Item C05 C.5
`,
County of Monroe
y,4 ' �, "tr, BOARD OF COUNTY COMMISSIONERS
Mayor Michelle Coldiron,District 2
�1 nff `_ll Mayor Pro Tem David Rice,District 4
-Ile Florida.Keys Craig Cates,District 1
Eddie Martinez,District 3
w Mike Forster,District 5
County Commission Meeting
September 15, 2021
Agenda Item Number: C.5
Agenda Item Summary #3603
BULK ITEM: Yes DEPARTMENT: Emergency Services
TIME APPROXIMATE: STAFF CONTACT: Steven Hudson (305) 289-6342
N/A
AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award
Program (LOSAP) actuarial valuation report for the Plan Year 2021 and $0 transfer of funds for Plan
Year 2021 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 2021. Based upon Mouton's
findings, $0.00 will be transferred into the LOSAP Trust Fund for Plan Year 2021.
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 2021
STAFF RECOMMENDATION: Acceptance of actuarial report and transfer of funds for Plan
Year 2021 into the LOSAP Trust Fund in the amount of$0.00.
DOCUMENTATION:
January 1, 2021 Actuarial Valuation Report
FINANCIAL IMPACT:
Effective Date: 09/15/21
Packet Pg. 192
C.5
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 08/26/2021 12:52 PM
Steven Hudson Completed 08/26/2021 1:28 PM
Purchasing Completed 08/26/2021 2:49 PM
Budget and Finance Completed 08/26/2021 3:20 PM
Maria Slavik Completed 08/26/2021 5:29 PM
Liz Yongue Completed 08/30/2021 2:10 PM
Board of County Commissioners Pending 09/15/2021 9:00 AM
Packet Pg. 193
rF
r-4
July 19, 2021
Monroe County Board of County Commissioners c
Fire Chief Steven Hudson
490 63`a Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1, 2021, covering the actuarial
aspects of the"Monroe County LOSAP" for the Plan Year ending December 31, 2021 and the
County's fiscal year ending September 30, 2022.
A brief overview of the results can be obtained by looking at the following figures for the
0
past three years:
2019 2020 2021 "
Item Plan Year Plan Year Plan Year
Participants 31 33 25 <
Covered Payroll $ na $ na $ na
Current EOY Plan Costs * $0 $0 $0
c
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.
N
Assuming that the recommended funding is made and that the asset performance becomes
consistent with our current assutmption, it is our opinion that the Plan will be proceeding with a LN
funding program,which can be expected to support the benefits promised by the Plan on an
adequate and timely basis.
Respectfully submitted, E
Glenn F. Mouton,FSA, MAAA, EA
Consulting Actuary
GFM/nm
Enclosures
Packet Pg. 194
• C.5.a
0
DRAFT
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1,2021
- c
c
N
CD
u
Packet Pg. 195
C.5.a
ACTUARIAL REPORT
PLAN: Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services Award Plan
0
PLAN YEAR: January 1,2021 through December 31,2021
SPONSOR FISCAL YEAR: October 1, 2021 through September 30,2022
cu
VALUATION DATE: January 1,2021 2
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 PIan 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 PIan for this report. This
actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge,the
results are complete and accurate, and in my opinion, the techniques and assumptions used are
reasonable and meet the requirements and intent of Part VII, Chapter 112,Florida Statutes. There
is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which
liabilities or current costs have not been established or otherwise taken into account in the
valuation. All known events or trends which may require a material increase in plan costs or
required contribution rates have been taken into account in the valuation.
Future actuarial measurements may differ significantly from the current measurement presented
in this report due to such factors as the following: plan experience differing from that
anticipated; changes in economic or demographic assumptions; increases or decreases expected N
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.
Packet Pg. 196
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2021
0
TABLE OF CONTENTS
EXHIBIT 1 VALUATION RESULTS
Schedule A—Development of Actuarial Assets 1
Schedule B—Plan Description 2
Schedule C-Development of Current Year's Costs 3
Schedule D—Development of Historical and Projected FSA" 4
Schedule E-Participant Data 5
Schedule F -Assets 5 r
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 90.
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
N
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
Packet Pg. 197
leuenpV punj 4sna 10 a 4 as ) podoU uogenlBA' 'a n}a L `L n r :4u9ua 3 44
co
R m
Sri s�
a
v W yy 1C
O �" ¢ Cn cen
c r G r r
° GA �•• - n rn n uni oo to
e� ° o+" 00 c+ n 00 — a
aw i ov e N c
CD
o f n a el 0 0
° '"
cw c ° vi a r r o
_ N 00 �r O O
J• ('J oa b (� a �
d
al v 2
O O O O O O
q% P1 l- 1- � O
Or OM.l N N M
�n oo n o0 0 0
v to c+ O a n I
y C� O; In M
I- 00 %O m O
M C N n al ( 00
O
Q n IM+ b N
0
U : m o OR I r
y tid .D It M %6 C-i
~O h '1 N ^'
V 4+ r, e} O
H to 000 M N O
Li
N
w O O O O O O
cD
a a e � cD o
O I' N
� G
d R
o 0 0 0 o N .a
C
L v D = C
r
O V °-
cG
16
3 °Lr
a N
pu� o 'v''3 EUo_u
7 V auGo
Q E n
� ono N Ca
>"O ( 3
r z y
OV U a
u] yj >
, ° o
tm
to d !A 2 SG u � E� x
leuenpV punj 4sni-L dVSOl jo 93ue4d933V) podeU uogenlBA' 'a n}a L `L n r :4u9ua 3 44
M � �• � O O N� .b.+ m P N � pn� o •��O O O O O O O
O 7 y GO CL
a V
Ui
1+ H
d
°' o o M n o
a ID
uV
d
N
U
•e'7 Yi � a n o ee
a� Q
rry r Ig
Im
' w
w �
V
G o w
------------------ °
z 3 ti o se
a
vs oHx o 0 0 o n In `o m
a�
v � �
[�%/yJ7j N p spy
c w o � � � H � •� satl - H
D C � G •� m Y F
8
� � z
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 3 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT I
Development of Current Year's Costs Schedule C
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Year Prior Year
01-Jan-202I 01-Jan-2020
