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Item C02
C.2 G BOARD OF COUNTY COMMISSIONERS County of Monroe Mayor Sylvia Murphy,District 5 The Florida Keys � � �l'U � Mayor Pro Tern Danny Kolhage,District 1 �pw° Michelle Coldiron,District 2 Heather Carruthers,District 3 David Rice,District 4 County Commission Meeting August 21, 2019 Agenda Item Number: C.2 Agenda Item Summary #5689 BULK ITEM: Yes DEPARTMENT: Emergency Services TIME APPROXIMATE: STAFF CONTACT: James Callahan (305) 289-6088 N/A AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award Program (LOSAP) actuarial valuation report for the Plan Year 2019 and transfer of funds for Plan Year 2019 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: Updated Actuarial Report for Plan Year 2019 STAFF RECOMMENDATION: Acceptance of actuarial report and transfer of funds for Plan Year 2019 into the LOSAP Trust Fund in the amount of$3,265.00. DOCUMENTATION: January 1, 2019 Actuarial Valuation Report FINANCIAL IMPACT: Effective Date: 8/22/19 Expiration Date: N/A Total Dollar Value of Contract: N/A Total Cost to County: $3,265 Packet Pg.41 C.2 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: Pedro Mercado Completed 07/30/2019 9:32 AM James Callahan Completed 08/02/2019 12:32 PM Budget and Finance Completed 08/05/2019 9:07 AM Maria Slavik Completed 08/05/2019 1:52 PM Kathy Peters Completed 08/05/2019 2:11 PM Board of County Commissioners Pending 08/21/2019 9:00 AM Packet Pg.42 C.2.a I-NC . ��:. C� ;"��'��A_TM• �"^�I� " ��f�'~�mnat"yew �����VV"�9°�1 9�,'�&� )�� Monroe County Board cif`(.aunty C ornmissiaaners c/o C;hief'.fame s,C:'tallahara 490 63 Street. Marathon, FL 33050 a `UbJea Monroe County, Florida VolunteerFircfi htewr mid Emergency ncy � Medical Services Length of'Services Award Plan January 1, 2019 Actuarial Valuation U) IL Dear Chief Callahan: Enclosed is the draft of the actuarial valuation for the Monroe C,tasty 1.( SAP plan. e have Maintained the eliscotint rate at l.00",'. lea award of another-past year of"service 0 credit is reflected as there are no eligible participants frar this credit, There have been no, C assumption or other changes to the; plan this year. Once the draft ofthe report has been accepted by the board, we will forward tlae original report to you ,vith a copy to the, State fiar approval, Should YOU have; my; questions regarding the enclosed report, please give rare, a call, C Sincerely, > a Nanette Mouton 1..x cutive, Vice. president 1' M/s Enclosure C 0 9 Aawrra a v lag'e '16 ikea icv Roo .ur W➢a) 6("learwater, F'L 33756 (°27) 44 • 526 F,� 472 Packet Pg.43 MONROE COUNTY FLORIDA VOLUNTEER FIREFI(.'OHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN ACTUARIAL REJ"ORT 0 i 4- JANUARY 1,2019 0 0 C14 Packet Pg.44 IJ July 25, 2019 Monroe County Board of County Conunissioners Fire Chiet"Jar nes Callahan 490 63"d Street Marathon, Fl. 33050 .2 Dear Plan Administrator: U- U) We are pleased to present the attached Report as of January 1, 2f119, covering the actuarial aspects ofthe ".Monroe County LOSAJ) * f`6j- the Plan Year ending December 3 1, 2019 amid the IL County's fiscal year ending September 30, 2020. 0 -j A brief overview ofthe results call be obtained by looking at the following figures for the 4- 0 past three years: 2017 2018 2019, Itern Plan Year Plan Year Plan Year Pal-ticipants 45 41 31 Covered Payroll $ na na na 0 Current EOY Plan Costs $24,448 $3,265 $0 The description of tile ACtUarial Cost Method has been changed to provide that the Entry Age Normal Cost Method required mininlurn, contribution will be the Plan's required minimum > contribution. This change has no current effect. The undersigned credentialed actuary nieets the Qualification Standards of the American Academy of Actuaries to render the actuarial opinion contained herein. Assurning that the recommended funding is made and that the asset performance becornes consistent with our current assurnption, it is our opinion that the Plan will be proceeding with a funding program, which can be expected to support the benctits promised by, the Plan on an adequate and timely basis. Respectfully submitted, E Glenn, F, Mouton, I'SA, MAAA, EA Consulting Actuaiy, GFM/i-fln Enclosures Packet Pg.45 ACTIJARIAL, REPORT PLAN: Monroe County, Florida Volunteer Firefighter and Emergency Medical Services Length of ServicesAward Plan 0 PLAN YEA J arlUary 1, 2019 through December 31, 2019, W SPONSOR FISCAL YEARS October 1, 2019 through September 30, 2020 VALUATION DATI : JaIlUary 1, 2019 This report presents the results of the: Actuarial Val uation as of`' aluuation Date shown above of the C Plan. The principal purposes of this report are U- U) To present the, financial condition of the Plan IL To satisfy the requirements of Chapter 11 2 of the Florida, Statutes - "Fo present the contributions required to adequately Fund the Plan during the 0 J current year, according, to the plan's current funding methodology 4- 0 - 'ro present disclosures required by Govertunental Accounting Standards Board C 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 0 reasonable and niect the requirements and intent otTart 'II, Chapter 112, Florida Statutes, 'rhere is no benefit or expense to be provided by tlie plan and/or said from the plan's assets for NNrl-tich C liabilities or current costs have not been established or otherwise taken into. account it) the valuation. All known events or trends which may requirea material increase in plan costs or req'uired contribution rates have been taken into account in the valuation. > F'uture actuarial measurements may differ significantly from the current measurement presented in this report due to such factors as the following: plan experience differing frorn that < anticipated-, changes in, economic or demographic assumptions; increases or decreases expected C) Ir- as part of the natural operation of the methodology used for these measurements, (such as the end C14 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 C M undersigned credentialed actuary meets the Qualification Standards of the American Academy of C Actuaries to render the actUarial opinion contained herein. 0 E The undersigned credentialed actuary meets the Qualification Standards oaf the American Academy of Actuaries to render the actuarial opinion contained herein. Date Glenn F'. Mouton Enrollment #17-2773 ()it Behalf'of`Mouton &Company, Inc. I Packet Pg.46 MONROE Cowry, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES L,ENG,TF1 OF SERVICES AWARD PLAN Actuarial Val latiOn as ol'Jairuar.N, 1, 019 0 TABLE OF CONTENTS EXHIBITI VALUATION RESULTS Schedule A Development of Actuarial Assets Schedule B Plan Description 2 Schedule C - Development of Current Year's Costs 3 SChC(JUlC 1)— Developnient oftlistorical and Prqjected, FSA 4 Schedule 1'.' - Participant Data 5 Schedule F - Assets 5 Schedule G - I.,,iabilities 5 Schedule 11 - Actuarial Present Value of Accrued Benefits 6 0 Schedule I - Statement of Changes in Total Actuarial 4- 0 Present Value of All Accrued Benefits 6 Schedule J - Pension Cost 7 Schedule K, - Past Cori tri buti ons Schedule L- Comparison of Actual to Assumed Earnings 8 EXHIBIT2 PAR,riCIPANTE)EMOGRAPHICS 0 0. Schedule A - Coverage 9 Schedule B Year of'Credited Service 9 Schedule C - Participant Reconciliation 10 .2 EXIIIBIT3 PLAN A SET INFORMATION Schedule A - Statement of Net Assets Available l"or Benefits at Market Values Schedule B - Statement of