HomeMy WebLinkAboutItem C02 C2
BOARD OF COUNTY COMMISSIONERS
COUNTY of MONROE Mayor James K.Scholl,District 3
The Florida Keys Mayor Pro Tern Michelle Lincoln,District 2
Craig Cates,District 1
David Rice,District 4
Holly Merrill Raschein,District 5
Board of County Commissioners Meeting
December 10, 2025
Agenda Item Number: C2
2023-4778
BULK ITEM: Yes DEPARTMENT: Fire Rescue
TIME APPROXIMATE: STAFF CONTACT: R. L. Colina, Fire Chief
AGENDA ITEM WORDING: Acceptance of the Monroe County Length of Service Award Plan
(LOSAP)Actuarial Valuation Report for Plan Year 2025 and $0 transfer of funds for Plan Year 2025
into the LOSAP Trust Fund.
ITEM BACKGROUND:
The Actuarial Valuation Report was prepared and completed by Steve Toepke, FSA, EA, FCA, on
behalf of Gallagher Benefit Services, Inc. (Gallagher) for the Monroe County Length of Service Award
Plan(LOSAP) for Volunteer Firefighter and Emergency Medical Services Volunteers. In compliance
with GASB Statement No. 73, and Part VII, "Actuarial Soundness of Retirement Systems" within
Chapter 112 of the Florida Statutes, this report includes the state of Florida funding results for the
January 1, 2025 plan year and accounting results and required supplemental information for the fiscal
year ending September 30, 2025. Pursuant to Section 11-225, Monroe County Code of Ordinances,
every year the Actuarial Valuation Report must be prepared and presented to the BOCC in order to
determine the amount of funding to contribute to the LOSAP trust account.
According to Gallagher, the LOSAP Trust fund has sufficient assets within the trust account to support
the accrued and prospective beneficiaries of the Plan. As a result, there is no contribution required to the
Plan for 2025. Based on Gallagher's findings, $0.00 will be transferred into the LOSAP Trust Fund for
Plan Year 2025.
PREVIOUS RELEVANT BOCC ACTION:
On June 9, 1999, the Board of County Commission adopted Ordinance No. 026-1999,providing for the
creation of the Length of Service Award Plan (LOSAP),providing benefits to eligible volunteer
firefighters and emergency medical services volunteers.
INSURANCE REQUIRED:
No
CONTRACT/AGREEMENT CHANGES:
N/A
26
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
2025 LOSAP Actuarial Valuation.pdf
BACK UPBOCC Ord. 026-1999 LOSAP ordinance.pdf
FINANCIAL IMPACT:
Effective Date: 12/10/2025
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 the 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
27
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61 h31ooillinlrtnn,IVIIV /131 www„i(( com
: M
Gallagher
Insurance Ri1sk Management Consulting
October 27, 2025
Monroe County Board of County Commissioners
Fire Chief James Callahan
490 63rd Street
Marathon, FL 33050
Dear Plan Administrator:
Enclosed is the January 1, 2025 Actuarial Valuation report for the Monroe County Length of Service
Award Plan for Volunteer Firefighter and Emergency Medical Services Volunteers ("Plan"). This report
includes State of Florida funding results for the January 1, 2025 plan year and accounting results and
required supplemental information for the fiscal year ending September 30, 2025 under GASB Statement
No. 73.
F uuauu in Iii umig uresults
The minimum required contribution for the January 1, 2025 plan year is $0. Below is a summary of
the results for the prior three years:
Plan year: 2023 2024 2025
Participants 21 21 20
Required contribution $0 $0 $0
As long as Monroe County continues to fund the actuarially determined contribution and the assets
allocated to the Plan will be sufficient to support the benefits promised by the Plan.
. S� II, uresults
The expense for the fiscal year ending September 30, 2025 plan year is $39,015. Below is a
summary of the results for the prior three years:
Fiscal year ending: 2023 2024 2025
Expense $35,295 $33,870 $39,015
Total pension liability $352,370 $332,180 $284,269
Sincerely,
Stephen Toepke, FSA, EA, FCA, MAAA
Senior Actuarial Consultant
Enrollment Number 23-08144
Enclosures
9)2025 Arthur 1.Gallagher&Co.All rights reserved. 28
Monroe County Length of Service Award Plan for
Volunteer Firefighter and Emergency Medical Services
Volunteers
Actuarial Valuation for the Plan Year Beginning January 1 , 2025
and Fiscal Year Ending September 30, 2025
October 2025
Gallagher
Insurance Risk Management Consulting
29
III III,
Table
Monroe County Length of Service Award Plan for Volunteer Firefighter and
Emergency Medical Services Volunteers
ActuarialCertification...................................................................................................................1
ExecutiveSummary.....................................................................................................................2
Special Disclosure Information Required under State of Florida Statute 112 ..............................4
Exhibits
Contribution Information
1. Summary of Results: Development of Actuarial Assets and Actuarially Determined
Contribution by Department.....................................................................................................6
2. Summary of Valuation Results.................................................................................................7
3. Reconciliation of Unfunded Actuarial Liability and Present Value of Accrued Benefits..........10
4. Reconciliation of Assets.........................................................................................................11
GASB Disclosure Information
5. Reconciliation of Total Pension Liability.................................................................................12
6. Pension Expense...................................................................................................................13
7. Summary of Deferred Outflows and Inflows...........................................................................14
8. Schedule of Changes in the Total Pension Liability and Related Ratios (last 10 fiscal
years).....................................................................................................................................15
9. Schedule of Contributions (last 10 plan years) ......................................................................16
III Basis of Valuation
10. Census Summary and Reconciliation ..................................................................................17
11. Distribution of Active Participants by Age and Service ........................................................18
12. Actuarial Assumptions, Methods, and Models .....................................................................19
13. Summary of Plan Provisions................................................................................................23
III Supplemental Information
14. Risk Assessment .................................................................................................................25
County of Monroe, Florida
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7 1
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Actuarial Certification
January 1, 2025 through December 31, 2025
This report has been prepared by Gallagher Benefit Services, Inc. for County of Monroe, Florida (the "County")to
present the results of the actuarial valuation report measured as of January 1, 2025 for the Monroe County Length of
Service Award Plan for Volunteer Firefighter and Emergency Medical Services Volunteers (the "Plan" or"LOSAP")for
the following purposes:
• To satisfy the requirements of Part VII, Chapter 112, Florida Statutes (FS)for the plan year beginning
January 1, 2025
• To provide disclosure requirements under Governmental Accounting Standards Board Statement ("GASB")
Number 73 for the fiscal year ending September 30, 2025.