A. Present Value of Future Obligations:
1. Active Members 112,155 163,980
2. Inactive Members 263,065 274248
3. Retired Members 175,080 214:337
4. Survivors on Benefit 0 0
5. Disabled Members 0 0
--------------- ---------------
CL
Total Actuarial Accrued Liability: 550,300 652,565
B. Less Present Value of:
1. Member Contributions 0 0
2. Florida Premium Tax Rebates 0 0
--------------- ---------------
0 0
C. Less Actuarial Plan Assets 841,817 858,354
D. Amount to be Funded by County(A-B-C) (291,517) (205,789)
(Unfunded Actuarial Accrued Liability)
E. Aggregate Normal Costs from District Calculations including expenses 0 0
F. Expenses not paid directly by the County(included above) na na
G. Interest Adjustments not included elsewhere 0 0
--------------- ---------------
76
H. Total Plan Normal Costs=GASB 25 ARC 0 0
N
CD
Packet Pg.200
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 4 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT 1
Development of Historical and Projected Funding Standard Account Balances Schedule D
Projected
Current
Plan Year Prior Year
01-Jan-2021 01-Jan-2020
A. Beginning Balance 71,060 67,114
Interest Adjustment to End of Year 711 671
----------- ----------
sub-total 71,771 67,785
B. Less Charges to Account
I. Normal Costs for the Year(BOY) 0 0
2. Provision for Expenses(included in(1)above) na na 0
2. Amortization Charges(net)(BOY) 0 0
3. Interest Adjustment to End of Year 1.00% 0 0
-------- --------
0 0
C. Plus,Credits to Account
1. Contributions Credited During the Year 0 3,265
2. Amortization Charges(net)(BOY) 0 0
3. Interest Adjustment to End of Year 0 10 0.
-------- --------
0 3,275
-------- --------
D. Ending Balance*(not less than 0) 71,771 71,060
1.00%
Date Made Amount Interest
0 0
15-Sep-20 3,265 10
0 0
0 0 r
----------- ---------
CD
3,265 10
*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.
Packet Pg.201
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 5 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT 1
Participant Data Schedule E
— ---------- —-- — -- --------- Next
Current Year Prior Year Prior Year 0.
01-Jan-2021 01-Jan-2020 01-Jan-2019
Number Included
Active Members 3 5 5 12
Inactive Members 11 12 13
Retired Members 11 15 13
Current Beneficiaries 0 0 0
Disabled Members 0 0 0
Total Members 25 32 31 LL
Total Annual Payroll of Actives 0 0 0
Total Annual Benefits; CL
to Retired Members 31,200 34,680 30,945
to Current Beneficiaries 0 0 4
to Disabled Members 0 0 0
Assets Schedule F 0
Actuarial Value 841,817 858,354 867,797
Market Value 841,817 858,354 867,797 W
Liabilities Schedule G
t7
Current Prior
Plan Year Plan Year
01-Jan-2021 01-Jan-2020
Present Value of Future Benefits
Active Members 112,155 163,980 c8
Inactive Members 263,065 274,248
Retired Members 175,080 214,337
Current Beneficiaries 0 0
Disabled Members 0 0
r
--
Total 550,300 652,565 CD
Less Present Value r
Future Member Contributions 0 0
Future State Contributions 0 0
0 0
Actuarial Accrued Liability 550,300 652,565
less Actuarial Plan Assets (841,817) (858,354)
Unfunded Actuarial Accrued Liability (291,517) (205,789)
Packet Pg.202
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 6 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT i
Actuarial Present Value of Accrued Benefits Schedule H
--------- ---------------------------------------------------------------------------------------------------------------------------------------------------------
76
Current Year Prior Year
01-Jan-2021 01-Jan-2020
Vested Accrued Benefits — --
Inactive Members&Beneficiaries 453,413 503705
Active Members 94,618 120:449
Total 548,031 624,154
Nonvested Accrued Benefits 2,269 19,108
CL
-------------- --------------
Total 550,300 643,262
0
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits Schedule I
Current Year
01-Jan-2021
Present Value of Accrued Benefits at ---
Beginning of Year 643,262
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 6,277
Benefits Accrued,net of excluded participants 11,657
Benefits Paid (31,200) ry
Other Changes-terminations (79,730)
-Net Increase(Decrease) (92,996)
Actuarial Present Value of Accrued
Benefits at End of Year 550,300
Packet Pg.203
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 7 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT 1
Pension Cost Schedule J
0
Next
Plan Year Prior Year Prior Year
01-Jan-2021 01-Jan-2020 01-Jan-2019
Accumulated Prior Deficiency(Credit) (48,366) (43,166)
Required Funding Costs 0 0 0
Current Sponsor Contributions (3,265) (5,200)
Interest Adjustment 0 0 0
Total Required County Contribution, 0 (51,631) (48,366)
As%of Payroll N/A NIA N/A
CL
Estimated Participant Contributions 0 0 0
As%of Payroll N/A NIA NIA
Estimated Premium Tax Refund 0 0 0
As%of Payroll N/A NIA NIA 0
Remaining Amount to be Contributed
by County 0 0 0
As%of Payroll N/A N/A N/A
Schedule K
Past Contributions
—-------------- .... —...... ----------- ...........For the fiscal year ended 12/3I/20
Total Contribution Required 0
Actual Contribution Made By:
State 0
County 3,265
Participants 0 76
3,265 76
cv
cv
Packet Pg.204
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 8 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 CURRENT VALUATION RESULTS EXHIBIT I
Comparison of Actual to Assumed Earnings Schedule L
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Assuming uniform income and disbursements,Employer Contributions assumed at End of Year) w
Benefits
Year Beginning Ending Investment Other and 76
Ended Assets Assets Earnings Income Expenses
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 2
31-Dec-2008 782,060 817,512 30,628 0 23,653 CL
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 I,860 0 30,330 w
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 867,797 858,354 24,801 0 39,444
