Item C08 C.8
� � �, BOARD OF COUNTY COMMISSIONERS
County of Monroe � ��r�i
�r � s�� Mayor Heather Carruthers,District 3
The Florida.Keys � � � ������]�j Mayor Pro Tem Michelle Coldiron,District 2
Craig Cates,District 1
^_,
David Rice,District 4
Sylvia J.Murphy,District 5
County Commission Meeting
August 19, 2020
Agenda Item Number: C.8
Agenda Item Summary #7142
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 2020 and $0 transfer of funds for Plan
Year 2020 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).
Per Mouton & Company, Inc., the plan has sufficient assets, i.e. there are more assets than
obligations. As a result, there is no contribution required to the plan for 2020. Based upon Mouton's
findings, $0.00 will be transferred into the LOSAP Trust Fund for Plan Year 2020.
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 2020
STAFF RECOMMENDATION: Acceptance of actuarial report and transfer of funds for Plan
Year 2020 into the LOSAP Trust Fund in the amount of$0.00.
DOCUMENTATION:
January 1, 2020 Actuarial Valuation Report
FINANCIAL IMPACT:
Effective Date: 08/20/20
Packet Pg.360
C.8
Expiration Date: N/A
Total Dollar Value of Contract: N/A
Total Cost to County: N/A
Current Year Portion: N/A
Budgeted: N/A
Source of Funds: N/A
CPI: N/A
Indirect Costs: N/A
Estimated Ongoing Costs Not Included in above dollar amounts: N/A
Revenue Producing: N/A If yes, amount: N/A
Grant: N/A
County Match: N/A
Insurance Required: N/A
Additional Details: N/A
REVIEWED BY:
Pedro Mercado Completed 07/27/2020 1:34 PM
James Callahan Completed 07/27/2020 1:56 PM
Purchasing Completed 07/27/2020 2:27 PM
Budget and Finance Completed 07/28/2020 8:24 AM
Maria Slavik Completed 07/28/2020 4:52 PM
Kathy Peters Completed 07/29/2020 9:04 AM
Board of County Commissioners Pending 08/19/2020 9:00 AM
Packet Pg.361
INC.MOUTON
&COMPANY,
June 24, 2020
Monroe County Board of County Commissioners
c/o Chief James Callahan
490 63rd Street
Marathon, FL 33050
Subject: Monroe County, Florida Volunteer Firefighter and Emergency
Medical. Services Length oCServices Award flan
January 1, 2020 actuarial Valuation
Dear Chief Callahan:
Enclosed is the draft of the actuarial valuation for the Monroe County LOSAP plan,
e 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. There have been no
assumption or other changes to the plan this year.
Once the draft: of the report has been accepted by the board, please notify our office
and we will forward the original repots to you with an electronic copy to the State.
Should you have any questions regarding the enclosed report, please give me a call.
Sincerely,
Nanette Mouton
Executive Vice president
NSM/s
Enclosure
Lakeview Profe°s,ion l VtHag� • - 5-16 E-rake ie w°[£ ,<d - Villa 6 - Ctcarw=iter, FL M56 - (2 7)441-1526 ¢ Fax (727)441-3564
FT
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1,2020
June.25, 2020
Monroe County Board of County Corn issioners
Fire Chief James Callahan
490 63`d Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1, 2020, covering the actuarial
aspects of the"Monroe County LOSAP"for the Plan Year ending December 31, 2020 and the
County's fiscal year ending September 30, 2021.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
2018 2019 2020
Item Plan Year Plan Year Plan Year
Participants 41 31 33
Covered Payroll $ na $ na $ na
Current EOY Plan Costs * $3,265 $0 $0
The description of the Actuarial Cost Method has been changed to provide that the Entry
Age Normal Cost Method required minimum contribution will be the Plan's required minimum
contribution. This change has no current effect.
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 assurnption, 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
ACTUARIAL REPORT
PLAN: Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR: January 1, 2020 through December 31, 2020
SPONSOR FISCAL YEAR: October 1, 2020 through September 30, 2021
VALUATION DATE: January 1, 2020
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 deternlination 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#20-2773
On Behalf of Mouton& Company, Inc.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2020
TABLE OF CONTENTS
EXHIBIT 1 VALUATION RESULTS
Schedule A—Development of Actuarial Assets I
Schedule B—Plan Description 2
Schedule C -Development of Current Year's Costs 3
Schedule D—Development of Historical and Projected FSA 4
Schedule E-Participant Data 5
Schedule F -Assets 5
Schedule G-Liabilities 5
Schedule H -Actuarial Present Value of Accrued Benefits 6
Schedule I - Statement of Changes in Total Actuarial
Present Value of All Accrued Benefits 6
Schedule J -Pension Cost 7
Schedule K-Past Contributions 7
Schedule L - Comparison of Actual to Assumed Earnings 8
EXHIBIT 2 PARTICIPANT DEMOGRAPHICS
Schedule A- Coverage 9
Schedule B—Year of Credited Service 9
Schedule C -Participant Reconciliation 10
EXHIBIT 3 PLAN ASSET INFORMATION
Schedule A- Statement of Net Assets Available
for Benefits at Market Values 11
Schedule B - Statement of Changes in Net Assets
Available for Benefits 12
EXHIBIT 4 PLAN SUMMARY 13
EXHIBIT 5 COST METHOD AND ASSUMPTIONS 16
EXHIBIT 6 PENSION COST RATIONALE 18
EXHIBIT 7 GASB INFORMATION 19
EXHIBITS 8-9 GASB SCHEDULES 23
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MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 3 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 CURRENT VALUATION RESULTS EXHIBIT 1
Development of Current Year's Costs Schedule C
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Year Prior Year
01-Jan-2020 01-Jan-2019
A. Present Value of Future Obligations: ---------- --------
1. Active Members 163,980 181,375
2. Inactive Members 488,585 582,413
3. Retired Members 0 0
4. Survivors on Benefit 0 0
5. Disabled Members 0 0
--------------- ---------------
Total Actuarial Accrued Liability: 652,565 763,788
B. Less Present Value of:
1. Member Contributions 0 0
2. Florida Premium Tax Rebates 0 0
--------------- ---------------
0 0
C. Less Actuarial Plan Assots 858,354 867,797
--------------- ---------------
D. Amount to be Funded by County(A-B-C) (205,789) (104,009)
(Unfunded Actuarial Accrued Liability)
E. Aggregate Normal Costs from District Calculations including expenses (8,429) 0
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 (8,429) 0
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 4 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 CURRENT VALUATION RESULTS EXHIBIT 1
Development of Historical and Projected Funding Standard Account Balances Schedule D
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Pojei ted
Current
Plan Year Prior Year
01-Jan-2020 01-Jan-2019
A. Beginning Balance 67,114 61,290
Interest Adjustment to End of Year 671 613
----------- -----------
sub-total 67,785 61,903
B. Less Charges to Account
1. Normal Costs for the Year(BOY) -8,429 0
2. Provision for Expenses(included in(1)above) na na
2. Amortization Charges(net)(BOY) 0 0
3. Interest Adjustment to End of Year L00% 0 0
-------- --------
-8,429 0
C. Plus Credits to Account
1. Contributions Credited During the Year 0 5,200
2. Amortization Charges(net)(BOY) 0 0
3. Interest Adjustment to End of Year 0 11
-------- --------
0 5,211
-------- --------
D. Ending Balance*(not leas than 0) 76,214 67,114
Date Made Amount Interest
0 0
15-Oct-19 5,200 11
0 0
0 0
----------- ---------
5,200 11
*Note: A positive ending balance represents the accumulation of past contributions in excess of required minimums.
