Item C01
MONROE COUNTY
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: January 17-18. 2001
Bulk Item: Yes X No
Division: Public Safety
Department: Public Safety
AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award Program
(LOSAP) actuarial valuation reports for the Plan Years 1999 and 2000
ITEM BACKGROUND: These actuarial valuations and/or cost determinations were prepared and
completed by Glenn F. Mouton, on behalf of Mouton & Company, Inc. They meet the requirements and
intent of Part VII, Chapter 112, Florida Statutes (Actuarial Soundness of Retirement Systems).
PREVIOUS RELEVANT BOCC ACTION: On June 9, 1999, the Board of County Commissioners
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.
STAFF RECOMMENDATION: Acceptance of actuarial valuation reports
County/District Contribution 1999: $150.113
County/District Contribution 2000: $165.684
BUDGETED: Yes X No
REVENUE PRODUCING: Yes
No
N/A
APPROVED BY: County Attorney N/A
OMB/Purchasing N/A Risk Management N/A
DIVISION DIRECTOR APPROVAL:
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DISPOSITION:
James R. "Reggie" Paros
To Follow: _ Not Required: _
Agenda Item #: J::C,'
DOCUMENTATION: Included: X
!!!!! MOUTON
. &COMP~ INC.
ACTIJARlES AND PENSION ADMINISTRATORS
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
DECEMBER 31, 1999
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= MOUTON
. &COMP~ INC.
ACTUARIES AND PENSION ADMINISTRATORS
October 11, 2000
Monroe County Board of County Commissioners
c/o Mr. James R. "Reggie" Paros, Director
Public Safety Division
490 63rd Street, Suite 140
Mrurnthon,FL 33050
-<
Dear Plan Administrator:
We are pleased to present the attached Report as of December 31, 1999, covering the
actuarial aspects of the "Monroe County LOSAP" for the Plan Year ending December 31, 1999 and
the County's fiscal year ending September 30,2000. This is the plan's first actuarial valuation.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
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Pre- Post-
Amendment Amendment
1999 1999
Item Plan Year Plan Year
Participants 239 239
Covered Payroll $ na $na
Fiscal Funding Cost $140,252 $150,113
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Assuming that the recommended funding is made, it is our opinion that the Plan will be
proceeding with a funding program which can be expected to support the benefits promised by the
Plan on an adequate and timely basis.
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Respectfully submitted,
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Glenn F. Mouton, FSA
Consulting Actuary
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Enclosures
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.-; Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
== MOUTON
. &COMP~ INC.
ACruARIES AND PENSION ADMINISTRATORS
October 11, 2000
ACTUARIAL REPORT
PLAN:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR:
January 1, 1999 through December 31, 1999
SPONSOR FISCAL YEAR: October 1, 1999 through September 30, 2000
VALUATION DATE:
December 31, 1999
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 [mancial 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
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To present disclosures required by Governmental Accounting Standards Board,
Statements #25
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Mouton and Company, Inc. was retained by the Plan Administrator of the Plan for this report. This
actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the
results are complete and accurate, and in my opinion, the techniques and assumptions used are
reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There
is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which
liabilities or current costs have not been established or othelWise 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.
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Glenn F. Mouton
Enrollment #99-2773
On Behalf of Mouton & Company, Inc.
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Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of December 31, 1999
TABLE OF CONTENTS
EXHIBIT 1 VALUATION RESULTS
Schedule A - Plan Description
Schedule B - Development of Current Year's Costs
Schedule C - Development of Historical and Projected FSA
Schedule D - Investment Gains and Losses since the last valuation
Schedule E - Participant Data
Schedule F - Assets
Schedule G - Liabilities
Schedule H - Actuarial Present Value of Accrued Benefits
Schedule I - Statement of Changes in Total Actuarial
Present Value of All Accrued Benefits
Schedule J - Pension Cost
Schedule K - Past Contributions
Schedule L - Comparison of Actual to Assumed Earnings
1
2
3
4
5
5
5
6
6
7
7
8
EXIDBIT 2 P ARTICIP ANT DEMOGRAPHICS
Schedule A - Coverage
Schedule B - Participant Reconciliation
9
10
, 1
EXHIBIT 3 PLAN ASSET INFORMATION
Schedule A - Statement of Net Assets Available
for Benefits at Market Values
Schedule B - Statement of Changes in Net Assets
Available for Benefits
11
12
EXIDBIT 4
PLAN SUMMARY
13
EXHIBIT 5
COST METHOD AND ASSUMPTIONS
16
EXHIBIT 6
PENSION COST RATIONALE
18
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EXHIBIT 7
GASB 25 INFORMATION
19
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ACTUARIES & FE\:SION ADMINISTRATORS
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page I of22
Actuarial Valuation as of December 31, 1999
CURRENT VALVA nON RESULTS
EXHIBIT I
Plan Description
Schedule A
---......-..-----------..-...---...-..----------------...----..------------------...--...--.....-..---------------...------...-------------------------------------------------------------
Actuarial Study as of:
31-Dec-99
Value
Completed months to participate
o
Years of Credited Service Required to be Fully Vested:
10
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
120
12
First Year for which Retroactive Benefit Accrual Service Is Granted:
1998
Annual Benefit Accrued for each completed year of service
180
Maximum Annual Benefit:
4,500
Present Value of Annual Bft Earned:
1,459
Present value of maximum benefit:
36,485
Interest Adjustment to Move Normal Costs to End of Valuation Year:
1.00000
Recap of Results:
Interest Rate:
5.00%
-------------------.....------------------------------...----------------------------------...-------------------------------------------------------------------------
Present Aggregate Average
Present Allocated Value of Future Future Current
Parti- Value of Actuarial Future Service Service Normal
District cipants Benefits Assets Normal Costs Annuity Annuity Cost EOY
Big Coppin 42 141,812 0 141,812 306.933 7.308 19,405
Big Pine 20 86,907 0 86,907 146.480 7.324 11,866
Conch Key 15 81,193 0 81,193 127.632 8.509 9,542
Key Largo Fire 49 221,403 0 221,403 377.830 7.711 28,713
Key Largo Amb 38 200,232 0 200,232 297.149 7.820 25,605
Layton 19 99,765 0 99,765 130.384 6.862 14,539
Sugarloaf Key 22 135,686 0 135,686 162.614 7.392 18,356
Tavernier 34 173,072 0 173,072 266.423 7.836 22,087
------------ ------------- ------------- ---------
Monroe County 239 1,140,070 0 1,140,070 1815.445 7.596 150,113
MOUTON & COMPANY. hie.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 2 of 22
Actuarial Valuation as of December 31, 1999
CURRENT V ALUA nON RESULT
EXHIBIT 1
Development of Current Year's Costs
Schedule B
----------------------------------------------------------------------------------------------------------------------------------------------
Pre-Amendment
31-Dec-1999
Post-Amendment
31-Dec-1999
A. Present Value of Future Obligations:
1. Active Members
2. Retired Members
3. Survivors on Benefit
4. Disabled Members
1,065,442
o
o
o
1,140,070
o
o
o
Total Actuarial Accrued Liability:
1,065,442
1,140,070
B.
