
Changes of benefit terms
0
0
Differences between expected and actual experience
(35,295)
(39,039)
Changes in Assumptions
0
0
Benefit payments, including refunds of member contributions
(31,680)
(32,265)
Net change in total pension liability
--- ------ -- ----- ---
(68,986)
--------------- ----
(39,221)
Total pension liability -- beginning
878,147
917,368
Total pension liability -- ending (a)
$809,161
$878,147
Plan Fiduciary net position
Employer Contribution
61,388
39,899
Employee Contribution
0
0
State Contribution
0
0
Investment Income
5,528
2,400
Other Income
0
0
Benefit payments
(31,680)
(32,265)
Admin expenses
(4,750)
(4,755)
Net change in plan fiduciary net position
30,486
5,279
Plan fiduciary net position -- beginning
856,447
851,168
Plan fiduciary net position -- ending (b)
$886,933
$856,447
Net Pension Liability (asset) -- ending (a) - (b)
(577,772)
521,700
Plan fiduciary net position as a percentage of the
total pension liability
109,61%
97,53%
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 3:
Actuarial Valuation as of January 1, 2018 EXHIBIT !
GASB Schedules of Funding Progress -- EAN results representing discount rate 1.0% higher
--------------------------------------------------------------------------------------------------------------------------------------------------------
Discount rate: 2.00%
a. Present Value Fut Bfts:
763,57' -
b. Present Value Fut Entry Age NC:
11,22E '
C. Entry Age Actuarial Liability (a - b):
752,34 .
d. Plan Assets:
886,93:
t
e. Unfunded Entry Age Actuarial Liability (c - d):
- 134,58;
t
Entry Age Normal Cost:
1,43;
Amortization of Payment
1(
UAAL Payment: -1345f
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 27 of 32
Actuarial Valuation as of January 1, 2018 EXHIBIT 8
GASB Schedules of Funding Progress -- representing discount rate 1.0% lower
------------------------------------------------------------------------------------------------------------
Discount rate: 0.00%
a. Present Value Fut Bfts: 929,900
b. Present Value Fut Entry Age NC: 19,496
-------- - - - - --
c. Entry Age Actuarial Liability (a - b): 910,404
d. Plan Assets: 886,932
-------- - - - - --
e, Unfunded Entry Age Actuarial Liability (c - d): 23,472 I
Entry Age Normal Cost: 2,292
Amortization of Payment 10
UAAL Payment: 2347
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2018
Page 28 o1732
CURRENT VALUATION RESULTS EXHIBIT 8
GASB Schedules of Funding Progress - representing discount rate 1.0% higher
Schedule B
Actuarial Study as of 01 -Jan-18
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:
Ineligible
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 P 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
` 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.
Present
Parti-
I
Present
Present
Total
Value of
Parti-
cipants
Ineligible
Value of
Value of
Present
Service
cipants
Valued
Parti- I
Inactives
Fut. Benefits
Fut. Benefits
Value of
District
Reported
Active
cipants I
I
Valued
Active
Inactive
Fut. Benefits
M/C Volunteer
19
5
f
0 I
14
78,987
241,232
320,219
Key Largo Fire
7
0
I
0 I
7
0
115,108
115,108
Key Largo EMS
6
0
0 J
6
0
105,443
105,443
Sugarloaf Key
1
0
I
0
1
32,659
0
32,659
Tavernier
8
4
I
0
I
4
114,795
75,356
190,151
Monroe County
41
9
0 I
32
226,441
537,139
763,580
` 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.
886,932 (123,352) 195.879 4.778 (47,941) 5,200 0
•
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f,
r
Present
Aggregate
Average
Allocated
Value of
Future
Future
Current
Actuarial
Future
Service
Service
Normal
Administrative
Plan
Assets
Normal Bft
Annuity
Annuity
Cost EOY
Expenses
Costs E0Y*
395,152
(74,933)
106.212
5.590
- 13,672
1,733
0
115,108
0
32.782
4.683
0
0
0
105,443
0
7.809
1.302
0
0
0
63,300
(30,641)
1.000
1.000
- 31,252
1,733
0
207,929
(17,778)
48.076
6.010
-3,017
1,733
0
886,932 (123,352) 195.879 4.778 (47,941) 5,200 0
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 29 of32
Actuarial Valuation as of January 1, 2018
CURRENT VALUATION RESULTS
EXHIBIT 8
GASB Schedules of Funding Progress - representing discount rate 1.0 lower
Schedule B
Actuarial Study as of:
01- Jan -18
Value
Completed months to participate
0
Yeats 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 (d 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
Fut. 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•
MIC Volunteer 19 5 0 ( 14
104,178
288,739
392,917
371,951
20,966
121.028
6.370
3,291
1,733
5,024
{
Key Largo Fire 7 0 0 J 7
0
142,226
142,226
142,226
0
36.278
5.183
0
0
0
Key Largo EMS 6 0 0 6
0
116,993
116,993
116,993
0
7.862
1.310
0
0
0
Sugarloaf Key 1 0 0 1
35,998
0
35,998
55,567
(19,569)
1.000
1.000
- 19,569
1,733
0
Tavernier 8 4 0 4
151,667
90,104
241,771
200,195
41,576
52.875
6.609
6,291
1,733
8,024
Monroe County 41 9 0 32
291,843
638,062
929,905
886,932
42,973
219.043
5.343
(9,987)
5,200
13,049
. Not less than a=
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.