Use of this report for any other purpose, or by users other than the intended users identified above, may not be
appropriate, and may result in mistaken conclusions due to failure to understand applicable assumptions,
methodologies, or the inapplicability of the report for that purpose. Because of the risk of misinterpretation of actuarial
results, Gallagher recommends requesting its advance review of any statement, document, or filing to be based on
information contained in this report. Gallagher will accept no liability for any such statement, document or filing made
without its prior review. Please contact me if you wish me to review any statement, document, or filing to be based on
information contained in this report.
The valuation is based on employee and financial data which were provided by the County and are summarized in
this report. The information date for the report is December 31, 2024, meaning that financial and economic
information is gathered through this date. Census information is gathered as of January 1, 2024 and January 1,
2025. Except as noted in this report, we have not reflected information after this date and are not aware of any
subsequent events which will materially impact the results included here.
Except where specifically stated in this report, all costs, liabilities, and other factors under the Plan were determined
in accordance with generally accepted actuarial principles and procedures and in accordance with the provisions of
applicable financial accounting standards. In our opinion, except where specifically stated in this report, each
actuarial assumption is reasonable, taking into account the experience of the Plan and reasonable expectations, and
which, in combination, represent our reasonable estimate of the anticipated experience under the Plan. In our
professional judgement, the combined effect of the assumptions is expected to have no significant bias.
Future actuarial measurements may differ significantly from the current measurements presented in this report due to
such factors as the following: plan experience differing from that anticipated by the economic or demographic
assumptions; changes in economic or demographic assumptions; increases or decreases expected as part of the
natural operation of the methodology used for these measurements (such as the end of an amortization period or
additional cost or contribution requirements based on the Plan's funded status); and changes in Plan provisions or
applicable law. Due to the limited scope of this engagement, we did not complete an analysis of the potential range
of such future measurements.
The report was prepared under my supervision in my capacity as the plan's actuary. I am an Enrolled actuary, a
Fellow of the Society of Actuaries, and a Member of the American Academy of Actuaries and I meet the Qualification
Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States of the American Academy of
Actuaries to render the actuarial opinion contained herein. I am available to answer any questions on the content of
the report. We are not aware of any conflicts of interest which would impact the objectiveness of our work. There are
no constraints or disclaimers pertaining to our work other than those (if any)specifically identified here.
Stephen Toepke, FSA, EA, FCA
Senior Actuarial Consultant
Enrollment Number 23-08144
October 2025
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, ivmd
31
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Executive Summary
January 1, 2024 and January 1, 2025
A summary of principal valuation results for the current valuation follows:
Summary of Fundinq Valuation Results
Valuation date January 1, 2024 January 1, 2025
Normal cost ($98,677) ($89,196)
Present value of expected benefits (PVFB) $327,194 $295,240
Market value of assets (no receivables) $811,669 $806,295
Actuarially determined contribution (ADC) $0 $0
Normal cost as %of covered payroll' Not applicable Not applicable
ADC as % of covered payroll' Not applicable Not applicable
Summary of GASB Accountinq Results
Measurement date December 31, 2023 December 31, 2024
Costs:
Pension expense/(income) 33,870 39,015
Total pension liability 332,180 284,269
Summary of Data
Census date January 1, 2024 January 1, 2025
Number of participants in valuation
Active employees 2 1
Terminated vested 6 6
Participants receiving benefits 13 13
Total 21 20
Active Participant Statistics
Covered payroll' Not applicable Not applicable
Average compensation' Not applicable Not applicable
Average age 53.3 48.3
Average service 26.0 17.0
Compensation for active plan participants was not provided since the Plan benefit is not based on compensation.
County of Monroe, Florida
202',Al 11 .al J (.( Ilhgl I All 11,11 k,I C,,^Iv,d
32
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Executive Summary
January 1, 2024 and January 1, 2025
Commentary
Actuarially Determined Contributions
The actuarially determined contribution remained at$0 from January 1, 2024 to January 1, 2025 due to the funded
status of plan.
Actuarial Standard of Practice No. 4 ("ASOP 4") requires certain disclosures be provided when an actuary
determines or recommends contribution amounts for a pension plan.
The Actuarially Determined Contribution shown on page 8 is compliant with the definition of a reasonable actuarially
determined contribution under ASOP 4 Section 3.21. The balance between benefit security, intergenerational equity,
and stability or predictability of actuarially determined contributions, the timing and duration of expected benefit
payments, the nature and frequency of plan amendments, and relevant input from pertinent stakeholders were taken
into account when determining the actuarial cost method, smoothing period for the actuarial value of assets and the
amortization period and method for any unfunded actuarial accrued liability.
ASOP 4 also requires that a report on a funding valuation disclose a Low-Default-Risk Obligation Measure
("LDROM")of plan liabilities. The LDROM is to be based on "discount rates derived from low-default-risk fixed
income securities whose cash flows are reasonably consistent with the pattern of benefits expected to be paid in the
future." We believe that this estimated settlement liability of$288,000 calculated based on the accrued benefit
cashflows of the plan discounted using the December 31, 2024, 20-year, tax-exempt general obligation municipal
bond index with a rating of AA/Aa or higher(4.08%discount rate)fulfills this criterion.
Funded status measured against the LDROM may provide a clearer picture of how assets compare to the current
value of the plan's accrued benefits. Exhibit 14 provides additional context for measures of plan liability and the
assumptions that underly those estimates.
Plan Reporting under GASB
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are not held in a
trust that meets the criteria outlined in GASB Statement No. 67, paragraph 3 and GASB Statement No. 68,
paragraph 4. Therefore, the plan accounting contained herein is reported under GASB No. 73.
The financial statements of LOSAP are prepared using the modified accrual basis of accounting. The contributions
are recognized when they become susceptible to accrual; when they become both measurable and available.
Benefits are recognized in the accounting period in which the related fund liability is incurred in accordance with the
terms of LOSAP. Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
Changes in Actuarial Assumptions
Accounting only-the discount rate was changed from 3.77% as of the December 31, 2023 measurement date to
4.08% as of the December 31, 2024 measurement date based on a 20-year, tax-exempt general obligation municipal
bond index with a rating of AA/Aa or higher, as required by GASB No. 73.
County of Monroe, Florida
33
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Special Disclosure Information Required under State of Florida Statute 112
Investment Return
Actual Assumed
Year Ended Experience Factor
12/31/2016 0.16% 1.00%
12/31/2017 0.29% 1.00%
12/31/2018 0.66% 1.00%
12/31/2019 1.53% 1.00%
12/31/2020 2.92% 1.00%
12/31/2021 1.92% 1.00%
12/31/2022 0.10% 1.00%
12/31/2022 -0.35% 1.84%
12/31/2023 3.96% 3.60%
12/31/2024 5.33% 3.80%
Investment return was determined by assuming contributions, benefit payments and administrative expenses were
paid in the middle of the year.
Allocation in assets in plan portfolio
The assets for the Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency Medical
Services Volunteers are invested in a pooled asset fund with a portion allocated to the plan.