Such a balance is available to the sponsor in the current or future years to adjust normal funding requirements.
For the current year,Contributions Credited are determined as the lowest amount which would avoid an ending
negative balance,under the assumption that the contribution is received on the last day of the plan year.
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 5 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actr,arial Valuation as of January 1,2020 CURRENT VALUATION RESULTS EXHIBIT 1
Participant Data Schedule E
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Next
Current Year Prior Year Prior Year
O1-Jan-2020 01-Jan-2019 01-Jan-2018
Number Included ----_—
Active Members 5 5 9
Inactive Members 12 13 18
Retired Members 15 13 14
Current Beneficiaries 0 0 0
Disabled Members 0 0 0
Total Members
32 31 41
Total Annual Payroll of Actives 0 0 0
Total Annual Benefits:
to Retired Members 34,680 30,945 31,680
to Current Benefluiaties 0 0 0
to Disabled Members 0 0 0
Assets Schedule F
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Actuarial Value 858,354 867,797 886,932
Market Value 858,354 867,797 886,932
Liabilities Schedule G
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Prior
Plan Year Plan Year
01-Jan-2020 01-Jan-2019
Pre=cnt Value of Future Benefits --
Active Members 163,980 181,375
Inactive Members 274,248 582,413
Retired Members 214,337 ine above
Current Beneficiaries 0 0
Disabled Members 0 0
--------------- ---------------
Total 652,565 763,788
Less Present Value
Future Member Contributions 0 0
Future State Contributions 0 0
-------------- ---------------
0 0
-------------- ---------------
Actuarial Accrued Liability 652,565 763,788
less Actuarial Plan F.s4ets (858,354) (867,797)
Unfunded Actuarial Accrued Liability (205,789) (104,009)
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 6 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 CURRENT VALUATION RESULTS EXHIBIT 1
Actuarial Present Value of Accrued Benefits Schedule H
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Year Prior Year
O1-Jan-2020 01-Jan-2019
Vested Accrued Benefits --___---
Inactive Members&Beneficiaries 503,705 565,862
Active Members 120,449 153,576
Total 624,154 719,438
Nonvested Accrued Benefits 19,108 16,551
Total 643,262 735,989
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits Schedule I
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Year
01-Jan-2020
Present Value of Accrued Benefits at
Beginning of Year 735,989
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 7,186
Benefits Accrued,net of excluded participants 8,348
Benefits Paid (34,680)
Other Changes-tenninations (73,581)
--------------
Net Increase(Decrease) (92,727)
Actuarial Present Value of Accrued
Benefits at End of Year 643,262
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 7 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as ofJanuary 1,2020 CURRENT VALUATION RESULTS EXHIBIT I
Pension Cost Schedule J
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Next
Plan Year Prior Year Prior Year
01-Jan-2,20 01-Jan-2019 01-Jan-2018
Accumulated Prior Deficiency(Credit) (43,166) (43,167)
Required Funding Costs (8,429) 0 3,265
Current Sponor Contributions (5,200) (3,265)
Interest Adjustment 0 0 0
---------- ----------- -----------
Total Required County Contribution (8,429) (48,366) (43,166)
As 115 of Payroll N/A N,A N/A
Estimated Participant Contributions 0 0 0
As%of Payroll N/A N/A N/A
Estimated Premium Tax Refund 0 0 0
As 9'u of Payroll N/A N/A N/A
Remdining Amount to be Contributed
by County (8,429) 0 0
As°lu of Payroll N/A N/A N/A
Schedule K
Past Contributions
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
For the frsi:-al year ended 12/31/19
Total Contribution Required 0
Achral Contribution Made By:
State 0
County 5,200
Participants 0
5,200
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 8 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 CURRENT VALUATION RESULTS EXHIBIT 1
Comparison of Actual to Assumed Earnings Schedule L
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Assuming uniform income and disbursements,Employer Contributions a-s umed at End of Year)
Benefits
Year Beginning Ending Investment Other and
Ended Assets Assets Earnings Income Expenses
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
31-Dec-2018 886,932 867,797 13,321 0 35,721
31-Dec-2019 867,797 8585354 24,801 0 39,444
Year Net Expected Actual 3 Year 5 Year Assumed
Ended Increase Earnings Experience Average Average Factor
31-Dec-2002 (4,116) 19,260 1.11°0 1.11% na 5.00"%
31-Dec-2003 9,169 23,736 1.93% 1.52% na 5.00�'u
31-Dec-2004 (5) 27,926 1.510zlu 1.52010 1.380.0 5.00%
31-Dec-2005 13,252 24,913 3.350//0 2.260,'o 1.60%u 4.000//o
31-Dec-2006 5,336 20,876 2.22% 2.36u/u 1.750/'o 3.00%
31-Dec-2007 32,319 18,061 5.32°l0 3.63% 2.26% 2.500,/o
31-Dec-2008 6,975 19,256 3.98';0 3.84% 2.72 0 2.50%
31-Dec-2009 (17,220) 20,141 0.81% 3.370//0 3.09% 2.50%
31-Dec-2010 (18,016) 20,454 0.96% 1.92% 3.02/0 2.50u/o
31-Dec-2011 (22,456) 20,687 0.79 0.850//. 2.720/0 2.509/o
31-Dec-2012 (29,240) 16,672 0.40% 0.72% 2.14`;5 2.00%
31-Dec-2013 (28,470) 12,505 0.22% 0.470//0 1.47% 1.50%
31-Dec-2014 (28,264) 8,417 031% 031°0 0.850//0 1.001/1'0
31-Dec-2015 (36,572) 8,385 0.16% 0.23% 0.52% 1.0000
31-Dec-2016 (34,621) 8,327 0.290/0 0.250/0 0.400/0 1.0000
31-Dec-2017 (30,902) 8,382 0.66"//0 0.370/0 0.33% 1.000
31-Dec-2018 (22,400) 8,691 1.53°0 0.8300 0.40% 1.00110
31-Dec-2019 (14,643) 8,481 2.920/0 1.71% 0.680z0 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 stzu-ting 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 32 persons covered by the plan as of December 31,2019.
