Item C34
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
May 20, 2009
Division:
Emergency Services
Bulk Item: Yes x No
Department: Fire Rescue
Staff Contact PersonlPhone#: Claudia Wilkerson
305-289-6014
AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award Program
(LOSAP) actuarial valuation report for the Plan Year 2008; transfer of funds for Plan Year 2008 and
1989 into the LOSAP Trust Fund; approval of Resolution authorizing each participant in LOSAP to be
credited with additional year of service.
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 adopted Ordinance No.
026-1999, providing for the creation of a Length of Service A wards Plan, providing benefits to eligible
volunteer fire fighters and emergency medical services volunteers.
CONTRACT/AGREEMENT CHANGES: Not an agreement.
STAFF RECOMMENDATIONS: Acceptance of actuarial report and transfer of funds for Plan Years
2008 and 1989 into the LOSAP Trust Fund in the amount of $25,591.
TOTAL COST: $25591.00* INDIRECT COST: BUDGETED: Yes l No
*Cost of year 2008 is $25,057.00; cost of year 1989 is $534.00, computing to a net cost of$25,591.00
to accept both years. 141-11500-530340
COST TO COUNTY: $25591.00
SOURCE OF FUNDS: Ad valorem taxation
REVENUE PRODUCING: Yes_fo~ AlMOUNTPERMONTH_ Year_
~? l'~ ..f\t\ ~
APPROVED BY: County Atty -V- ~rchasing _ Risk Management 11L-
DOCUMENTATION: Included X Not Required_
DISPOSITION:
AGENDA ITEM #
Revised 1109
Monroe County Division of Emergency Services
490 63rd Street, Marathon, FL 33050
Phone: (305) 289-6088 Fax: (305) 289-6007
ADDITIONAL INFORMATION MEMO
TO:
Monroe County Board of County Commissioners
FROM:
James Callahan, Fire Chief
Emergency Services Division
RE:
Agenda Item: Acceptance of the Monroe County Length of Service Award
Program (LOSAP) actuarial valuation report for the Plan Year 2008;
transfer of funds for Plan Years 2008 and 1989 into the LOSAP Trust
Fund; approval of Resolution authorizing each participant in LOSAP to be
credited with additional year of service.
DATE:
May 20, 2009
Ordinance No 026-1999, adopted by the Board of County Commissioners on June 9, 1999,
provided that upon reaching the age of 60, each volunteer firefighter or EMS provider who had at
least 10, but not more than 25 years of active service would receive a pension benefit in a
predefined amount based on length of service. The same Ordinance further provided that for each
Plan Year begiillling in 1999, the BaCC would contribute an amount necessary to fund the
pension benefit, based on an actuarial report that projected the cost of that future pension benefit
in today's dollars. In addition, each year, the BaCC could elect to contribute an amount to
provide a pension benefit for a past year provided that the volunteer was an active member during
that time. Thus, in 1999 the Bacc funded the Plan with an amount equal to provide a pension
benefit not only for verified active 1999 volunteers, but also for 1998 volunteers.
In each subsequent year, after reviewing and accepting the actuarial report, the BOCC has
approved the contribution of funds not only for the immediate Plan Year, but also for one
additional successive past year.
The LOSAP Trust Fund balance currently stands at $782,059. The actuarial report for Plan Year
2008 shows that the amount necessary to fund future obligations for Plan Year 2008 is $25,057.
The same actuarial report shows that the amount necessary to cover pension benefits for
volunteers in Plan Year 1989 is $534. These figures represent the actual fixed cost for these two
respective Plan Years, and are computed by multiplying (a) number of qualified volunteers in that
Plan Year, by (b) the annual benefit shown in Section 5 of the LOSAP (Ordinance 026-1999), and
by (c) the statistical probability that the volunteer will actually receive benefits as determined by
the actuary. Overall, the net cost for accepting both years is $25,591.
Staff is now asking for the acceptance of the actuarial report and transfer funds into the LOSAP
Trust Fund in the amount of$25,591. These funds were approved in the Fiscal Year 2009 budget
process.
J ames Callahan
EmCi"gency Services
RESOLUTiON NO. -2009
A RESOLUTION OF THE BOARD COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA, AUTHORIZING EACH PARTICI-
P ANT IN THE LENGTH OF SERVICE AWARDS PROGRAM (LOSJ~.P)
TO BE CREDITED WITH AN ADDITIONAL YEAR OF SERVICE
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA, as follows:
1. Each Participant in the Length of Service Awards Program ("LOSAP") shall be credited
with an additional Year of Service actually earned in the Year 1989, providing the Participant:
(A) was enrolled as a member of the non-profit corporation or MSTU; and
(B) was eligible for and received reimbursement of expenses for nine or more
months of the Year 2007, thus resulting in a credit for the Plan Year 2008.
2. The total number of Years of Service that may be credited for service accrued prior to the
Effective Date ofLOSAP shall not exceed a maximum of one Year of Service actually earned by
each Participant prior to the Effective Date ofLOSAP.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe County,
Florida, at a regular meeting of said Board held on the
day of
,2009.
Mayor George Neugent
Mayor Pro Tem Sylvia J. Murphy
COlmnissioner Kim Wigington
COllunissioner Heather Canuthers
Commissioner Mario Di Gennaro
(SEAL)
Attest: DANNY L. KOLHAGE, Clerk
BOARD OF COUNTY COMMISSIONERS
OF MONROE COUNTY, FLORIDA
By
By
Mayor/Chairman
Deputy Clerk
MOUTON
COMPANY: INC.
ACTUARIES AND PENSION ADMINISTRATORS
March 13, 2009
Momoe County Board of County Commissioners
c/o Acting Chief James Callahan
490 63rd Street
Marathon,FL 33050
Subject:
Momoe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services A ward Plan
January 1,2008 Actuarial Valuation
Dear Chief Martin:
Enclosed is the draft of the actuarial valuation for the Momoe County.LOSAP plan.
This draft includes the awarding of another past year of service credit. Once the draft of the
report has been accepted by the board, we will forward the original report to you with a copy
to the State for approval.
Should you have any questions regarding the enclosed report, please give me a call.
Sincerely,
~~
Nanette Mouton
Executive Vice President
NSM/s
Enclosure
Lakeview Professional Village. 516 Lakeview Road - Villa 6 . Clearwater, FL 33756 . (727) 441-1526 . Fax (727) 441-3564
MONROE COUNTY
FLORIDA VOLUNTEER FIREFIGHTER
AND EMERGENCY MEDICAL SERVICES
LENGTH OF SERVICE AWARD PLAN
ACTUARIAL REPORT
JANUARY 1,2008
March 13,2009
MOill"oe County Board of COllilty Commissioners
c/o Acting Chief James Callahan
490 63rd Street
Marathon, FL 33050
Dear Plan Administrator:
We are pleased to present the attached Report as of January 1,2008, covering the actuarial
aspects of the "Momoe County LOSAP" for the Plan Year ending December 31, 2008 and the
County's fiscal year ending September 30,2009.