Changes in Net Assets < Available 1'*or Beriefits 12 C) C14 EXHI.I3lT4 PLAN SUMMARY 13 EXHIBIT5 cosF,MET LIOD AND ASSLfMPT10NS 16 EXHIBF` 6 PF,NSION COST RATIONALE 18 E EXHIBIT7 CyASB INFORMATION 19 EXI IlBITs 8-9 GASB SCHEDLILES 23 Packet Pg.47 MONROFCOUNTY,FLORIDA VOLUNTEUR F IRETIORITIR AND Page I or 32 as EMERGENCY MEDICAL SERVICES LENurH OF SERVICE AWARD PLAN M Actuarial Valuation as ot'January 1,20t9 EXIIIJBI F I Recap of Results: 17evr1upi"ent ol'Actuanal Asw. ts by Delmrinwin, Interest Rate 1,00% ---------------—------------------------------------------------------- --------- ----------------- ------------ --------------- LL Reallocation of Beginning Interest Und Present Assets from Frid offear licnefils F%penses Credited of Year Value of fernnnated ol-year 1-- District Assets Contribution Paid [laid for Year Assets FUI Benefits Groups Assets iL 0 MIC Volunteer 384,35692 1,671,90 9,180.00 1,868 51 5,772 6 1 380352 92 32t,600,00 1,40140 382,154.32 -1 Key lArgo Fire 127,545 00 000 7,56000 760,94 1,915,56 12 1,t 31)62 109,368,00 ..11,771 61 109,368,01 00 0 Key Largo EMS I M,498 00 000 10,14 0 M) 778 Cit 1,667 06 101,747 05 111,18100 9,435,95 111,183 00 CL Sugailoaf'Key 59,704.73 000 3,240 00 20667 896,65 57,151.71 34,267 00 467,13 57,618 84 0 Tavernier 204,330.69 1,593 10 825.00 IJ61,87 3,068,80 207,005.72 187,370.00 467.13 207,47285 ---------- ------------- ------------- -------- ---- 0 Movirtv Count L1,320 69 867,797,02 763,788 00 0,00 867,797X CL y 886,932 34 3,265 O�O 30,945 00 4,77600 0 Now All rounding adjUSUIVIUS are made to l avernier 0 M)C VoUnuf now includes the Big Coppitt,Plig Fire and Layton Key�a M CV M M n E M Packet Pg.481 C.2.a M ONROCCOUN1Y.l°U)RIDJA VOLUNFEER FIREwrfllTFR AND w,einu 2,'43z EMERC,FN'Y MEDICAL SERVOCES L N(M]OF 9ERVICI!AWARD PLAN � Actuauia3 Vai forzn ns oFlvwwvq 1.1019 t"111tR6i;hd"I"VAT.1JAl"tY,7N RD'til7%."1"S 1.X1[ILi1"GI "Imes Clrauriptinn tiO,od,,B A n inlS,dya 0' UI-.Gur-I'd bfatpeaar. t«nrpla"d maamtha to p rrt3.Wm" 0 as 1^raars t>f Crrditr+d Sexvit;e R,ertpa J w b,,Wily V40M, 10 �. Maxirn—namtt+cr cIt'sxuda.1 Sc7u"rr N1vmthr..t proglrnm iaixmltricrn: C fur v 1mg p.Yoaacs: 12,0 J fen benefit arnruul pa+'1+i)w+.`a. D2 0 I'irvK Ya~hr 1 hair.14,0Y0 dvc.i'sw`eo54it A nl 4sxwiar,Iv 1 wutnrd 198h 6;f Aemust Emmelal Alclu d h tch cnaut{alcled y-4t'n ill mo CL Muxinrttne�Axtntwl t4mt rn 4,500 Fue.,V.I— fAu .1 RIl E.—i��,',NRA. 1,722 1'emerntt vad Ynanuim hrnelil C&NR,A 41,047 hdfid a PAd9nestoatr n to Mrs a.Nor,nml Coax r End of Vail utint t"rcme: 1.00997 C Rc;c.wln of lRr wlpw: t0e1 q lR.W 1,00% lesn l'P M''e' Pi—m Towl I'Y4^tt"nl Ayt„gmgalC Ave,.ga P'wta- opat" 1.0iRible Vw'x W vw.uvf 9P"m Allacmeui L".I—of Fumm. fe.'o ' C]mrun % lipraens b'adued damn. Ia.u:uves Fw @anal"its it1 F9e da, Val-of Act'—al Fhunre S 5c '" Neanttal Adttuetavtrae— 111'. 2 c3iav9wt 62,rpramul All,,, "<pamu ) A'ltmd Aadva I -rive }e 11 uefta A.-s No.4 B11 Ai my A mty C t FOY E 1 .. 4 t I d)N" m MJC VCdunerss 12 2 0 I 10 54,411 167J RR :42 tl,600 3732,199 (6O„$54) 43.367 3.14 -16,923 1,733 0 °� m Kry Y..arRi F@ I 6 0 0 6 a 109,169 109,3611 109,368 (0) 315u, 5-251 0 0 0 � Key Lap,FNIS 6 0 0 0 1111,181 IIl.1N3 I1L1R3 0 6891 1,149 0 0 0 S.gaaiont'Kuy 1 0 11 1 I 34,267 0 34„167 Y7,frIi1 52) 1,00 1.000 �21 w 1,731 fl � { C'J Y vsvna�er 6 S 0 ! 3 91697 94,673 187,370 207A71 (20,1O3) 36.593 6.099 -3,329 1.,733 0 Mounae C.uMy 31 ;5 0 I 26 181,375 592,413 763,788 967.797 (104,009) 119.367 3 N51 -43,537 5,2Oi1 0 m m "Not lo.,ttran sear n Noe your rrr whn n vU3iv.ai nn a:ix...ht an v 1l 1. l s}msowr:cxrxd x6.a .p rAfl 3. E M/C7 Volumteax aow Fmrrhndec rttc My Coppin,111y 11—rvnd I»aytaan.Kays m Packet Pg.49 MON ROF"COUN FY, FLORIDA VOLUNTEER FI KU-TIGI-InR AND Page 3 of 32 MEDICAL SERVIC.1"I'S LENGTH OF'SF'R VICE'AWARD PLAN Actuarial Valualionas of JanUary 1,2019 Rl"SULTS Development ofCurrent Year's Costs Schedule C' ------------------------------------___I-------------- ------------------------------------------------------ ----------------------------------------------- 0 CL Current Year Prior Year m 0 1-Jan-2019 01-Jan-2018 A. Present Value offUlure Obligations: 1, Active Members 181,375 256,029 -0 2. Inactive Members 582,413 58.3,980 3. Retired Members, it 0 U- 4. Survivors on Benefit 0 o 2 U) 5. Disabled Mcnibers Cl it --------------- --------------- IL Total Actuadal Accrued L,Jabifity: 763,788 840,009 0 B. Less Present Value Of, -j 1, Member Contributions 0 0 4- 0 2, Florida Prernhan Tax Rebates 0 0 as 0 ----------- 0 CL 0 C. Less ACtUarial Plan Assets 867,797 886,932 00 --------------- ............... D. Amount it.)be Funded by County(A-B-C) f 104,009) (46,923) (Unt'Unded Actuarial Accrued Liability) 0 CL 0 E Aggregate Normal Costs from District Calculations including expenses 0 3,265 W r- 0 Expenses not paid directly by tile COUIAy'(il)Chid"l above) [In na G, fracrest Ad ustments not inchided elsewhere 0 J 11, Total Plarl Normal Costs (,1ASB 25 AIW, 0 3,265 -T C14 Packet Pg. 50 MONROE COUNTY, FLORIDA VOLUNTI""ER FIREFIGITIT"IR AND Page 4 of 32 F'-'MERGE`N("'Y MEDICAL SERVICES LENGTH OFSERVI(T AWARD PLAN Actuarial Valuation as of'January 1,2019 CURRENTVALUATION l*-,',SUI.,TS Development ofl-lis(orical and Projected Funding Standard Account Balances Schedule D ............... --------____----- ............................ ----------------------------- ------------------------------------- ----____-----------—------------- 0 CL Pro ected CJurrent Plan Year Prior Year (H-Jan-2019 0 1-Jan-2018 r- U- A, Beginning Uanee 61,290 60,676 — U) Interest Adjustment to 1.11nd ol'Year 613 607 ----------- ----------- sub-total 61,903 61,283 IL B. Less Charges to Account 0 1. Normal Costs fiir the Year(130Y) 0 3,265 4- 2. Provisaon 1br LXPCIISCS(included in(1)above;) rut 0 1 Amortization Charges(net)(BOY) 0 1 1 ruerest Adj ustment to End of Year 1.00% 0 0 -------- ........ CL 0 3,265 C. Plus Credits to Account 1. Cora6butions Credited During the Year 0 3,265 2. Amortization Charges(net)(BOY) 0 0 3. Interest Aq)ustrnent to End of Year 0 7 0 CL -------- -------- 0 3,272 ........ --- 0 D, Ending Balance*(not less that)0) 61,903 61,290 1,00% Date Made Amount Interest > 0 15-Oct-18 3,265 7 0 0 0 ....... ... 3,265 7 C14 Notc: A posftNe ending b4larice represents the accumulation of past contributions in excess of required nurdniums, Such a balance is available to tile sponsor in the current or lbture years to adjust normal funding requirements. n For the current year,Contributions Credited are detennined as the lamest amourn which would ayoid all ending negative balance,under the assumption that the contrilngion k rcc6ved on the last day of the plan year. E Packet Pg. 51 MONROE COUNTY,F1,0RIDA V01,UNTEER FIRDIGHFUR AND Page 5 of 32 ENIE'RUENCYNIEDICAL,St"RVICES l,EING'T'll OF SEIRVI(,'E AWARD PL,AN Actuarial Vakialron as of January l,2019 CURRI.-.NI VAL UA FION R,ESl ITS EXHIBIT I participant Data Schedule E ---------------------------------------------------------------------------- .......------ ----——----------------------------------- Next 0 Cull'ont Year Prior Year Prior Year 01-Jair-2(119 01-Jan-2018 01-Jan-2017 Nut nlwr ki fficded Active Members 5 9 3 2 Inuirve Member's 13 28 m Retired Mcrriher5 U 14 14 CY Current Beneficiaries 0 0 Disabled Mernims 0 a 0 ------ -------- C Total Members 31 41 45 LL U) Total Annual Payroll ofActives 0 0 0 Foull Annual Benefits IL to Retired klembers 30,945 3 l,680 32,265 to Cur-rent Beneficiaries 0 0 0 ,(,l h r),,, 0 led Meinbers 0 0 0 -j 4- 0 Assets Schedule F ----------- ---------------------------------------------------- -------.............