Category Number Amount
Active Participants 5 0
Other Inactive Participants 12 0 **
Retirees on Benefit 15 0 **
Survivors on Benefit 0 0 **
Participants on Disability Benefit 0 0 **
Terminated Vested Participants 0 0 **
---- -----------
TOTAL 32 N/A
* Annual covered pay only
** Annual Benefit
32 persons(included in the data furnished to us)were ineligible for participation as of the valuation
date. Participant data was furnished by the County of Monore and was as of December 31,2019.
Years of Credited Service--all Participants Schedule B
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Years of Service
---------------------------------------------------------------------------------------------------------------------------------------------------------
< 1 1-4 1 5-9 I 10-14 15-19 20-24 25-29 30-34 I
----------- ----------- ----------- ----------- i ----------- I ----------- ----------- ----------- I
Attained I I I I I
Age Count I Count I Count I Count Count Count I Count I Count Totals
Under 25 �~~~~ I I I I I I I I o
26-29 I I I I 0
30-34 1 I I I I 1
35-39 I I I 0
40-44 I I 2 1 I I 2
45-49 I 1 1 I 1
50-54 I 1 1 2 I 2 i 1 i 1 2 5
55-59 I
60-64 I I 6 3 I I 9
64-69 I 4 1 I 1 1 1 4
Over 70 I I I 2 I 1
0 2 1 17 5 3 1 3 32
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 10 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 PARTICIPANT DEMOGRAPHICS EXHIBIT 2
Participant Reconciliation Schedule C
--------------------------------------------------------------------------------------------------------------------------------------------------------------
Retired Survivor
on on
Active Benefit Benefit Disabled Inactive Total
Participants at 01-Jan-2019 5 13 0 0 13 31
New 1 1
Retirement 0 2 2
Death 0 0
Non-Vested Termination -1 -1 (2)
Vested Termination 0 0
Lump Sum Settlement 0 0
New Survivors 0 0
Completed Retiree Payments 0 0
------- ------- -------
Participants at 31-Dec-2019 5 15 0 0 12 32
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 11 of 32
Actuarial Valuation as of January 1, 2020
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Net Assets Available for Benefits* Schedule A
31-Dec-2018 31-Dec-2019
------------------------------------------------------------------------------------------------------------------------------------
Market Value
Money Market 867,797.02 858,354.09
Accrued Contribution - Employer 0.00 0.00
---------------- ----------------
867,797.02 858,354.09
---------------- ----------------
Liabilities
Accounts Payable 0.00 0.00
Deferred Revenues 0.00 0.00
---------------- ----------------
0.00 0.00
---------------- ----------------
Net Assets Available 867,797.02 858,354.09
------------ ------------
------------ ------------
* As reported by the County
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 12 of 32
Actuarial Valuation as of January 1,2020
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Changes in Market Value of Net Assets Schedule B
Plan Year Ending: 31-Dec-2018 31-Dec-2019
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
INCREASES
Earnings on Investments 13,320.66 24,801.07
Unrealized Appreciation(Depreciation) 0.00 0.00
I
State Insurance Contributions Om 0.00
Employee Contributions om ( 0.00
Employer Contributions: 3,265.00 5,200.00
I
Accrued 0.00 0.00
----------------- -----------------
I
3,265.00 5,200.00
----------------- ( -----------------
16,585.66 30,001.07
- ( -----------------
----------------
DECREASES
Expenses
Professional Fees (4,776.00) (4,764.00)
Professional Fees 0.00 0.00
PMA Fees 0.00 0.00
----------------- -----------------
(4,776.00) (4,764.00)
Paid to Participants
Retirees (30,945.00) (34,680.00)
Survivors 0.00 0.00
Disabled 0.00 0.00
Overpayment due to City 0.00 0.00
----------------- -----------------
(30,945.00) (34,680.00)
----------------- -----------------
(35,721.00) (39,444.00)
- -----------------
----------------
Net Increase/(Decrease) (19,135.34) (9,442.93)
I
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year 886,932.36 867,797.02
- ( -------------------
------------------
End of Year 867,797.02 858,354.09
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2020 Page 13 of 32
PLAN SUMMARY EXHIBIT 4
1. General Information
(a) Plan Nance: 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. Eli ig bility 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, 2020 Page 14 of 32
PLAN SUMMARY EXHIBIT 4
and later returns to active membership roll, only Years of Service earned after the
Participant's return to the active membership roll shall be counted for purposes of the Plan
No Years of Service shall be earned for any year of volunteer service after the Participant
has attained age sixty(60).
4. Contributions
Each Plan Year, the Board shall appropriate funds from the budgets of the various volunteer
fire/rescue MSTU's to fund the accrued or prospective benefits for Participants on an
actuarially sound basis.