Less Present Value of:
1. Member Contributions
2. Florida Premium Tax Rebates
o
o
o
o
o
o
C.
Less Actuarial Plan Assets
o
o
D. Amount to be Funded by County (A-B-C)
(Unfunded Actuarial Accrued Liability)
1,065,442
1,140,070
E. Aggregate Normal Costs from District Calculations
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F.
Expenses not paid directly by the County
140,252 150,113
0 0
0 0
--------------- ---------------
140,252 150,113
G. Interest Adjustments not included elsewhere
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H. Total Plan Normal Costs = GASB 25 ARC
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MOUTON & COMPANY, LNG.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 3 of 22
Actuarial Valuation as of December 31,1999 CURRENT VALUATION RESULTS
EXHIBIT 1
Development of Historical and Projected Funding Standard Account Balances
Schedule C
------------------------------------------------------------------------------------------------------------------------------------------------------
Projected
Current
(First)
Plan Year
A. Beginning Balance
Interest Adjustment to End of Year
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B. Less Charges to Account
1. Normal Costs for the Year (BOY)
2~ Provision for Expenses
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
5.00%
150,113
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150,113
C. Plus Credits to Account
1. Contributions Credited During the Year
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
150,113
o
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150,113
D. Ending Balance.
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· 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.
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MOUTON & COMPANY. INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 4 of 22
Actuarial Valuation as of December 31, 1999
CURRENT V ALUA nON RESULTS
EXHIBIT 1
Investment gains and losses since the last valuation
Schedule D
Actuarial
Assets
This is the first valuation.
J.
a. Beginning balances 0
b. Interest 0
c. Benefit Accruals 0
d. Interest 0
e. State Tax Contributions 0
f. Interest 0
g. County Contributions 0
h. Interest (assumed) 0
i. Employee Contributions 0
j. Interest 0
k. Benefits Paid 0
1. Interest 0
m. Expenses Paid 0
n. Interest 0
------------
o. Expected Values 0
p. Actual Values 0
------------
r. Experience Gains 0
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Expected Earnings:
Assumed Earnings Rate:
o
0.00%
Derived Actual Earnings:
Derived Earnings Rate:
o
#DIV/O!
Actual Earnings:
o
MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 5 of 22
Actuarial Valuation as of December 31, 1999
CURRENT VALUATION RESULTS
EXHIBIT 1
Participant Data
Schedule E
Pre-Amendment
31-Dec-1999
Post-Amendment
31-Dec-1999
.,
Number Included
Active Members
Retired Members
Current Beneficiaries
Disabled Members
239
o
o
o
239
o
o
o
Total Annual Payroll of Actives
o
o
Total Annual Benefits:
to Retired Members
to Current Beneficiaries
to Disabled Members
o
o
o
o
o
o
Assets
Schedule F
Actuarial Value
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Liabilities
Schedule G
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Present Value of Benefits
Active Members
Retired Members
Current Beneficiaries
Disabled Members
1,065,442
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1,140,070
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Total
1,065,442
1,140,070
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Less Present Value
Future Member Contributions
Future State Contributions
o
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o
o
o
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Actuarial Accrued Liability
less Actuarial Plan Assets
1,065,442
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1,140,070
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Unfunded Actuarial Accrued Liability
1,065,442
1,140,070
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MOUTON & COMPANY,INC.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 6 of 22
Actuarial Valuation as of December 31, 1999
CURRENT V ALUA TION RESULTS
EXHIBIT 1
Actuarial Present Value of Accrued Benefits
Schedule H
Pre-Amendmen
31-Dec-1999
Post-Amendment
31-Dec-1999
Vested Accrued Benefits
Inactive Members & Beneficiaries
Active Members
0 0
32,016 64,028
-------------- --------------
32,016 64,028
1,033,426 1,076,042
-------------- --------------
1,065,442 1,140,070
Total
Nonvested Accrued Benefits
Total
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule I
------------------------------------------------------------------...-------------...--------------------------------------------------------------
Present Value of Accrued Benefits at
Beginning of Year
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Increase (Decrease) During Year Attributable
to (where applicable):
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Plan Amendment
Changes in Actuarial Assumptions
Increase due to Survivorship
Increase for less Interest Discount
Benefits Accrued
Benefits Paid
Other Changes - paylbenefit/deaths
1,065,442
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o
o
o
1,065,442
74,628
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Net Increase (Decrease)
1,065,442
1,140,070
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Actuarial Present Value of Accrued
Benefits at End of Year
1,065,442
1,140,070
MOUTON & COMPANY, INc.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 7 of 22
Actuarial Valuation as of December 31, 1999
CURRENT V ALUA TION RESULTS
EXHIBIT 1
Pension Cost
Schedule J
As % of Payroll
Pre-Amendmen Post-Amendment
31-Dec-1999 31-Dec-1999
140,252 150,113
0 0
0 0
----------- -----------
140,252 150,113
N/A N/A
0 0
N/A N/A
0 0
N/A N/A
Required Funding Costs
Administrative Expense
Interest Adjustment
Total Required County Contribution
Estimated Participant Contributions
As % of Payroll
Estimated Premium Tax Refund
As % of Payroll
Remaining Amount to be Contributed
by County
As % of Payroll
140,252
N/A
150,113
N/A
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Past Contributions
Schedule K
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For the fiscal year ended 12/31/99
Total Contribution Required
Actual Contribution Made By:
State
County
Participants
150,113
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150,113
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150,113
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MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMI!\:ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 8 of 22
Actuarial Valuation as of December 31, 1999
CURRENT V ALUA TION RESULTS
EXHIBIT 1
Comparison of Actual to Assumed Earnings
Schedule L
----------------------------------------------------------------------------------------------------------------------------------------------------------------
(Assuming unifonn income and disbursements, Employer Contributions assumed at End of Year)
Benefits
Valuation Beginning Ending Investment Other and
Date Assets Assets Earnings Income Expenses
-,
31-Dec-1999 0 #N/A #N/A #N/A #N/A
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Valuation Net Expected Actual 3 Year 5 Year Assumed
Date Increase Earnings Experience Average Average Factor
31-Dec-1999 #N/A #N/A #N/A #DIV/O! #DIV /O! 0.00%
1999 is the first plan year and no assets were present prior to the end of the year, other than County accrued contributions.