—----------—---------------------------------------------------------------------- Actuarial VaWc 867,797 886,932 856,446 Markel Valuer 867,797 886,932 856,446 IJabilitics, Schedule G 0 --------—------------ 0 CUITUIl Prior pltur yr.,,,, Phin Year 01-Jan-2019 Ill-.Nan-2018 Present Value of Future Bviefits Active Members W,375 256,029 Inactive Mcinbers 592,4 13 593,980 Rc0red Membvrs 0 0 C I urTera BenvIUMVICS 0 0 Disabled Mernbers 0 0 Folal 763,788 840,009 C14 L,ess Present Value Future Member("Onifibutions 0 0 Future State C'ontribwions 0 Cl —------------- .......... 0 -----------—-- Acluarial Accrued I.Jabtlity 763,788, 840,009 less Actuai-W Plan Assctti 1867,797) (880,)32) E Unfunded Actuarial Accrued[Jabifity 104,009) 146 923) m Packet Pg. 52 MOMWl"COUNTY, F1,0RIDA VOLf-FNTI-11,"R FIREFIGHTER, ANF) Page 6 of 32 EMERGENCY MEDICAL SERVICES LUNG H I 0FSkRV 1CFA WARD PLAN ACILAarial Valuation as o f January 1,2,019 CURRE'NT VALUATION RESULTS EAHIBIT I Actuarial Present VaWC ofAccrued Beriefits Schedule 11 -------------I---------I---------I------------------------------------------------------------------------------------------------- ...................... 0 CL Current Year Prior Yew 01-Jan-2019 01-Jan-2018 Vested Accrued Benefits Inactive Members& Beneficiaries 565,862 539,300 C Active Members 153,576 226,793 LL ------------- ... ---------- U) I' taal 719,438 766 093 Nonvested Accrued Benefits 16,551 44:680 CL ------------ -------------- < Total 735,989 810,773 Wo _j 4- 0 Staterneni,ofC.hanges, in 'I olal Actuarial Present V`alue (PfAll Accrued Benefits Schedule I C 2 .........................-------- --------- ------- ------------------ ----------------------------------------------------------------------------- CL Cl Urrei'll Year 0 1-jan-2019 0 Present Value of Accrued Beriefits at CL Beginning of Year 810,773 C Increase(Decrease I Durink'Year AttributaMe to(where appftaHe), Plan Adoption > Ilan Aniendinent 0 2 Changes in Valuation-- interest rate Increase we to Sui-vivorship Increase for less Interest Discount 7,953 Benefits ACCrUed,net cafe xcl uded participants 5,718 Benefits Paid (30,945,) C14 Other Changes-(Cl-illinatit)fIS (57,510) ------------ Net Increase(Decreaso (74,7�84) ACtUdrial 11'res'em 'Value of Accrued Benefits at End of'Year '735,989 C 0 E Packet Pg. 53 MON ROC COUN"lY,FLORIDA VOLUNFEFR FIR.F.HWIFER AND Page 7 of 32 EMERGENCY NIEDICM,SERVICE'S LENG1Lit OF SERVICE AWARD PLAN Actuarial ValuaOmi as ot'Jartuary 1,2019 CURRENT VALLWHON lOSULTS EXI IIBI I' I Pension Cost Schedule J ------------ --------------------------------- ----------------- ..... .....----. ....--..--.-.-..---.-.-..----.-.-----.—----------- 0 Next Plan Year Prior Year Prior Ym Ill-Jan-2019 014an-2018 W-Jar)-2017 Accurmulated Prior Deficiency(Credit) (43,167) (5 964) Cy Required Fundmg Coi is 0 3,2t35 24:448 Current Sponsor Contributions (3,2'65) (61,388) Interest Adjustnwol 0 0 (263) Tot4d Requircd Counly ContribuOon 0 (43,l,66) (43,167) - U) As%h rd'Payroll N/A WA N/A IL Esurnmed Participant Corrtrftfions 0 0 ti, As 1%o f Payrol I N/A N/A N/A 0 -j Estimated Prvrnium Fax Refund 0 0 0 4— As%of Payroll N/A N/A N/A 0 Remaining Amount to N,Oyntribured by("ounry 0 0 As 13li of Payroll N/A N/A N;� Schedule K Past Contributions 1� 0 ................... ------------- ......------- -------------- For the fisetd Year ended l2/3 118 I'mal 6intribulion Required 1,265 Actual ContTibution Made By 0 Stale m ("'ounty 3,265 .2 llar66pants 0 m 3,265 C14 Packet Pg. 54 MONROE'COUNTY, FT(ORII I M VOLUN,ri.�ER 8 ot'32 FIRI:-'I"R311TER AND Page EMERGI`,,'NCY MEDICAL SERVICES OF SERVICI-1 AWARD PLAN Actuarial Valuation as o0anwary 1,2019 CURREXI VALLWrION RES(JI-TS EXHIBIT I C,omparison of Actual to Assumed Eamings Schedule 1, � --------------- ----------------------------------- -----------------------------------------------------I-------I......................... ------------------------ 0 CL (Assurning uniform income and disbursenierns,Ernployer Contributions assumed at End of Year) Benefits Year Beginning E'udi ng Investment Other and Ended Assets Assets Earnings I ricome U'Xpenscs 3 1-Dcc-2002 389,408 47M29 4,284 of 8,400 3 1-Dec-2003 474,729 562,738 9,169 3 1-Dec-2004 562,738 626,,637 8,412 11 8,417 U- 3 1-Dec!-2005 626,637 700,939 20,872 11 7,620 U) 3 1-Dec-2006 700,939 725,508 15,466 01 10,130 3 1-DeQ-20(37 725,508 782,060 38,439 0 6,120 CL 3 1-L)cc-2008 782,0,00 817,512 30,628 0 23,653 31-Dec-2009 817,512 831,083 6,555 0 23,775 0 3 1-Dec-201 0 831,0183 841,980 7,821 0 25,838 -j 4- 3 1-Dec-2011 841,980 849,903 6,561 fY 29,018 0 3 1-Dec-2012 849,903 848,808 3,333 0 32,573 0 3 1-Dec-2013 848,808 957,126 1,860 30,330 3 1-Doc-2014 8,57,126 857,437 2,591 0 30,855 CL 31 Dec-20 15 857,437 851,168 1,305 3'7,878 3 I-Dec-2016 851,168 850,446 2,399 37,020 3 1-Dec-2017 856,446 886,932 5,528 C3 36,430 3 1-Dec-2018 886,932 807,797 13,321 0 35,721 0 Year Net J."Xpected Actual 3 Y car 5 Yetv Assumed Ended lnere0.lse Farlung Factor -!s Experience Average Average 0 3 1-Dec-2002 (4,116) 19,260 1,11 0/o ]'11% ntir .5,1.111% 3 1-Dec-2003 9,169 23,736 1,93"/o 1.5211110 na 5M% 3 1-Dec-2004 (5) 27,926 1,5 1(No 1.52% 1.38% 5.00/0 3 1-Dec-200 5 13,252 24,913 3.35% 2,26% 1,60% 4,001Nu 3 1-Dec-20(16 5,336 20,876 2,22% 2.36% 1.75% 3.000K 3 1-Dcc-2007 32,319 18,061 532% 1631)/ia 2,26% 2.50"/41 3 1-Dec-2008 6,975 19,256 198% 3,840/t, 2,72% 2,5 01)/C CD 3 1-Dcc-2009 (17,220) 20,141 0,81% 3.3 7% 3,09% 2.500,4,i N 31-Dec-2010 (18,016) 20,454 0.96% 1.92% 3.C'Z% 2.50% 3 1-Delc-201 1 (22,456) 2 0,6 87 0.791% 0.8511% 2,72%n 2,50% 31-Dec-2()12 (29,240) 16,672 0A0% 0.72% 2,1411/0 100% 3 1-Dec-2013 (28,470) 12,505 0.2 2(Yt, OA7% 1 AM 1,501% 3 1-Dec-2014 (28,264) 8,417 0.3 1 IN 0,31% 0115% 1,000/4, 3 1-Dec-2015 (36,572) 8,385 0.16% 013% O 521',o 1�0 0%, 3 1-Dec-2016 (34,621) 8,327 0.29% 0.25% 0AW% 1.001% 3 1-Dee-201 7 (30,902) 8,382 0,661/4 0.37% 0.331^t'a E 3 1-Dec-2018 (22,400) 8,691 1,53% 0,8 3 9/0 0.140% 1999 is the first plan year and no«tsscts were present prior,wilie end art"the year,other than County accrued emaTibLitions. Current Carjr1ing rates wv artificially depressed roue it)the plan only recerilly starting hs ffinding, FUlUre assets will be I Packet Pg. 55 MONROE COUNTY,FI,0RIDA VOLUNTEEIR FIREFI(il-ITER AND Page 9 of 32 f'."MERGENCY MEDICAL,Sl"IRVICES U`NGTIJ OF'SE"RVI(T AWARD PtAN Actuarial Valuation as ofT PARI ICIPAN'I'DEMOGRA PIII('' EXHIBIT 2 CIOWT'Ilge Schedule A --------------------------------------------------------------------------------------------------------------------- 0 91 4) This valuation includcs the following 31 persons covQrcd by the plan as of"December 31,2018. Category NUrnber Amount Active Participants 5 0 Otho-Inactive participants 13 0 U- Refirces on Benerit 13 0 U) Survivors on Benefit 3I 0 Participants on DisabHity Benefit 0 0 Terminated Vested Participants 0 0 (L .... .......... ,L(r)FA , 31 N/A 0 -j 4- Anneal covered pay only 0 as Annual Benefli .31 persons(included in the data Furnkhed to us)were ineligible for participation as of the vak-tudon CL date. Participant data was furnished by the Couray of'Nionore and was as of December 31,2018, Years of Credited Service--all Ilailicipants Schedule B 0 CL ............................. ----------------I--------------------------------------------------------------------------------------------------------------------- years Of Service ------------------------------------------------ ----------I---------- ......... ......... 