A brief overview of the results can be obtained by looking at the following figures for the
past three years:
2006 2007 2008
Item Plan Year Plan Year Plan Year
Participants 73 83 80
Covered Payroll $ na $na $na
Current EOY Plan Costs * $24,233 $28,477 $24,777
*
assuming an additional years past service benefit and includes provisions for expenses and
provisions for Funding Standard Account debit balances
Due to Key Largo tenninating fi'om the County plan effective October 1, 2006, we have not
assigned any costs to them. We have kept the vested participants for Key Largo's Fire and EMS
and assets estimated to be sufficient for those participants and reallocated the remaining assets to
the other participating departments. Should additional vested participants arise from 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.
Monroe County Board of County Commissioners
March 13,2009
Page Two
Assuming that the reconunended funding is made and that the asset performance becomes
consistent with our CUl1'ent assumption, it is our opinion that the Plan will be proceeding with a
funding program, which can be expected to support the benefits promised by the Plan on an
adequate and timely basis.
Respectfully submitted,
Glenn F. Mouton, FSA
Consulting Actuary
GFM/run
Enclosures
March 13, 2009
ACTUARIAL REPORT
PLAN:
Monroe County, Florida Volunteer Firefighter and Emergency
Medical Services Length of Services A ward Plan
PLAN YEAR:
January 1,2008 through December 31, 2008
SPONSOR FISCAL YEAR: October 1,2008 through September 30, 2009
VALUATION DATE:
January 1,2008
This report presents the results of the Actuarial Valuation as of Valuation Date shown above of the
Plan. The principal purposes of this report are
To present the financial condition of the Plan
To satisfy the requirements of Chapter 112 of the Florida Statutes
To present the contributions required to adequately fund the Plan during the
current year, according to the plants current funding methodology
To present disclosures required by Governmental Accounting Standards Board,
Statements #25
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 lmowledge; 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 talcen 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.
Date
Glenn F. Mouton
Enrollment #08-2773
On Behalf of Mouton & Company, Inc.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as ofJanuary 1,2008
TABLE OF CONTENTS
EXHIBIT 1 VALUATION RESULTS
Schedule A - Development of Actuarial Assets
Schedule B - Plan Description - After Changes
Schedule B - Plan Description - Before Changes
Schedule C - Development of Cun'ent Year's Costs
Schedule D - Development of Historical and Projected FSA
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
EXHIBIT 2 P ARTICIP ANT DEMOGRAPHICS
Schedule A - Coverage
Schedule B - Year of Credited Service
Schedule C - Participant Reconciliation
EXHIBIT 3 PLAN ASSET INFORMA nON
Schedule A - Statement of Net Assets Available
for Benefits at Market Values
Schedule B - Statement of Changes in Net Assets
Available for Benefits
EXHIBIT 4
PLAN SUMMARY
EXHIBIT 5
COST METHOD AND ASSUMPTIONS
EXHIBIT 6
PENSION COST RA nONALE
EXHIBIT 7
GASB 25 INFORMATION
1
2
3
4
5
6
6
6
7
7
8
8
9
10
10
11
12
13
14
17
19
20
Z 3: ..., '" t"" "" ;;.: o:l o:l tJ ;:>::l >- rrJ3:
a 0 ~ <= '" ~ C1l mi' mi' ~- '" n ~O
ll<l '$ '< n 2
f> ::> '" =: 0 ." 0 0> rrJZ
(3: 3 t"" r' ~r "" =:
5' ::> '" ~ 5' 0 6;;0
E:; '" ~. .., "" 0 EI
(') 0> UQ '" "8, ..., rrJO
..., 0 ;;0 zrrJ
" 0 ;;.: ;:; <
~ <= rrJ 'Tl '" '" 00
::I <1> 3: ~. '"
" Q '< g, E" -<0
::> '" !'!; 3:~
'" '" 0'
<1>
'" ::> h':I...,
'" E; Q."<
"
(l tJ 0 (')..."
..., ~5
"" '" ....
0> -= '"
Q; '" ::I "'c:
~ (5" <=
0. "" ~ tTltJ
:;' ...., :i>: to 3 ~>-
'" 10 <:> 0 'J:> C>O 'J:> 00
g .u. "'" N 0\ "'" 'J:> 'J:> ...., " C1l :- R<
c;: '" '\0 0.. c., W 0.. 0.. .0 o UQ ;:.
>- ..., -. 10 rrJO
cr' 0 W '" 13 u. 0\ ...... '" -< ::> 0 0 ",r-
'< ?" ;-l -?- w :-' -?- 'J:> IJ.I 0 ~. ..., 0 r-~
- - - :..; 0 0 ...... ~ ~ tl:r:=t >- 00
5' '" 00 - "'" <:> <:> 0 N ",..,ere g tTl-l
" <= ZrrJ
0 '" OrrJ
..,
0 ~ -l;;c
<= ::t:..."
::> ~
9 0 0-
0 '" 'Tl~
t;; N - ::!. "
"'" 0 \0 "'" ti U'J'Tj
N ."", V. N .., rrJ-
0.: cr' ;;cO
(3: w 10 G 'J:> S '< s:S
w <:> <:> 0 ~ Co.>
<= 6 6 6 0 0 6 0 o' tl
'" 0 (')rrJ
0. 0 0 0 <:> 0 0 0 <:> ::I '"
"" tTl;;c
5' ~
ere ~~
'" 3
.e, '" ~tl
<= ;;
'"
3
'" 9' ~ .l'-' to "0
a .00 t"'"
N " ~
'" 0\ 0 '" "Oii
=: 0 0 ~ 0 0 0 0 0
0 0 0 0 6 6 6 0 "'~
'" 0 0 <:> 0 0 0 0 <:> Q;ti
3
~
'"
S
-l
'"
<: rrJ
<1> )<
3 ""
(j;' 0 ."g
:-0 0 '" '"
-. '"
0 0.",
w
00 ...., '-" '" "'" "'" u. "'" 0"(')-
-:.,. c., -:.,. c., '\0 ..... N c.,
w ...., "'" "'" \0 0\ \0 t;; ~ [a
?" \0 \0 ?" 0\ 0 ~ M' @
00 0 ~ 0 00 00 0 '" !!l '" '"
- '" - 10 00 0 N W 0. _
...... - - -
00 0\ 0 ::0 \0 \0 0 'J:>
IV P 00 ....., "'" .'" '"
'0 00 .w '\0 :i>: c., - '\0 >-g,
'" ...., 0 0\ - '" ""
:-0 ...., Co.> :-0 'J:> ...., '-" '" ~ -< rrJ 19)
\0 N '" ...., 00 00 :...., 6 '" '" ::>
0\ w N 0\ "" 0 N '-" lnl::a.
S' 2QJ
'Tl ~)
"" N t; ?- (;'
"'" 0 ...., ...... 'J:> \0 '"
.'J:> ...... 10 W 0\ - 0\ w;;:~ ~
- e ."", '0 N 0-. c., W
...., \0 "" ..,. 'J:> 'J:> "'" ::l 2~ ;;c
N !'" 0 \0 ...... 00 -?- N '" <> '" '" ~
6 0 0 6 6 0 0 6 ~og ~
<:> <:> 0 0 0 <:> <:> 0 '" ...,-
;;0 9
'"
-l;;;-~
K> '" '" 0
3 " n
...... ...., ...., <b '\0 ...., ...... O_.ur ~.