As required by Florida Administrative Code (FAC) 60T-1.003(3a), the value of the pooled assets allocated to the plan
for the last five years is as follows:
Year Ended December 31, 2020 2021 2022 2023 2024
Asset Class
Cash &Cash Equivalents Not available Not available $371,059 $392,200 $413,031
Bonds Not available Not available $404,175 $419,469 $393,264
Total Not available Not available $775,234 $811,669 $806,295
Salary Increases
Benefits for the plan are not salary related. Therefore, salary is not collected, and a salary increase assumption is not
used for the purpose of this valuation.
Amortization of Unfunded Liabilities
The Plan does not have unfunded liabilities, but rather a surplus. The surplus is amortized over the same period as
unfunded liabilities, offsetting the expected administrative expenses in the calculation of the actuarially determined
contribution.
County of Monroe, Florida
34
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Required Actuarial Certification
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 VI1, 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.
Signature
October 27, 2025
Date
23-08144
Enrollment Number
County of Monroe, Florida
35
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Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 2
Summary of Valuation Results
Current Valuation
Prior Valuation (No assumption
changes)
Plan Year Beginning January 1,2024 January 1,2025
1. Participant Data
a.Active members 2 1
b. Terminated vested 6 6
1.Total annualized benefit $14,940 $14,940
c. Participants receiving benefits 13 13
1.Total annualized benefit $36,180 $38,160
2. Assets
a.Actuarial value of assets $811,669 $806,295
b. Market value of assets $811,669 $806,295
3. Liabilities
Present value of future expected benefit payments:
a.Active members
1. Retirement benefits $57,122 $22,187
2. Vesting benefits 0 0
3. Death benefits 538 421
4.Total 57,660 22,608
b. Terminated vested 102,270 110,336
c. Participants receiving benefits 167,264 162,296
d. Total present value of future expected benefit payments $327,194 $295,240
4. Actuarial present value of accrued benefits
Statement of actuarial present value of accrued benefits
a. Vested accrued benefits
1.Terminated vested and participants receiving benefits $269,534 $272,632
2.Active members 44,999 11,030
3.Total value of all vested accrued benefits 314,533 283,662
b. Non-vested accrued benefits 3,902 3,893
c. Total actuarial present value of accrued benefits $318,435 $287,555
County of Monroe, Florida
72(12'7F�iPhn.ar�J.(lMllttqli�^i���,i F�Iliu;,yhl,ir,,,^iv�,ii
38
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 2
Summary of Valuation Results
Current Valuation
Prior Valuation (No assumption
changes)
Plan Year Beginning January 1,2024 January 1,2025
Actuarially Determined Contribution(ADC) under aggregate cost
5. method
a. Total present value of future expected benefit payments $327,194 $295,240
b.Actuarial value of assets 811,669 806,295
c. Present value of future employee contributions 0 0
d. Present value of future employer normal costs(a. -b. -c.) $(484,475) $(511,055)
e. Present value of future years of service 5.537 6.584
f. Normal cost 2 $(98,677) $(89,196)
g. Expected administrative expenses paid from plan assets 24,000 24,000
h.ADC at beginning of year(f. +g. , not less than 0) 0 0
I. Interest to end of year 0 0
j.ADC at end of year $0 $0
1.As%of payroll N/A N/A
6. Actuarial accrued liability under entry age cost method
a. Terminated vested and participants receiving benefits $269,534 $272,632
b.Active members 52,911 18,371
c. Total entry age actuarial liability 322,445 291,003
d. Unfunded actuarial accrued liability(UAAL) $(489,224) $(515,292)
Actuarially determined contribution under entry age normal cost
7. method
a. Normal cost
1. Retirement benefits $864 $469
2. Vesting benefits 0 0
3. Death benefits 16 9
4.Total 880 478
b.Amortization of UAAL under entry age normal cost method 3 (101,065) (65,974)
c. Expected administrative expenses paid from plan assets 24,000 24,000
d.ADC at beginning of year(a.4. + b. + c. , not less than 0) 0 0
e. Interest to end of year 0 0
f.ADC at end of year $0 $0
Weighted average future service for districts with active participants and remaining life expectancy(of benefit payments)for all other districts
2 Normal cost is equal to the amortization of present value of future employer normal costs over the present value of future years of service
3 UAAL is amortized over average future service of active participants and determined on a level-dollar aggregated basis for the Plan(not
individually by district)
County of Monroe, Florida
202',Aillimv(1Illhgli,l&(;, AIIiu,,Ili l,IC,,�lv,ii 8
39
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 2
Summary of Valuation Results
Before
Prior Valuation Assumption
Changes
Plan Year Beginning January 1,2024 January 1,2025
8. Actuarially determined contribution
a.ADC under aggregate cost method $0 $0
b.ADC under entry age normal cost method 0 0
c.ADC(greater of a. and b.) $0 $0
1.As%of payroll N/A N/A
County of Monroe, Florida
202',Al11uIJ((1IIIIgIim AIII1,111 k,IC,,^Iv,d
40
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 3
Reconciliation of Liabilities
Reconciliation of Unfunded Actuarial Liability Based on Present Value of Future Benefits
1. Total unfunded present value of future benefits for the immediately prior actuarial valuation date $(484,474)
(January 1, 2024)
2. Interest accrued on 1. (18,410)
3. Expected administrative expenses 24,000
4. Interest on 3. 456
5. Plan sponsor contributions for this plan year(including amounts expected to be paid) (15,668)
6. Interest on 5. (298)
7. Changes due to
a.Assumptions 0
b. Funding method 0
c. Plan amendments 0
d.Actuarial (gain)/loss (16,661)
e. Net increase/(decrease) (16,661)
8. Total current unfunded actuarial accrued liability (1. +2. +3. +4. +5. +6. +7.e.) $(511,055)
Reconciliation of Actuarial Present Value of Accrued Benefits
1. Actuarial present value of accrued benefits at beginning of year $318,435
2. Expected administrative expenses 24,000
3. Increase (decrease)during year attributable to (where applicable):
a. Benefits accumulated 1,741
b. Plan amendment 0
c. Changes in actuarial assumptions 0
d. Decrease in discount period 11,425
e.Actual disbursements(benefit payments+administrative expenses) (63,015)
f. Actuarial (gains)/losses (5,031)
g. Net increase/(decrease) (54,880)
4. Actuarial present value of accrued benefits at end of year(1. +2. +3.g.) $287,555
Reconciliation of Present Value of Future Expected Benefit Payments
1. Present value of future expected benefit payments at beginning of year $327,194
2. Expected administrative expenses 24,000
3. Increase (decrease)during year attributable to (where applicable):
a. Plan amendment 0
b. Changes in actuarial assumptions 0