31-Dec-2020 858,354 841,817 16,162 0 35,964 0
Year Net Expected Actual 3 Year 5 Year Assumed
Ended Increase Earnings Experience Average Average Factor
31-Dec-2003 9,169 23,736 1.93% 1.93% na 5.00%
3I-Dec-2004 (5) 27,926 1.51% 1.72% 1.83% 5.00% '
31-Dec-2005 13,252 24,913 3.35% 2.26% 1.97% 4.00%
31-Dec-2006 5,336 20,876 2,22% 2.36% 2.07% 3.00%
31-Dec-2007 32,319 18,061 5.32% 3.63% 2.38% 2.50%
31-Dec-2008 6,975 19,256 3.98% 3.84% 2,76% 2.50% cv
31-Dec-2009 (17,220) 20,141 0.81% 3.37% 3.09% 2.50% cv
31-Dec-2010 (18,016) 20,454 0.96% 1.92% 3.02% 2.50%
3I-Dec-201 t (22,456) 20,687 0.79% 0,85% 2.72% 2,50%
31-Dec-2012 _ (29,240) 16;672 0.40% 0.72% 2,14% 2.00%
31-Dec-2013 (28,470) '12,505 0.22% 0.47% 1.47% 1,50%
31-Dec-2014 (28,264) 8,417 0.31% 0.31% 0.85% 1.00%
3I-Dec-2015 (36,572) 8,385 0.16% 0.23% 0.52% 1.00%
31-Dec-2016 (34,621) 8,327 0.29% 0.25% 0.40% 1.00% w
31-Dec-2017 (30,902)' 8,382 0.66% 0.37% 0.33% 1.00%
31-Dec-2018 (22,400) 8,691 1.53% 0.83% 0.40% 1.00%
31-Deo-2019 (14,643) 8,481 2.92% 1.71% 0,68% 1.00%
31-Dec-2020 (19,802) 8,404 1.92% 2.13% 1.06% 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.
Packet Pg.205
C.5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 9 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN DRAFT
Actuarial Valuation as of January 1,2021 PARTICIPANT DEMOGRAPHICS EXHIBIT 2
Coverage Schedule A
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
This valuation includes the following 25 persons covered by the plan as of December 31,2020.
Category Number Amount
Active Participants 3 0
Other Inactive Participants 11 0 **
Retirees on Benefit 11 0 **
Survivors on Benefit 0 0 **
Participants on Disability Benefit 0 0 **
Terminated Vested Participants 0 0 ** CL
TOTAL. 25 NIA
* Annual covered pay only c
** Annual Benefit
25 persons(included in the data furnished to us)were ineligible for participation as of the valaution
date, Participant data was furnished by the County of Monore and was as of December 31,2020.
Years of Credited Service--all Participants Schedule B
Years of Service
<1 [ 1-4 I 5-9 { 10-14 I 1549 I 20-24 { 25-29 [ 30-34 [
----------- { ----------- I ----------- [ ----------- I ----------- I ----------- I ----------- l ----------- [
Attained
Age Count I Count. I Count [ Count I Count I Count I Count { Count [ Totals
Under 25 I I I I I ! I I 0
26-29 [ I I I I I I I 0
30-34 [ 1 1 I I I I I I 1
35-39 I I [ I I I I I o N
40-44 I I I 2 1 I I I I 2 cV
45-49 I I [ I I I I I 0 r-
50-54 I I I 2 I 1 I ! 1 I I 4
55-59 [ I I I 2 1 1 i I 2 1 5
60-64 I I I 2 1 3 1 1 1 I 5
64-69 I I I 6 1 I 1 1 I I 7
Over 70 [ I I I I I 1 1 I 1
0 1 0 12 6 2 2 2 25
Packet Pg.206
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 10 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLA DRAFT
Actuarial Valuation as of January 1,2021 PARTICIPANT DEMOGRAPHICS EXHIBIT 2
Participant Reconciliation Schedule C
-------------------------------------------------------------------------------------------------------------------------------------------------------- --
6
Retired Survivor
on on
Active Benefit Benefit Disabled Inactive Total U
Participants at 01-Jan-2020 5 15 0 0 12 32
c�
2
New 0 0
CL
Retirement 0 0
Death 0 0
Non-Vested Termination -1 -I (2)
Vested Termination 0 0
Lump Sum Settlement -1 (1)
New Survivors 0 0
Completed Retiree Payments 0 -4 (4) C
c
------ ------- ------- ------- ------- -------
Participants at 31-Dec-2020 3 11 0 0 11 25
76
cv
cv
Packet Pg.207
C.5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 11 of 32
Actuarial Valuation as of January 1, 2021
DRAFT
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Net Assets Available for Benefits* Schedule A
31-Dec-2019 31-Dec-2020
------------------------------------------------------------------------------------------------------------------------------------
Market Value
Money Market 858,354.09 841,817.21
Accrued Contribution -Employer 0.00 0.00
-858,354.09 841,817.21
---------------- ----------------
0
Liabilities
Accounts Payable 0.00 0.00
Deferred Revenues 0.00 0.00
---------------- ---------------- .�
0.00 0.00
---------------- ----------------
0.
Net Assets Available 858,354.09 841,817.21
* As reported by the County
N
Packet Pg.208
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page I2 of 32
Actuarial Valuation as of January 1,2021
DRAFT
PLAN ASSET INFORMATION EXHIBIT 3
Statement of Changes in Market Value of Net Assets Schedule B
Plan Year Ending: 3I-Dec-2019 31-Dec-2020
-------------------------------------------------------------------------------------------------------------------------------------------------------------------- —
INCREASES
Earnings on Investments 24,801.07 I 16,162.12
Unrealized Appreciation(Depreciation) 0.00 I 0.00
I
State Insurance Contributions 0.00 I 0,00
Employee Contributions 0.00 I 0.00
Employer Contributions: 5,200.00 I 3,265.00 2
ICL
Accrued 0.00 I 0.00
----------------- I -----------
I
I
5,200.00 3,265.00
----------------- I -----------------
30,001.07 19,427.12
----------------- I -----------------
DECREASES
Expenses
Professional Fees (4,764.00) I (4,764,00)
Professional Fees 0.00 0.00
PMA Fees 0.00 I 0.00
----------------- -----------------
0
(4,764.00) (4,764.00)
Paid to Participants
Retirees (34,680.00) I (31,200,00)
Survivors 0.00 I 0.00
Disabled 0.00 0.00
Overpayment due to City 0.00 I 0.00
----------------- I -----------------
(34,680.00) I (31,200.00) N
----------------- I -----__._--------
CD
(39,444.00) I (35,964.00) N
Net Increase/(Decrease) (9,442.93) I (16,536.88)
NET MARKET VALUE OF ASSETS AVAILABLE FOR BENEFITS:
I
Beginning of Year ----867-797.02 I --_-858,354.09
End of Year 858,354.09 I 841,817.21
Packet Pg.209
C 5.a
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1, 2021 Page 13 of 32
0
PLAN SUMMARY EXHIBIT 40.