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MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 9 of 22
Actuarial Valuation as of December 31,1999
P ARTICIP ANT DEMOGRAPHICS
EXHIBIT 2
Coverage
Schedule A
----------------------------------------------------------------------------------------------------------------------------------------------------------------
This valuation includes the following 239 persons covered by the plan as of December 31, 1999.
TOTAL
Number Amount
239 o ·
0 0..
0 0"
0 0..
0 0"
0 0"
-----------
239 N/A
Category
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Active Participants
Other Inactive Participants
Retirees on Benefit
Survivors on Benefit
Participants on Disability Benefit
Terminated Vested Participants
· Annual covered pay only
.. Annual Benefit
No persons (included in the data furnished to us) were ineligible for participation as of the valution
date. Participant data was furnished by the County of Monore and was as of September 30,1999.
The data furnished was deemed, for these purposes, to be sufficiently close to December 31, 1999
data as to be usable as year end data. The County has committed to furnish data as of actual year end
starting with the January 1,2001, actuarial valuation.
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 10 of22
Actuarial Valuation as of December 31, 1999
PARTICIPANT DEMOGRAPHICS
EXHIBIT 2
Participant Reconciliation
Schedule B
Retired
Survivor
on
Benefit
Disabled
With
Vested
Benefit
Total
Active
on
Benefit
Participants at 01-Jan-1999 0 0 0 0 0 0
New 239 239
Retirement 0 0
Death 0 0
Disability 0 0
Vested Termination 0 0
Lump Sum Settlement 0 0
New Survivors 0 0
Participants at 31- Dec-199S 239 0 0 0 0 239
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MOUTON & COMPANY, INc.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD I
Actuarial Valuation as of December 31, 1999
Page 11 of 22
PLAN ASSET INFORMA nON
EXHIBIT 3
Statement of Net Assets Available for Benefits*
31-Dec-1998
Schedule A
31-Dec-1999
Market Value
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Money Market
Accrued Contribution - Employer
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Liabilities
Accounts Payable
Deferred Revenues
0.00
0.00
0.00
0.00
0.00
0.00
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Net Assets Available
0.00
0.00
* As reported by the County
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of December 31, 1999
Page 12 of22
PLAN ASSET INFORMA nON
EXHIBIT 3
Statement of Changes in Market Value of Net Assets
Plan Year Ending:
31-Dec-1998
Schedule B
31-Dec-1999
+
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
0.00
0.00
0.00
0.00
State Insurance Contributions
Employee Contributions
Employer Contributions:
0.00
0.00
0.00
0.00
0.00
0.00
Accrued
0.00
0.00
0.00
0.00
0.00
0.00
DECREASES
Expenses
Professional Fees
Other expenses
0.00
0.00
0.00
0.00
0.00
0.00
-0
Paid to Participants
Retirees
Survivors
Disabled
Overpayment due to City
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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0.00
0.00
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0.00
0.00
Net Increase/(Decrease)
0.00
0.00
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
Beginning of Year
0.00
0.00
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End of Year
0.00
0.00
MOUTON & COMPANY, INC
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ACTUARIES & PENSiON ADMiNiSTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of December 31, 1999 Page 13 of 22
PLAN SUMMARY
EXHIBIT 4
1. General Information
(a) Plan Name: Monroe County, Florida Volunteer Firefighter and
Emergency Medical Services Length of Service Award Plan
"
(b)
Plan Year: January 1 through December 31
(c) Plan Sponsor: County of Monroe, Florida
(d) Sponsor Fiscal Year: October 1 through September 30
( e) Plan Administrator: Board or such other person or entity as designated by the
Board to administer the Plan
(f) Effective Date: January 1, 1999
2.
Eligibility for Participation
, .
The Plan Administrator shall, in its sole discretion, determine those Volunteer
Firefighters and EMS Volunteers ("Volunteers") eligible to participate in the Plan. Any
Volunteer who was age 60 or older on January 1, 1999 shall not be eligible to participate in
the Plan. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years of Service by their Normal Retirement Age shall not eligible to participate.
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3.
Contributions
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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.
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MOUTON & COMPANY, INc.
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of December 31, 1999 Page 14 of 22
PLAN SUMMARY
EXHIBIT 4
4. Normal Retirement Benefit
(a) Eligibility: Completion of 10 years of service.
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(b)
Benefit: An annual benefit based on the following schedule:
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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
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Form of Payment: Benefit payments are payable monthly for a period often years.
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MOUTON & COMPANY, INc.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of December 31, 1999 Page 15 of 22
PLAN SUMMARY
EXHIBIT 4
7. Vesting
(a) Eligibility: Completion of 10 years of service prior to attainment of Normal
Retirement Age
(b) Volunteer Firefighters: Attained the rank of Structural Firefighter, Non-Structural
Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with
10 years of service.
(c) Volunteer EMS: Attained the certification of Emergency Medical Technician or
Paramedic or met all requirements by the State of Florida necessary to drive an
emergency medical care and transportation vehicle (ambulance) prior to being
credited with 10 years of service.
8. Death Benefits prior to Attaining Normal Retirement Age
(a)
. (b)
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Eligibility: Death of a vested Participant.
Benefit: The present value of vested accrued benefits.
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of December 31, 1999 Page 16 of 22
COST METHOD
EXHIBIT 5-A
, \
COST METHOD: A variation of the aggregate actuarial cost method is being used to value the
benefits. The present value of the projected benefits is calculated using the provisions of
the plan and the actuarial assumptions. The actuarial value of assets is based on market
value. The balance to be funded is allocated over the present value of a level annuity for the
average future service of active participants. Total plan results are determined by summing
the results calculated by aggregating participants by fire district, and in the case of Key
Largo, separately by fire personnel and EMS personnel. Expenses are shown unallocated
and are assumed to be paid directly by the County.