c. Decrease in discount period 11,692
d.Actual disbursements(benefit payments+administrative expenses) (63,015)
e.Actuarial (gains)/losses (4,631)
f. Net increase/(decrease) (55,954)
4. Present value of future expected benefit payments at end of year(1. +2. +3.f.) $295,240
Reconciliation of Actuarial Accrued Liability under Entry Age Normal Cost Method
1. Actuarial accrued liability at beginning of year $322,445
2. Expected administrative expenses 24,000
3. Increase (decrease)during year attributable to (where applicable):
a. Benefits accumulated 880
b. Plan amendment 0
c. Changes in actuarial assumptions 0
d. Decrease in discount period 11,545
e.Actual disbursements(benefit payments+administrative expenses) (63,015)
f. Actuarial (gains)/losses (4,852)
g. Net increase/(decrease) (55,442)
4. Actuarial accrued liability at end of year(1. +2. +3.g.) $291,003
County of Monroe, Florida
202',Al 11 .I J (v III IqI im AIII1,11 k,I C,,^Iv,d �
41
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 4
Reconciliation of Assets
Plan Year Ending: December 31,2023 December 31,2024
Beginning of Year $775,234 $811,669
Accrued Contribution-Employer 0 0
Beginning of Year-adjusted 775,234 811,669
INCREASES
Earnings on Investments 30,805 41,973
Unrealized Appreciation (Depreciation) 0 0
State Insurance Contributions 0 0
Employee Contributions 0 0
Employer Contributions: 95,500 15,668
Accrued 0 0
95,500 15,668
126,305 57,641
DECREASES
Expenses
Professional Fees (56,000) (24,000)
PMA Fees 0 0
(56,000) (24,000)
Paid to Participants
Retirees (33,870) (39,015)
Survivors 0 0
Disabled 0 0
Overpayment due to City 0 0
(33,870) (39,015)
(89,870) (63,015)
Net Increase/(Decrease) 36,435 (5,374)
End of Year $811,669 $806,295
Weighted Assets 778,049 787,996
Rate of Return 3.96% 5.33%
Asset gain/(loss) 2,795 12,029
County of Monroe, Florida
202',Al 11 .I J (v III IqI im AIII1,11 k,I C,,^Iv,d
42
�iiiiiiiiiiiiiiiiiiiiiiiiiiiiiii�iiiiiiiiiiiiiiiiiiiiiiiil�iiiiiiiilliliiliiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 5
Reconciliation of Total Pension Liability
Total Pension
Liability
1. Balances at September 30, 2024 $332,180
2. Changes for the year:
a. Service cost 888
b. Interest on the total pension liability 11,821
c. Changes of benefit terms 0
d. Difference between expected and actual experience (16,909)
e. Changes of assumptions or other inputs (4,696)
f. Benefits paid (39,015)
g. Other changes 0
Net changes (47,911)
3. Balances at September 30, 2025 $284,269
Sensitivity of the total pension liability to changes in the discount rate.
The following presents the total pension liability of the plan, calculated using the discount rate of 4.08%, as well as what the
plan's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower(3.08%)or 1-
percentage point higher(5.08%)than the current rate.
Current
1% Decrease Discount Rate 1% Increase
3.08% 4.08% 5.08%
Total pension liability $299,911 $284,269 $270,000
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, ivmd �
44
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 6
Pension Expense
Fiscal Year Ending September 30, 2024 2025
Pension Expense $33,870 $39,015
The financial statements of LOSAP are prepared using the modified accrual basis of accounting. The contributions
are recognized when they become susceptible to accrual; when they become both measurable and available.
Benefits are recognized in the accounting period in which the related fund liability is incurred in accordance with the
terms of LOSAP. Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
County of Monroe, Florida
202',Al 11 .I J (v III IqI im AIII1,11 k,I C,,^Iv,d .�3
45
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 7
Summary of Deferred Outflows and Inflows
Deferred Deferred
Outflows of Inflows of
Fiscal Year Ending September 30,2025 Resources Resources
Differences between expected and actual experience 0 0
Changes of assumptions 0 0
Net difference between projected and actual earnings on pension plan investments' 18,339 0
Total 18,339 0
Calculated based on expected interest at 3.77%(the beginning of year interest rate)on net pension liability,if the assets set aside for the plan
were to be recognized under GASB No.73
County of Monroe, Florida
202',Al11 .IJ (v IIIIgIim AIII1,11 k,IC,,^Iv,d 4
46
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Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 10
Census Summary and Reconciliation
January 1, 2024 January 1, 2025
Number of participants in valuation
Active employees 2 1
Terminated vested 6 6
Participants receiving benefits 13 13
Total 21 20
Active employees
Total compensation Not applicable Not applicable
Average compensation Not applicable Not applicable
Average age 53.3 48.3
Average service 26.0 17.0
Terminated vested
Total annual pension $14,940 $14,940
Average annual pension $2,490 $2,490
Average age 58.1 59.1
Participants receiving benefits
Total annual pension $36,180 $38,160
Average annual pension $2,783 $2,935
Average age 65.7 65.9
Terminated
Actives vested Retirees Total
January 1, 2024 2 6 13 21
During the 2024 plan year:
-Terminated vested - - - -
-Terminated non-vested - - - -
- Retired (1) - 1 -
- Benefits ceased - - (1) (1)
- Rehired - - - -
- New entrants - - - -
- Data corrections - - - -
January 1, 2025 1 6 13 20
County of Monroe, Florida
202',Al 11 .I J (v III IqI im AIII1,11 k,I C,,.iv,ii 17
50
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 11
Distribution of Active Participants by Age and Service as of January 1, 2025
Years of Service
Age < 5 5-10 10-15 15-20 20-25 25-30 30-35 >35 Total
< 35 - - - - - - - - -
35-40 - - - - - - - - -
40-45 - - - - - - - - -
45-50 - - - 1 - - - - 1
50-55 - - - - - - - - -
55-60 - - - - - - - - -
Total - - - 1 - - - - 1
County of Monroe, Florida
202',Al 11 .I J (v III IqI im AIII1,11 k,I C,,.Iv,ii 18
51
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 12
Actuarial Assumptions, Methods, and Models
Funding assumptions and methods selection and rationale
Except for the mortality assumption, the following assumptions were selected by the plan sponsor without
consultation with Gallagher.
The assumptions are based on actuarial judgment considering observed experience of this plan and of similarly
situated employment groups over time. The actuary discusses these rates with the plan sponsor periodically to
determine if future experience is anticipated to be similar to the actuarial assumptions, or if assumed rates should be
adjusted to reflect changes in underlying conditions relevant to the employer or the plan. The mortality assumption is
reasonable and represents my best estimate of anticipated experience under the plan. The other assumptions do not
significantly conflict with what would be reasonable based on nominal prior plan experience and Gallagher's
experience with public pension plans in the US.