'" 0\ 0\ 0 '" 0\ gsa-g
0 "'" ..,. "'" 10 'J:> "'" "'"
6 v. u. V. 00 00 v. v.
0 u. "'" "'" "" w "'" "'" ~2.3g,
...., ...., - ['l'J "1:1
00 N ~
N 00 0\ 0 'J:> 'J:> 0 'J:> ~
b N \0 P 0\ U. 0\
'0 0-. '0 .10 0-. '\0 ..... 0
u. ...., ~ .." 10 63
'J:> '-" "'" 0\ Co.> "'" 'J:> 10 '" V. 0
'0 'J:> 00 .j;>. ...... ...... 0 0 '" -<rrJ ::j .."
'0 :..; 0 w 0 '-0 N V. 1t '" ::I 0 N
00\ 0\ 00 '" 0 <:> ...... 0\ 'J:> 1::0. '#. 10
mz
~ 8
g P:
Wo
" "
S:-<
-...,
g[;
-=c !:!.
"""
o ~
" '"
-g ~
~=
~::
9:
3
o
a
;;
i-
z
a
[
g-
"
ij
<3
o
;;;>
~
n'
"
S'
g-
""
:>.
9:
""
~
""
~
g
S.
<5
a
~
[
S'
'"
go
"
"
g>
a
;J
1f
p.
s:
o
"
a
"
n
~
q
~
"
3
~.
'"
o
'" .",
...
c-
'"
"
.'
~
5'
'"
...,
:;<:
~
~
""
<5
"
:;<:
~
r
Jl
o
['I]
'<'
v;
c- -.l
'"
~
r
Jl
o
.."
~"
tI:f
~'
d'.
"
w ~ ~ 0 0 ~ ~
....
'"
~ ~ A Q 0 = =
~,
...
'"
~
00
o
-.l
VI 0-. :::;;
.... .... ...
....0 "\D ~
I"':' Co QO
'" '" w
'"
'"
-.l
W
s;
'"
t ~ -E
'" <:0 0
-.l '" '"
00
...
~
-.l
'"
'"
o
-.l
~
'"
;;j
'"
'0
'"
o
~
'",
....
'"
'"
.-.l
...
'"
...",
.;:j
'"
~~
~I
tJ
w
N
'"
""
E;
'"
'"
'"
""
""
'"
II tJ I
11"21
c-
Oo
'"
w
Iii I
'"0 b ""=
... ... ....
000
Il N
II~
-.l ;;
\0 0.:,
'" '"
WOO
-.l
'"
'""
'"
o
o
'"
'0
'"
'"
'"
'"
V,
-.l
$
~
In
'"
'"
00
""
o
v.
';;
'"
0\ -J. v.. 0\
"" ;;;
"" W
~I,...J \0
'" 0
000 "-J
:::;
W
'0
'"
.",
'"
o
....
W
...
U>
'"
~
U>
'"
o
W
'"
'"
'"
:,..
~
.",
-:....
00
o
.", .", '"
~ ~ t~
... .", 0
-.l '" ...
.",
'"
"N
""
-.l
'"
.::;
""
-.l
o
'"
~
'"
'"
w
""
g
o
o
o
2
G,
.",
<:0
.",
G,
'"
00
o
t;
N
""
o
'"
:,.,
'"
w
o
"0 b
... ...
o 0 0
'"
00
...
o 0 00
'"
'"
'"
'"
""
s:
...",
'"
o
~,
.",
"N
'"
-3
.",
...
w
00
'"
'"
In
00
1.
'"
'"
'"
tI:f
0;;'
n
o
""
""
,r
o
~:
P;
00
I'"
.g ,g. ~
a. ~ ~.
[ ?;' ~.g'''''
~. 55 S
(\; 0.. ~ 'i"
I s-
o "
.0' "'C~
a[;g:
~ , "
~g
'" "
c::l'.
8.~
.."
F
)>W~::p
~l~~~
~~~a
-J
'""
w
'"
~
gWi~
g..~~~
~a~g
h:
w
....
'"
.."
1<
~e:::p
::) en.""
0- fP VI 0
~~aFt
<0
'"
"-J
'"
)>~
~2g
a~[
""
""
v,
.",
I
z i
~ ..,,~~ I'
~~~~,
~"...,-!
~
?{I)'"rj~
5 (D c ~
5. S, E: 'IE
q 8" a;
....
'"
...
00
-J
00
'"
'"
!?~..,,~
S :;! " "
$. c:;-~ ~
qOC!lO
OJ>
'00
<;>
00
n
o
~z
~g
-<i?l.
)>
l~r
"" :;
~ ~.
~ ~
n
o
l;! n
['I] "
o.,,=<
-<-"
~~ a
;<J
]
o
...,
;0
[1
~
~
~
'"
~
..,
'"
o
;t.
"
"
~
)>
.&.
"
i
<5
1::
o
<
"
z
o
3
~
n
~
o
['I]
"
"'-
o
...,
<
~
"
!i
0'
"
-<
~
)>
~
!l
o
g
~
'=>
'"
U>
o
o
'1:J
~
a
~
(;
o
...,
:I
~
3'
"
s
go
"
"
El'
@
z
;0
~
...
o
'"
'"
.",
:::p
~
a
<
[g-
o;
o
...,
~
~
til
~
m
8
"
"'-
@
z
~
'",
~
3::
~
3'
"
s
>
5
"
~
W
"
"
~
t
o
o
g
"
a
W
"
"
g>
;.-
~
"
"'-
11'
g
o
'"
o
o
3
""
[
"'-
'<
"
=:
o
...,
M
'"
:;!
g'
00
o
3'.
i!!
-<
"
=:
11'
"
""
o'
'"
1;'
i
:;'
"
W
"
"
g>
)>
g
2
a
'"
~
n'
"
:;;-
Cl
i
P.-
<0
<:0
.",
..".."
Q Si
cr<
" "
" M
G- -po
~Jg
"""
fi.a
2 0
a~
",,1:1
,a'
~
-tJ
"'0
3::
~.
:;
3
"
~
!l
o
...,
[
!
'"
~.
"
~
o
"
lr
a
'1
o
~
~.
'S
o
p.
-<
5
o
...,
n
@
"'-
[
'"
~
g'
f:'
""
"
[
<5
0-
'"
.."
E.
-:;;
i
R-
;;
n
o
:I
""
n
;;-
P-
3
o
"
;;.
M
;;
""
g
-6'
~
)> '1:J
~ i ~
g: I ~
W
i
~ I
j
I
!
I
I
i
!
i
I
o
L,
~
6
00
I~
o "
'"
!!.
3.
~
tI:f
If.
Ii
Ii
I!
I~
rn~
1::0
['I]z
;0;0
Clo
['I] ['1]'
Zn
no
-<c:
E::z
m..;
0-<
?i:'"
)>r
r-o
"''''
['1]-
",0
<>
Pia
!;:]r-
rC
mZ
Z..;
om
..;['1]
:r:'"
O:::J
..,,;<J
",m
['I]::ll
:>:>0
<::r:
-..;
n['l]
['1];0
>;.-
:<:z
>0
El
...,
r
)>
Z
n
c:
~
z
..;
<
I~
~
o
z
{;;~
'"
c
5
-(Q1
'2f:'
~-
CUI
~
I
I
I
I
I
1['1]
Ii
1-
...,
"
1)0
"
'"
o
...,
'"
",
rnz
~ 0
g ~
~o
" "
5;-<"
:J'
f~:
"",
o g
" "
1l ~
'gs.