5. Normal Retirement Benefit
(a) Eligibility: Completion of 10 years of service.
(b) Benefit: An annual benefit based on the following schedule:
Benefit Schedule
Years of Monthly Annual
Service Benefit Benefit
25 $375 $4500
24 360 4320
23 345 4140
22 330 3960
21 315 3780
20 300 3600
19 285 3420
18 270 3240
17 255 3060
16 240 2880
15 225 2700
14 210 2520
13 195 2340
12 180 2160
11 165 1980
10 150 1800
(c) Form of Payment: Benefit payments are payable monthly for a period of ten years.
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2020 Page 15 of 32
PLAN SUMMARY EXHIBIT 4
6. Vestin
(a) Eligibility: Completion of 10 years of service prior to attainment of Nonnal
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 Nonnal Retirement Age
(a) Eligibility: Death of a vested Participant.
(b) Benefit: The present value of vested accrued benefits.
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2020 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 slnnirring 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.
However should the Entry Age Normal Method produce a minimum required contribution
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 tenninating 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.
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, 2020
ACTUARIAL ASSUMPTIONS EXHIBIT 5
Actuarial Study as of: 01-Jan-2020
Valuation Date Adjustment: 0
Completed months to participate 0
Maximum number of credited Service Months at program inception:
For vesting purposes: 120
For benefit accrual purposes: 12
Annual Benefit Accrued for each completed year of service 180
Maximum Annual Benefit Accrued for each completed year of service 4500
Vesting Schedule Yrs Vesting
0 0
10 1000�
Tennination Assumption: Godwin's Table 1,V Select&Ultimate Table,w/50'o termination prob. for YOS<1.
This demographic assumption was selected by reference to"Employee Termination Study"by Roger L. Vaughan as
published in the 1992 Proceedings of the Conference of Consulting Actuaries. The study's resulting table was judged
to be the most reasonable for this subject group. Due to the highly variable volunteer nature of covered service and
the relatively small number of active members, our judgment is that the table continues to be appropriate. An
important consideration was the high select period tennination rates,which were judged highly relevant to the nature
of volunteer service in the Florida Keys.
Interest rate function assumptions is 1.00,1 o
v: 0.99010
d: 0,00990
114.79272 a(10)due: 9.56606
i(12): 0.083%
v(12): 0.99917
d(12): 0.00083
a(120)due: 114.26266
Maximum annual benefit accrual limited by IRC 3,000 313.61
Present value of maximum benefit: 43,047
Present value of annual benefit accrual 1,722
Year First Allowed for Benefit Accrual Purposes: After: 1986
Before: 1986
Maximum Credited Years for Benefit Accrual as of the Valuation Date: 35
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2020 Page 18 of 32
PENSION COST RATIONALE EXHIBIT 6
When one speaks of pension costs, one must distinguish between "true" costs and "actuarial" costs.
The true cost of a pension plan depends on its experience and is equal to:
Total Benefits Paid
Total Expense to Run the Plan
Investment Earnings
Because this true cost is not apparent until many years into the future, and then only in retrospect,
the actuary scientifically estimates what the true cost will be and then assesses a share against the
current year's operations.
In order to estimate the true cost elements, the actuary must try to predict the future happenings
which will affect them -- such as death, employee turnover, expenses, investment earnings, etc.
The assessment to each current year is made using a particular "cost method", selected by the
actuary considering tax implications to the Employer, future cost versus future earnings patterns,
present and projected makeup of employee force, etc. Based on these considerations, the actuarial
costs are found to be as shown in this report.
It is important to remember that these annual costs are estimates of the actuary, which, if his
projections are realized, will accumulate according to certain future patterns, as dictated by the cost
method,to meet the true costs on an adequate and timely basis.
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 19 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 EXHIBIT 7
GASB Notes to the Financial Statements
----------------------------------------------------------------------------------------------------------------------------------------------------
a. (1) The above PERS administrator is a single-ernployer with only one contributing county
employer and no noneruployer 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 counnence
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 15
Beneficiaries currently receiving benefits 0
Terminated employees entitled to benefits 12
27
Fully vested and past normal retirement date 21
Partially vested 0
Non-vested I 1
32
(3) The benefit provisions are as follows:
Benefit Schedule
Years of Monthly Annual
Service Benefit Benefit
25 $375 $4,500
24 360 $4,320
23 345 $4,140
22 330 $3,960
21 315 $3,780
20 300 $3,600
19 285 $3,420
18 270 $3,240
17 255 $3,060
16 240 $2,880
15 225 $2,700
14 210 $2,520
13 195 $2,340
12 180 $2,160
11 165 $1,980
10 150 $1,800
(4) Volunteer Firefighters must attain the rank of Structural Firefighter,Nun-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 ne.css'uy to drive
an emergency medical care and tran.sporation vehicle(ambulance)and/or attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
Eligibility for vesting is completion of 10 years of service.
The Plan shall be administered in accordance with the requirements of Chapter 112,Part VII,
Florida Statutes.
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 EXIilBIT 7
GASB Notes to the Financial Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
For each Plan Year,the Board shall appropriate funds from the budgets of the various fire/rescue MSTU's,
such funds to be applied as a contribution to the LOSAP trust account in an amount as determined by the
Plan Administrator as is necessary to fund the accrued or prospective benefits for Participants on an
actuarially sound basis and in accordance with Part VII of Chapter 112,Florida Statutes.
There are no Participant contribution requirements.
The authority under which those obligations are established is the Monroe County Ordinance No.026-1999
b. (1) The accounting policies include the Accrual basis of accounting,and assets are reported at Market Value.
Exchanges or"swaps" of securities are accounted for in the income.
(2) We are aware of no investments(other than U.S.government and U.S.government-guaranteed obligations)
which represented more than 51l0 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 1,2020 EXHIBIT 7
GASB Notes to the Financial Statements
--------------------------------------------------------------------------------------------------------------------------------------------------------
The significant actuarial assumptions used to compute the pension benefit obligation were:
Investment Yield: 1.00%for both present and future.