1. General Information
(a) Plan Name: Monroe County, Florida Volunteer Firefighter and
Emergency Medical Services Length of Service Award Plan
(b) Plan Year: January I through December 31
(c) Plan Sponsor: County of Monroe,Florida
0
(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 N
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
Packet Pg.210
C.5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2021 Page 14 of 32
0
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 2
No Years of Service shall be earned for any year of volunteer service after the Participant
has attained age sixty(60).
4. Contributions
CL
Each PIan 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. --
e
(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 N
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.
Packet Pg.211
C.S.a
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2021 Page 15 of 32
PLAN SUMMARY EXHIBIT 4 c
6. Vesting
(a) Eligibility: Completion of 10 years of service prior to attainment of Normal
Retirement Age
y
(b) Volunteer Firefighters: Attained the rank of Structural Firefighter,Non-Structural
CL
Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with
10 years of service.
(c) Volunteer EMS: Attained the certification of Emergency Medical Technician or
Paramedic or met all requirements by the State of Florida necessary to drive an
emergency medical care and transportation vehicle(ambulance)prior to being
credited with 10 years of service.
7. Death Benefits prior to Attaining Normal Retirement Age
4
(a) Eligibility: Death of a vested Participant.
c
(b) Benefit: The present value of vested accrued benefits.
N
CD
Packet Pg. 212
C 5.a
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2021 Page 16 of 32
F
0
COST METHOD EXHIBIT 5
COST METHOD: A variation of the aggregate actuarial cost method is being used to value the
benefits for funding progress. The present value of the projected benefits is calculated using
the provisions of the plan and the actuarial assumptions. The actuarial value of assets is
based on market value. The balance to be funded is allocated over the present value of a
level annuity for the average future service of active participants. Total plan results are
determined by summing the results calculated by aggregating participants by fire district,
and in the case of Key Largo, separately by fire personnel and EMS personnel. A
department's normal cost is not allowed to become negative. Expenses are shown
unallocated and are assumed to be paid directly by the County.
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 terminating from the County plan effective October 1, 2006, we have not
assigned any costs to them. We have kept the vested participants for Key Largo's Fire and
EMS and assets estimated to be sufficient for those participants and reallocated the
remaining assets to the other participating departments. Should additional vested c
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.
N
To avoid certain calculation problems involving division by zero, an actual interest rate of N
.00 1%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.
Packet Pg.213
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 17 of 32
Actuarial Valuation as of January 1,2021
DRAFT
ACTUARIAL ASSUMPTIONS EXHIBIT 5
0
Actuarial Study as of: 01-Jan-2021
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 CL
Maximum Annual Benefit Accrued for each completed year of service 4500
Vesting Schedule Yrs Vesting
0 0%
10 100%
Termination Assumption: Godwin's Table I,V Select&Ultimate Table,w/50%termination prob. for YOS<1.
This demographic assumption was selected by reference to"Employee Termination Study"by Roger L.Vaughan as 0
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 o
important consideration was the high select period termination rates,which were judged highly relevant to the nature
of volunteer service in the Florida Keys.
76
Interest rate function assumptions is 1.00%
v: 0.99010
d: 0.00990
114.79272 a(l0)due: 9.56606
cv
i(l2): 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 AIIowed for Benefit Accrual Purposes: After: 1986
Before: 1986
Maximum Credited Years for Benefit Accrual as of the Valuation Date: 36
Packet Pg.214
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2021 Page 18 of 32
0
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
2
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.
Packet Pg.215
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 19 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2021 DRAFT EXHIBIT 7
GASB Notes to the Financial Statements
----------------------------------------------------------------------------------------------------------------------------------------------------
a (1) The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
(2) Only Volunteer Firefighters and EMS Volunteers are eligible at the sole discretion of the 76
Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999 shall not be eligible
to participate. In addition,any Volunteers who are age 60 or older at the time they commence
volunteer service,or who commence service at a time that will not permit them to earn ten
Years if Service by their Normal Retirement Age shall not be eligible to participate in this Plan.
Inactive Participants by category:
Retirees currently receiving benefits 11
Beneficiaries currently receiving benefits 0 2
Terminated employees entitled to benefitsCL
11
22
4-
Fully vested and past normal retirement date 20 0
Partially vested 0
Non-vested 5
25
(3) T6e 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 c
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 N
14 210 $2,520 CD
13 195 $2,340
12 180 $2,160
11 165 $1,980
10 150 $1,800
(4) Volunteer Firefighters must attain the rank of Structural Firefighter,Non-Structural Firefighter and
or Emergency Vehicle Driver-Perator prior to being credited with ten Years of Service.
EMS Vounteers must meet all requirements as defined by the State of Florida necessary to drive
an emergency medical care and transporation vehicle(ambulance)and/or attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
Eligibility for vesting is completion of 10 years of service.
The Plan shall be administered in accordance with the requirements of Chapter 112,Part VII,
Florida Statutes.