~) (;oJ
g
3
o
;;
;;
o
"
5'-
'"
!a,
'"
'"
:;l
'"
'"
Jg
!.g
Ie,
I:>::>
I ~
Ia-
I
I
1
I
i
I
i
I ;o-<!l. I
g ~~ ~ i
~ 2.. iA .,.- ~
I
I
i
~~~------------------~I
I
j
1
r
!
i
I
I
!
i
1
!
!
i
i
i
." i
F- I
tl:l<:." i
~E-~~i
~R(t>2.~
" !a, a "'I
i
:
i
i
I
:
i
i
i
1 ;0- I
5';(,.,,~ i
E, 3, a~ !
~g~ct!
I
I~
~ ; ~ ~ ~ ~ ~ l~~~~I[
~ 0 ~ ~ m ~ $ ~.~.~~ Ii
1
i
I
i
!
I
I
I
!
i
i
!
I..,
Iv.
!~
z
~
~
~
N
'"
a
5
g-
'l
Q"
'"
!f
"<
'"
e;
g
~
o
~
~
"
'"
s
"
g'
;l
g>
~
ii
ff
Po
;;;:
"
"
~
n
o
c
"
q
00
<>
""
a,
""I
00'
I
w
""
v-
""
00
v.
N
N
N
::s
w
'"
'"
",I
.t; !
~l
-I,
....
'"
N
""0
'"
<>
~
~
'"
""
'"
tv
'"
a,
a,
'",
a,
a,
II~
II~
II
I' ,.,
''''
II "e:
I! ...)
'"
'"
iv
'"
'"
~
'",
!:l
,.,
o
.'"
Rj
,.,
:;
'",
""
,.,
...
.'"
00
o
;::;
'"
tv
~
'"
"-.J
a,
""
'0
""
<0
-I
;"
<0
'"
~
I
..,
'"
a,
""
'"
<>
,.,
~
~
....
,.,
"",
'"
<0
;;
.;g
&i
'"
a,
~
!l2
~
v-
a,
'"
J,.
~
"0
...
<>
<>
'"
"
'@
[
7:
~
r
~
o
"
'"
a,
'"
v;
'"
'"
'"
'"
':;,;
..,
.~
o
OJ<
::::
"""
'"
w
;::;
.~
w
""
'"
.0
j
'"
a,
o
W
R)
'"
"""
00
,.,
b
'"
o
;;
v.
'"
'"
'"
<0
'"
a,
t
'<>
'"
iv
...
-I
'"
a,
N
""
..,
<0
'"
'"
i::l
'"
'"
o
o
;>;
S!
r
Jj
o
rn
s:
'"
a,
<0
o
'"
~
~
'"
'<>
'"
::?
'"
'<>
'"
o
""
'"
tv
""
o
'"
o
<>
?<:
~
fi'
..
o
.."
a
o
<0
-I
o
""
""
w
'<>
<0
::?
N
'"
'w
'"
""
'"
'"
'"
'<>
""
;;
'"
'",
,.,
<>
-;;;
;.0
'"
N
~
'"
""
~
a,
.i>.
'",
00
'"
z
'"
o
ttJ
'"'
."
~'
tl:l
0:
()
o
'"
~.
o
~.
i?
00
I:>::>
" "
'" -,
0'" '"
::I " "
" " ;:l
~1nT
'"
;::;
=
r ;;
" "
-0" "'tI ::::'"
~ a.€:
'" , "
=
'"
5'
<"
a!l
c _.
" ;j
a...
~
w
w
b
<>
'"
>WE:4J
g, ~5 ~
~c;i~a
~
..,
'",
~
~We:~
g,~ij ~
~t:ra.g
....
o
J,.
""
w
'<>
'"
"-.J
'"
;0-;0-
t;"Zg
a[[
t;
'"
'"
,.,
z
~..,,;:4'
~~~~
~r,l~a
~
~
00
'"
"$
()
g~
8!3
-<:e.
b
....
<>
;0-
I~f
"R~
a ~.
'" ~
.. "
a,
'..,
",
n
:;;
" n
m c
o.,,;:j
~gg
;0-
~
:;;
3
"
a
"
:!:
o
;j
z
I
n
*
S
m
"
c-
o
....,
<
e.
c
"
g
-<:
~
tl:l
"
~
n
;T
g
'l'l
i3
v-
a
o
r
."
~
3
~
'"
2'
"
!a,
3
~
8
"
3
go
"
"
g>
@
z
~
""
o
'w
a,
'<>
'"
~
a
<
~
"
o
....,
;0-
s
[
ttl
""
m
3
"
a.
@
Z
~
'"
V;
;;;:
"
"
8
"
a
;0-
S
"
e.
W
"
"
~
""
v.
o
o
5'
"
"
e.
W
"
"
g>
f>>
;;
'"
""
~
~
'"
"
o
3
'tl
"
"
""
"<
"
e;
o
::::'
~.
00
<>
.."
~r
~
e;
~
}
;T
:>::J
"
a
~
;:
"
ttJ
"
"
"
g>
>
"
"
~
'"
"
:;l
o'
"
0;
Q
g
"
po
'"
'"
o
.,,'"
g ~
<>'<
" "
~ ~.
g<J5
""
::Jii
g ::1
-"
'tl ..
C ..
-a
~
-,.,
NO
~
><
8
~
3
"
c
;;
'"
~
!a,
"
<l
~
a.
'"
~
o'
"
:!:
<>
"
~
~
"
~
a
;;
"
'"
;:
o
"
-<
"
"
"'
o
n
<l
~
""
'"
~.
1;'
~
"
a
""
;;
'"
"
""
Eo
.;:-'
<:
!:\
s
?-
;;
n
<>
3
"
R
S
'"
3
o
"
~
"
1l
;;.
"'.
.,;'
@-
> I '"
",g
~I~
a I".
~! ~.
~ " 0
f;i 1 "
~i
I
!
I
i
I
I
I
i
i
i
I
i
I
i
1
I
!
I
i
81
t:
gi
i
I
i
i
j
19:
o g
~
::r
g,
c
ii"'
tl:l
II i
'I i
1;5
II [
o
"
1:;
!a,
!r
~
I~
I
I
I
I
I
I
I
,
II
II
I
I
I
I
I
I
I
'I
I
I
18
I~
Is
~
'!i1
II ~
I ~_
...
>-I
'"
!3!