Mortality Pattern: Not applicable
Salary Increases: Not applicable
Termination: Godwin's Table 1,V Select&Ultimate Table, with 5011 o termination prob. for YOS<1.
The System's funding policy, as mandated by ordinance, provides for actuarially determined
periodic contributions
The Actuarial Funding Method is a variation of the aggregate actuarial cost method. The
present value of the projected benefits is calculated using the provisions of the plan
and the actuarial assumptions. The actuarial value of assets includes only the value of assets.
There are no member contributions,nor any State premium tax refunds.
The GASB 25 Actuarial Funding Method is the Aggregate Method. Since there is no salary,
allocations are based on service. Aggregation is used by fire district, in order to permit the
county to allocate costs by district. Under this method, gains and losses are spread over
future normal costs.
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 23 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2020 EXHIBIT 8
GASB Schedules of Funding Progress -- Current Year EAN Calculations 2020
---------------------------------------------------------------------------------------------------------------------------
a. Present Value Fut Bfts: 652,565
b. Present Value Fut Entry Age NC: 40,309
--------------
e. Entry Age Actuarial Liability (a- b): 612,256
d. Plan Assets: 858,354
---- ---------
e. Unfunded Entry Age Actuarial Liability (e - d): -246,098
Entry Age Normal Cost: 184,520
Amortization of Payment 10
UAAL Payment: -24,610
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2020 Page 24 of 32
GASB 67 Schedules Experience Gain,and L resins (EAN method)--for year ending on the current valuation L00`.% EXHIBIT 8
------------------------------------------------------------------------------------------------------—--------------------------------------------------------------------------------------------------------
01-Jan-2019
EAN 1.001% Unfunded
Acnimial Valuation Actuarial
Liability Assets Liability
a. Beginning Balances 750,053 867,797 (117,744)
b. Interest Adjustment 7,501 8,678 (1,177)
C. Plan Normal C >ts (41,817) 0 (43,837)
d. Interest Adjustment (438) 0 (438)
31-Dec-19
Date Made Am ant Days Fa4tor* Interest
e. Empinyer Corr4ribution h~s µ~—~ ------ ------µ ~~ 0 5,204 (5,200)
f. Interest Adjustment 15-Oct-19 5,20c, 77 0.21081 it 0 11 (11)
0 0 0
g. Benefits Paid (34,"0) (34,680) 0
h. bkt cstAdjustment (173) (173) 0
i. Expenses Paid (4,764) (4,764) 0
j. InlerestAdjcutrncnt (24) (24) 0
--------- --------- ---------
k. Expected Values 673,638 842,045 (168,407)
1. rA.mirnpliun Changes 0
m. Actual Values 612,256 858,354 (246,098)
--------- --------- ---------
n. Actual Deviation 61,382 (16,309) 77,691
o. Expected In<c<,Ijnent Earnings(niomial cost changi�): 8,492 .Q 1.00%
p. Actual Invcstme t Earnings(normal cost change): 24,801 2.92".
cl ec k: 0
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 25 of 32
Actuarial Valuation as of January 1,2020 EXHIBIT 8
Summary of Fund Progress by Plan Years--
GAS13 Schedules of Funding Progress Individual Entry Age Normal Method
---------------------------------------------------------------------------------------------------------------------------------------------------------
1/1/2020 1/l/2019
to to
12/31/2020 12/31/2019
Total Liability
Service Coat (24,610) (11,774)
Interest 6,890 8,130
Changes of benefit tends 0 0
Differences between expected and actual experience (61,382) (50,828)
Changes in Assumptions 0 0
Benefit payments,including refunds of member contributions (34,680) (30,945)
------------------- -------------------
Net change in total pension liability (113,782) (85,417)
Total pension liability--beginning 718,133 803,550
Total pension liability--ending(a) $604,351 $718,133
Plan Fiduciary net position
Employer Contribution 5,200 3,265
Employee Contribution 0 0
State Contribution 0 0
Investment Income 24,801 13,321
Other Income 0 0
Benefit payments (34,680) (30,945)
Admin expenses (4,764) (4,776)
Net change in plan fiduciary net position (9,443) (19,135)
Plan fiduciary net position--beginning 867,798 886,933
Plan fiduciary net position--ending(b) $858,355 $867,798
Net Pension Liability(asset)--ending(a)-(b) ($254,004) ($149,665)
Plan fiduciary net position as a percentage of the
total pension liability 142.030/%r 120.84°'b
Covered employee payroll #N/A #N/A
Net pension liability(asset)as a percentage of payroll #N/A #N/A
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 26 of 32
Actuarial Valuation as of January 1, 2020 EXHIBIT 8