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
:.
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 30 of 32
Actuarial Valuation as of7anuary 1, 2018 EXHIBIT 9
GASB Schedules of Funding Progress Schedule A
Cash Flow Projections assuming 5 -Year Employer Contributions
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
2018
886,932
3,265
0
3,265
6,412
296,843
197,927
494,770
(485,093)
401,839
1.00%
0.995037
2019
401,839
3,265
0
3,265
3,644
52,706
25,391
78,097
(71,187)
330,652
1.00%
0.985185
2020
330,652
3,265
0
3,265
3,094
38,350
7,375
45,725
(39,365)
291,287
1.00%
0,975431
2021
291,287
3,265
0
3,265
2,838
8,277
9,871
18,148
(12,044)
279,242
1.00%
0.965773
2022
279,242
3,265
0
3,265
2,424
37,710
39,245
76,955
(71,266)
207,977
1.00%
0,956211
2023
207,977
0
0
0
2,039
3,418
4,761
8,179
(6,140)
201,837
1.00%
0.946744
2024
201,837
0
0
0
1,959
4,881
7,016
11,897
(9,938)
191,898
1.00%
0.937370
2025
191,898
0
0
0
1,649
21,920
32,143
54,063
(52,414)
139,484
1.00%
0.928089
2026
139,484
0
0
0
1,367
2,256
3,353
5,609
(4,242)
135,242
1.00°%
0.918900
2027
135,242
0
0
0
1,329
1,848
2,922
4,770
(3,441)
131,800
1.00°%
0.909802
2028
131,800
0
0
0
1,288
2,837
3,174
6,011
(4,723)
127,077
1.00°%
0.900794
2029
127,077
0
0
0
1,114
13,723
17,561
31,284
(30,170)
96,908
1.00°%
0.891875
2030
96,908
0
0
0
757
1,699
40,792
42,491
(41,734)
55,173
1.00°%
0.883045
2031
55,173
0
0
0
465
9,087
8,321
17,408
(16,943)
38,230
1.00%
0.874302
2032
38,230
0
0
0
348
6,399
469
6,868
(6,520)
31,710
1.00°%
0.865646
2033
31,710
0
0
0
312
504
455
959
(647)
31,063
1.00°%
0.857075
2034
31,063
0
0
0
307
284
413
697
(390)
30,674
1.00°%
0.848589
2035
30,674
0
0
0
299
1,324
238
1,562
(1,263)
29,410
1.00%
0.840187
2036
29,410
0
0
0
230
11,818
1,076
12,894
(12,664)
16,746
1.00°%
0.831868
2037
16,746
0
0
0
119
0
9,674
9,674
(9,555)
7,191
1,00°%
0.823632
2038
7,191
0
0
0
72
0
20
20
52
7,243
1.00%
0.815477
2039
7,243
0
0
0
72
0
18
18
54
7,297
1.00%
0.807403
2040
7,297
0
0
0
73
0
18
18
55
7,352
1.00°%
0.799409
2041
7,352
0
0
0
73
0
15
15
58
7,411
1.00°%
0.791494
2042
7,411
0
0
0
74
0
13
13
61
7,472
1.00°%
0,783658
2043
7,472
0
0
0
75
0
12
12
63
7,534
1.00°%
0.775899
2044
7,534
0
0
0
75
0
12
12
63
7,598
1.00°%
0.768216
2045
7,598
0
0
0
76
0
10
10
66
7,664
1,00%
0.760610
2046
7,664
0
0
0
77
0
10
10
67
7,730
1.00%
0,753080
2047
7,730
0
0
0
77
0
7
7
70
7,800
1.00°%
0.745623
2048
7,800
0
0
0
78
0
5
5
73
7,873
1.00%
0.738241
2049
7,873
0
0
0
79
0
23
23
56
7,929
1.00°%
0.730932
2050
7,929
0
0
0
78
0
197
197
(119)
7,810
1.00°%
0.723695
2051
7,810
0
0
0
78
0
0
0
78
7,888
1.00°%
0.716529
2052
7,888
0
0
0
79
0
0
0
79
7,967
1.00°%
0.709435
2053
7,967
0
0
0
80
0
0
0
80
8,047
1.00°%
0.702411
2054
8,047
0
0
0
80
0
0
0
80
8,127
1.00°%
0.695456
2055
8,127
0
0
0
81
0
0
0
81
8,209
1.00°%
0.688571
2056
8,209
0
0
0
82
0
0
0
82
8,291
1.00%
0.681753
2057
8,291
0
0
0
83
0
0
0
83
8,374
1.00°%
0.675003
t '
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 31 of 32