:I:
@
::J
m;s:
;s:o
mz
3e;
~m
nn
-<:0
;s:~
m>-l
0-<:
Q~
"'0
"'~
mo
~>
n<
m12
...c
mZ
Z;;j
Sjm
;l;;<>
o::!l
.,,~
~~
;<>Q
<:I:
->-I
nm
m:>::J
>>
:Ez
>0
13
~
t.QJ
2Ql
~
CUlJ
t={J
ci'
IiO
"
W
!a,
'"
w
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 4 of23
Actuarial Valuation as ofJanuary 1,2008
CURRENT V ALUA TION RESULTS
EXHIBIT I
Development of Current Year's Costs
Schedule C
---------........"........--------.------.............................---------------------------------..-----..----------....................-----______._______.._...._.........._....................................H............________________..__________.......................________________
Before Change After Change ·
Current Year Current Year Prior Year
0] -Jan-2008 o I-Jan-2008 o I-Jan-2007
A. Present Value of Future Obligations: -
l. Active Members 548,522 551,807 570,9 J 6
2. Inactive Members 297,365 297,365 262,904
3. Retired Members 0 0 0
4. Survivors on Benefit 0 0 0
5. Disabled Members 0 0 0
--------------- ---------..---..- ...-....--..........._--
Total Actuarial Accrued Liabil ity: 845,887 849,172 833,820
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 782,060 782,060 725,508
------------- ..................------- ------------..--
D. Amount to be Funded by County (A-B-C) 63,827 67,112 108,312
(Unfunded Actuarial Accrued Liability) ---- --~
------
E. Aggregate Nonnal Costs from District Calculations 11,770 12,304 18,826
F. Expenses not paid directly by the County 5,200 5,200 5,200
G. Interest Adjustments not included elsewhere 0 0 0
------..---..---- ..------------- ......................---
H. Total Plan Nonnal Costs = GASB 25 ARC 16,970 17,504 24,026
--- ------~ -------
----- ---
* Change is the crediting of J 989 as an additional year of potential past credited service.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 5 of23
Actuarial Valuation as ofJanual)' I, 2008
CURRENT VALVA TlON RESULTS
EXHIBIT I
Development of Historical and Projected Funding Standard Account Balances
Schedule D
----------------............._--------------...................._------------------------------------------........-----------------------..........................................._-----------------------------........................-..------..---......--......--
B. Less Charges to Account
I. Normal Costs for the Year (BOY)
2. Provision for Expenses
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
2.50%
.~
Before Changes After Changes
Projected Projected
Current Current
Plan Year Plan Year Prior Year
o I-Jan-2008 o I-Jan-2008 o I-Jan-2007
287 287 -4,342
7 7 -109
294 294 -4,451
11,770 12,304 18,826
5,200 5,200 5,200
0 0 0
0 0 0
16,970 17 ,504 24,026
0 0 28,583
0 0 0
0 0 181
0 0 28,764
-16,676 -17,210 287
---- --
--
A. Beginning Balance
Interest Adjustment to End of Year
sub-total
C. Plus Credits to Account
I. Contributions Credited During the Year
2. Amortization Charges (net) (BOY)
3. Interest Adjustment to End of Year
D. Ending Balauce*
Date Made
Amount
Interest
Expenses Paid
J 4-Sep-07
21-Jul-08
24,233
4,350
o
o
J81
o
o
o
28,583
]81
* Note: A positive end iug 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 amollnt which would avoid an ending
negative balance, under the assllmption that the contribution is received on the last day of the plan year.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 6 of 23
Actuarial Valuation as of Januaty 1,2008
CURRENT VALUATION RESULTS
EXHIBIT I
Participant Data Schedule E
-n-n-n--___________nn____________________________n___n_nn__---------------____n_________________________________n_n_----______...._________nn_n______
Next
Current Year Prior Year Prior Year
01-Jan-2008 OI-Jan-2007 OI-Jan-2006
Number Included ~ ~
Active Members 44 51 70
Inactive Members 34 30 3
Retired Members 2 2 2
Current Beneficiaries 0 0 0
Disabled Members 0 0 0
Total Annual Payroll of Actives 0 0 0
Total Annual Benefits:
to Retired Members 6,120 5,850 3,420
to Current Beneficiaries 0 0 0
to Disabled Members 0 0 0
Assets Schedule F
--------....--..------....-----------.........--.........-------------------------------.........--.......-------------......--------................------------------------...-.......-----.....----------------
Actuarial Value
782,060
725,508
700,939
Market Value
782,060
725,508
700,939
Liabilities
Schedule G
--------------.........-----......----------.......----..............-......-------------------------.......----.....-------------...--...----------.........-.......-------------------..........----......-----------
Total
Before Changes After Changes
Current Current Prior
Plan Year Plan Year Plan Year
0] -J an- 2008 o I-Jan-2008 OI-Jan-2007
~
548,522 551,807 570,916
297,365 297,365 262,904
0 0 0
0 0 0-
0 0 0
---------.........._- --------------- -.....------------
845,887 849,172 833,820 ~
0 0 0
0 0 0
...-------------- ...-........----..--..... ----.,..----------
0 0 0
---....------........... --------------- ---------------
845,887 849,172 833,820
(782,060) (782,060) (725,508)
..-------------- ..-.....------.......... .....----------.......
63,827 67,112 108,312
Present Value of Future Benefits
Acti ve Members
Inactive 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
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 7 of 23
Actuarial Valuation as of January 1,2008
CURRENT V ALUA TlON RESULTS
EXHIBIT I
---~~-----------~-----------------------~~------------~~~~-~~~~~-~----------------~~~~~------
~~~~---------~~------------------------~~----------~~~~~-~~------------------~~~------------
Actuarial Present Value of Accrued Benefits
Schedule H
-----........-..-----..........-------............--........--.........---......------------------------...............---..........------------.................................--..-..-------......-----------------....-.......----..--------------
Vested Accrued Benefits
Inactive Members & Beneficiaries
Active Members
Before Changes After Changes
Current Year Current Year Prior Year
01.Jan-2008 OI-Jan-2008 o I-Jan-2007
-
297,365 297,365 264,985
273,968 280,017 280,332
----...........-......... ..------------- --------------
571,333 577,382 545,317
74,190 72,634 54,612
.......----------- -------------- --------------
641,715 647,689 599,929
Total
Nonvested Accrued Benefits
Total
Statement of Changes in Total Actuarial Present Value
of All Accrued Benefits
Schedule I
.........----------.....-----------.....---..-.......--------------------------------....-.....----......---------------...............-..-----------..................---..---------..----.......------............-----------
Before Changes
Current Year
o I-Jan-2008
After Changes
Current Year
OI-Jan-2008
Present Value of Accrued Benefits at
Beginning of Year
599,929
599,929
Increase (Decrease) During Year Attributable
to (where applicable):
Plan Adoption
Plan Amendment
Changes in Valuation -- interest rate
Increase due to Survivorship
Increase for less Interest Discount
Benefits Accrued, net of excluded participants
Benefits Paid
Other Changes - tenninations
Net Increase (Decrease)
0 0
0 5,974
0 0
0 0
14,922 14,922
41,786 41,786
(6,120) (6,120)
(8,802) (8,802)
......-....--------.. --------------
41 ,786 47,760
641,715 647,689
Actuarial Present Value of Accrued
Benefits at End of Year
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 8 of23
Actuarial Valuation as of January 1,2008
CURRENT V ALUA TION RESULTS
EXHIBIT 1
-~~~----------~~-------------------~~~~----------~~~~--------------------~~~------------~~~~~~~
~--~~----------~~~-------------------~~~-----------~~~-------------------~~~-------------~~~~~~~
Pension Cost
Schedule J
-...........-------------.."'..--..-..----------...........................---..---...----.................------------........---..........-----------..........................----...............----.........-----------------....---.............------------
As % of Payroll
Before Changes After Changes
Current CUlTent Prior
Plan Year Plan Year Plan Year
o I-J an-2008 OI-Jan-2008 OI-Jan-2007
~ ~
11,770 12,304 18,826
9,263 9,263 9,542
102 102 109
--.............--- ----------- -----------
21,135 21,669 28,477
N/A N/A N/A
0 0 0
N/A N/A N/A
0 0 0
N/A N/A N/A
21,135 21,669 28,477
N/A N/A N/A
Schedule K
Required Funding Costs
Cun'ent and Prior Unfunded 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
Past Contributions
--------------...-..---------------...-..---............----------------------------..........----......--------------...-----------.....................-------------------........----..-..--------------------
For the fiscal year ended 12/31/07
Total Contribution Required
Actual Contribution Made By:
State
County
Participants
28,477
o
24,233
o
24,233
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Page 9 of23
Actuarial Valuation as of January 1,2008
CURRENT V ALUA TIONRESUL IS
EXHIBIT 1
Comparison of Actual to Assumed Earnings
Schedule L
.