0 < 1 1-4 5.9 1 C)-14 1 15-119 20-24 25-29 30-34 ----------- ---------- ----------- ---------- ----------- ........... ----------- Attained > Age Count I count I Count I Count ("oum Count Count Cbunt 0, Under 25 26-29 1 1 30-34 G 0 35-39 0 40-44 2 2 C14 45-49 1 2 1 4 50-54 1 1 1 I 1 3 55-59 1 4 60-64 6 3 i 1 10 04.69 5 I 6 Over 70 1 1 1 18 5 3 1 2 0 31 Packet Pg. 56 MONROE COUNTY, FLORIDA VOLLTNTEER FIREFIGH,rER, AND Page 10 of 3,2 EMERGENCY MEDICAL SERVI�CES I-ENGITI OF SERVICE AWARD PLAN Actuarial Valuation as of January 1,2,019 PARTICIPANT DEMOGRAPHICS EXHIBIT2 Participant Reconciliation Schedule C 0 ----------------------------------------------------------------------------------------------------------------------------------------------- -------- CL Retired Survivor 011 on Active Benefit Bene:l"it Dkabled Inactive Total U- Par ticipants at 0 1-Jan-2018 9 14 0 0 18 41 U) 0 Nov (L Retirement 01 1 -1 0 (n 0 -j Death 0 0 4- 0 0 Non-Vested'Termination -4 -4 (8,", CL Vested'Fennination 0 Lump Sum Settlement 0 0 0 New Survivors 0 0 CL Completed Retiree Payments 0 -2 (2, ------- ------- ------- ------- ------- ------- Participants at 3 I-Dec-2018 5 13 0 0 13 31 C14 E Packet Pg. 57 MONROE COUNTY, FLORIDA VOLUNTEER FIR1.-TIGHTER AND EMERGENCY MEDICAL SERVICES I-ENGTH OF SERVICE AWARD PLAN Page I I of 32 Actuarial Valuation as of January 1, 2019, PLAN AS�SET fNI'-'ORMATION EXHIBIT 3 0 Statement of Net Assets Available for Benefits* Schedule A 3 1-Dec-2017 3 1-Dec-2018 ---------------------------------------------- --------------------------------------------------- ------------------------- ------- Market Value U- Money Market 886,932.36 867,797.02 Accrued Contribution - Employer 0 00 o.00 ---------------- --------------- (L 886,93136 867,797,02 ---------------- ---------------- 0 j 4- 0 Liabilities ACCOUnts Payable 0.00 0.00 Deferred Revenues U0 0,00 ---------------- ---------------- 0�00 0,00 0 91 ---------------- ---------------- Net,Assets, Available 886,932.36 867,797.02 As reported by the COUnty C14 Packet Pg. 58 MONROE COUNTY,FLORIDA VOLUNTEER I"IREFIGHTER AND EMERGENCY N4EDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 12 of 32 Actuarial Valuation as of January, 1,2019 PLAN ASSE—FINFORNIATION EXI-11BIT3 Statement of Changes in Market Value of Net Assets Schedule B 0CL Plan Year Encfing� 31-Dec-20 17 3 1-Dec-2018 ............ ---------------------------------_________-_________ ............... --------- ------ -------------------- ---------- INCREASES Earnings on Investments 5,527,92 13,320.66 Unrealized Appreciation(Depreciation) 0,()9 0,00 State Insurance Contributions 0,00 0,00 LL Employee Contributions ().00 om Finployer Contributions: 61,388,0'O 3,265,00 (L Accrued 0,00 0,00 ------------ ----------------- 0 -j 4- 0 61,388,00 3,265.00 ----------- 66,915.92 I 16,585.66 ----------------- DECREASES Expenses Professional Fees (4,750 00) (4,776.00) 0 CL Professional Fees 0,00 0,00 PMA Fees 0,00 0,01) -------------- ................. 0 (4,750,C)(J) (4,776.00) Paid to Participants Retirees (31,680,0(J) l (30,945.00) > Survivors 00) 0.00 Disabled 000 0.00 Over ray m,ent due,to City 0.001 Cl 00 ------------- ----------------- (31,(a80,00) C (30,945�00) (36,430.00) (3 5,721.C10) ----------------- ------------ ---- Net Increase/(Decrease) 30,485.92 19,13 5-3 4) NET MARKET VALUE,01"ASSE'rS AVAILABLE FOR BENEFITS-1 Beginning of Year 856,446,44 886,932,36 0 ----------- E End of Year 886,932.36 867,797.02 Packet Pg. 59 MONROE COL)NTY, I'LORIDA VOLUNTEER FIREFIGHTE R AND EMER(i,EwY MEDICAL SERVICES LENGTH OF SERVICES A)XARD Pl..,AN Actuarial Valuation as of January 1, 2019 Page 13 of 32 �E 0 PLAN SUMMARY ]EXHIBIT 4 1. Cieneral tnibrmation .2 (a) Ilan Name: Monroe County, Florida Volunteer I,irelighter and Ether envy Medical Services Length of Service Aww-d Plan U- U) (b) Plan Year: January I through .Decernber 31 (L (n (c) Plwi Sponsor: Count),of Monroc, Ilorida 0 4- 0 (d) Sponsor Fiscal Year: October I 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 0 1 I'lij)ibilit , tojr Pwlicij?atiQtl 'rbe, Plan Administrator shall, in its sole discretiun, 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 Nvho are age 60 or older at the, tinie they con-mience volunteer service, or who conimence service at a time that wfll not perinit them to earn ten Year's of Service by their Nonnal Retirement Age shall not eligible to participate. C14 Years of Service Each year of volunteer service, a participant will accrue a year of benefit accrual if the participant was: A. enrolled as as member cif the noriprofit corporation or M STLJ� and K was eligible for and received reimbursement ot'expenses ticar nine or more months of E the year. Ln 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 or Service earned by the Participant prior to the break-in-service, shall be disregarded for purposes cif 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 I Packet Pg. 60 MONROE COUNTY, FLORIDA VOLLINTEER, FIR.1-TIGHTER AND EMERGENcY ME.DICAL SERVICES LENGTH OF SERVICES AWARD PL,AN Actuarial Valuation as of January 1, 2019 Page 14 o1732 �E 0 P1,AN SUMMARY EXHIBIT 4 and later returns, to active membership roll, only Years of Smice earned after the Participant's return to the active membership roll shafl be courned for purposes of the Plan .2 No Years of Service shall be earned for any year,- cal' volunteer service aller the Participant has attained age sixty (60)�. U- U) 4. Contributions Each Plan Year, the Board shall appro riate funds fi-orn the budgets ofthe various volunteer (n p 0 j Tire/rescue MSTU's to fund the accl-Lied or prospective benefits for Participants on an 4- 0 actuarially sound basis. 5. Nonnal Retirement Benefit (a) Eligibility: Conipletion of 10 years of service. 0 (b) Benefilr: An annual benefit based on the following schedule: Benefit Schedule Years of" Monthly AnInial > Service Benefit Benefit 25 $375 $4500 24 360 4320 23 345 4140 22 330 3960 C14 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 1() 150 1800 (c) Donn ol'Payment: Benefit payments are payable monthly for a period of ten years. I Packet Pg. 61 MONROE COUNTY, FLORIDA VOI.XNTEER FIR,I.-TIGITFER AND EMERGENCY MEDICAL, SERVICES LENGTH OF SERVICES AWARD PL,AN Actuarial Valuation as of January 1, 2019 Page 15 cif'32 �E 0 PLAN StJMMARY EXHIBIT4 6. Ves"tin , .2 (a) Eligibility: Conipletion of 10 years of service prior to attainment of Normal Retirement Age U- U) (b) Volunteer Firefighters: Attained the rank of: tructural Firefighter, Non-Structural Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with 10 years of service. 