In the case of the plan sponsor's selected expected return on assets (EROA), the signing actuaries have used
economic information and tools provided by Gallagher's Financial Risk Management practice. A spreadsheet tool
created by this practice converts averages, standard deviations, and correlations from Gallagher's Capital Market
Assumptions that are used for stochastic forecasting into approximate percentile ranges for the arithmetic and
geometric average returns. The EROA spreadsheet tool is intended to suggest possible reasonable ranges for the
expected return on assets without attempting to predict or select a specific best estimate rate of return. It takes into
account the duration of investment and the target allocation of assets in the portfolio to various asset classes. Based
on the actuaries' analysis, including consistency with other assumptions used in the valuation, the percentiles
generated by the EROA spreadsheet tool, and review of actuarial gain/loss analysis, the signing actuaries believe the
assumptions, in their professional judgment, do not significantly conflict with what are reasonable for the purpose of
the measurement.
County of Monroe, Florida
202',Al11 .I J (v III IgIim AII I1,11 k,IC,,,.iv,ii 19
52
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 12
Actuarial Assumptions, Methods, and Models
Assumptions
Discount rate Funding—3.80%
GASB—4.08%
Investment return (net Funding—3.80%
of investment expenses)
Inflation 2.5%
Compensation 2.5% (required for entry age normal cost method); equal to inflation assumption, as
increases prescribed by GASB No. 73, since benefits are not based on compensation.
2024 Salary $30,000
The plan is not pay-related, so salary information was not provided by the County. This
assumed pay is used for the entry age normal, level percent of pay cost method.
Measurement date Funding—January 1, 2025
GASB— December 31, 2024 for the fiscal year ending September 30, 2025
Census date Funding—January 1, 2025
GASB—January 1, 2024
Mortality Male— Pub-2010 Headcount Weighted Below Median Safety Employee Mortality
Tables, set forward one year, with fully generational projected mortality improvements
using Scale MP-2021
Female—Pub-2010 Headcount Weighted Safety Employee Mortality Tables, set
forward one year, with fully generational projected mortality improvements using Scale
M P-2021
Retirement rates Ultimate rates from Godwin's Table 1, V Select& Ultimate Table
Termination rates Godwin's Table 1, V Select& Ultimate Table, w/50% termination probability for years
of service < 1
Benefit commencement Age 60
age for Terminated
vested
Administrative $24,000
expenses
Funding policy The County's funding policy is to contribute at least the actuarially determined
contribution, as mandated by ordinance.
County of Monroe, Florida
202',Al11 .I J (v III IgIim AII I1,11 k,IC,,,.iv,ii 20
53
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 12
Actuarial Assumptions, Methods, and Models
Assumption changes Accounting only-the discount rate was updated from 3.77% as of December 31, 2023
to 4.08% as of December 31, 2024 based on a 20-year, tax-exempt general obligation
municipal bond index with a rating of AA/Aa or higher, as required by GASB No. 73.
Assumption Rationale
Discount rate Funding— based on the long-term expected rate of return (EROA)of government
securities as of the valuation date. The signing actuaries have used economic
information and tools provided by Gallagher's Financial Risk Management practice. A
spreadsheet tool created by this practice converts averages, standard deviations, and
correlations from Gallagher's Capital Market Assumptions that are used for stochastic
forecasting into approximate percentile ranges for the arithmetic and geometric
average returns. The EROA spreadsheet tool is intended to suggest possible
reasonable ranges for the expected return on assets without attempting to predict or
select a specific best estimate rate of return. It takes into account the duration of
investment and the target allocation of assets in the portfolio to various asset classes.
Based on the actuaries' analysis, including consistency with other assumptions used in
the valuation, the percentiles generated by the EROA spreadsheet tool, and review of
actuarial gain/loss analysis, the signing actuaries believe the assumptions, in their
professional judgment, do not significantly conflict with what are reasonable for the
purpose of the measurement.
GASB—As prescribed by GASB No. 73, the discount rate is equal to the Bond Buyer
20-year GO AA Municipal Bond Index rate as of the Measurement Date
Mortality Mortality assumption used is based on the assumptions mandated by State of Florida
for local government plans, which requires the use of the mortality assumption in one
of the two latest valuations.
Retirement and Based on publicly available tables for populations similar to the Plan population.
termination rates
Administrative expense The administrative expenses assumption is the plan sponsor's estimate of expenses
paid from the trust during the plan year.
Methods
Funding cost method A variation of the aggregate cost method is used to determine the normal cost for the
plan. Under this method, the normal cost is the shortfall/surplus of the actuarial value
of assets over the actuarial present value of projected benefits, allocated based on the
present value of a level annuity for the average future working life for districts with
active participants or average remaining life expectancy for inactives for districts with
no actives. The normal cost is determined individually by district and aggregated for
the Plan. Assumed administrative expenses are added to this normal cost to produce
the actuarially determined contribution (ADC). A district's ADC is not allowed to
become negative. Any negative ADC for a district will first be reallocated pro-ratably
over present value of projected benefits to reduce any positive ADC from other
districts, before being reduced to zero.
County of Monroe, Florida
202',Al11 .I J (v III IgIim AII I1,11 k,IC,,,.iv,ii 21
54
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 12
Actuarial Assumptions, Methods, and Models
The total ADC for the Plan calculated above shall not be less than an ADC calculated
for the Plan using the Entry Age Normal, Level Percent of Pay cost method (described
in the Accounting cost method section below). Any excess will be allocated pro-ratably
over present value of projected benefits to each district, except as noted below.
Key Largo (Fire and EMS)terminated from the Plan effective October 1, 2006. The
vested participants as of that date remain in the plan. No costs have been allocated to
these districts. Assets have been allocated to these two districts to cover the estimated
remaining liability. Any excess assets are allocated to the other districts. Should these
assets not be sufficient to cover the remaining liability, a recapture of assets may be
needed. Any recapture will made in the same ratio as the reallocation was determined.
Accounting cost method Liabilities and contributions shown in this report are computed using the Entry Age
Normal, Level Percent of Pay actuarial cost method of funding.
Under this method, the actuarial present value of the projected benefits of each
individual included in an actuarial valuation is allocated on a level basis over the
earnings of the individual between entry age and assumed exit age(s). Entry age is the
age at the participant's hire date.
A description of the calculation follows:
The individual's normal cost is the portion of this actuarial present value allocated to a
valuation year. The normal cost is calculated by taking the present value of projected
benefits divided by present value of future salaries to obtain a normal cost rate. The
normal cost to a valuation year is the normal cost rate times the valuation earnings.