...--------------........----......----------.............-----------..--...............-------------------.........---..........----------.........-.........................................---------........--------..-...............-----------------------
(Assuming uniform 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
31-Dec-2000 150,113 313,548 2,751 0 0
3]-Dec-2001 313,548 389,408 13,821 0 4,210
31-Dec-2002 389,408 474,729 4,284 0 8,400
3 [-Dec-2003 474,729 562,738 9,169 0 0
31-Dec-2004 562,738 626,637 8,412 0 8,417
3 I -Dec-2005 626,637 700,939 20,872 0 7,620
3 1- Dec- 2006 700,939 725,508 15,466 0 10,130
31-Dec-2007 725,508 782,060 38,439 0 6,120
Valuation Net Expected Actual 3 Year 5 Year Assumed
Date Increase Earnings Experience Average Average Factor
~ ~ ~ -
31-Dec-1999 0 0 0.00% na na 5.00%
31-Dec-2000 2,75] 7,506 1.83% na na 5.00%
31-Dec-200l 9,611 15,572 3.09% na na 5.00%
3] -Dec-2002 (4,116) 19,260 -1.07% 1.28% na 5.00%
31-Dec-2003 9,169 23,736 1.93% 1.32% na 5.00%
31-Dec-2004 (5) 27,926 0.00% 0.29% 0.58% 5.00%
31-Dec-2005 13 ,252 24,913 2.13% 1.35% 0.85% 4.00%
31-Dec-2006 5,336 20,876 0.77% 0.96% 1.04% 3.00%
31-Dec-2007 32,319 18,061 4.47% 2.46% 1.28% 2.50%
1999 is the first plan year and no assets were present prior to the end of the year, other than County accrued contributions.
Current eaming rates are artificially 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.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 10 of23
Actuarial Valuation as of J PARTICIPANT DEMOGRAPHICS
EXHIBIT 2
~==========~~======================~~============~=======================~==================
Coverage
Schedule A
.........-----------..........----.....-------...--............--.....------------................-.....-------------.......-----.........--------..-...................................................----......--------------...-.......------........------------
This valuation includes the following 84 persons covered by the plan as of December 31, 2007.
Category Number Amount
~ ~
Active Participants 44 0 *
Other Inactive Palticipants 34 0 **
Retirees on Benefit 2 0 **
Survivors on Benefit 0 0 **
Participants on Disability Benefit 0 0 **
Terminated Vested Participants 0 0 **
-------..........
TOTAL 80 NJA
* Annual covered pay only
** Annual Benefit
27 persons (included in the data furnished to us) were ineligible for palticipation as of the valution
date. P8Iticipant data was furnished by the County of Monore and was as of December 31,2007.
Years of Credited Service -- all Participants
Schedule B
----...-..........----............---------..--------...-----------------------------............-----.....------------......--------..-..-......................------------------............---.........----------------------
Years of Service
--........--------.......-----........----------------------------....---.....----........------------..........-----------..-..........-.........----------------........------.........-....-----------------
<] 1-4 5-9 10-14 15-19 20-24 25-29 30-34 I
--.....------- ---..-......--- ----------- ---...-....._--- ----------.. ---------.... ----------- -.....----......- 1
Attained 1
Age Count Count Count Count Count Count Count Count 1 Totals
1 ~
Under 25 10 I 11
26-29 6 1 7
30-34 5 1 6
35-39 8 2 -I 10
40-44 1 2 1 1 4
45-49 9 3 3 2 ! 17
50-54 3 2 5 1 1 11
55-59 5 1 5
60-64 7 I 8
64-69 I l-
Over 70 I 0
I
0 42 9 23 6 0 0 0 80
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Page 11 of23
Actuarial Valuation as of Januaty 1,2008
PARTICIPANT DEMOGRAPHICS
EXHIBIT 2
--------~---------~~------------------~~~~---------~~-------------------~~~~---------------
------~~~-------~~--------------------~~---------~~~~------------------~~------------------~
Patticipant Reconciliation
Schedule C
-----..-.......----------......----...-------------...-....................---------..-........-------------........--.........---------......--...-.............................-----.............------------...-....----........--------------
Retired Survivor
on on
Active Benefit Benefit Disabled Inactive Total
~- -- ............._~ ~
Participants at 01-Jan-2007 51 2 0 0 30 73
New ]] 11
Retirement 0 0
Death 0 0
Non-Vested Termination -14 (14)
Vested Termination -4 4 0
Lump Sum Settlement 0 0
New S urvjvors 0 0
Participants at 31-Dec-2007 44 2 0 0 34 80
---
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2008
Page 12 of23
PLAN ASSET INFORMA nON
EXHIBIT 3
========================~==============~======~===============~==============
Statement of Net Assets Available for Benefits*
31-Dec-2006
Schedule A
31-Dec-2007
-----------------------------~--------------------------------------------------------------------------------------------------------
Market Value
Money Market
Accrued Contribution - Employer
725,508.15
0.00
782,059.96
0.00
725,508.15
782,059.96
Liabilities
Accounts Payable
Deferred Revenues
0.00
0.00
0.00
0.00
0.00
0.00
Net Assets Available
725,508.15
782,059.96
------------.--..........