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of December 31, 1999
Page 17 of22
ACTUARIAL ASSUMPTIONS
EXHIBIT 5 - B
Actuarial Study as of:
31-Dec-1999
Valuation Date Adjustment:
Completed months to participate
o
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
120
12
180
4500
Yrs Vesting
0 0%
10 100%
Annual Benefit Accrued for each completed year of service
Maximum Annual Benefit Accrued for each completed year of service
Vesting Schedule
Termination Assumption: Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob~ for YOS<1.
Interest rate function assumptions
97.29348
1: 5.00%
v: 0.95238
d: 0.04762
a(10)due: 8.10779
i(12): 0.407%
v(12): 0.99595
d(12): 0.00405
a(120)due: 95.19132
3,000 370.01
36,485
1,459
1998
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Present value of maximum benefit:
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Present value of annual benefit accrual
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Maximum Credited Years for Benefit Accrual as of the Valuation Date:
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MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of December 31, 1999 Page 18 of 22
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.
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MOUTON & COMPANY. INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of December 3 I, 1999
Page 19 of22
EXHIBIT 7
GASB 25 Notes to the Financial Statements
a.
(I)
The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
(2) Only Volunteer Firefighters and EMS Volunteers are eligible at the sole discretion of the
Plan Administrator. Any Volunteer who was age 60 or older on January I, 1999 shall not be eligible
to participate. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years if Service by their Normal Retirement Age shall not be eligible to participate in this Plan.
Inactive Participants by category:
Retirees currently receiving benefits
Beneficiaries currently receiving benefits
Terminated employees entitled to benefits
o
o
o
o
Fully vested and past normal retirement date
Partially vested
Non-vested
(3) The benefit provisions are as follows:
Benefit Schedule
Years of Monthly Annual
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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
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15 225 $2,700
f 14 210 $2,520
1 13 195 $2,340
.s 12 180 $2,160
11 165 $1,980
10 150 $1,800
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Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and
or Emergency Vehicle Driver-Perator prior to being credited with ten Years of Service.
EMS V ounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle (ambulance) and/or attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
Eligibility for vesting is completion of 10 years of service.
The Plan shall be administered in accordance with the requirements of Chapter 112, Part VII,
Florida Statutes.
MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of December 31, 1999
Page 20 of 22
EXHIBIT 7
GASB 25 Notes to the Financial Statements
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue MSTU's,
such funds to be applied as a contribution to the LOSAP trust account in an amount as determined by the
Plan Administrator as is necessary to fund the accrued or prospective benefits for Participants on an
actuarially sound basis and in accordance with Part VII of Chapte 112, Florida Statutes.
There are no Participant contribution requirements.
The authority under which those obligations are established is the Monroe County Ordinance No. 026-1999
b. (1)
The accounting policies include the Accrual basis of accounting, and assets are reported at Market Value.
Exchanges or "swaps" of securities are accounted for in the income.
(2)
We are aware of no investments (other than U.S. government and U.S. government-guaranteed obligations)
which represented more than 5% of net assets available for benefits.
(3)
We are aware of no investments in, loans to, or leases with any PERS official, government employer official,
party related to a PERS official or governmental employer official, nonemployer contributor, or organization
included in the reporting entity.
/:
The Actuarial Present Value of credited projected benefits, is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected salary increases and any step-rate
benefits, estimated to be payable in the future as a result of employee service to date. There are no
salaries paid to the Participants.
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ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of December 31, 1999
Page 21 of22
EXHIBIT 7
GASB 25 Notes to the Financial Statements
The significant actuarial assumptions used to compute the pension benefit obligation were:
Investment Yield: 5.00% for both present and future.
Mortality Pattern: Not applicable
Salary Increases: Not applicable
Termination:
Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob. for 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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MOUTON & COMPANY. INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of December 31, 1999
Page 22 of 22
EXHIBIT 7
----------------------------------------------------------------------------------
----------------------------------------------------------------------------------
GASB 25 Schedules of Funding Progress
The actuarially determined normal cost as of
31-Dec-1999
$150,113
Contributions actually made by employees and employer were:
% of Annual
Amount Payroll
Employer
Employees
o na
o na
The State contributed an additional amount of:
$0 #DIV/O!
As discussed in paragraph 87 of GASB-25, a schedule of funding progress is not required under the
aggregate cost method, which the plan uses.
............................................................................................................................................................................
............................................................................................................................................................................
Summary of Fund Progress by Plan Years
1/1/1999
to
1213 I 11999
~~
Increases to funds
Employer Contribution
Employee Contribution
State Contribution
Total Contributions
0.00
0.00
0.00
0.00
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Investment Income
Other Income
Total Increases
0.00
0.00
0.00
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Benefit payments
Admin expenses
Total Decreases
0.00
0.00
0.00
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0,00
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ACTIJARIES & PENSION ADMINISTRATORS
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FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1, 2000
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Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
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November 13; 2000 .
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Monroe County Board of County Commissioners
c/o Mr. James R. "Reggie" Paros, Director
Public Safety Division
490 63rd Street, Suite 140
Mrurnthon,FL 33050
'~
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1, 2000, coyering, ~ actu~al.
'aspects ofihe "Monroe :County LOSAP" for the Plan,Year ending.December 3~1;2000,and.thet".
County's fiscal year ending September 30,2001. ' . '
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A brief overview of the results can be obtained by looking at the following figures for the
past three years:
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1999 2000
Item Plan Year Plan Year
Participants 239 239
Covered Payroll $ na $ na
Fiscal Funding Cost $150,113 $165,684
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Assuming that the recommended funding is made, it is our opinion that the Plan will be
proceeding with a funding program which can b~ expected to support' the benefits promised by the
Plan: on an adequate and timely basis. , I
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Respectfully submitted,
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Glenn F. Mouton, FSA
Consulting Actuary
GFM/nm
Enclosures
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Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
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November 13, 2000
ACTUARIAL REPORT
PLAN:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
PLAN YEAR:
January 1,2000 through December 31,2000
SPONSOR FISCAL YEAR: October 1, 2000 through September 30, 2001
VALUATION DATE:
January 1,2000
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This report presen~ 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
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To present the contributions required to adequately fund the Plan during the
current year, according to the plan's current funding methodology
]
To present disclosures required by Governmental Accounting Standards Board,
Statements #25
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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 opmion, the techniques. and assumptions used are
reasonable and meet the requirements and intent of Part VIT, Chapter 1 P; 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.
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Glenn F. Mouton
Enrollment #99-2773
On Behalf of Mouton & Company, Inc.