0 j 4- 0 (c) Volunteer EMS: Attained the certification of Emergency Medical "Technician or paramedic or met a.11 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 Attaininp,Normal RcfiremenLAge 0 (a) Eligibility: Death of a vested participant. .2 (b) Benefit: The present value of vested acciLied benefits. E Packet Pg. 62 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER.AND EMERGENCY MEDICAL SERVICES LENGTH OF' SERVIC"I"IS AWARD PLAN Actuarial Valuation as of January 1, 2019 Page 16 of 32 0 COSTMETHOD EXHIBIT5 COST METHOD: A variation of the aggregate actuarial cost inethod is being used to value the .2 benefits for tbriding progress, The present value ofthe pro.jected benefits is calculated using 0 the provisions of the plan and the actuarial aSSUMpti0IM The actuarial value of assets is C based on market value. The balance to be funded is allocated over the present value of U- U) level annuity for the average future service of active participants. Total plan results are determined by suniniing the results calculated by aggregating participants by fire district,, IL and in the case of Key Largo, separately by fire persunuel and EMS personnel. A department's normal cost is not allowed to become negative. Expenses are shown 0 .1 unallocated and are assurned to be paid direct]),, by theCOLITIty. 4- 0 I lowevei should the Entry Age Normal Method prodLICC a minimum required contribution C in excess of the above, such excess shall be allocated as an additional required contribution in proportion to the amounts calculated above. Due to Key Largo terminating from the County plan effective October 1, 2006, we have not 0 assigned ally,costs to 1hern. We have kept the vested participants for Key Largo's 1"ire and EMS and assets estimated to be sufflicient for those participants arid reallocated the C reniaining assets to the other participating departments. Should additional vested .2 participants arise tiom a l"UtuTe: 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 ol'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. To avoid certain calculation problems involving division by zero, an actual interest rate of C14 001% was used Considering the plan's Current funding status, the short terni nature of' benefits 110 year C M certain only), the very low assurned discount rate, [lie current low level of reconullended contributions when compared to current plan assets,, and the history ot'sponsor contributions C 0 at or above recommended levels, it is our opinion that plan assets will not be depleted in the E foreseeable future. Packet Pg. 63 MC NROE COUNTY, FLORIDA VOLUNTEER FIREFIGH]TR ANT) EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 17 of 32 Actuarial Valuation as of January 1, 2019 ACT1JARIAL. ASSUMPTIONS EXHIBIT5 0 Actuarial Study as of., 0 1,-Jani-2019 Valuation Date Adjustment: 0 Coinpleted mon 0ths to participate U- U) Maxin'turn number ofcredited Service Months at program, inception: For vesting purposes: 120 (L For benefit accrual puq,)oses: 12 < 0 -j Annual Benefit. Accrued for each completed year of service 180 4- 0 0 Maximurn Annual Benefit Accrued for each completed year of service 4500 CL Vesting Schedule Y T'S Vesting 0 0% 10 100% 0 CL Termination Assumption: Godwin's "Ea blee 1, V Select.& Ultimate Table, w/50%termination prob. for Y'OS<I. .2 Interest rate function assumptions i: 1,00% V: 0.99010 d: 0.00990 > 11, 14,79272 a(I O)d Lie: 9,56606 i(I 2): 0,083% v(1 2): 0.99917 d(12): U0083 C14 a(I 20)dtie: 11426266 Maximurri annual benefit accrual limited by IRC 3,0D00 313.61 Present value of maxitriurn benefit: 43,,047 Present value of annual benefit accl-Lial 1,722 E Year First Allowed for Benefit Accrual Purposes: After: 1986 Before: 1 9'86 Maximum Credited Years for Benefit Accrual as of the Valuation Date: 34 Packet Pg. 64 ON OE COUNTY, FL,ORlDA VOLUNTEER F'IREFIGHTER AND EMERGENCY MEDICAL SERVICES L,ENGTH OF SERVICES AWARD PLAN Actuarial Valuation as ot"tanuary 1, 20 19 Page 18 of32 0 PENSION COST RA'l EXI--IlBFf 6 When one speaks of pension costs, one must distinguish between "ftue" costs and "actuarial" costs. .2 The true cost of a pension plan depends on its experience and is equal tw U- Total Benefits Paid U) 4- (L 'Fotal Expense to RL111 the plan 0 -j Investment Earnings 4- 0 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, .2 present and prqjected makeup of employee fiorce, etc. Based on these considerations, the actuanal costs are found to be as shown in this report. > It is important to renicinber that these annual costs are estimates of the actuary, which, if his projections are realized, will accumulate according to certain filature patterns, as dictated by the cost method, to nieet the true costs on an adequate and timely basis. C14 E Packet Pg. 65 MONROE C(I)UNTY, FL()RIDA VOLUNTEER FIREFT.3111'ER AND Page 19 of 32 I"INF"RGENCY NIF"DICAL SERVICI'S LEN(iTl I OFSEIRV IC E AWARD FILAN Actuarial Valuation as of January 1,'2019 FXHIBIT7 GASB Notes to the Nirianciai Statements ---------------------------------------------------------------------------------------------- ------- ---------------------------------------- a. (1) 1 he above PERS administrator is a shigle-ernployer vvifh only one contribrning county 0 CL employer and no nonemployer and no cornribulors, (2) Only Volunteer Firefighters and I"IMS Volunteers are eligible at the sole dkcrefion of the Plan Administrator. An}, Volunteer who was age 60 or older on January 1, 1999 shall not be eligible m to participate. In addition,any Volunicers who areage 60 or older al the time they commence volurneer service,or who commence service at a tirne that will not permit thou to earn ten Years it'Service by their Normal Reth-CIflent Age shall not be eligible to participate in this Plan. Inactive Participants by category U- Retirees cun-ently,receiving benefits 13 U) 1Teneficia6es CUITently receiving benefits 0 Ferminated eniployces entitled to benefits 13 (L 26 0 4- 0 Fully vested arid lxrst rionnal retirement(late 29 as PartialK vested Non-vested 2 CL 31 (3) The Nnefit provisions are as follows: Ben6t Schedule ............... Yet s of Monthly Annual 0 Service Benefit Benefit 91 ------------ 0 25 S375 $4,500 W 24 360 S4,320 r- 0 23 345 $4,140 22 330 $3,960 21 315 $3,780 20 300 $3,600 > 19 285 S 3,420 18 270 $3,240 17 255 $3,060 16 240 $2,880 15 225 $2,70() 14 210 $2,520 C14 13 195 $2,340 12 18(t S2,160 11 165 $1,98() 10 150 S1,800 (4) Volunteer Firefighters Must attain the rank of Structural Firefighter,Non Structural 1"irefighter and or Emergency Vehicle Driver-Veralor prior to being credited with(en Years orService, as ENIS VOUnteers must meet all requirements as defined by the State offlorida necessary to drive an emergency medical care and transporation vehicle(ambulance)and/or attain certilicinion as an F'Irnorgency MedicalTeehniciivi or Paramedic prior to being credited with ten Years Of Service.< Eligibility for vesting is completion of 10 years ofservice. 'rhe Plan shall be administered in accordance with the requirements of Chapter If 2,Part V11, Florida Statutes, Packet Pg. 66 MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1,2019 EXHIBIT 7 GASB Notes to the Financial Statements -------------------------------------------------------------------------------------------------------------------------------------------------------------------- 0 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 U) 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. 