Actuarial Valuation as of January 1, 2018 EXHIBIT 9
GASB Schedules of Funding Progress Schedule B
Cash Flow Projections assuming No Employer Contributions
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
2018
886,932
0
0
0
6,395
296,843
197,927
494,770
(488,375)
398,558
1.00%
0.995037
2019
398,558
0
0
0
3,595
52,706
25,391
78,097
(74,502)
324,056
1.00%
0.985185
2020
324,056
0
0
0
3,012
38,350
7,375
45,725
(42,713)
281,343
1.00%
0.975431
2021
281,343
0
0
0
2,723
8,277
9,871
18,148
(15,425)
265,918
1.00%
0.965773
2022
265,918
0
0
0
2,274
37,710
39,245
76,955
(74,681)
191,237
1.00%
0.956211
2023
191,237
0
0
0
1,871
3,418
4,761
8,179
(6,308)
184,929
1.00%
0.946744
2024
184,929
0
0
0
1,790
4,881
7,016
11,897
(10,107)
174,822
1.00%
0.937370
2025
174,822
0
0
0
1,478
21,920
32,143
54,063
(52,585)
122,237
1.00%
0.928089
2026
122,237
0
0
0
1,194
2,256
3,353
5,609
(4,415)
117,822
1.00%
0.918900
2027
117,822
0
0
0
1,154
1,848
2,922
4,770
(3,616)
114,207
1.00%
0.909802
2028
114,207
0
0
0
1,112
2,837
3,174
6,011
(4,899)
109,308
1.00%
0.900794
2029
109,308
0
0
0
937
13,723
17,561
31,284
(30,347)
78,961
1.00%
0.891875
2030
78,961
0
0
0
577
1,699
40,792
42,491
(41,914)
37,047
1.00%
0.883045
2031
37,047
0
0
0
283
9,087
8,321
17,408
(17,125)
19,922
1.00%
0.874302
2032
19,922
0
0
0
165
6,399
469
6,868
(6,703)
13,219
1,00%
0.865646
2033
13,219
0
0
0
127
504
455
959
(832)
12,387
1,00%
0.857075
2034
12,387
0
0
0
120
284
413
697
(577)
11,811
1.00%
0.848589
2035
11,811
0
0
0
110
1,324
238
1,562
(1,452)
10,359
1.00%
0.840187
2036
10,359
0
0
0
39
11,818
1,076
12,894
(12,855)
(2,496)
1.00%
0.831868
2037
(2,496)
0
0
0
(73)
0
9,674
9,674
(9,747)
(12,243)
1.00%
0.823632
2038
(12,243)
0
0
0
(123)
0
20
20
(143)
(12,386)
1.00%
0.815477
2039
(12,386)
0
0
0
(124)
0
18
18
(142)
(12,528)
1.00%
0.807403
2040
(12,528)
0
0
0
(125)
0
18
18
(143)
(12,671)
1.00%
0.799409
2041
(12,671)
0
0
0
(127)
0
15
15
(142)
(12,813)
1,00%
0.791494
2042
(12,813)
0
0
0
(128)
0
13
13
(141)
(12,954)
1.00%
0,783658
2043
(12,954)
0
0
0
(130)
0
12
12
(142)
(13,096)
1.00%
0.775899
2044
(13,096)
0
0
0
(131)
0
12
12
(143)
(13,239)
1.00%
0.768216
2045
(13,239)
0
0
0
(132)
0
10
10
(142)
(13,381)
1.00%
0,760610
2046
(13,381)
0
0
0
(134)
0
10
10
(144)
(13,525)
1.00%
0.753080
2047
(13,525)
0
0
0
(135)
0
7
7
(142)
(13,667)
1.00%
0.745623
2048
(13,667)
0
0
0
(137)
0
5
5
(142)
(13,809)
1.00%
0.738241
2049
(13,809)
0
0
0
(138)
0
23
23
(161)
(13,970)
1.00%
0.730932
2050
(13,970)
0
0
0
(141)
0
197
197
(338)
(14,308)
1.00%
0.723695
2051
(14,308)
0
0
0
(143)
0
0
0
(143)
(14,451)
1.00%
0.716529
2052
(14,451)
0
0
0
(145)
0
0
0
(145)
(14,595)
1.00%
0.709435
2053
(14,595)
0
0
0
(146)
0
0
0
(146)
(14,741)
1,00%
0.702411
2054
(14,741)
0
0
0
(147)
0
0
0
(147)
(14,889)
1.00%
0.695456
2055
(14,889)
0
0
0
(149)
0
0
0
(149)
(15,038)
1.00%
0.688571
2056
(15,038)
0
0
0
(150)
0
0
0
(150)
(15,188)
1.00%
0.681753
2057
(15,188)
0
0
0
(152)
0
0
0
(152)
(15,340)
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 January 1, 2018 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