GASB Schedules of Funding Progress --EAN results representing discount rate 1.0%higher
----------------------------------------------------------------------------------------------------------------------------------------------
Discount rate: 2.00%
a. Present Value Fut Bfts: 602,463
b. Present Value Fut Entry Age NC: 34,370
--------------
c. Entry Age Actuarial Liability(a-b): 568,093
d. Plan Assets: 858,354
--------------
e. Unfunded Entry Age Actuarial Liability(c- d): -290,261
Entry Age Nonnal Cost: 170,048
Amortization of Payment 10
UAAL Payment: -29,026
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 27 of 32
Actuarial Valuation as of January 1, 2020 EXHIBIT 8
GASB Schedules of Funding Progress --representing discount rate 1.0`:'0 lower
--------------------------------------
Discount rate: 0.001,11!0
a. Present Value Fut Bfts: 709,426
b. Present Value Fut Entry Age NC: 47,702
--------------
c. Entry Age Actuarial Liability(a-b): 661,724
d. Plan Assets: 858,354
--------------
e. Unfunded Entry Age Actuarial Liability(c - d): -196,630
Entry Age Normal Cost: 200,836
Amortization of Payment 10
UAAL Payment: -19,663
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MONROE COUNTY,FLORIDA VOT UNTEFR FIREFIGHTER AND
EMFRGFNCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 30 of 32
Actuarial Valuat;,,n as ofJwwary 1,2020 EXHIBIT 9
GASB Schedules of und4ig Pwgntss Schedule A
-----------------I--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash Flow Pioitc-tions a,suming 5-Year Emph,ver Collh ibuliml,
Conttibufinr lrwreaEe Rate! 1(1011%
C.mO-ibutions by S...it,e 13�nefit PaymctA by Rt-,Jpient Gi,,(,p
Beginning----------------------------------------------- Earnings------------------------------------------------ Total Net Ending As-imed
Calendar of Year men"I'ors& on Plan Benefit bmca,c in of Year In-'cOment Di,a,wnt
Year Plan." wfs City State Total pei;fLcs Iractives Activ-s Pay-ncnts Plan Assets Plan Ac;eis Yield Factor
2620 859,354 0 0 0 7,93( 30,615 69,927 49,975 149,517 (141,681) 716,673 1-00,il� 9.9,)507
2621 716,673 0 0 0 6,931 26,7130 14,637 5,7333 47,100 (40,169) 676,504 100% 0.985195
h,22 676,504 0 0 0 6,236 23,550 76,953 5329 105,732 (99,496) 577,009 100". 0.975431
2u23 577,069 0 0 0 5,604 212o() 7,090 4,025 33,315 (27,711) 549,297 1.00" 0965773
2624 549,297 0 0 0 5,222 70,310 24,547 9,246 54,103 (49,991) 500,417 1 00x 0.056211
2Q25 5()c,,417 0 0 0 4,571 17,790 3,997 64,927 96,614 (82,043) 419,374 1001.,. 0.946744
2026 418,374 0 0 0 4,075 16,020 3,649 2,142 21,811 (17,736) 400,637 loos; 0.9337370
2027 400,637 0 0 0 3,919 12,100 3,256 2,()C12 17,518 (0,619) 386,998 1 0928(189
2018 396,9�)8 0 0 0 3,8M 7,930 3,S27 1,641 12,998 (9,193) 377,805 1 0 0.918y.10
2-29 377,8M 0 0 0 3,643 2,910 19,596 4,569 27,075 (23,432) 354,373 1.000 0.c,09802
20i0 3354,373 0 0 0 3,152 0 43,469 34,842 78,311 (75,159) 279,214 1 f1u3. 0.Y-(,,(1794
2011 279,214 0 0 0 2,741 0 9,411 798 10,2109 (7,468) 271,746 100% 0891875
2032 271,746 0 0 0 2,712 0 413 759 1,172 1,540 271,286 100% 0 W045
21,43 273,286 0 0 0 2,728 0 374 687 1,061 1,667 274,952 1,00% 0874102
2034 274,952 0 0 0 2,745 0 226 651 877 1,868 276920 1.00,% 0 865646
20'5 276,820 0 0 0 2,762 0 828 326 1,154 1,60R 278,429 100% 0857075
206 278,429 0 0 0 2,741 0 6,965 1fi28 9,593 (5,852) 272,577 1 Oul�t, 0.948589
�O;7 272
,- ,577 0 0 0 2,653 0 50 14,540 14,590 (11,937) 26()fi40 I"001',. 0.940187
208 260,640 0 0 0 2,606 0 42 0 42 2,564 2(1,204 1.00-1 0 83 IA68
2n39 20,264 0 0 0 2,6-3 2 0 38 0 38 2,594 265,798 1.001,,u 0.923612
2640 265,798 0 0 0 2fi58_ 0 34 0 34 2,624 268,422 100% 0.815477
2041 268,422 0 0 0 2,684 0 35 0 35 2,649 271,071 Louli 0.807403
2642 271,071 0 0 0 2,711 0 30 0 30 2,681 273,751 Loulb 0.799409
2043 273,751 0 0 0 2,737 0 27 0 27 2,710 216,462 1 0.791494
2044 276,462 0 0 0 2,764 0 27 0 27 2,737 279,199 1(tu% 0.78361,8
2045 279,199 0 0 0 2,792 0 23 0 23 2,769 281,968 1.00. 0.7758')9
2046 281,968 0 0 0 2,920 0 19 0 19 2,801 284,769 1 00". 0.768216
2647 284,769 0 0 0 2,848 0 19 0 19 2,929 287,597 100% 0.760610
2048 287,597 0 0 0 2,876 0 11 0 11 2,965 ,290,462 1 fOva 0.753080
2049 290,462 0 0 0 2,904 0 49 0 49 2,R55 293,317 Luul�,; 0.745623
2M0 291,317 0 0 0 2,931 0 435 0 435 2,496 295,813 1 01,,,, 0.738141
2051 295,R 13 0 0 0 2,958 0 0 0 0 2,959 298,772 1.00°,a 0.730932
2052 2,o8,772 0 0 0 2,988 0 0 0 0 2,988 301,759 100". 0.723695
209 301,759 0 0 0 3,018 0 0 0 0 3,018 304,777 100% 0.716�29
2054 304,777 0 0 0 3,048 0 0 0 0 3,048 307,825 100% 0.709435
2915 307,925 0 0 0 3,078 0 0 0 0 3,078 310,903 100% 0.702411