An individual's actuarial accrued liability is the portion of the actuarial present value
of benefits not provided for a valuation date by the actuarial present value of future
normal cost. If multi-decrements are used, the actuarial accrued liability and the
normal cost for an individual are the sum of the component accrued liabilities and
normal costs associated with the various anticipated separation dates. Such accrued
liabilities and normal costs reflect the accrued benefits as modified to obtain the
probability of the individual separating on those dates.
Accounting method The financial statements of LOSAP are prepared using the modified accrual basis of
accounting. The contributions are recognized when they become susceptible to
accrual; when they become both measurable and available. Benefits are recognized in
the accounting period in which the related fund liability is incurred in accordance with
the terms of LOSAP. Administrative costs are paid by the Board. Actuarial valuation
costs are paid by LOSAP. All plan investments are reported at fair value.
Valuation assets Market Value
Changes in methods None
since the last valuation
County of Monroe, Florida
202',Al11 .I J (v III IgIim AII I1,11 k,IC,,,.iv,ii 22
55
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 12
Actuarial Assumptions, Methods, and Models
Models
Actuarial valuation Liabilities shown in this report were determined using third-party actuarial valuation
system software. This software is designed for the specific purpose of modeling pension plan
liabilities and costs and is the standard pension valuation software used by Gallagher
Benefit Services, Inc. The results in this report are based on various inputs into the
software model, including the plan provisions and assumptions shown in this report,
and demographic and financial information provided by the County. While the results
have been tested and reviewed for overall accuracy and consistency, we have relied
upon the validity of the underlying software coding in preparing this report.
Published demographic The demographic tables described above are standard published tables developed by
tables organizations with the required expertise.
County of Monroe, Florida
202',Al11 .I J (v III IgIim AII I1,11 k,IC,,,.iv,ii 23
56
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 13
Summary of Plan Provisions
This summary has been prepared for valuation purposes only. It summarizes the plan provisions necessary to
perform the actuarial valuation.
Plan Sponsor County of Monroe, Florida
Effective Date of Plan January 1, 1999
Plan Year January 1 to December 31
Eligibility The Plan Administrator shall, in its sole discretion, determine those Volunteer
Requirements Firefighters and EMS Volunteers ("Volunteers")eligible to participate in the Plan. Any
Volunteer who was age 60 or older on January 1, 1999 shall not be eligible to
participate in the Plan. In addition, any Volunteers who are age 60 or older at the time
they commence volunteer service, or who commence service at a time that will not
permit them to earn ten Years of Service by their Normal Retirement Age shall not be
eligible to participate.
Normal Retirement Age Age 60
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.
Normal Retirement (a) Eligibility: Completion of 10 years of service prior to age 60.
Benefit (b) Benefit: An annual benefit based on the following schedule:
Years of Service Monthly Benefit Annual Benefit
25 $375 $4,500
24 360 4,320
23 345 4,140
22 330 3,960
21 315 3,780
20 300 3,600
19 285 3,420
18 270 3,240
17 255 3,060
16 240 2,880
15 225 2,700
14 210 2,520
13 195 2,340
12 180 2,160
11 165 1,980
10 150 1,800
Normal Form of Benefit payments are payable monthly for a period of ten years.
Pension
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, iv,ii 24
57
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 13
Summary of Plan Provisions
Year 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 and later returns to active membership roll, only Years of Service earned
after the Participant's return to the active membership roll shall be counted for purposes
of the Plan
No Years of Service shall be earned for any year of volunteer service after the
Participant has attained age sixty(60).
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.
Cost of Living Increase Not applicable after January 1, 2014
Death Benefit Prior to The present value of vested accrued benefits.
Attaining Normal
Retirement Age
Death Benefit After Continuation of remaining payments to designated beneficiary
Benefit
Commencement
Vested Interest Upon Years of Service Vested Interest
Termination of in Accrued Benefit
Employment Less than 10 Years 0%
10 Years 100%
Optional Forms None
Changes since the None
Prior Valuation
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, iv,ii 25
58
� �suui
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 14
Risk Assessment
January 1, 2025
All intended users of this Actuarial Valuation Report should understand that there exist many risks that future
experience may differ widely from that assumed by the Actuary. Assumptions are generally based on long-term
expectations of experience over the life of the plan, except where mandated otherwise. Fluctuations in experience
around these assumptions are expected and, when viewed over a long-term period, the impact on costs should
generally balance out over time. However, in any individual year, there is the risk that deviations in experience from
the assumptions may result in volatility of annual costs and the short-term financial condition of the Plan. Such risk
includes, but is not limited to, the following:
Investment risk—that actual returns will be different from expected returns
The plan holds assets which are assumed to earn a specified rate of return each year. This assumption is based on
the plan's investment policy and expectations of future earnings within various asset categories. To the extent that
the return on the plan's investments exceeds or falls short of the assumption, costs in future years may be lower or
higher accordingly.
Interest rate risk—that future interest rates will be different from expected rates
Actuarial liabilities are measured using an interest rate assumption to discount the value of future payments to the
measurement date. The basis for selecting the interest rate is different for different liability measurements. Funding
interest rates are based on the expected investment return are based on high quality corporate bonds, while GASB
liabilities are based on a 20-year GO Municipal Bond Index with AA/Aa or higher rated bonds.
Funding liabilities will change if the investment return assumption is changed. Changes in municipal bond rates from
year to year will affect the GASB liabilities.
Asset/liability mismatch risk—that shifting economic factors may affect liability measures more or less severely than
asset measures
To the extent that plan assets are held in investments that react differently to economic events (e.g., interest rate
changes or market downturns)from plan liabilities, any such events could result in changes to the plan's funding
level. The impact on the plan will depend on a number of factors, such as the nature of the economic event, the
duration of plan liabilities and assets, and the allocation of plan assets among different investment categories (e.g.,
equities, fixed income, cash, etc.).
Longevity/demographic risk—that demographic experience will be different from expectations
Key demographic assumptions include mortality rates and future improvements in mortality, and
retirement/termination rates. If people live longer or stay in employment longer than expected then plan costs will
increase accordingly as more benefits are being accrued, and vice versa.
Contribution risk—that the plan sponsor will be unable or unwilling the fund the Plan
The plan sponsor contributes the actuarial funding contribution each year based on the plan's funding policy. While
the sponsor maintains this policy, contribution risk is negligible.
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, iv,ii 25
60
Monroe County Length of Service Award Plan for Volunteer Firefighter and Emergency
Medical Services Volunteers
Exhibit 14
Risk Assessment
January 1, 2025
Maturity Measures
Pension plan maturity provides another way to assess risk. Shown below are certain maturity measures for the plan
and a high-level explanation of each measure.
1/1/2024 1/1/2025
Retiree liability/Total funding liability 51.12% 54.97%
Benefit payments/Market value of assets 4.17% 4.81%
Contributions- Benefit payments $ 61,630 $ (23,347)
Duration of plan liability 5.33 5.36
Retiree liability/Total liability— illustrates the maturity of the plan, with a higher percentage indicating greater risk.