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY ,
MEDICAL S~RvICES LENGTH.,OF SERvIcES AWARD 'pLAN~ " ..' ".', '.:> .J'
Actuarial Valuation as'of January 1,2000
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TABLE OF CONTENTS
EXHillIT 1 VALUATION RESULTS
Schedule A - Plan Description
Schedule B - Development of Current Year's Costs
Schedule C - Development of Historical and Projected FSA
Schedule D - Investment Gains and Losses since the last valuation
Schedule E - Participant Data
Schedule F - Assets
Schedule G - Liabilities
Schedule H - Actuarial Present Value of Accrued Benefits
Schedule I, - Statement of-Changes in Total Actuarial '
Present Value of All Accrued Benefits
Schequle J - Pension Cost
Schedule K - Past Contributions
Schedule L - Comparison of Actual to Assumed Earnings
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2
3
4
5
5
5
6
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EXHIBIT 2 P ARTICIP ANT DEMOGRAPHICS
Schedule A - Coverage
Schedule B - Participant Reconciliation
9
10
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EXHIBIT 3 PLAN ASSET INFORMATION
Schedule A - Statement of Net Assets Available
for Benefits at Market Values
Schedule B - Statement of Changes in Net Assets
Available for Benefits
11
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12
EXHIBIT 4
PLAN SUMMARY
COST METHOD AND ASSUMPTIONS
13
EXHIBIT 5
16
EXHIBIT 6
PENSION COST RATIONALE
18
EXHIBIT 7
GASB 25 INFORMATION
19
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MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page I of 22
Actuarial Valuation as of January I, 2000
CURRENT V ALVA TION RESULTS
EXHIBIT I
Plan Description
Schedule A
Actuarial Study as of:
o I-lan-OO
Value
Completed months to participate
o
Years of Credited Service Required tobe Fully Vested:
10
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
120
12
First Year for which Retroactive Benefit Accrual Service Is Granted:
1997
Annual Benefit Accrued for each completed year of service
180
Maximum Annual Benefit:
4,500
Present Value of Annual 8ft Earned:
1,459
Present value of maximum benefit:
36,485
Interest Adjustment to Move Normal Costs to End of Valuation Year:
1.05000
Recap of Results:
Interest Rate:
5.00%
----,.------------------------------------------------------------..----------......----------..-----...---------------------------------------------------------------
Present Aggr~gate Average
Present Allocated Value of .. Future Future Current
.-:..~ ~ . Parti- Value of Actuarial Future Service Service, , Normal
District cipants Benefits Assets Normal Costs Annuity Annuity Cost EOY
Big Coppitt 42 125,502 19,405 106,097 244.669 5.825 19,125
Big Pine 20 86,562 11,866 74,696 126.777 6.339 12,373
Conch Key 15 89,046 9,542 79,504 98.091 6.539 12,766
Key Largo Fire 49 209,584 28,713 180,871 313.317 6.394 29,702
Key Largo Amb 38 196,759 25,605 171,154 254.333 6.693 26,851
Layton 19 109,867 14,539 95,328 116.825 6.149 16,278
SugarloafKey 22. 146,469 18,356 128,113 146.929 6.679 20,141
Tavernier 34 179,034 . 22,087 156,947 238.965 7.028 23,448
------------ ------------- --------- -----------
Monroe County 239 1,142,823 150,113 992,710 1539.906 6.443 160,684
MOUTON & COMPANY, INC.
ACTI;ARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 2 of 22
Actuarial Valuation as of December 3 I, 1999
CURRENT V ALUA nON RESULTS
EXHIBIT I
Development of Current Years Costs
Schedule B
---------------------------------------------------------------------------..------------------------------------------------..------------------...----------------
Current Year Current Year
After Before
Amendment Amendment Prior Year
01-lan-2000 01-lan-2000 31-Dec-1999
A. Present Value of Future Obligations:
l. Active Members 1,142,823 1,081,241 1,140,070
2. Retired Members 0 0 0
3. Survivors on Benefit 0 0 0
4. Disabled Members 0 0 0
-------------- --------------- --------------
Total Actuarial Accrued Liability: 1,142,823 1,081,241 1,140,070
-
B. Less Present Value of:
l. Member Contributions 0 0 0
2. Florida Premium Tax Rebates 0 0 0
--------------- --------------- ---------------
0 0 0
C. Less Actuarial Plan Assets 150,113 150,113 0
--------------- --------------- --------------
D. Amount to be Funded by County (A-B-C) 992,710 931,128 1,140,070
(Unfunded Actuarial Accrued Liability)
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I E. Aggregate Nonnal Costs from District Calculations 160,684 150,763 150,113
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F. Expenses not paid directly by the County 5,000 5,000 0
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------------ -------------- ---------------
H. Total Plan Nonnal Costs = GASB 25 ARC 165,684 155,763 150,113
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ACTUARIES &. PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 3 of 22
Actuarial Valuation as of January 1,2000
CURRENT VALUATION RESULTS
EXHmIT 1
Development of Historical and Projected Funding Standard Account Balances
Schedule C
--------------------------------------------------------------------------------------------------------------------------------------------------------
Projected Projected
Current Current
Plan Year Plan Year Prior
After Before (First)
Amendment Amendment Plan Year
01-Jan-2000 01-Jan-2000 31-Dec-1999
-.~
A. Beginning Balance 0 0 0
Interest Adjustment to End of Year 0 0 0
B. Less Charges to Account
1. Normal Costs for the Year (BOY) 160,684 IS0,763 IS0,113
2. Provision for Expenses S,OOO S,OOO 0
2. Amortization Charges (net) (BOY) 0 0 0
3. Interest Adjustment to End of Year S.OO% 0 0 0
16S,684 ISS,763 IS0,113
C. Plus Credits to Account
1. Contributions Credited During the Year 16S,684 ISS,763 IS0,113
,,~ 2. Amortization Charges (net) (BOY) 0 0 0
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., 16S,684 ISS,763 IS0,113
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D. Ending Balance. 0 0 0
· 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.