------------
-"-----------
------.............---------
* As reported by the County
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2008
PLAN ASSET INFORMATION
Page 13 of23
----------~------~~-----------------~~~---------~--------------~~~~-----------~-~-----------~
----------------~-----------------~~~--------~----------~~~~---------------~-----------~~~-~-
EXIDBIT 3
Statement of Changes in Market Value of Net Assets
Plan Year Ending:
31-Dec-2006
---.................----.....--------....--....-----------...........--.......---------..........----------......----..-...---------......---.................-------------------...........---..-.....----------.......---.....--------------
Schedule B
31-Dec-2007
INCREASES
Eal11ings on Investments
Unrealized Appreciation (Depreciation)
15,466.07
0.00
State Insurance Contributions
Employee Contributions
Employer Contributions:
0.00
0.00
19,233.00
Accrued
0.00
19,233.00
34,699.07
DECREASES
Expenses
Professional Fees
Professional Fees
PMA Fees
(4,269.61)
0.00
(10.00)
Paid to Participants
Retirees
Survivors
Disabled
Overpayment due to City
(4,279.61)
(5,850.00)
0.00
0.00
0.00
(5,850.00)
(10,129.61)
Net lncrease/(Decrease)
24,569.46
NET MARKET VALUE OF ASSETS A V AILABLE FOR BENEFITS:
Beginning of Year
700,938.69
End of Year
725,508.15
---------------
-......~---------
+
24,233.00
0.00
0.00
0.00
0.00
(6,120.00)
0.00
0.00
0.00
38,438.8]
0.00
0.00
0.00
24,233.00
62,671.81
0.00
(6,120.00)
(6,1"20.00)
56,551.81
725,508.] 5
782,059.96
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1,2008 Page 14 of23
PLAN SUMMARY
EXHIBIT 4
===========--====--=======================
1. General Information
(a) Plan Name: Monroe County, Florida Volunteer Firefighter and
Emergency Medical Services Length of Service A ward Plan
(b) Plan Year: Janumy 1 through December 31
(c) Plan Sponsor: County of Momoe, 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 eam ten
Years of Service by their Nonnal 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. emolled 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 Yem's, 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 Participm1t ceases
to be cmTied on an active membership roll as a Volunteer Firefighter or EMS Volunteer
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES A WARD PLAN
Actuarial Valuation as of January 1,2008 Page 15 of23
PLAN SUMMARY
EXHIBIT 4
---------------------------.....-..----------------------------
.......--------------...,.,.,.,,.........,...,-----------------..................---------.-.-..-.....------------
and later retums to active membership roll, only Years of Service earned after the
Participant's retum to the active membership roll shall be counted for purposes ofthe Plan
No Years of Service shall be eamed for any year of volunteer service after the Participant
has attained age sixty (60).
4. Contributions
Each Plan Year, the Board shall appropriate funds from the budgets of the various volunteer
fire/rescue MSTU's to fund the accrued or prospective benefits for Participants on an
actuarially sound basis.
5. Normal Retirement Benefit
(a) Eligibility: Completion of 10 years of service.
(b) Benefit: An annual benefit based on the following schedule:
Benefit Schedule
Years of Monthly Annual
Service Benefit Benefit
25 $375 $4500
24 360 4320
23 345 4140
22 330 3960
21 315 3780
20 300 3600
19 285 3420
18 270 3240
17 255 3060
16 240 2880
15 225 2700
14 210 2520
13 195 2340
12 180 2160
11 165 1980
10 150 1800
(c) FOlm of Payment: Benefit payments are payable monthly for a period often years.
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2008 Page 16 of23
PLAN SUMMARY
EXHIBIT 4
---..........------------------"-----------------------------.,..,....,..---
---- ---------------------------------------
6. Vesting
(a) Eligibility: Completion of 10 years of service prior to attainment of Normal
Retirement Age
(b) Volunteer Firefighters: Attained the rank of Structural Firefighter, Non-Structural
Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with
10 years of service.
(c) Volunteer EMS: Attained the certification of Emergency Medical Technician or
Paramedic or met all requirements by the State of Florida necessary to drive an
emergency medical care and transportation vehicle ( ambulance) prior to being
credited with 10 years of service.
7. Death Benefits prior to Attaining Normal Retirement Age
(a) Eligibility: Death ofa vested Participant.
(b) Benefit: The present value of vested accrued benefits.
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2008 Page 17 of23
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. A department's nonnal cost is not
allowed to become negative. Expenses are shown unallocated and are assumed to be paid
directly by the County.
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2008
Page 18 of23
ACTUARIAL ASSUMPTIONS
EXHIBIT 5 - B
~~---------~~-----------------~-~----------~~-------------------------------~~---------
--------~------------~-----------------~~~--------~--~-----------------~--------------
Actuarial Study as of:
Valuation Date Adjustment:
o I-lan-2008
0
0
120
12
180
4500
Yrs Vesting
0 0%
10 100%
Completed months to participate
Maximum number of credited Service Months at program inception:
For vesting purposes:
For benefit accrual purposes:
Annual Benefit Accrued for each completed year of service
Maximum Annual Benefit Accrued for each completed year of service
Vesting Schedule
Termination Assumption: Godwin's Table 1, V Select & Ultimate Table, with 50% termination prob. for YOS<].
Interest rate function assumptions
107.65056
I:
v:
d:
a{lO)due:
2.50%
0.9756]
0.02439
8.97088
i(l2):
v(l2):
d(l2):
a{l20)due:
0.206%
0.99794
0.00206
- 106..41486
Maximum annual benefit accrual limited by IRC
3,000
334.42
Present value of maximum benefit:
40,369
Present value of annual benefit accrual
1,615
Year First Allowed for Benefit Accrual Purposes:
After:
Before:
1989
1990
Maximum Credited Years for Benefit Accrual as of the Valuation Date:
20
MONROE COUNTY, FLORlDA VOLUNTEER FIREFIGHTER AND EMERGENCY
MEDICAL SERVICES LENGTH OF SERVICES AWARD PLAN
Actuarial Valuation as of January 1,2008 Page 19 of23
PENSION COST RATIONALE EXHIBIT 6
-----~~-------------~~-------------~~-------------- ------------
When one speaks of pension costs, one must distinguish between "tme" costs and lIactuarial" 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 retrqspect,
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 IIcost method", selected by the
actuary considering tax implications to the Employer, future cost versus future earnings patterns,
present and projected makeup of employee force, etc. Based on these considerations, the actuarial
costs are found to be as shown in this report.
It is important to remember that these annual costs are estimates of the actuary, which, if his
projections are realized, will accumulate according to certain future patterns, as dictated by the cost
method, to meet the true costs on an adequate and timely basis.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2008
Page 20 of23
EXHIBIT 7
GASB 25 Notes to the Financial Statements
-----........------------..----......-----------------------.........................................---..........-----------....-.............-----.........----------------------------...--.........--.-.............
a. (1)
The above PERS administrator is a single-employer with only one contributing county
employer and no nonemployer and no contributors.
(2)
Only Volunteer Firefighters and EMS Volunteers are eligible at the sole discretion of the
Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999 shall not be eligible
to participate. In addition, any Volunteers who are age 60 or older at the time they commence
volunteer service, or who commence service at a time that will not permit them to earn ten
Years if Service by their Normal Retirement Age shall not be eligible to participate in this Plan.
Inactive Participants by category:
Retirees currently receiving benefits
Beneficiaries currently receiving benefits
Terminated employees entitled to benefits
2
o
34
36
Fully vested and past normal retirement date
Partially vested
Non-vested
(3)
32
o
48
80
Years of
Service
25
24
23
22
21
20
19
18
17
16
15
14
13
[2
11
10
The benefit provisions are as follows:
Benefit Schedule
Monthly
Benefit
$375
360
345
330
315
300
285
270
255
240
225
210
195
180
165
150
Annual
Benefit
$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) andlor attain certification as an
Emergency Medical Technician or Paramedic prior to being credited with ten Years of Service.
Eligibility for vesting is completion of 10 years of service.