0 (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 CL 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 0 CL salaries paid to the Participants. ° cv Packet Pg. 67 MONROE COIJNTY, I'LORIDA VOLUNTEER FIREFIGHTER AND Page 21 of 32 EMERGENCY MEDICAL SERVICES LENGTH 01" SERVICE AWAR-D PLAN ACtUarial Valuation as of January 1,2019 EXHIBIT7 GASB Notes to the Financial Staternerns ----------------------------------------------------------------- ------------------......... ------------------------------- 0 CL 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 U) Terminatiow Godwin'sTable 1, V Select& Ultimate Table, with 5M,'a termination prob. for YOS<I. (L 0 The System's funding policy, as mandated by ordinance, provides for actuarially determine(] 0 periodic contributions The Actuarial Funding Method is a variation of the aggregate actuarial cost method. The CL present value ofthe projected benel"its 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, � 0 CL 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 count y to allocate costs by district. Onder this method, gains and losses are spread over .2 future nornial costs. C14 E Packet Pg. 68 MON7dl11-COt IN I Y,I I ORMA V01A IN IYFR PREFIGH I MRAND LMLRGFNCY MEDICAL SLRVICLS LFING It I(,)I SERVICE A WARD PLAN m Actuukd VaIII,,ition u ofJW—yl,20 1 9, (;ASB Sd-lul.,.11-du,g hog—, r .............. ---------- ---- - - ------------------- LL mi.fly do—uu,.d cal mof V) -ploy—-d—Ipiky. C—.'y 3,265 P-i.j- 0 0 A,hive a—d i p—p.ph VIA GASH, vnh.d.k dl fund ny i,—I—pur,rd uudo Yhc appcpae-.,-,h,,dwhich lh,�pl., s................... . ------------------ ---------------------- ---------------- ------------- 111/2018 1:11/2017 P112016 VIJ2015 I'T2014 1/1/2013 1111261'3 1/1/20 11 IM,2010 UI12MO t' M In' q' R, 123 U2018 [213 1 Q017 l2i3 112026 12/3 P2015 12/3][201'4' 12�-`,1/20 ll� 11 1213U2012 12�1112011 121,13120 1---,ca 1-6 10,M4 Xl 28,57100 36,788 00 28,1,4 5 UQ 'W,379 00 28,914 00 01,791,00 CL "01"a-, 1.265 00 61,19800 0 0 00 0 00 a 00 Ono 001) 0 00 0 06 0(H!) ()It 0 00 so."Cmmit-- o0o 000 (Mlo 0,00 0()1) 9 00 0,00 0, Q 00 0 00 I"O C- d"u d nh"n, o I-�Wiki Id M,I')nii Jo,164 00 ?8,575 00 16 78900 23 14$W W";79 00 28,914 00 in,791 Im r- 13,320 66 5 527 42 2,399 43 1,ws 41 2,590 7i .2 I,M9 67 )',132 67 6561.28 7,821 26 6,354 75 )�hv,l-,"- 0.9011l1111 000 - 000 - ------------------ 0 111 000 of)() ,)Q 0,00 000 ----------------- -—----------- I d 16,595 66 (16")1192 42,299.43 3 1,609 4 3 3 1,161 7.3 39,b47 67 31,477 07 36,940,18 16,731 26 - -----37345 75 i7xcru�asc.s too I u"d, .w........ OR) (I I,Oso od) 02,26.5 w) (28,t61 00) (10,8i5 oo) Oi,s7101� ps,m5(xw) 24,660 00) 121,410)QV) (15,075 00� Ad,�,n-p-- "t '5�L EL I))..............---O.'L`12�1...................... ----------L-M9ULL�L--- )!�� (1,1577),L _(X�700,0(� "III M-o-- (15,721 W)) (16,430 00) (`17,0202S) (%7,977 75) 3 1,01 0o, (;0,110 00) (12,572 50� 1771 (25,837 75) (23,775 00� ............No —------3014 85 0 5,278 119 6,26 ... u17.67 (' , l 'll—_ ------ 7( 832) j�2.L Iou81 71)22 i, lo"gv5 0,5 CNI --------------------------------------------------------....... L m m E m Packet Pg.691 © � ,u� � 7 MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 23 of 32 EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Actuarial Valuation as of January 1, 2019 EXHIBIT 8 GASB Schedules of Funding Progress -- Current Year EAN Calculations 2019 ----------------------------------------.._.._------------------------------------------------------------------------------- a a. Present Value Fut Bfts: 763,789 b. Present Value Fut Entry Age NC: 13,736 ------- ------ C. Entry Age Actuarial Liability (a-b): 750,053 d. Plan Assets: 867,797 -------------- e. Unfunded Entry Age Actuarial Liability (c - d): -117,744 Entry Age Normal Cost: 1,506 Amortization of Payment 10 UAAL Payment: -11,774 a Packet Pg. 70 MONROE COUNTY,FLORI DA.VOLUN Y[A.-',R FIRE-4161-H ER AND ENIERGENCYMEDICAL SERVICES LENGI I I OF SERVK-E A WARD PLAN ActuaHa]Valuafian as dad' nuary 1,20 fl 9 Page 24 of 32 GASB 67 SdiedWes ElAptheme(A ns and Losses &AN TntihtAa ,-hm year enchng on the cuncm valuafion L 00% I-MlIBIT 8 —------------------ ........................... 01-Jan-2018 EAN 1,O(16 Unfunded Acluarial vahlation Actuarial LmWity Asws Uability 0 at. Heprunng B"Ifimic'es 825,231 896,932 Y6e ,,70'1 b Interem Adjusiment 9,252 8,869 (6fl 7) C Man NmW(,"osB 1265 0 3,2�65 d lrawesi Ad,pisimcm 33 0 33 fl 00,N)p Doc Made Amcwna Days Favor* hileresi C Fmplt,nycr Connibumirm 0 3,265 (3,265) F Inwresl Adjusuiew I S-oct- 8 3>5 77 0 210181 7 (7) U- 0 U) g Bencllu,Paid (M,945'N g30,945 0 11, Interest Ad�'usnnvv 55) (155)1 0 IL Expenses Flwd p4,776 (4,7710 J Interest Ad usuncm (24) (24) 0 0 i .... ........ 4— k Fxpecwd Values, 8 Q,AM 863,173 (62,292) 0 i. Assurmplwm Changes In Act%W Va�ues 750,053 867,797 1 17',744) ......... .... 11 Actual[)eviaci,(m 50,828 (4,624) 55,452 0 Expecled Invesmerh Famings(normfl com chunge) 8,697 ,;i, 1,00% 0 p Aclual Mvesunenl Fal nilpg$(nOMHO COSR CINMgC 13,3 2"fl 1 53% check 0 0 m C14 Packet Pg. 71 NIONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EIMERGENCY MEDICAL SER.VICES LENG14-1 OF SERVICE AWARD PLAN Page 25 of 32 Actuarial Valuation as of January 1,201 EXHIBIT 8 Summary of Fund Ili-ogress by Plan Years GASB Schedules of Funding Progress Individual Entry Age Normal Method 0 --------------------------------- CL ma LA/2019 I/l/2018 to to 12/3 1/2 Q 19 12/31/2018 Total Liability Service Cost (11,774 (6,170) U_ Interest 8,130 8,724 U) Changes of benerit terns 0 0 Differences between expected and actual experience (50,828) (35,295) IL Changes in Assumptions 0 0 Benefit payinerns, including rel'unds of meinber contributions (30,945) (.3100) 0 ............ ... .................. Net change in total pension liability (85,417) (64,421) 0 l'otal pension liability beginning 803,550 867,971 m Total pension liability ending(a) $718,133 $803,550 CL Plan Fiduciary net position < F'niployer Gmtribution 3,265 61,388 Employee Contribution 0 0 0 Stale Contribution 0 0 Investment Inc("ne 13,321 5,528 Other Income If 0 Benefit payments (30,945) (31,680) Admin expenses (4,776) (4,750) Net change in plan fiduciary net position (19,135) 30,486 > 2 L_ Plan fiduciary net laosition beginning 886,933 856,447 m Plan fiduciary net position ending(b) S867,798 $88,6,933 Net Pension Liability(asset) ending(a)-(b) ($149,665) ($83,383) C14 I'lan fiduciary net position as a percentage of the m toW pension habifitly 120,84% 110,38% m n Covered ernp oyee payroll #N/A 4N/A E Net pensicin liability(asset)as a percentage of payrol I #N/A ON/A Packet Pg. 72 C.2.a MONROE COUNTY, FLORIDA VOLU1 I LER FIRE FIGIITE EMERGENCY MEDICAL SERVICES LENGTH OF SERVICT AWARD PLAN Page 26 of 32 C ASB Schedules of Funding Progress __ FAN results representing discount rat I.0% higher � 0 _..____.....----_,,.._,._a___________._____________4_---._.._______--- _..____. .,m_-__ -----_ _.,_.____ ______ ______-----W__------_-_____________ � Discount rate: 2,4:10f'sia a aa. Present Value Fwut III'ts: 694 9,13 8 , PresentValue I°ut Entry Age IBC: 1&I,1,43 __________4-4- c. Entry Age Actuarial Liability(aa - Ira): 68,9,695 U) d, Plana assets; 867,797 CL c, Unfunded Entry Age Actuarial Liability(c- d): -178,102 cas 0 Entry Age F urinal Cow 1,17 2 CL Amortization ofhynient 10 � 0 CL cv C C 0 Packet Pg. 73 C.2.a MO1*ROE COL, ITY, FLORIDA VOIA.Wl EER FIREFIC;IwI`I"ER AND EMERGENCY MEDICAL SERVICES LENGTH OF' SERVICE AWARD PlNAN Cage 27 of 32, Actuarial Valuation as of.January 1, 2019 EXHI IT GA B Schedules of Funding Progress -- representing diSCOUnt.rate 1,0% lower Discr U11t rate; 0.00% a a, Present Value Fut Bf s:: 838,052 . Present Value Fut Enti ( A ce NC 18,652 C, Entry Aga: Actuarial Liability(a - Ia): 819,400 d. Plan Assets: 867,797 e, Unfunded Entry Age Actuarial Liability (c, - d): -48, 9 --:-- 0 Entry Age Normal Cost; 1,934 � Amortization of'Payment 10 .