Benefit payments/Market value of assets—this cash flow indicator illustrates the portion of plan assets used each
year to pay benefits.
Contributions- Benefit payments—this net cash flow figure illustrates how much is being contributed to the plan
compared to how much is being paid to participants.
Duration of plan liability—this measure illustrates the approximate sensitivity of plan liabilities to a 1% change in
interest rates.
An assessment of risk beyond what is presented here is outside the scope of this analysis. Additional analysis could
be conducted upon request, such as scenario testing or stochastic modeling, to help provide a better understanding
of the risks specific to the plan.
Low-Default-Risk Obligation Measure ("LDROM")
ASOP 4 also requires commentary to help the intended user understand the significance of the LDROM with respect
to the funded status of the plan, plan contributions, and the security of participant benefits. The settlement estimate
provided may be used to understand the funded status on a termination basis and any additional contributions that
may be needed to terminate the plan. However, in lieu of terminating the plan, the plan sponsor is currently
committed to maintaining the funding of the plan on an ongoing basis. Therefore, the current funded status and
contributions are appropriately measured as shown throughout this report.
With respect to security of participant benefits, since this plan is fully funded on risk-free basis, participant benefits
can be considered secure. Note that the plan not being fully funded on a risk-free basis does not mean the
participant benefits are not secure. Security of participant benefits relies on the ability of the plan sponsor to make
necessary contributions to fund the benefits.
If the plan were to terminate without enough assets to cover the termination liabilities, participants would not be able
to obtain their full benefits. However, if the plan continues to afford to operate on an ongoing basis and makes
reasonable and appropriate contributions with managed risk, the participants' benefits will remain secure. Actuaries
play a role in helping determine funding methods and policies that can achieve affordable and appropriate
contributions and risk management. The results throughout this report are used for this purpose.
County of Monroe, Florida
202',Al11 .I J (v IIIIgIim AIII1,11 k,ICm, iv,ii 26
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ORDINANCE NO. - 1999
AN ORDINANCE PROVIDING FOR THE CREATION OF A LENGTH OF SERVICE
AWARD PLAN PROVIDING BENEFITS TO ELIGIBLE VOLUNTEER FIREFIGHTERS
AND EMERGENCY MEDICAL SERVICES VOLUNTEERS: PROVIDING FOR
SEVERABILITY: PROVIDING FOR REPEAL OF ORDINANCES INCONSISTENT
HEREWITH: PROVIDING FOR INCLUSION IN THE CODE OF ORDINANCES;
PROVIDING FOR AN EFFECTIVE DATE.
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA:
Section 1. Definitions.
(a) "Benefit Commencement Date" means the first day of the month
coincident with or next following a Participant's attainment of his or her Normal
Retirement Age, or, if earlier, the first day of the month following the Participant's
death or disability.
(b) "Board" means the Monroe County Board of County Commissioners.
(c) "County" means Monroe County, Florida.
(d) "Disability" means a disability which entitles an individual to disability
benefits payable by Social Security.
(e) "Effective Date" means January 1, 1999.
(f) "Eligibility Date" means January 1 of each year.
(g) "Emergency Medical Services ("EMS") Volunteer" means any person
whose name is carried on the active Volunteer membership roll of a non-profit
corporation, created to provide emergency medical services, that has contracted
with the Monroe County Board of County Commissioners, or with a County fire
department, or with an MSTU created by the. Board under §125.01(1), to provide
emergency medical services which has not elected out of participation in this
Plan.
(h) "Length of Service Awards Program" ("LOSAP") or (Plan") shall mean the
length of service award plan as herein set forth, as it may be amended from time
to time.
(i) "Normal Retirement Age" means the date a Participant attains age 60.
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(j) "Participant" means any Volunteer Firefighter or EMS Volunteer who is
covered by this Plan as provided in Section 3.
(k) "Plan Administrator" means the Board or such other person or entity as
shall be from time to time designated by the Board to administer this Plan. -
(1) "Plan Year" means the 12-month period ending on December 31, 1999
and each 12-month period ending on December 31 thereafter.
(m) "Volunteer Firefighter" means:
(i) any person whose name is carried on the active Volunteer
membership roll of a nonprofit corporation, created for fire fighting
purposes, that has contracted with the Monroe County Board of County
Commissioners or a County fire department, or with a municipal service
taxing or benefit unit ("MSTU") created by the Board under §125.01(1) to
extinguish fires, to protect life, and to protect property which has not
elected out of participation in this Plan; or
(ii) whose name is carried on the active volunteer membership roll of
the Monroe County Fire Department or a fire control MSTU created by the
Monroe County Board of County Commissioners under §125.01(1),
Florida Statutes.
(n) "Year of Service" means:
(i) For purposes of the Plan other than benefit accrual, each year of
volunteer service for which the business records of the nonprofit
corporation or MSTU created by the Board, show, to the satisfaction of
the County Fire Rescue Coordinator, the Participant:
(A) was 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.
(ii) A Participant will be credited with Years of Service for purposes of
benefit accrual under the Plan as follows:
(A) A Year of Service will be credited for each Plan Year in
which a Volunteer meets the requirements set forth in subsection
(i)(A) and (B) above.
(B) Each year during the annual budget process, the Board may
consider crediting each Participant with an additional Year of
Service for service accrued prior to the Effective Date of the Plan.
The total number of Years of Service that may be credited for
service accrued prior to the Effective Date of the Plan shall not
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exceed the actual number of Years of Service actually earned by
each Participant prior to the Effective Date of the Plan.
(iii) For all purposes of the Plan, 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 and later returns to an 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.
(iv) Notwithstanding anything to the contrary, no Years of Service shall
be earned for any year of volunteer service after the Participant has
attained age sixty (60).
Section 2. Name and Purpose of the Plan
(a) A length of service award program is hereby established in accordance
with the terms hereof and shall be known as the "Monroe County, Florida Volunteer
Firefighter and Emergency Medical Services Length of Service Award Plan".
(b) This Plan is intended to meet the requirements of Section 457(e)(11) of
the Internal Revenue Code of 1986, as amended ("Code").
Section 3. Administration
(a) The Plan Administrator shall have complete control and discretion to
manage the operation and administration of the Plan. Not in limitation, but in
amplification of the foregoing, the Plan Administrator shall have the following
powers:
(i) To determine all questions relating to the eligibility of Volunteer
Firefighters and EMS Volunteers to participate or continue to participate;
(ii) To maintain all records and books of account necessary for the
administration of the Plan;
(iii) To interpret the provisions of the Plan and to make and to publish
such interpretive or procedural rules as are not inconsistent with the Plan
and applicable law;
(iv) To compute, certify and arrange for the payment of benefits to
which any Participant or beneficiary is entitled;
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(v) To process claims for benefits under the Plan by Participants or
beneficiaries;
(vi) To engage consultants, attorneys, accountants, specialists, and
other persons it deems necessary and desirable to assist the Plan
Administrator in carrying out its duties under this Plan; and
(vii) To develop and maintain such instruments as may be deemed
necessary from time to time by the Plan Administrator to facilitate
payment of benefits under the Plan.