The Plan shall be administered in accordance with the requirements of Chapter 112, Part VII,
Florida Statutes.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE AWARD PLAN
Actuarial Valuation as of January 1,2008
Page 21 of23
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 Chapter 112, Florida Statutes.
There are no Palticipant 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) Weare aware of no investments (other than U.S. government and V.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, non employer 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 ofprojected salary increases and any step-rate
benefits, estimated to be payable in the future as a result of employee service to date. There are no
salaries paid to the Participants.
MONROE COUNTY, FLORIDA VOLUNTEER FIREFIGHTER AND
EMERGENCY MEDICAL SERVICES LENGTH OF SERVICE A WARD PLAN
Actuarial Valuation as of January 1,2008
Page 22 of23
EXHIBIT 7
---~~~------~~~------------------~~~~------~~--------------~-~~-----------~~~----------
~~--------~~----------~~-~~~~-------------~---------~~~~~~~-----------~~~---------------
GASB 25 Notes to the Financial Statements
-.......-..-----......--------.........--...-----------------.........................---..------.........----------........--..--------------...................---.........----...------------..."........-----.....-------------..................
The significant actuarial assumptions used to compute the pension benefit obligation were;
Investment Yield: 2.50% 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<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.
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 pennit the
county to allocate costs by district. Under this method, gains and losses are spread over
future normal costs.
I.~
.-::2
'-c'(4r
....~
iO'C
~
(Q)
<'l
C'l
'-
o
<'l
'"
~
'"
I:l..
iL-.
lr--
,)
z
<(
...J
""
~
~~
~~
!-os:!
::r:>
c.?~
Ei::~
~5
~'T'
gp~
~c.?
!-oZ
~~:!3
612ft
> U .
<(>~
~fil~
"" <Il c:
O...J~
...J <( '-
~uo
;>:5~
f-~c:
5 ;s .,8
0>< g
uU'"
~z>
o~-
~ 0.,.
z~a
o ~ '"
;s~~
.....
!-o
55
~
~
'"
'"
.,
Sn
2
I:l..
""
'"
:a
'"
&:
'-
o
'"
.,
"5
'"
.,
...
"
'"
'"
'"
0)
<Il
<
c.?
...
o
'"
......
""
.....
o
o
'";'
"
.,
9
'"
'-
o
'"
'"
-
'"
o
u
'"
E
o
"
.",
"
"
.~
2
"
.",
z.
~
'"
'"
tJ
'"
"
.c:
!-o
i:d=
'" 2
" >,
'" '"
<Il.
'-
o
;#.
c: (:i
c c
E
'"
o
E
<(
",a
'"
<,I
.,f
('l
~
OJ
;l:
~
"
>,
o
0.
E
"
-0
C
'"
'"
"
OJ
'"
o
0.
E
.,
.s
.,
.",
'"
E
2:>
'"
'"
tJ
'"
'"
"
..8
'"
.C>
'C
E
o
u
.'!i
c
'"
0,9-
t::.~
"'t
o '"
Ull.
"
-5
~
"
-0
C
'"
.",
~
'S
0'
2:!
15
=
.~
'"
'"
"
Sn
o
l5.
oJ)
'"
:a
c
.a
'-
o
"
"5
."
"
...
"
'"
'"
. '"
'" "
~ ~
~ la
<-
c.?~
'- ...
0-
......=
00 .:2
-a~
E -0"
&.2
ad)
.S E
.",'"
" 0
'" u
"'8
::> '"
~""
~~
-<~
0\0'"
",-",
'" '"
~
e::
'"
.Il)
,><
:=
:'"
,0::
:>,
, .C>
~~
:.,
:So
:0
~~
:",
.C
:::>
:;.t.
: '-
:0
.~
:@
'EO
:"
~1Zl
000
0-0
o a
2 ~
(:::!
{'l
o Sa
o 0
~ ~
s ~
'"
NO{'l
0-0
o a
~ ~
(:::!
'"
"'0",
0-0
o 0
::_- ~
(:::!
{'l
"'0'"
0-0
o a
S ~
-
"" 0 '"
0-0
o 0
t:! ~
-
\00\0
a -a
o 0
~ S
S ~
N
..... 0.....
0-0
o a
~ ~
(:::!
~
cooo
0000
~ocirr-i
(:::!
N
0" o~
'" ......
0000
0000
-.:tci6q:
0:> ""
\0 \0
o o~
\0 \0
0000
0000
oedo
...... ""
{'l {'l
\0- o.n'"
\0 \0
CO-DO
000.0
r--:oo'~
'" '"
... ...
0\" 0.;-
00 0:>
00.00
00000
0'000
... ...
00 00
00" ~
..... ......
(:::!
~
00.00
0000
~oci~
o 0
'" 0\
(f1~ tt)"
\0 10
(:::!
C'l
0000
Coco
0000
'" '"
0.. ::;"
::0 \0
0000
0000
~aOM
t') '"
N N
0\ 0\"
0000
0000
r""'iOOM
'" t')
N {'l
~ ~..
{'l C'l
c =
.9.2
]Et::~
'C ',6.2,9
V'lEc='5
~88~~
2....~"'C:c:
B ~ ~8 8
~c..o..sg"';;
'" E EO '" '0
~UJf.LlU5f-
u
.5
000
000
oeM
\0010
0:> 0 00
00":
...... '"
..... ...
N.... ('11-
\0
'" 00\
\0010
000
C'l .....
00 0
trip,. 0"
00
0'>00'>
"'0'"
MOO
00 {'l
N .....
-q-- rt1
0'>
000
C'lON
0-;00-;
\0 0
o
0\" oo~
0:>
\0010
MO",
M00
... '"
00 N~
.....
000
I.n 0 In
""':0--=
..... C'l
<Xl 0\
o' .
{'l <Xl
......0.....
000
..000\
\0 '"
... \0
'^ --::t-"
<'l
_0 -
00 0 <Xl
000""':
'" .....
... \0
oo~ ("f
'" \0
"
EO
o
u
oS E ~
E 8 v
E.5 2
~ d) b
~-S.E
_0(;
~
000
000
000
ci
'"
coS
000
000
('l '"
e ~
eRR
0--
000
N-t')
-NM
-e :i on
~
aSS
000
cicio
00
......
~e
000
000
ci ci o.
oO\~
OMM
dr--:r---:
:;:;;:
ee
~~~
000
000
000
NON
...NIO
C~b
~~~
0--
0\0\0
00:0..;
...........'"
<Xl"'_
Lf)"-.q" 0'"
~~~
~
000'
000
ocio
'" C'l
~ :e
.'!i '"
'" = .,
.",,,,,,
3~~~
~ g,~~
.s~~~
~~.E ~
",,,,,,,0
eO)<-
g g
o ~
o
o
,...;
O'
'"
..
\0
0()
,.:
t')
,..:
'"
.....
'"
o
...
.....
0;-
\0
0\
'"
o
N
'"
,,,.
00
o
C'l
0-;
o
o
00.
00
......
0'>
00:
'"
<Xl
",.
\0
o
""!
o
'"
.,f
......
\0
...
0-;
\0
'"
.,f
{'l
""-!
'"
'"
-.D
......
.,
~
"
t;
.,
o
~
'"
~
"
.E
~
"
Z