Packet Pg.216
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 20 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2021 DRAFT EXHIBIT 7
GASB Notes to the Financial Statements t
--------------------------------------------------------------------------------------------------------------------------------------------------------------------
0
For each Plan Year,the Board shall appropriate funds from the budgets of the various fire/rescue MSTU's,
such funds to be applied as a contribution to the LOSAP trust account in an amount as determined by the 76
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 ¢,
ca
2
b. (1) The accounting policies include the Accrual basis of accounting,and assets are reported at Market Value. 1_
Exchanges or"swaps"of securities are accounted for in the income. CL
(2) We are aware of no investments(other than U.S.government and U.S.government-guaranteed obligations)
which represented more than 5%of net assets available for benefits.
0
(3) We are aware of no investments in,loans to,or leases with any PERS official,government employer official,
party related to a PERS official or governmental employer official,nonemployer contributor,or organization
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.
c
cv
. cv
Packet Pg.217
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND Page 21 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2021 DRAFT 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
c�
2
Termination: Godwin's Table 1, V Select&Ultimate Table,with 50%termination prob. for YOS<l.
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. W
There are no member contributions, nor any State premium tax refunds.
0
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 2
future normal costs.
cv
. cv
Packet Pg.218
leuenpV punj 4sna 10 93ue4d933V) podeU uogenlBA' 'a n}a L `L n r :4u9ua 3 44
Sri" 04
id ed p N
w 0 0 oo�g �ro,oIQ CtInIni omo IL
rN,y 4' m -- ol V O wt O
oa ee m .-+ 00 Q N JG
4 W a N N M v v V
o no m �� o00o non o0o r
v3 0 'n o 0 0000 bolo 000
p rry �� C aoao o o 0000 W) Ir r v-n m M1_
a M1 h Od Vl M m
N M o cc
en .-i m N Lei Q M
O V O a O o o O M o m o 0 o M1
N q ~0 0 0 0 0 [�O!� 0 0 0 N
N nOon ch ��a en
V b'i h N -A ?
00 M — O Q V1 Q
Q N N N M v M
M
Sm 0000 mom Cvf Le' N
c o nono v,ov, oM1h m
L`7 O O M O r0 oo
M M M v m
Q O O o m 0 m O V 1 V 5 o0
0 0 0 0 Q O Q O N N
r mCOm ao+10N
— N Ol D: N N h
M M Q v M
Q
nor
°1 0o0o morn Soo rn
mOOm NCv1 oOovOiM ono
i W N o
i T b �O �O .m..+ m m
o000 %oo o 00o v
:fib ry 000 O "DO"O 000 m
V ` N C]O NO Val
m
,3 S
P v 0 0 0 0 r 0 r O Q O M
� O O o O n 0 O O O 0 0 0 T
O O O O Q N
O O 4 60o O lc r%
h h
❑. C
� pO
• 3 N 8 NN O d 0 0 0 C Q poQ 0°00
NCO kn b �o N 00
� a4i c N � r�i
_ v m
cn EL as
O G
O V[oa y vvi
C mM d E p Z
td L: C fi
uO V •a E!
Li Cp Q A
A eo n {3 :i �c5.�.° g -
.p O ?1 J : y G 3 M .p d KK
U 0 ' b " E
O �3 m V dream
p; C7 rg ca
U Ua bv3u7viFp o �d� i
C 5.a
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND Page 23 of 32
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1, 2021 DRAFT EXHIBIT 8
GASB Schedules of Funding Progress -- Current Year EAN Calculations 2021
0.
---------------------------------------------------------------------------------------------------------------------------
a. Present Value Fut Bfts: 550,300
b. Present Value Fut Entry Age NC: 8,349
--------------
C. Entry Age Actuarial Liability (a- b): 541,951 2
d. Plan Assets: 841,817
--------------
e. Unfunded Entry Age Actuarial Liability (c- d): -299,866
Entry Age Normal Cost: 157,633
Amortization of Payment 10
UAAL Payment: 29,987
N
N
Packet Pg.220
. C.5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2021 DRAFT Page 24 of32
GASH 67 Schedules Experience Gains and Losses (EAN method)—for year ending on the current valuation 1.00% EXHIBIT 8
01-Ian-2020
EAN 1.00% Unfunded
Actuarial Valuation Actuarial
Liability Assets Liability _
{ - +
O
a. Beginning Balances 612,256 858,354 (117,744)
b. Interest Adjustment 6,123 8,584 (2,461)
C. Plan Normal Costs (54,229) 0 (54,229) m
d. Interest Adjustment (542) 0 (542)
31-Dec-20
1.00%
Date Made Amount Days Factor* Interest
e. Employer Contributions 0 3,265 (3,265)
f, Interest Adjustment 15-Sep-20 3,265 107 0.29295 10 0 10 (10)
0 0 0
2
g. Benefits Paid (31,200) (31,200) 0 1--
h. Interest Adjustment (156) (156) 0 CL
i. Expenses Paid (4,764) (4,764) 0
j. Interest Adjustment (24) (24) 0
J
k. Expected Values 527,464 834.069 (178,251) O
1. Assumption Changes 0
m
m. Actual Values 541,951 841,817 (299,866)
n. Actual Deviation (14,487) (7,749) 121,616
0. Expected Investment Earnings(normal cost change): 8,414 1,00%
O
p. Actual Investment Earnings(normal cost change): 16,162 1.92% 0
check: 0
O
m
m
r
N
CD
r
m
m
m
Racket Pg.221
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 25 of 32
DRAFT
Actuarial Valuation as of January 1,2021 EXHIBIT 8