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
2018
886,932
0
0
0
0
296,843
197,927
494,770
(494,770)
392,162
0.00%
1.000000
2019
392,162
0
0
0
0
52,706
25,391
78,097
(78,097)
314,065
0.00%
1.000000
2020
314,065
0
0
0
0
38,350
7,375
45,725
(45,725)
268,340
0.00%
1.000000
2021
268,340
0
0
0
0
8,277
9,871
18,148
(18,148)
250,192
0.00%
1.000000
2022
250,192
0
0
0
0
37,710
39,245
76,955
(76,955)
173,237
0.00%
1.000000
2023
173,237
0
0
0
0
3,418
4,761
8,179
(8,179)
165,058
0.00%
1.000000
2024
165,058
0
0
0
0
4,881
7,016
11,897
(11,897)
153,161
0.00%
1.000000
2025
153,161
0
0
0
0
21,920
32,143
54,063
(54,063)
99,098
0.00%
1.000000
2026
99,098
0
0
0
0
2,256
3,353
5,609
(5,609)
93,489
0.00%
1.000000
2027
93,489
0
0
0
0
1,848
2,922
4,770
(4,770)
88,719
0.00%
1.000000
2028
88,719
0
0
0
0
2,837
3,174
6,011
(6,011)
82,708
0.00%
1.000000
2029
82,708
0
0
0
0
13,723
17,561
31,284
(31,284)
51,424
0.00%
1.000000
2030
51,424
0
0
0
0
1,699
40,792
42,491
(42,491)
8,933
0.00%
1.000000
2031
8,933
0
0
0
0
9,087
8,321
17,408
(17,408)
(8,475)
0.00%
1.000000
2032
(8,475)
0
0
0
0
6,399
469
6,868
(6,868)
(15,343)
0.00%
1.000000
2033
(15,343)
0
0
0
0
504
455
959
(959)
(16,302)
0.00%
1.000000
2034
(16,302)
0
0
0
0
284
413
697
(697)
(16,999)
0.00%
1.000000
2035
(16,999)
0
0
0
0
1,324
238
1,562
(1,562)
(18,561)
0.00%
1.000000
2036
(18,561)
0
0
0
0
11,818
1,076
12,894
(12,894)
(31,455)
0.00%
1.000000
2037
(31,455)
0
0
0
0
0
9,674
9,674
(9,674)
(41,129)
0.00%
1.000000
2038
(41,129)
0
0
0
0
0
20
20
(20)
(41,149)
0.00%
1.000000
2039
(41,149)
0
0
0
0
0
18
18
(18)
(41,167)
0.00%
1.000000
2040
(41,167)
0
0
0
0
0
18
18
(18)
(41,185)
0.00%
1.000000
2041
(41,185)
0
0
0
0
0
15
15
(15)
(41,200)
0.00%
1.000000
2042
(41,200)
0
0
0
0
0
13
13
(13)
(41,213)
0.00%
1.000000
2043
(41,213)
0
0
0
0
0
12
12
(12)
(41,225)
0.00%
1.000000
2044
(41,225)
0
0
0
0
0
12
12
(12)
(41,237)
0.00%
1.000000
2045
(41,237)
0
0
0
0
0
10
10
(10)
(41,247)
0.00%
1.000000
2046
(41,247)
0
0
0
0
0
10
10
(10)
(41,257)
0,00%
1.000000
2047
(41,257)
0
0
0
0
0
7
7
(7)
(41,264)
0.00%
1.000000
2048
(41,264)
0
0
0
0
0
5
5
(5)
(41,269)
0.00%
1.000000
2049
(41,269)
0
0
0
0
0
23
23
(23)
(41,292)
0.00%
1.000000
2050
(41,292)
0
0
0
0
0
197
197
(197)
(41,489)
0.00%
1.000000
2051
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2052
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2053
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2054
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2055
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2056
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
2057
(41,489)
0
0
0
0
0
0
0
0
(41,489)
0.00%
1.000000
Note: As required
in Section 1 12.664c
of the Florida Statutes,
projection of assets do not include contributions from either the Empoyer or the State. This is
contrary to the provisions ofthe
plan and
does not reflect the past history ofthe 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.