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ACTUARIES &. PENSION ADMII'ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 4 of 22
Actuarial Valuation as of January 1,2000
CURRENT VALUATION RESULTS EXHIBIT 1
Investment gains and losses since the last valuation
Schedule D
--------------------------------------------------------------------------------------------------------------------------------------
Actuarial
Assets
a. Beginning balances 0
.p-. b. Interest 0
-.
c. Benefit Accruals 0
d. Interest 0
e. State Tax Contributions 0
f. Interest 0
g. County Contributions 150,113
h. Interest (assumed) 0
i. Employee Contributions 0
. ~ j. Interest 0
'~
k. Benefits Paid 0
--; 1. Interest 0
, ..
m. Expenses Paid 0
n. Interest 0
------------
o. Expected Values 150,113
p. Actual Values 150,113
------------
r. Experience Gains 0
Expected Earnings:
Assumed Earnings Rate:
o
5.00%
Derived Actual Earnings:
Derived Earnings Rate:
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Actual Earnings:
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MOUTON & COMPANY, INC.
ACTUARIES & PENSION ADMINISTRATORS
MO~ROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 5 of 22
Actuarial Valuation as of January 1,2000
CURRENT V ALUA nON RESULTS
EXHIBIT I
Participant Data
Schedule E
Current Year Prior Year
01-Jan"2000 31-Dec-1999
Number Included
Active Members 239 239
Retired Members 0 0
Current Beneficiaries 0 0
Disabled Members 0 0
Total Annual Payroll of Actives 0 0
Total Annual Benefits:
to Retired Members 0 0
to Current Beneficiaries 0 0
to Disabled Members 0 0
Assets Schedule F
Actuarial Value
150,113
o
Market Value
150,113
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Liabilities
Schedule G
Total
Current Current
Plan Year Plan Year
After Before Prior
Amendment Amendment Plan Year
01-Jan-20aO 01-Jan-20aO 31-Dec-1999
1,142,823 1,081,241 1,140,070
0 0 0
0 0 0
a 0 0
--------------- ----------
1,142,823 1,081,241 1,140,070
0 0 0
0 0 0
-------------- --------
0 0 0
-------------- ------- ----------
1,142,823 1,081,241 1,140,070
(150,113) (150,113) 0
----------.-- --------
992,710 931,128 1,140,070
MOL:TON &. COMPANY, INc.
ACTUARIES &. PENSION ADMISISTRATl)RS
--'f
Present Value of Benefits
Active Members
Retired Members
Current Beneficiaries
Disabled Members
Less Present Value
Future Member Contributions
Future State Contributions
Actuarial Accrued Liability
less Actuarial Plan Assets
)
~
Unfunded Actuarial Accrued Liability
J
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 6 of 22
Actuarial Valuation as of January 1,2000
CURRENT VALUATION RESULTS
EXHIBIT 1
Actuarial Present Value of Accrued Benefits
Schedule H
Current Year Current Year
After Change Before Prior Year
o l-Jan-2000 o l-Jan-2000 3l-Dec-1999
Vested Accrued Benefits
Inactive Members & Beneficiaries 0 0 0
f~ Active Members 128,060 96,043 64,028
-------------- -------------- --------------
..: Total 128,060 96,043 64,028
Nonvested Accrued Benefits 1,014,763 985,198 1,076,042
-------------- -------------- --------------
Total 1,142,823 1,081,241 1,140,070
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule I
.
. "
Present Value of Accrued Benefits at
Beginning of Year
1,140,070
o
, .1
. I~
Increase (Decrease) During Year Attributable
to (where applicable):
Plan Adoption
Plan Amendment
Changes in Valuation Date
Increase due to Survivorship
Increase for less Interest Discount
Benefits Accrued
Benefits Paid
Other Changes - pay/benefit/deaths
o
61,582
(58,829)
o
o
o
o
o
1,065,442
74,628
o
o
o
o
o
o
Net Increase (Decrease)
2,753
1,140,070
Actuarial Present Value of Accrued
Benefits at End of Year
1,142,823
1,140,070
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MOLTON & COMPANY, INC.
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 7 of 22
Actuarial Valuation as of January 1,2000
CURRENT VALUATION RESULTS
EXHIBIT 1
Pension Cost
Schedule J
As % of Payroll
Current Current
Plan Year Plan Year
After Before Prior Year
Amendment Amendment 31-Dec-1999
16S,684 IS0,763 IS0,113
0 0 0
0 0 0
----------- ----------- -----------
16S,684 IS0,763 IS0,113
N/A N/A N/A
0 0 0
N/A N/A N/A
0 0 0
N/A N/A N/A
Required Funding Costs
Administrative Expense
Interest Adjustment
Total Required County Contribution
Estimated Participant Contributions
As % of Payroll
Estimated Premium Tax Refund
As % of Payroll
;~
Remaining Amount to be Contributed
by County
As % of Payroll
16S,684
N/A
IS0,763
N/A
IS0,113
N/A
.
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Past Contributions
Schedule K
For the fiscal year ended 12/31/99
Total Contribution Required
Actual Contribution Made By:
State
County
Participants
ISO,113
o
IS0,113
o
IS0,113
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MOLiTOI\: & COMPAI\:Y, b:c.
ACTL'ARIES & PESS:OS .\D~lISI<TRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 8 of 22
Actuarial Valuation as of January 1,2000
CURRENT VALUATION RESULTS
EXHIBIT I
Comparison of Actual to Assumed Earnings
Schedule L
------------------------------------------------------------------------------------------------------------------------------------------------------
(Assuming unifonn income and disbursements, Employer Contributions assumed at End of Year)
Benefits
Valuation Beginning Ending Investment Other and
Date Assets Assets Earnings Income Expenses
31-Dec-1999 0 150,113 0 0 0
.t
Valuation
Date
Net
Increase
Expected
Earnings
Actual
Experience
3 Year
Average
5 Year
Average
Assumed
Factor
31-Dec-1999
o
o
0.00%
na
na
5.00%
:;\0
t
i
'.i
1999 is the first plan year and no assets were present prior to the end of the year, other than County accrued contributions.
Current earning rates are artificialJy depressed due to the plan only recently starting its funding. Future assets will be
invested assets and are expected to earn at or above the assumed factor, net of investment expenses.
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MOUTON & COMPANY, INC.
ACTUARIES & PENSION ADMI~ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 9 of 22
Actuarial Valuation as of January 1,2000
P ARTICIP ANT DEMOGRAPHICS
EXHIDIT 2
Coverage
Schedule A
This valuation includes the following 239 persons covered by the plan as of December 31, 1999.
Category Number Amount
Active Participants 239 0'"
. '. Other Inactive Participants 0 0"''''
,
Retirees on Benefit 0 0"''''
Survivors on Benefit 0 0"''''
Participants on Disability Benefit 0 0**
Terminated Vested Participants 0 0"''''
-----------
TOTAL 239 N/A
'" Annual covered pay only
** Annual Benefit
-~
No persons (included in the data furnished to us) were ineligible for participation as of the valution
date. Participant data was furnished by the County of Monore and was as of September 30, 1999.