Summary of Fund Progress by Plan Years--
GASB Schedules of Funding Progress Individual Entry Age Normal Method
-------------------------------------------------------------------------------------------------------------------------------------------------------
1/1/2021 1/1/2020
to to
12/31/2021 12/31/2020
Total Liability
Service Cost (29,987) (24,610)
Interest 5,425 6,890
Changes of benefit terms 0 0 2
Differences between expected and actual experience 14,487 (61,382)
Changes in Assumptions 0 0 CL
Benefit payments,including refunds of member contributions (31,200) (34,680)
------------------- -------------------
Net change in total pension liability (4I,275) (113,782)
Total pension If ability--beginning 604,351 718,133
Total pension liability--ending(a) $563,076 $604,351
Plan Fiduciary net position
Employer Contribution 3,265 5,200
Employee Contribution 0 0
State Contribution 0 0
Investment Income 16,162 24,801
Other Income 0 0
Benefit payments (31,200) (34,680)
Admin expenses (4,764) (4,764)
Net change in plan fiduciary net position (16,537) (9,443)
Plan fiduciary net position--beginning 858,355 867,798
Plan fiduciary net position ending(b) $841,819 $858,355
Net Pension Liability(asset)--ending(a)-(b) ($278,743) ($254,004)
CD
cv
Plan fiduciary net position as a percentage of the
total pension liability 149.50% 142.03%
Covered employee payroll #N/A #N/A
Net pension liability(asset)as a percentage of payroll #NIA #N/A
Packet Pg.222
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 26 of 32
DRAFT
Actuarial Valuation as of January 1, 2021 EXHIBIT 8
GASB Schedules of Funding Progress--EAN results representing discount rate 1.0%higher
---------------------------------------------------------------------------------------------------------------------------------------------
0
Discount rate: 2.00%
a. Present Value Fut Bfts: 509,548
b. Present Value Fut Entry Age NC: 5,961
--------------
c. Entry Age Actuarial Liability(a-b): 503,587
d. Plan Assets: 841,817 F
e. Unfunded Entry Age Actuarial Liability(c-d): -338,230
0
Entry Age Normal Cost: 144,089
Amortization of Payment 10
0
UAAL Payment: -33,823
c
cv
cv
Packet Pg.223
C 5.a
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 27 of 32
DRAFT
Actuarial Valuation as of January 1, 2021 EXHIBIT 8
GASB Schedules of Funding Progress--representing discount rate 1.0% lower 0
---------------------------------------------------------------------------------------------------------------------------------------------
Discount rate: 0.00%
a. Present Value Fut Bfts: 596,401
b. Present Value Fut Entry Age NC: 11,646
c. Entry Age Actuarial Liability(a-b): 584,755
2
d. Plan Assets: 841,817 0.
e. Unfunded Entry Age Actuarial Liability(c-d): -257,062
0
Entry Age Normal Cost: 172,981
Amortization of Payment 10 W
0
UAAL Payment: -25,706
c
cv
cv
Packet Pg.224
leuenpV punj 4sna 10 a 4 as ) podoU uogenlBA' 'a n}a L `L n r :4u9wg3e44
LO
tC' N
1!�" N
V' tm
a
cco m o o Nn
u o 9 c
a.
h
' e
o a
a
> IS
a
U '
� �7m
F' n I N
�o p'� �r
a
°V19 it
� r epo h m
� v
m N V `
w �
a
Ga �
e
.5
N 9�a
s 5
j o
S
�i7 a G WS.
V N R O
�u3' to
..1 GVViio
> v cQ 5 G7
Im
LE
RI
E
4 E 6 A z 2
leuenpV punj 4sna 10 a 4 as ) podoU uogenlBA' 'a n}a L `L n r :4u9wg3e44
N
N
a
N m m u O O ^ g C at1, �C. O O O O O O y
Q
� 77j1 v�
W
P
n 6 .
A
z
o
C
z
Q
N Vl
fi
V �
cc
p V If�L T U '•l.
iz N
.9
w
C q^q
.Fy S O 23
x x s
w 9 5
rN
Cc
°
m"
� G
U
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 30 of32
Actuarial Valuation as of January 1,2021 EXHIBIT 9
GASB Schedules of Funding Progress Schedule A
_---Cash Flow Projections assuming 5-Year Employer Contributions
Contribution Increase Rate: 1.00%
Contributions by Source Benefit Payments by Recipient Group 0.
Beginning--- ----------- Earnings Total Net Ending Assumed
Calendar of Year Members& on Plan Benefit Increase in of Year Investment Discount _
Year Plan Assets City State Total Assets Inactives Actives Payments Plan Assets Plan Assets Yield Factor
2021 841,817 0 0 0 7,677 144,132 4,178 148.310 (140,633) 701,184 1.00% 0.995037
2022 701,194 0 0 0 6,788 40,742 3,975 44,717 (37,929) 663.255 1.00% 0.985185 tJ
2023 663,255 0 0 0 6,607 2,327 2,686 5,013 1,594 664,850 1.00% 0.975431
2024 664,850 0 0 0 6,596 2,149 8,360 10.509 (3,913) 660.937 1.00% 0.965773
2025 660,937 0 0 0 6,265 1.955 66,964 68.919 (62,654) 598,282 1.00% 0.956211
2026 598,292 0 0 0 5,969 1,778 1,093 2,861 3,108 601,390 1.00a/o 0.946744
2027 601,390 0 0 0 6,002 1,350 1,052 2,402 3,600 604,990 1.00% 0.937370
2028 604.990 0 0 0 6,032 2.622 992 3,604 2,428 607,418 1.00% 0,928099
2029 607,418 0 0 0 5,990 15,794 964 16,758 (10,768) 596,650 1.00% 0.918900
2030 596,650 0 0 0 5,955 1,477 907 2,384 3,571 600,221 1.00% 0.909802
2031 600,221 0 0 0 5,948 9,930 876 10,806 (4,858) 595,363 1.00% 0.900794 CL