� 0 CL UAAL Papnent: -4, 40 ar r7 a cv Packet Pg. 74 C.2.a MONR,4C'.COI)N'I'Y.FLORIDA VOL.UN I N I'R f"I R"FIGI fTER ANSI EMERl3ENC"5 WnIC".AL hf RWIICB LE NCB flI OF S'ER VECI:I:AWARD RAN f nge 28 of 32 m z AgnmrixlW I ttion ax affwmary 1.2019 0.'V1RplLN1'4,1A.f X,M1IIC)N RI-St I I"h LXlltRI'I N d iA419 5dic J t ,f r-lin µ f L vw rt l nnnp d;row. r1 rmtm,I.f,Mw,hip;hxm Ycpretfuly IT ---- ...__.,,..,.. .................. ..._.. ...,_..,_, ..,...,.,___,,. .,»,.....,..............._.,.......... ................. .....,..............»_ ......._.,.,.. ......_.......,„,.,,.,,......., ._._._._,._.... .,.__,......._,_.. ILL A fiinrinl Sindy i,,of. 01-la 1. Vmhre .m plmA enanmdtx Pw.lrertiopmte t7 I° Vu of C'r d ued S souk,:R�y thed ten W Fully Wco d_ 10 VMn M=numher ofe,ctWxd 5evv Mf fldn,mr program nnePltft: V''ar w;atinpq p ur."mrr. 1 ro1) J N'ix bcaxcfit mx;ermad osti�wltnsew: f2 '0 I-f'Ve t I,di Rcm', t Iten i,A 15a'ei.ua;L G—tt,d 1891, @ AomnaV Berra d',tl Fl1c-mnmd Ifs atcN meM9rolameal yrrm erf mu^awfuza 1&q t® CL Muxiautuma A.e al I&'ncli,_ 4,5fW'Y @ @ PEeaene iJ'nloc a,f Anxanmd Hft F" d(ii},NftAr 0.649 @ ry ,u vM t"uuumenn[.-fit u4 NRA TR 239 rlcs 1 Adi nenneint t(Wne N11.1n1 C'.11,to bld taf'V'ut anon V"u;nr; I ADf 9�Dn @ CL @ Re p of Kn,,tlus. 9nfr t Rare T.d1)% � Park.. I fr""'I IsKro O Iotal A..,4rg @ F mifa- Cfpa,14 hradi6ytrle 1 Varoluemf VaMucuf Prmsent n All.wed Vxhuu etf f"uur I°eetnar; Clldml aipmann Vuh,,d Part, 1 h, 1,ed hn k#u ffis I n Renefi. V.1mof Ac entil I''nbn tic ", :r ,v No—.l ALnmiµrwtbu PLm � I)tar d Rcpom,,d Aupd eip.," I V.1t'd Aa"', Imxlriuc f ut R n f§tm A.M1Ti41F', Nm'rnul f,fi Annui,y Amm ncV t"vsq FOY I xpenuefl C Om"FOY. � PoIA Vrdesnt"', Id 2' 1'1 1 W 49,'351 247,20 29,11.158 392,0(M (95,S.io) 41.549 3.46'7 -2s,I48 I.,73:3 u � m K.ey 1.-go fore. 5 tiro q f I'1 W3.39 'm,:u)" PK,339 ((1) '1CX.007 5.001 V f) 0 &w'pJl,.yUf I3A4S b 4 0 Gr G 10,'7N9 IUi,789 I05„7919 0 6.882 §.fd.'i Cb (9 0 C[ 5w7ruro)unl'Key I IT 4 I 32,659 Vl 32.69) 60.90II (28,144) I.G(YKY I.000 -"P.FI,H4M& {,737 0 I � 'fn"nue, 6 3 0 1 m 79.126 P7,$73 16689 210,757 (43,W) !15,079 5.846 -7,653 1.,733 p ...... _..._ ._.. _..... .... _.. ------------- ..__.... _________ _----------. ___ ______.__ _______._... `.s. INancne l,""mw,ty '�l'e 5 it I ix'a I60,932 579,906 699,9:78 ftb7,797 (967.5,49) If4.466 3.696 (64,659) 312430 0 m @ °No lu5x u.YA"SNI m f write.only 1 reicipnm'wW, --am-1.of aexv ,ru the prio pl y rdr;rr 0,,a t vrwmd,.n m e fat e warJti d. � FxI.n. At s x-o wl pmyup 3. @ E WtiM1,olunt wro o mm inaud s the big C:lerp(nu,Hide pine ttnd Luyiom'Keys m Packet Pg.75 C.2.a MC1NCtC7L I,S31JN'I"H,('I,IIRXLDA Vi;)i.17N 1}PR P7R&lPi{3Yf['P.tC AND IMER.IENCYMlii:ICALSLRVI(TS L.FNGIF1 OF SERVICE AWARD PLAN Paµe2vof32 � Avtwrn V.I.—as of.l nary 1,2II19 S'114tFkfl^N"I VALUATION RESULTS ttiFpltffP'I Y% CvAS1Y Sufne k 1+nY 1"rxnnfi W i µrrcxs•rs1 mtimP olio.. 1 repr.I U"%1uwex 3ehedcdu R A,urandaI Sandy ax af. al-Jame lee Valhur Ceunplvwd uranxrhs ua 4t.oupale 1l a F Yew+of Cnxl.ieed Srrvva R.ju,ed rm Lw Fully Vr-d: to Fdanrmuuu meLurr srPcrstlited 5errd¢e MouOas mr ur�eptiorc C F vmseiup purpexans: 170 Pan'brruufl—eal uarpnv , 9) -Y—fix fi+eh Ruero v uu IlUnelu A I".e—.,I 6-1.1: 1'DY#6 � Auuuu9 H.11kh Ael,ald fur—11 ueoup01d yens enf reeawau INfY m Muxuuuau Aumaral Bneft: �LSdY6'Y CL Frusncu Milo::hf An,11 l Lifl farnod A NRA: 1„8(0 � Poe—vuleue of nute n ou Ivuuft f's7 NRA- 44,o08 lid—I Ahusk—1 to Ala e NWMM fl'er+Rsto IAM of VAo,v me Ymati-. 1 00001 CL 0 R,ccp enf R.wvl Interest R.W; 0.h(1;, .._..... ........_.. ._..,......__." ,.. .. ------------------- ...,......,... .........._......... _.......---- .......------- ................ ..... ..................... _..._..._......... ..............._...... � Pauu. I re—I 1'resenr '["oral Thee art App� ixgwue Avreauyu WdP u,, I-hvpble 1 vev Pfau V.hu.Ld w 1 nr.nl k--t Alow:�led wuhw:of F w. I"hue a^' Put, v 1 2 ealuuu, Valucl Pn uai- 1 Iruac0 Fw lie uelvpa Value of Autauaml Fw— 3arvi" let— Normal Aehniatinw—, Flan � [7,st,I R,poried Act., MMMI I Valued Ad— 4uac— I'm Asnatx Me,"Bft Auunity ,Mmreuly 1usl Ii,f1Y 1.apeaesms kmanFOY. � MA V.V.nt— 12 2 0 1 to Er l,552 289738 35],T Y 370,962 (19,572) 45.355 3_780 -5,178 L711 It m R ry Dour,ho, A (I 11 6 0 12,2.,178 172,378 122,,;6'78 (,hp 33.179 5.130 0 0 Key Lugo EMS, 6 At () I C d'J 116,991 {If,,ek'7:3 1 16,993 Gk ta,',Y64'4 8.150 CN (Y 0 �[ Sup;uulwnui"F:m3: I 0 U I I 34,4398 CY 95,e,918 ,53,8,55 (17,U57) I.tYfN'l EtMMJ -17,iC57 1,733 0 I � Pavrnuley 6 3 Ll 1 3 108,84.4 l02.,549 211,W3 203,7f19 '7G84 38.254 G.37" 1,205 1,731 2.,938 NM1Rmrtvu Couafy 31 5 fJ I 26 206,3`34 631658 938,052 867,797 (29,745) 124,688 4.022 (21xm) 5„20 2,938 L "Notless flromu xmtn m n N.w,,Duty tl.wldruaua weal 3 of more muae0ns of aart i eu Ilea prior plan gm ru wN.arr v w"I in m h uef9 axe vAhaxa4. ^:xlecusa;—t she7wu rm Ipapu:h. M✓f)Vuluuteua uea -tud I'the But C.Ppua,819 141w mId Laytuu KC ys m Packet Pg.76 Nl:(YNR(,)E COLJN,ry,FLORIDA VOLUNTFER HREMITHR AND EMERGENCYW",,"DiCAL SERVICES LFNGTH OF SERVICE,AWARD PLAN Pige 30 of'32 Actumial Valuation as of'January 1,2019 E813113IT 9 GAS6313c1iedul sofi�Lundi igProg,i:es,s Schedule A .................................................................................. ------ Clash Flow Pmjec6orvs assunving 5-Year Finployer Co mbulions Contriboon fricreme Rate, I O(MI, 0 Contributions by Sfmjmc Boiefit flaymems by Recipient Gmup 91 Beginning --------------------------------------------- Earnings- ------------...................... Nxal Net Ending Ass med 0 Ca1endar o I'year Membeis& of]Plan Benefn ffimase ni ofyear Imestment Discount Ycai Plan Aswts City Sulk 'I'mid Assets Inactives Actives Payments Mot Asseus Plan Asaets Yu lei Factor 2 2019 867,797 U 0 0 6,710 277,8,913 115,772 393,665 (386,955) 480,842 1 000N, 0,995037 20ZO 480,842 0 0 0 4,509 39,240 8,740 47,980 (43,411) 437,430 1,00%� 0.985185 2021 437,430 Q1 0 0 4,292' 8,339 8,207 16,546 (12,254) 425,176 1 (1101,`6 0975431 2022 425J76 Q,1 0 4,016 39,373 7,742 47,115 (43,099) 382,077 1,00% 0965773 'a 202 3 382,077 0 0 0 3,772 2,972 6,718 9,690 5,9 t 8) 376,159 1 O(M 0936211 2C124 376,)59 0 0 0 3,684 6,419 a),O 10 15,429 (1 1,745) 364,415 100% 0946744 U- 2025 364,415 0 0 0 3,252 42,909 35,598 78,407 (75,155) 289,260 1 00% 04937370 U) 2026 289,260 0 0 2,960 1,553 5,059 6,612 (3,752) 285,507 1.00% 0.928089 2027 285,507 0 0 0 2,927 1,177 4,499 5,666 t2,839 1 282,668 1.OM16 0,918900 �2028 282,668 0 2,791 2,297 4,800 7,087 (4,296) 278,372 1 OMo 0,909802 (L 2029 278,372 0 0 D 2,615 13,935 19,865 33,800 (31,185) 247,187 1,00% 0.900794 2010 247,V 87 0 4b 0 2,252 1,291 42,719 44,1012 (41,760) 205,427 1 00*110 0.891875 2031 205,427 0 0 0 1,960 9,712 10,224 18936 (16,976) 188,450 1 0011vo 0,893045 0 2032 1 88,450 0 Cil G 1,874 303 1,735 2,038 164) 188,287 1,0`,,Iu 0.874302 -j 203.1 t 88,287 0 0 (j, 1,874 287 1,577 1,964 10 188,296 1 00% 01865646 4- 0 2034 188,296 0 01 1,876 14.3 1,289 6,432', 444 188,740 1 00% 0,857075 0 2035 188,740 (11 0 0 1,877 716 1,3 60 2,076 (199) 188,541 1,00% 0,848589 0 2036 188,541 0 (9 0 1,806 6,397 9,40A5 15,802 (13,996) 174,546 1,OOS'o 0.84 0 87 2037 174,546 01 01 Cr 1,611 0 26,858 26,858 (25,24,7) 149,299 1 OMla 0831868 CL 2038 149,299 Oi 1,49.1 dl 0 1,493 150,792 1 OV,17 0,823632 0 2039 150,792 (1 fji 0 1,508 0 Cb 0 l"908 152,300 1 00% 0,815477 0 2040 152,300 ()1 QI 0 1,523 0 49 0 1,523 153,823 1 00'% 0.807403 2041 153,823 0 0 0 1,5.38 0 0 0 1,,538 155,361 1 00% 0.79940 2G42', 155,361 0 01 0 1,554 0 0 b 1,,554 156,914 1 0,0% 0.791,494 2043 156,9 1 4 b 0 0 