The data furnished was deemed, for these purposes, to be sufficiently close to December 31, 1999
data as to be usable as year end data. The County has committed to furnish data as of actual year end
starting with the January 1, 200 I, actuarial valuation.
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MOUTON & COMPANY, INC.
ACru,\RIES & PENSION ADMISISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 10 of22
Actuarial Valuation as of January 1,2000
P ARTICIP ANT DEMOGRAPHICS
EXHIBIT 2
Participant Reconciliation
Schedule B
Active
Retired
on
Benefit
Survivor
on
Benefit
Disabled
With
Vested
Benefit
Total
Participants at 01-Jan-1999 239 0 0 0 0 239
, .
-- New 0 0
Retirement 0 0
Death 0 0
Disability 0 0
Vested Termination 0 0
-..
Lump Sum Settlement 0 0
,,~
>>
1 New Survivors 0 0
~- \ Participants at 31- Dec-199S 239 0 0 0 0 239
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MOUTON & COMPANY, INC
ACTUARIES & PENSION ADMINISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD I
Actuarial Valuation as of January 1,2000
Page 11 of22
PLAN ASSET INFORMA nON
EXHIBIT 3
31-Dec-1998
Schedule A
31-Dec-1999
Statement of Net Assets Available for Benefits*
-----------------------------------------------------------------------------------------------------------------------------
Market Value
, . Money Market 0.00 0.00
i Accrued Contribution - Employer 0.00 150,113.00
---------------- ----------------
0.00 150,113.00
---------------- ----------------
Liabilities
Accounts Payable 0.00 0.00
Deferred Revenues 0.00 0.00
---------------- ----------------
J 0.00 0.00
11 ---------------- ----------------
Net Assets Available 0.00 150,113.00
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MOUTON & CO~IPANY, INC
ArTl TA.~n::~ f-.. p~,'q('\'.: ,'n,.q'T:::TRAT("\R~
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2000
Page 12 of22
PLAN ASSET INFORMATION
EXHIBIT 3
Statement of Changes in Market Value of Net Assets
Plan Year Ending:
31-Dec-1998
Schedule B
31-Dec-1999
---------------------------------------------------------------------------------------------------------------------------------------------------
+
INCREASES
Earnings on Investments
Unrealized Appreciation (Depreciation)
0.00
0.00
0.00
0.00
State Insurance Contributions
Employee Contributions
Employer Contributions:
0.00
0.00
0.00
0.00
0.00
150,113.00
Accrued
0.00
0.00
0.00
150,113.00
0.00
150,113.00
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DECREASES
Expenses
Professional Fees
Other expenses
0.00
0.00
0.00
0.00
-~
:
0.00
0.00
, j
Paid to Participants
Retirees
Survivors
Disabled
Overpayment due to City
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Net Increase/(Decrease)
0.00
150,113.00
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
-;,
Beginning of Year
0.00
0.00
.:..l
End of Year
0.00
150,113.00
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Ar'Tl'.'OlCC (. nC"'C"!r,,' ,n\''''''~'''''''l~ \T: "Il ,
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2000 Page 13 of22
PLAN SUMMARY
EXHIBIT 4
1. General Information
(a) Plan Name: Monroe County, Florida Volunteer Firefighter and
Emergency Medical Services Length of Service Award Plan
.' ,
~
(b)
Plan Year: January 1 through December 31
(c) Plan Sponsor: County of Monroe, Florida
(d) Sponsor Fiscal Year: October 1 through September 30
( e) Plan Administrator: Board or such other person or entity as designated by the
Board to administer the Plan
(f) Effective Date: January 1, 1999
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2.
Eligibility for Participation
. ,
\
The Plan Administrator shall, in its sole discretion, determine those Volunteer
Firefighters and EMS Volunteers ("Volunteers") eligible to participate in the Plan. Any
Volunteer who was age 60 or older on January 1, 1999 shall not be eligible to participate in
the Plan. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years of Service by their Normal Retirement Age shall not eligible to participate.
,.,
,..
3.
Contributions
Each Plan Year, the Board shall appropriate funds from the budgets of the various volunteer
fire/rescue M~TU's to fund the accrued or prospective benefits for Participants on an
actuarially sound basis.
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MOUTON & COMPANY, INC
.\.\Tl '.\k'!t:'c: ,_ nr.'.c\C'\....' _\n\q,']C:TP .1,:. 'IRe:
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2000 Page 14 of22
PLAN SUMMARY
EXillBIT 4
4. 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
'"f 18 270 3240
..1. 17 255 3060
-.j
16 240 2880
.., 15 225 2700
~
,j 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 often years.
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MOUTON & COMPANY, INC.
ACil1ARIFS'" pJ:''!''lnN ~n,n'-.:',Tn .\T\'R"
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of JaIlUary 1,2000 Page 15 of22
PLAN SUMMARY
EXIDBIT 4
7. Vesting
(a) Eligibility: Completion of 10 years of service prior to attainment of Normal
Retirement Age
(b) Volunteer Firefighters: Attained the rank of Structural Firefighter, Non-Structural
Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with
10 years of service.
(c) Volunteer EMS: Attained the certification of Emergency Medical Technician or
Paramedic or met all requirements by the State of Florida necessary to drive an
emergency medical care and transportation vehicle (ambulance) prior to being
credited with 10 years of service.
8. Death Benefits prior to Attaining Normal Retirement Age
(a)
:1
',< (b)
--~'
"
~
Eligibility: Death of a vested Participant.
Benefit: The present value of vested accrued benefits.
.
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MOUTON & COMPANY, INC.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2000 Page 16 of 22
COST METHOD
EXHIBIT 5-A
COST METHOD: A variation of the aggregate actuarial cost method is being used to value the
benefits. The present value of the projected benefits is calculated using the provisions of
the plan and the actuarial assumptions. The actuarial value of assets is based on market
value. The balance to be funded is allocated over the present value of a level annuity for the
average future service of active participants. Total plan results are determined by summing
the results calculated by aggregating participants by fire district, and in the case of Key
Largo, separately by fire personnel and EMS personnel. Expenses are shown unallocated
and are assumed to be paid directly by the County.