2032 595,363 0 0 0 5,948 357 840 1,197 4,751 600,113 1.00a/a 0.991875
2033 600,113 0 0 0 5,996 325 767 1,092 4,904 605,017 1.00% 0,883045
2034 605,017 0 0 0 6,046 163 694 857 5,189 610,206 1.00% 0,874302
2035 610,206 0 0 0 6,096 828 365 1.193 4,903 615,109 1.00% 0.865646
2036 615,109 0 0 0 6,105 7,452 1,754 9,206 (3,101) 612.008 1.00% 0.857075
2037 612,008 0 0 0 6.042 0 15,708 15,708 (9,666) 602,342 1.00% 0.848589 U
2038 602,342 0 0 0 6,023 0 0 0 6,023 608,365 1.00% 0.840187
2039 608,365 0 0 0 6.094 0 0 0 6,084 614,449 1.00% 0.831868
2040 614.449 0 0 0 6,144 0 0 0 6.144 620,593 1.00% 0.823632
2041 620,593 0 0 0 6,206 0 0 0 6.206 626,799 1.00% 0.815477
2042 626,799 0 0 0 6,268 0 0 0 6,268 633,067 1,00% 0,807403
2043 633,067 0 0 0 6,331 0 0 0 6,331 639,398 1.00a/a 0.799409
2044 639.398 0 0 0 6.394 0 0 0 6,394 643.792 1.00% 0.791494
2045 645,792 0 0 0 6,458 0 0 0 6.458 652,250 1.00% 0.783659 O
2046 652,250 0 0 0 6,522 0 0 0 6.522 658,772 1.00% 0.775899 0
2047 658,772 0 0 0 6,588 0 0 0 6,588 665,360 1,009/o 0.768216
2048_ 665,360 0 0 0 6,654 0 0 0 6,654 672,013 1.00% 0,760610 r-
2049 672,013 0 0 0 6,720 0 0 0 6,720 679,734 1.00% 0.753080 O
2050 678.734 0 0 0 6,787 0 0 0 6,787 685,521 1.00% 0,745623
2051 685,521 0 0 0 6,855 0 0 0 6,855 692,376 1.00% 0.738241
2052 692,376 0 0 0 6,924 0 0 0 6,924 699,300 1.00% 0.730932
2053 699,300 0 0 0 6,993 0 0 0 6,993 706,293 1.00% 0.723695
2054 706,293 0 0 0 7,063 0 0 0 7,063 713,356 1.00% 0.716529
2055 713,356 0 0 0 7,134 0 0 0 7,134 720,499 1,00% 0,709435 r
2056 720,489 0 0 0 7,205 0 0 0 7,205 727,694 1.00% 0.702411
2057 727,694 0 0 0 7,277 0 0 0 7,277 734,971 1.00% 0.695456 U
2058 734,971 0 0 0 7.350 0 0 0 7,350 742,321 1,00% 0.688571
2059 742,321 0 0 0 7.423 0 0 0 7.423 749,744 1.00% 0,681753 r.
2060 749.744 0 0 0 7,497 0 0 0 7,497 757,242 1,00a/n 0.675003
N
T.
U
Packet Pg.227
C 5.a
MONROE COUNTY,FLOR DA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 31 of32
Actuarial Valuation as of January 1,2021 EXHIBIT 9
GASB Schedules of Funding Progress Schedule B
Cash Flow Projections assuming No Employer Contributions T
Contribution Increase Rate: 1.00%
Contributions by Source Benefit Payments by Recipient Group 0.
Beginning Earnings Total Net Ending Assumed 0
Calendar of Year Members& on Plan Benefit Increase in of Year Investment Discount _
Year Plan Assets City State Total Assets inaclives Actives Payments Plan Assets Plan Assets Yield Factor m
2021 841,817 0 0 0 7,677 144,132 4,178 148,310 (140,633) 701,184 1.00% 0.995037
2022 701,184 0 0 0 6,788 40,742 3,975 44,717 (37,929) 663,255 1.00% 0,995185
2023 663,255 0 0 0 6,607 2,327 2,686 5.013 1,594 664.850 1.00% 0.975431
2024 664,950 0 0 0 6,596 2,149 9,360 10,509 (3,913) 660,937 1.00% 0.965773
2025 660,937 0 0 0 6.265 1.955 66,964 68,919 (62,654) 598,282 1,00% 0.956211
2026 598,282 0 0 0 �5,969 1,778 1,083 2,861 3,108 601,390 1.00% 0.946744
2027 601,390 0 0 0 6,002 1,350 1,052 2,402 3,600 604,990 1.00% 0.937370
2028 604,990 0 0 0 6,032 2,622 982 3,604 2,428 607,418 1.000/6 0.928089
2029 607,418 0 0 0 5,990 15,794 964 16,758 (10.768) 596,650 1.00% 0.918900
2030 596.650 0 0 0 5,955 1,477 907 2,384 3,571 600,221 1.00% 0.909802
2031 600,221 0 0 0 5,948 9,930 876 10.806 (4,858) 595,363 1.00% 0.900794 CL
2032 595,363 0 0 0 5,948 357 840 1,197 4.751 600,113 1.00% 0.891875
2033 600,113 0 0 0 5,996 325 767 1,092 4,904 605,017 1.00% 0.883045
2034 605,017 0 0 0 6,046 163 694 857 5,189 610,206 1.00% 0.874302
2035 610.206 0 0 0 6,096 828 365 1,193 4,903 615,109 1.00% 0.865646
2036 615,109 0 0 0 6,105 7,452 1,754 9,206 (3,101) 612.008 1.00% 0.857075
2037 612,008 0 0 0 6,042 0 15,708 15,708 (9,666) 602,342 1.00% 0.948589 U
2038 602,342 0 0 0 6,023 0 0 0 6,023 608,365 1.00% 0.840187
2039 608,365 0 0 0 6,084 0 0 0 6,084 614,449 1.00% 0,831868
2040 614.449 0 0 0 6,144 0 0 0 6,144 620,593 1.00% 0.823632
2041 620,593 0 0 0 6,206 0 0 0 6,206 616,799 1.00% 0.815477 0
2042 626,799 0 0 0 6,268 0 0 0 6,268 633,067 1.00% 0.807403 U
2043 633,067 0 0 0 6,331 0 0 0 6,331 639,398 1.00% 0.799409
2044 639.398 0 0 0 6,394 0 0 0 6,394 645,792 1.00% 0.791494
2045 645.792 0 0 0 6.458 0 0 0 6,458 652,250 1.00% 0.783658 0
2046 652.250 0 0 0 6.522 0 0 0 6.522 658,772 1.00% 0.775899 0
2047 658.772 0 0 0 6,588 0 0 0 6,588 -665,360 1.00% 0.768216
2048 665,360 0 0 0 6,654 0 0 0 6,654 672,013 1,00% 0.760610
2049 672,013 0 0 0 6,720 0 0 0 6.720 678.734 1.00% 0.753080 0
2050 678,734 0 0 0 6,787 0 0 0 6,787 685,521 1.00% 0.745623
2051 685,521 0 0 0 6,855 0 0 0 6.855 692,376 1.00% 0.738241 0
2052 692,376 0 0 0 6,924 0 0 0 6,924 699,300 1.00% 0.730932 ru
2053 699,300 0 0 0 6,993 0 0 0 6,993 706,293 1.00% 0.723695
2054 706,293 0 0 0 7,063 0 0 0 7,063 713,356 1.00% 0.716529
2055 713,356 0 0 0 7,134 0 0 0 7.134 720,489 1.00% 0.709435 :s
2056 720,489 0 0 0 7,205 0 0 0 7,205 727,694 1.00% 0.702411