2"s6 310,903 0 0 0 3,109 0 0 0 0 3,109 314,012 100% 0 695456
2057 314,012 0 0 0 3,140 0 0 0 0 3,140 317,152 069571
208 317,152 0 0 0 3,172 0 0 0 0 3,172 326,124 1 0011,�. 0681753
2059 326,124 0 0 0 Vol 0 0 0 0 3,203 323,527 Lou'. 0 615110
MON-R(--)E COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMFRGENCY MEDICAL SFRVICES LENGTH OF SFRVICE AWARD PLAN Page 31 of 32
Aouadal Valualio-as ofJanunry 1,2020 E,&HBIT 9
GASB Schedolei of Fuml;og Piogrc,,2 Schedule B
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash Flow Piojectoms a,,;miijg No Employer Conhibuliooc
Cowi;6o6,,n lnm,a-e Rate I co,"",
Cooltibut;,,ris by Source Benefit Pay-me-jas by Ro-;piont G,oup
BqJnj1;njY------------------------------------------------ Eaj s,i,,Ms------------------------------------------------- Total Net Ending As,uyned
Calendar of Year Members& on Plan Benefit lnucaie in of Year Invetment Dis-unt
Year Plan-kg,szts City State Total A5,0s lzelirucq Ina"tives Aetitcs Pay-rnomi Plan A77,ets Plan Asiets Yield Factor
2ki20 859,354 0 0 0 7,836 30,615 69,927 48,975 149,517 (141,681) 716,673 100% 0 yas(137
2021 716,673 0 0 0 6,031 26,730 14,637 5,733 47,100 (40,169) 676,504 1 00". 0.985185
2,122 676,504 0 0 0 6,236 23,5iO 76,853 5,329 105,732 (99,496) 577,0t,9 1 0 O,'b 0.975431
2,,23 577,009 0 0 0 5,604 22266 7,090 4,025 31,315 (27,711) 549,297 100,
,a 0.965773
2024 549,297 0 0 0 512-12 20,310 24,547 9,246 54,103 (49,881) 50,417 1 uuqb 0.956211
2025 50,417 0 0 0 4,571 17,790 3,997 64,827 86,614 (82,043) 418,374 1 00,"x 0.946744
2026 419,374 0 0 0 4,075 16,020 1,649 2,142 21,811 (17,73,6) 400,637 100/ 0.937370
2027 400,637 0 0 0 3,919 12,100 3,256 2,61)2 17,5i8 (1-,,619) 396,998 100- 0-c"N089
2(,,28 386,098 0 0 0 1,905 7,810 3,527 1,641 12,999 (9,193) 377,805 1 O(Kz 0.918900
2029 377,805 0 0 0 3,643 2,910 19,596 4,569 27,075 t23,432) 354,373 1001if 0.9f,4802
21130 354,373 0 0 0 3,152 0 43,469 34,842 78,311 (75,159) 279,214 1 001/ 0 900794
2031 279,214 0 0 0 2,741 0 9,411 798 10,209 (7,468) 271,746 100% 0 89i875
2032 271,746 0 0 0 2,712 0 413 759 1,172 1,540 273,286 1,00,11,, 0 883045
2043 273,296 0 0 0 2,728 0 374 687 1,061 1,667 274,952 1 00�1 I O.R74102
2034 274,952 0 0 0 2,745 0 226 651 877 J,869 216,820 1 001
. 0965646
205 276,8211 0 0 0 2,762 0 828 326 1,154 1,609 279,429 1 00c,, 0 857075
206 278,429 0 0 0 2,741 0 6,965 1,628 8,593 (5,952) 272,577 1.00% 0.848589
2037 272,577 0 0 0 2,653 0 50 14,540 14,590 (11,9347) 260,640 1 00- 0.840187
2o18 260,640 0 0 0 2,666 0 42 0 42 2,564 263,204 1 00% 0 831 96R
209 263,204 0 0 0 2,612 0 38 0 38 2,594 265,798 1 00%, 0.823632
2040 265,7518 0 0 0 2,658 0 34 0 34 2,624 269,422 1.001% 0815477
2041 269,422 0 0 0 2,694 0 35 0 35 2,649 271,071 1,00",a 0807401
2042 271,071 0 0 0 2,711 0 30 0 30 2,681 273,751 1()0% 0.799409
2043 273,751 0 0 0 2,737 0 27 0 27 2,710 2'6,462 1 00% 0.791494
2644 276,462 0 0 0 2,764 0 27 0 27 2,737 279,199 1 0 0.78'658
2045 279,199 0 0 0 2,792 0 23 0 23 2,769 281,968 1 0 % 0.775F_s99
2646 281,968 0 0 0 2,920 0 19 0 19 2,901 284,769 1 0 0",', 0.7768216
1
2047 234,769 0 0 0 2,848 0 19 0 19 2,829 287,597 0011, 0.760610
2048 287,597 0 0 0 2,876 0 11 0 11 2,965 290,462 LOMb 0.75;1)90
2049 290,462 0 0 0 2,904 0 49 0 49 2,955 293,317 1110`,i. 0.745623
2050 293,317 0 0 0 2,931 0 435 0 435 2,496 295,813 1 0 0�', 0.718241
2051 295,813 0 0 0 2,958 0 0 0 0 2,958 298,772 1 00% 0.730932
2052 298,772 0 0 0 2,9,k8 0 0 0 0 2,988 301,759 1(10% 0.72316Q5
2053 301,759 0 0 0 3,018 0 0 0 0 3,018 304,777 1 009,b 0.716529
2054 304,777 0 0 0 3,048 0 0 0 0 3,048 307,R25 L00">r 0.709435
2055 307,825 0 0 0 3,078 0 0 0 0 3,078 310,903 1 00/ 0.702411
2M6 310,90; 0 0 0 3,109 0 0 0 0 3,109 314,012 1 00- 0.695456
2057 314,012 0 0 0 3,140 0 0 0 0 3,140 317,152 1 00% 0688571
2(,t58 317,152 0 0 0 3,172 0 0 0 0 3,172 320,124 1.00% 0681753
2t159 329,124 0 0 0 3,2cO 0 0 0 0 3,203 323,527 1 00'% 0.675,103
Note: As retitiiied in Sc,tion 112.664c of the Florida Stawtes,ptyjeoion ofa,,cte do not include coni6bo6om fyoni either the Empoyer or the State. This is
contrary to the t:ao,i,;,ms of the plan and does not reflect the pa,,b;,i,)v-y of the Sp on-t'S CN"61,ofion being always at lea5t as rotioli as re,000nended and
the future ekpedmion that si,ch c,, ibul i,-n levels ME continue into the f6josceable fid une. For this rzas,on,these pyo;oakais>hould not be vie�,ed as
repiesema6ve of the time the Fund c-am benefit paynitnis. Under the GASB stmdards,wlijoh DO include contributions from the ernployer,the Fund
is eq)eded to be able to sustain the benefit pay-nieni&oiaods in the near Iona-terra fiflure.