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MOUTON & COMPANY, INC,
AC11_1AR1FS &. PF\>"";-:;'C'lN -\n'_1!'Y':7R -\7\"'IRc:.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2000
Page 17 of22
ACTUARIAL ASSUMPTIONS
EXHffiIT 5 - B
Actuarial Study as of:
01-Jan-2000
Valuation Date Adjustment:
o
Completed months to participate
o
'. Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
Annual Benefit Accrued for each completed year of service
120
12
180
4500
Yrs Vesting
0 0%
10 100%
Maximum Annual Benefit Accrued for each completed year of service
Vesting Schedule
.'v
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Termination Assumption: Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob. for YOS<l.
-,
,
Interest rate function assumptions
97.29348
1: 5.00%
v: 0.95238
d: 0.04762
a(lO)due: 8.10779
i( 12): 0.407%
v(12): 0.99595
d(12): 0.00405
a(l20)due: 95.19132
3,000 370.01
36,485
1,459
1997
4
. j
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Maximum annual benefit accrual limited by IRC
Present value of maximum benefit:
.,<
Present value of annual benefit accrual
~
Year First Allowed for Benefit Accrual Purposes:
.~
':~ Maximum Credited Years for Benefit Accrual as of the Valuation Date:
J MOL;TON &. COMPANY, Il'C
ACTUARIES &. PENSIO!\i AD~lI:-':ISTRATORS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2000 Page 18 of22
PENSION COST RATIONALE
EXHIBIT 6
When one speaks of pension costs, one must distinguish between "true" costs and "actuarial" costs.
The true cost of a pension plan depends on its experience and is equal to:
Total Benefits Paid
+
Total Expense to Run the Plan
Investment Earnings
Because this true cost is not apparent until many years into the future, and then only in retrospect,
the actuary scientifically estimates what the true cost will be and then assesses a share against the
current year's operations.
,
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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.
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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.
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MOUTON & COMPANY. b:c.
Acn'ARIES &. PE~S'(l~ -\D\.lI,r<:::TKAT, 'p.;:;
Page 19 of22
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2000
EXHIBIT 7
GASB 25 Notes to the Financial Statements
a.
(I)
--------------------------...--------..---------------------------------------......----..---....-----..................-----..--------------..--------------------------------.....-..
The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
(2) Only Volunteer Firefighters and EMS Volunteers are eligible at the sole discretion of the
Plan Administrator. Any Volunteer who was age 60 or older on January I, 1999 shall not be eligible
to participate. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years if Service by their Normal Retirement Age shall not be eligible to participate in this Plan.
Inactive Participants by category:
Retirees currently receiving benefits
Beneficiaries currently receiving benefits
Terminated employees entitled to benefits
.,
o
o
o
o
Fully vested and past normal retirement date
Partially vested
Non-vested
48
o
191
(3) The benefit provisions are as follows:
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Years of
Smic.c
25
24
23
22
21
20
19
18
17
16
15
14
J3
12
II
10
. .
239
Benefit Schedule
Monthly
B.encli1
$375
360
345
330
315
300
285
270
255
240
225
210
195
180
165
150
Annual
B.endi.t
$4,500
$4,320
$4,140
$3,960
$3,780
$3,600
$3,420
$3,240
$3,060
$2,880
$2,700
$2,520
$2,340
$2,160
$1,980
$1,800
(4)
Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and
or Emergency Vehicle Driver-Perator prior to being credited with ten Years of Service.
EMS Vounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle (ambulance) and/or attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
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Eligibility for vesting is completion of 10 years of service.
'liI
The Plan shall be administered in accordance with the requirements of Chapter 112, Part VII,
Florida Statutes.
J
MOUTON & COMPANY, INc.
ACTI!ARIES & PENSl"" ~r>'lI",sTR ~T('IRS
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2000
Page 20 of 22
EXHIDIT 7
GASB 25 Notes to the Financial Statements
---------------------------------------------------------------------------------------------------------------------------------------------------
For each Plan Year, the Board shall appropriate funds from the budgets of the various frre/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 Chapte 112, Florida Statutes.
There are no Participant contribution requirements.
The authority under which those obligations are established is the Monroe County Ordinance No. 026-1999
b. (1) The accounting policies include the Accrual basis of accounting, and assets are reported at Market Value.
Exchanges or "swaps" of securities are accounted for in the income.
(2) We are aware of no investments (other than U.S. government and U.S. government-guaranteed obligations)
which represented more than 5% of net assets available for benefits.
(3) We are aware of no investments in, loans to, or leases with any PERS official, government employer official,
party related to a PERS official or governmental employer official, nonemployer contributor, or organization
included in the reporting entity.
The Actuarial Present Value of credited projected benefits, is a standardized disclosure measure of the
present value of pension benefits, adjusted for the effects of projected salary increases and any step-rate
i benefits, estimated to be payable in the future as a result of employee service to date. There are no
.1
- , salaries paid to the Participants.
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MOUTON & COMPANY. INc.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2000
Page 21 of22
EXHIBIT 7
GASB 25 Notes to the Financial Statements
---------------------------------------------------------------------------------------------------------------------------------
The significant actuarial assumptions used to compute the pension benefit obligation were:
Investment Yield: 5.00% for both present and future.
Mortality Pattern: Not applicable
Salary Increases: Not applicable
Termination:
Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob. for YOS<
The System's funding policy, as mandated by ordinance, provides for actuarially determined
periodic contributions
'f
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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.
.
1
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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MOUTON & COMrAJ\:Y, INC
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2000
GASB 25 Schedules of Funding Progress
The actuarially determined normal cost as of
$165,684
3l-Dec-1999
Contributions actually made by employees and employer were:
Amount
County
Participants
150,113
o
% of Annual
Payroll
As discussed in paragraph 87 ofGASB-25, a schedule of funding progress is not required under the
aggregate cost method, which the plan uses.
Page 22 of 22
EXHIBIT 7
na
na
Summary of Fund Progress by Plan Years
............................................................................................................................................................................
............................................................................................................................................................................
1/1/1999
to
12/31/1999
",
Increases to funds
, .' Employer Contribution
Employee Contribution
State ContriMtion
:,. J, _ , ~
Total Contributions
150,113.00
0.00
0.00
150,113.00
1
Investment Income
Other Income
Total Increases
0.00
0.00
150,113.00
. .
-'
Decreases .to Funds
Benefit payments
Admin expenses
. Total Decreas~s
0.00
0.00
0.00 .
. '
-.,).' '. ; ':". NeHncreaseillecrease. .
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150,1 B~OO
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MOUTON & COMPANY, INc.