2057 727,694 0 0 0 7,277 0 0 0 7,277 734,971 1.00% 0.695456
2058 734,971 0 0 0 7.350 0 0 0 7,350 742,321 1.00% 0.688571
2059 742,321 0 0 0 7,423 0 0 0 7,423 749.744 1.00% 0.681753 r
2060 749,744 0 0 0 7,497 0 0 0 7,497 757,242 1.00% 0.675003
CD
Note: As required in Section 112.664c of the Florida Statutes,projection of assets do not include contributions from either the Empoyer or the State. This is
contrary to the provisions ofthe plan and does not reflect the past history of the Sponsor's contribution being always at least as much as recommended and r
the future expectation that such contribution levels will continue into the foreseeable future. For this reason,these projections should not be viewed as
representative of the time the Fund can sustain benefit payments. Under the GASB standards,which DO include contributions from the employer,the Fund m
0
is expected to be able to sustain the benefit payment demands in the near long-term future. 0
m
0
0
U
m
Packet Pg.228
C 5.a
MONROE COUNTY,FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN Page 32 of32
Actuarial Valuation as of January 1,2021 E3HIIBIT 9
GASB Schedules of Funding Progress Schedule C
Cash Flaw Projections assuming No Employer Contributions-2.00%lower,but no lower than 0,00% �~
Contribution Increase Rate: 0.00%
Contributions by Source Benefit Payments by Recipient Group 0
Beginning Earnings- - Total Net Ending Assumed
Calendar of Year Members& on Plan Benefit Increase in of Year Investment Discount
Year Plan Assets City State Total Assets Inactives Actives Payments Plan Assets Plan Assets Yield Factor
- m
2021 841,817 0 0 0 0 144,132 4,178 148,310 (148,310) 693,507 0.00% 1.000000
2022 693,507 0 0 0 0 40,742 3.975 44.717 (44,717) 648,790 0.00% 1.000000 j
2023 648,790 0 0 0 0 2,327 2,686 5,013 (5,013) 643,777 0.009/0 1.000000
2024 643,777 0 0 0 0 2,149 8,360 10,509 (10.509) 633,268 0.00% 1.000000
2025 633,268 0 0 0 0 1,955 66.964 68.919 (68,919) 564,349 0.00% 1.000000
2026 564,349 0 0 0 0 1,778 1,083 2,861 (2,861) 561,488 0.00% 1,000000
2027 561,488 0 0 0 0 1,350 1,052 2,402 (2,402) 559,086 0.00% 1.000000
2028 559,086 0 0 0 0 2,622 982 3,604 (3,604) 555,482 0,00% 1.000000
2029 555,482 0 0 0 0 15,794 964 16,758 (16,758) 538,724 0.00% 1.000000
2030 538,724 0 0 0 0 1,477 907 2.384 (2,384) 536,340 0.00% 1.000000
CL
2031 536,340 0 0 0 0 9,930 876 10,806 (10,806) 525,534 0.00% 1.000000
2032 525,534 0 0 0 0 357 840 1,197 (1,197) 524,337 0.00% 1.000000
2033 524,337 0 0 0 0 325 767 1,092 (1,092) 523,245 0,00% 1,000000
2034 523,245 0 0 0 0 163 694 857 (957) 522,388 0.00% 1,000000
2035 522,388 0 0 0 0 828 365 1,193 (1,193) 521,195 0.00% 1,0001)00
2036 521,195 0 0 0 0 7,452 1,754 9,206 (9,206) 511,989 0.00% 1.000000 0)
2037 511.989 0 0 0 0 0 15.708 15,708 (15.708) 496,281 0.00% 1.000000 D
2038 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2039 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2040 496,281 0 0 0 0 0 0 0 0 496.281 0.00% 1.000000
2041 496,281 0 0 0 0 0 0 0 0 496,281 0,00% 1.000000
2042 496,281 0 0 0 0 0 0 0 0 496,28] 0.00% 1.000000
2043 496,291 0 0 0 0 0 0 0 0 496,281 0,00% 1.000000
2044 496,291 0 0 0 0 0 0 0 0 496.281 0.00% 1.000000
2045 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2046 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000 0
2047 496AI 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2048 496,281 0 0 0 0 0 0 0 0 496,281 0:00% 1.000000
2049 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2050 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2051 496,291 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2052 496,291 0 0 0 0 0 0 0 0 496.281 0.00% 1.000000 ru
2053 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1,000000
2054 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2055 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2056 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
2057 496,281 0 0 0 0 0 0 0 0 496AI 0.000/a 1.000000 �
2058 496,281 0 0 0 0 0 0 0 0 496,281 0.000/0 1.000000
2059 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000 T.
2060 496,281 0 0 0 0 0 0 0 0 496,281 0.00% 1.000000
cV
Note: As required in Section 112.664c of the Florida Statutes,projection of assets do not include contributions from either the Empoyer or the State. This is
contrary to the provisions of the plan and does not reflect the past history of the Sponsor's contribution being always at least as much as recommended and r
the future expectation that such contribution levels will continue into the foreseeable future. For this reason,these projections should not be.viewed as
representative of the time the Fund can sustain benefit payments. Under the GASB standards,which DO include contributions from the employer,the Fund
is expected to be able to sustain the benefit payment demands in the near long-term future.
U
m
Packet Pg.229