MONROE COILTNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 32 of 32
Aoluarial Vajtjaficn as of January 1,2u2N) EXTHBIT 9
------ - -------- -------------
GASB Schedules of Funding Pi ogreqs Sdhod,de C
-------------------------------------,---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash Flow ProitcTiorii a+awm'og No Emp;,-yer Cowxiladim)s-2,00"'.,lower,but no!,,*or trt m 0 utja".
coollibution lnmaie Rite- 0 001,,5
Cclnoibwiw s by Sowe l3crefit Pay-moms by Recipient Group
Begjimiog------------------------------------------------- Earnings------------------------------------------------- Total Net Ending A,,owucd
Calendar of Year Members& on Plan Benefit Ijw,ease in of Year lnvc,,t.ment Di,,ount
Year Plan Asfwts City State Total Aswt, Active, Pay+nents Plan A-wt, Plan A4,=cis Yield Factor
2105 85,R,354 0 0 0 0 30,615 69,927 48,975 149,517 (149,517) 708,R37 0 00% 1 00mul)
2021 768917 0 0 0 0 26,730 14637 5,733 47,100 (47,1 oo 1 661,737 cl rht% I
2022 661,737 0 0 0 0 23,550 76,953 5,329 105,732 (105,732) 556,005 0 00at, I u00(m0
2v23 556,()()5 0 0 0 0 22;2c0 7,000 4,(72 5 31,315 (31,315) 522,600 0 00% 1 11000,10
2024 522,6QO 0 0 0 0 20,310 24,547 9,246 54,103 (54,103) 4(8,587 0 00% 1 0wouc)
2025 469587 0 0 0 0 17,790 3,997 64,827 86,614 (86fi14) 381,973 0 00�, I f1mm00
2026 381,973 0 0 0 0 16,020 3,649 2,142 21,811 (21,811) 360,162 0()D'le
u I
2027 360,162 0 0 0 0 12,100 3,256 2,002 17,558 (17,558) 342,604 000% 1(11000t)
2,,28 342,604 0 0 0 0 7,830 3,527 1,641 12,94zl (12,99R) 329,606 n 001��. 1 000.).10
2029 321),666 0 0 0 0 2,9iO 19,596 4,569 27,075 (27,075) 302,531 000% 1 wo-00
2030 302,511 0 0 0 0 0 43,469 34,842 78,;11 (78,311) 224,220 n 0 0%. I C)()()I"i)O
2u3I 224,220 0 0 0 0 0 9,411 798 10,2u9 (I(),2-jw) 214,011 000% 1 okmo",()
202 214,011 0 0 0 0 0 413 759 1,172 (1,172) 212,839 00066 1( 10000
203 212,8;9 0 0 0 0 0 374 697 1,061 (1,061) 211,778 000% 1000000
2f,34 211,7378 0 0 0 0 0 226 651 877 (877) 210,961 000% 1 Nw-)00
2035 210,901 0 0 0 0 0 828 326 1,154 (1,154) 269,747 000% 11,100000
206 2,j9,747 0 0 0 0 0 6,965 1,628 8,593 (9,593) 201,154 000% 1(100000
2037 201,154 0 0 0 0 0 50 14,540 14,590 (14,590) 196,564 0 001,,, 1,000110tl
208 196,564 0 0 0 0 0 42 0 42 (42) 196,522 ()ou% 10(000
2,,1 3 9 196,522 0 0 0 0 0 38 0 38 (18) 186,484 0(D09b 1090000
2040 186,484 0 0 0 0 0 34 0 34 (34) 196,450 0 005, 1.000000
2041 196,450 0 0 0 0 0 35 0 35 (35) 186,415 0 00% 1 upo0.()
2642 196,415 0 0 0 0 0 30 0 30 (30) IR6,385 0 001% 1 DO 1900
2043 196,185 0 0 0 0 0 27 0 27 (27) 196,158 0 001; 1 00m.,a)
2044 196,158 0 0 0 0 0 27 0 27 (27) 196,311 0 of) I 00u0t)(1
2045 196,131 0 0 0 0 0 23 0 23 (23) 196,108 000% 1 0110f,00
2046 I86,;08 0 0 0 0 0 19 0 19 (19) 196,289 0 00"„ I 011floo0
2047 186,289 0 0 0 0 0 19 0 19 (19) 196,270 0 001,t� I 01mo0)
2048 196,270 0 0 0 0 0 11 0 11 (11) 1 R6,259 0 60°'c 1000000
2649 186,259 0 0 0 0 0 49 0 49 (49) 186,210 0 001% 1 001161 it)
2050 186,210 0 0 0 0 0 435 0 435 (435) 185,775 0 00c; I.Oomloo
2051 185,775 0 0 0 0 0 0 0 0 0 185,775 0(10% 1 oo,aXlu
2f,52 185,775 0 0 0 0 0 0 0 0 0 185,775 0 00„ 1 00000
2053 185,775 0 0 0 0 0 0 0 0 0 185,775 0 clolim6 1000000
2054 185,775 0 0 0 0 0 0 0 0 0 185,775 0 00%; 1(I00000
2055 185,775 0 0 0 0 0 0 0 0 0 195,775 0 00,n I 000(loo
206 185,775 0 0 0 0 0 0 0 0 0 185,775 000% 1000010
2057 185,775 0 0 0 0 0 0 0 0 0 185,775 000% 1 Imp000
208 185,775 0 0 0 0 0 0 0 0 0 185,775 000",, I 00"J.'00
2059 195,775 0 0 0 0 0 0 0 0 0 185,775 0 00✓o I otio-mo
Noto: As r-p,i,cd in Sea'lon 112.664c of the Fl,,,;da Statute S,Plpjrctkm ofa-,azls dr,not b-Inde contrib,,lions from either the Empoyer or the Stale. This is
contrary to the provisions of the plan and does not reflect the past history of the Spon-r's c,,mtrjl1ut;,v being always at least as inuch as rc.,Altfklondcd and
the fut,,re e,po:lalion that su,h coil"61"ition levels kill coinim,e into the fwvwcable fi;l;,re. For this reason,these pwic,6ons sbould not be viecaed as
retae�cmafive of the time the Fund can sustain benefit pymonts. Under the GASP stmulaids,wl,;(-,h DO in Jude cowribufloos from the emplover,the Fund
is expected to be ahle to sustain the beilt6t payment dcmaiids in the near long-terser future.