1,569 0 0 1,569 158,484, 1 0011% 0.783658 0 2044 158,484 (1, 899 91 0 0 I'S85 0 0 0 1,585 160,068 1 00% 0,775 4) 2045 I60,,068 01 Q9 1,601 0 0 0 V,601 16 1,669 1,00% 0,768216, 2046 161,,669 (11 0 0 1,617 0 0 0 1,617 163,286 1 Offl/o 0,760610 2047 163,2186 111 0 1,633 0 1l 0 1,633 164,919 1 001°1� 0,753080 0 2048 164,919 ('11 0 1,6414 (11 0 0 1,64,9 166,569 1,00% 0.745623 2049 166,568 0 g, 0 1,66o� 0 0 0 1'',666 168,234 0,M241 2050 168,234 0 0 0 1,682 0 0 1,682 169,916 1 001'a M30932 2051 1 f)9,9 1 6 QD 111 1,699 0 1',699 171,615 1,000x� 0.723695 2052 17'1,6 1!1 5 0 01 0 1,7191i 0 19 0 1,716 173,33 1 1 00",,/,, 0,716529 2053 173,33 0 1,733 0 0 01 1,733 175,064 1,00$,'a, 0.709435 2054 175,064 0 0 0 1,751 (11 d9 C1 11,751 176,815 1 00%e 0,702411 2055 176,9'V 5 Cl 0 0 1,768 0 0 1,768 178,583 1 00% 0,695456 2056 178,583 0 0 01,785 (1 (1 01,786 180,369 1,00% 0 6985'71 < 2()57 180,369 ()1 0 9 1,804 CJ, C9 0 1,804 182,173 1 0011,,u 11fi81753 2058 182,173 0 0 1,822 0 0 0 1,822 183,995 1,00% Ofi75003 C14 Packet Pg. 77 C.2.a D o /1' F= ET Ll-\.l Lj MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 31 of 32 Actuarial Valuation as of January 1,2019 EX1-aBIT 9 GASB Schedules of Funding Progress Schedule B Cash Flow Projections assuming No Employer Contributions Contribution Increase Rate: 1.00% 0 O Contributions by Source Benefit Payments by Recipient Group 91 Beginning------- Earnings - Total Net Ending Assumed 0 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 2 ° 2019 867,797 0 0 0 6.710 277,893 115,772 393,665 (386,955) 480,942 1.00% 0.995037 2020 480,842 0 0 0 4,569 39,240 8,740 47,980 (43,411) 437,430 1.00% 0.985185 0 2021 437,430 0 0 0 4,292 8,339 8,207 16,546 (12,254) 425,176 1.00% 0.975431 2022 425,176 0 0 0 4,016 39,373 7,742 47,115 (43,099) 382,077 1,00% 0.965773 2023 382,077 0 0 0 3,772 2,972 6,718 9,690 (5,918) 376,159 1.00% 0.956211 2024 376,159 0 0 0 3,684 6.419 9,010 15,429 (11,745) 364,415 1.00% 0.946744 2025 364,415 0 0 0 3,252 42,809 35,598 78,407 (75,155) 289.260 1.00% 0.937370 2026 289,260 0 0 0 2,860 1,553 5,059 6.612 (3,752) 285,507 1.00% 0.928089 2027 285,507 0 0 0 2,827 1,177 4,489 5,666 (2,839) 282,668 1,00% 0.918900 2028 292.668 0 0 0 2,791 2,287 4,800 7,087 (4,296) 279,372 1.00% 0.909802 2029 278,372 0 0 0 2,615 13,935 19,865 33,800 (31,185) 247,187 1.00% 0.900794 2030 247,187 0 0 0 2,252 1,293 42,719 44,012 (41,760) 205,427 1.00% 0,891875 2031 205.427 0 0 0 1,960 8.712 10,224 18,936 (16,976) 188,450 1.00% 0.883045 2032 188,450 0 0 0 1,874 303 1,735 2,038 (164) 188,287 1.00% 0.874302 2033 188,287 0 0 0 11874 287 1,577 1,864 10 188,296 1.00% 0.865646 2034 188,296 0 0 0 1,876 143 1,289 1,432 444 188,740 1.00% 0.857075 0 2035 188,740 0 0 0 1,877 716 1,360 2,076 (199) 188,541 1.00% 0,849589 0 2036 189,541 0 0 0 1,806 6,397 9,405 15,802 (13,996) 174,546 1,00% 0.840187 2037 174,546 0 0 0 1,611 0 26,858 26,858 (25,247) 149,299 1.00% 0.831868 2038 149,299 0 0 0 1,493 0 0 0 1.493 150,792 1.00% 0.823632 0 2039 150,792 0 0 0 1,508 0 0 0 1,508 152,300 1.00% 0.815477 0 2040 152,300 0 0 0 1,523 0 0 0 1,523 153,823 1.00% 0,807403 2041 153,823 0 0 0 1,538 0 0 0 1,538 155,361 1.00% 0.799409 2042 155,361 0 0 0 1,554 0 0 0 1.554 156,914 1,00% 0.791494 2043 156,914 0 0 0 1,569 0 0 0 1,569 158,484 1.00% 0.793658 O 2044 158,484 0 0 0 1,585 0 0 0 1,585 160,068 1.00% 0.775899 0 2045 160,068 0 0 0 1,601 0 0 0 1,601 161,669 1.00% 0.768216 2046 161,669 0 0 0 1,617 0 0 0 1,617 163286 1.00% 0.760610 2047 163,296 0 0 0 1,633 0 0 0 1,633 164:919 1.00% 0,753080 O 2048 164,919 0 0 0 1,649 0 0 0 1,649 166,568 1.00% 0.745623 2049 166,568 0 0 0 1,666 0 0 0 1,666 168,234 1.00% 0.738241 2050 168,234 0 0 0 1,682 0 0 0 1,682 169,916 1.00% 0,730932 2051 109,916 0 0 0 1,699 0 0 0 1,699 171,615 1.00% 0.723695 > 2052 171,615 0 0 0 1,716 0 0 0 1.716 173.331 1.00% 0.716529 2053 173,331 0 0 0 1,733 0 0 0 1,733 175,064 1.00% 0.709435 2054 175,064 0 0 0 1,751 0 0 0 1,751 176,815 1.00% 0,702411 2055 176,815 0 0 0 1,768 0 0 0 1,768 178,583 1.00% 0.695456 2056 178,583 0 0 0 1,786 0 0 0 1,786 180,369 1.00% 0.688571 2057 180,369 0 0 0 1,804 0 0 0 1,804 182,173 1.00% 0.681753 2058 182,173 0 0 0 1,822 0 0 0 1,822 183.995 1.00% 0.675003 N 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. D Packet Pg. 78 , MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 32 of 32 EMERGENCY N[EDICAL SERVICES LENGTH OF SERVICE AWARD PLAN EXHIBIT 9 Actuarial Valuation as of January 1,2019 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 0 Beginning Earnings Total Net Ending Assumed 91 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 2019 867,797 0 0 0 0 271,893 115,712 393,665 (393,665) 474,132 0.00% 1.000000 2020 474,132 0 0 0 0 39 240 8.740 47,980 (47,980) 426.152 0.00% 1.000000 2021 426,152 0 0 0 0 8,339 8,207 16,546 (16.546) 409,606 0.000/0 1.000000 2022 4D9,606 0 0 0 0 39,373 7,742 47,115 (47,115) 362,491 0.00% 1,000000 2023 362,491 0 0 0 0 2,972 6,718 9,690 (9,690) 352,801 0.60% .1.000000 , 0 0 6,419 9,010 15,429 (15,429) 337,372 0.00% 1.0000 2024 3528D1 0 0 0D 2025352,801 0 0 0 0 42,809 35,598 78,407 (79,407) 258,965 0.00% 1.000000 372 6 258,965 0 0 0 0 1,553 5.059 6,612 (6,612) 252,353 0.00% 1.000600 202 202 25 ,965 0 0 0 0 1,177 4,489 5,666 (5,666) 246,687 0.00% 1,000000 353 2026 246,687 0 0 0 0 2,287 4,800. 7,087 (7,087) 239,600 O.DD% 1.040000 29 234,600 0 0 0 0 13.935 19.865 33,800 (33,800) 205,800 0.00% 1.000000 20 2029 205,800 0 0 0 0 1,293 42,719 44.012 (44,012) 161,788 0.00% 1,000000 2031 161.788 0 0 0 0 8,712 10,224 18,936 (18,936} 142,852 0.00% 1.000000 0 2032 142,852 0 0 0 0 303 1,735 2,038 (2,038) 140,814 0,00% 1.000060 2033 140,814 0 0 0 0 287 1,577 1,864 (1,864) 139,950 0.00% 1.000ODO 2034 138,950 0 0 0 0 143 1,289 1.432 (1,432) 137,518 0.00% 1,000000 2035 137,518 0 0 0 0 716 1,360 2,076 (2,076) 135,442 0.00% 1.000000 2036 135,442 0 0 0 0 6,397 9,405 15,802 (15,802) 119,640 0.000/0 1.000000 0 2037 119,640 0 0 0 0 0 26,858 26,858 (26,858) 92,782 0,00% 1.000000 re 2038 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1.00000091 2039 92,792 0 0 0 0 0 0 0 0 92,782 0.00% 1,000000 0 2040 92.782 0 0 0 0 0 0 0 0 92.782 0.000/0 1.000000 0 2041 92,782 0 0 0 0 0 0 0 - 0 92,782 D.00% 1.000000 2042 92,782 0 0 0 0 0 0 0 0 92,782 0,00% 1.000000 91 2043 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 1� 2044 92,782 0 0 0 0 0 0 D 0 92,782 0,00% 1.000000 5 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 204 204 92,782 D '0 0 0 0 0 0 0 92,782 0.00% 1.000000 2047 92.782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 0 2048 92.782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 2049 92,782 0 0 0 0 0 0 0 0 92,792 0.00% 1.000060 2050 92,782 0 0 0 0 0 0 0 0 92.782 0,00% 1.000000 2051 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 a0 2052 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1,000000 > 2053 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1,000000 M 2054 92,782 0 0 0 0 0 0 0 0 92.782 0.00% 1.000000 2055 92,782 0 0 0 D 0 0 0 0 92,782 0.00% 1.000000 2056 92,782 0 0 0 0 0 0 0 0 92,782 0.00% 1.000000 2057 92.782 0 0 0 0 0 0 0 0 92,782 0.00% 11000000 2058 92,782 0 0 0 0 0 0 0 0 92,792 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 N contrary to the provisions of the plan and does not reflect the past history of the Sponsors 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 re is expected to be able to sustain the benefit payment demands in the near long-term future. re ' 0 0 re Packet Pg. 79