(b) The Plan shall be administered in accordance with the requirements of
Chapter 112, Part VI I, Florida Statutes.
(c) Except to the extent otherwise required by law, the Plan Administrator
shall have the full authority and discretion to act, and the Plan Administrator's
actions shall be binding and conclusive on all parties.
(d) A Participant or a beneficiary ("Claimant") may file with the Plan Administrator
a written claim for benefits, if the Participant or beneficiary determines the
distribution procedures of the Plan have not provided him his proper benefit from the
Plan. The Plan Administrator must render a decision on the claim within a
reasonable period of time of the Claimant's written claim for benefits. The Plan
Administrator must provide adequate notice in writing to the Claimant whose claim
for benefits under the Plan the Plan Administrator has denied. The Plan
Administrator's notice to the Claimant must set forth:
(i) The specific reason for the denial;
(ii) Specific references to pertinent Plan provisions on which the Plan
Administrator based its denial;
(iii) A description of any additional material and information needed for the
Claimant to perfect his claim and an explanation of why the material or
information is needed; and
(iv) That any appeal the Claimant wishes to make of the adverse
determination must be in writing to the Plan Administrator within sixty (60)
days after receipt of the Plan Administrator's notice of denial of benefits. The
Plan Administrator's notice must further advise the Claimant that his failure to
appeal the action to the Plan Administrator in writing will render the Plan
Administrator's determination final, binding and conclusive. The Plan
Administrator's notice of denial of benefits must identify the name and
address of the Plan Administrator to whom the Claimant may forward his
appeal.
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If the Claimant should appeal to the Plan Administrator, he, or his duly
authorized representative, may submit, in writing, whatever issues and
comments he, or his duly authorized representative, feels are pertinent. The
Claimant, or his duly authorized representative, may review pertinent Plan
documents. The Plan Administrator will re-examine all facts related to_ the
appeal and make a final determination as to whether the denial of benefits is
justified under the circumstances. The Plan Administrator must advise the
Claimant of its decision within a reasonable period of time of the Claimant's
written request for review.
Section 4. Eliciibility.
(a) The Plan Administrator shall, in its sole discretion, determine those
Volunteer Firefighters and EMS Volunteers ('Volunteers") eligible to participate
in the Plan. Volunteer Firefighters and EMS Volunteers shall enter the Plan as
Participants on the Eligibility Date concurring with or immediately following the
determination of their eligibility by the Plan Administrator.
Any Volunteer who was age 60 or older on January 1, 1999 shall not be
eligible to participate in this Plan. In addition, any Volunteers who are age 60 or
older at the time they commence volunteer service, or who commence service at
a time that will not permit them to earn ten Years of Service by their Normal
Retirement Age shall not be eligible to participate in this Plan. If, as of any
Eligibility Date, an otherwise eligible person shall be determined to be unable to
earn ten Years of Service prior to age 60, that person shall be ineligible for any
future participation in the Plan.
(b) The initial number of number of Volunteers who may participate in the
Plan for Plan Years for each volunteer fire/rescue department under contract
with the County are:
Volunteer Number of
Department Volunteers
Stock Island 12
Big Coppitt 16
Sugarloaf 18
Big Pine 26
Marathon 36
Conch Key 18
Layton 16
Tavernier 28
Key Largo, Fire 36
Key Largo, Ambulance 25
(c) The Board may, in its discretion increase or decrease the number of
volunteers eligible to participate in the Plan for any Plan Year.
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Section 5. Contributions and Benefits
(a) For each Plan Year, the Board shall appropriate funds from the budgets
of the various volunteer 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. The amount of the annual contribution will be
calculated by the Plan Administrator and presented to the Board for approval or
modification during the annual budget adoption process.
(b) Upon attainment of Normal Retirement,Age, a Participant shall be fully
vested in his Plan benefit determined pursuant to the following schedule:
Benefit Schedule
YEARS MONTHLY ANNUAL
SERVICE BENEFIT BENEFIT
25 $375 $4500
24 360 4320
'23 345 4140
22 330 3960
21 315 3780
20 300 3600
1P 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
(i) The benefit schedule may be increased for cost of living
adjustments in future years if the Board deems it desirable.
(ii) Notwithstanding anything to the contrary, in no event shall any
Participant accrue a benefit in excess of $3,000 for any Year of Service.
(c) Upon completion of ten Years of Service, a Participant shall be vested in
a benefit under this Plan in the amount set forth in (b) above, payable upon the
Participant's Benefit Commencement Date.
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(d) A Participant who does not have ten Years of Service as of his Normal
Retirement Age shall not be entitled to any benefit under this Plan.
Section 6. Form and Payment of Benefits.
(a) Timing of Payment.
(i) The distribution of a Participant's benefit as determined in Section
5 shall be paid in the manner described in paragraph (b) of this Section 6
and shall commence on the Participant's Benefit Commencement Date,
subject to the Participant's (or beneficiary's) proper completion of benefit
application forms available from the Plan Administrator. Payment of
benefits shall commence on the Participant's Benefit Commencement
Date notwithstanding that the Participant remains on an active
membership roll as a Volunteer Firefighter or EMS Volunteer. A
Participant (or beneficiary) must apply for benefits and complete the
necessary benefit application forms within sixty months of his Normal
Retirement Age or all benefits otherwise payable to the Participant under
the Plan will be forfeited.
(ii) Notwithstanding the foregoing, upon a Participant's death, his
benefit will be paid to the beneficiary designated in accordance with
Paragraph (d) of this Section 6.
(b) Form of Payment. Except as otherwise provided herein, benefit
payments are payable monthly for a period of ten years.
(c) Vesting.
(i). to order to be eligible to receive any benefit payments under this
Plan, a Participant must:
(A) be credited with ten Years of Service prior to attainment of
Normal Retirement Age;
(B) for Volunteer Firefighters, have met all requirements as
defined by the County necessary to attain the rank of Structural
Firefighter, Non-Structural Firefighter and/or Emergency Vehicle
Driver-Operator prior to being credited with ten Years of Service,
and
(C) for EMS Volunteers, have met all requirements as defined
by the State of Florida necessary to drive an emergency medical
care and transportation vehicle (ambulance) and/or attain
certification as an Emergency Medical Technician or Paramedic
prior to being credited with ten Years of Service.
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(d) Payment to Beneficiary.
(i) If a vested Participant dies or becomes disabled prior to attaining
his Normal Retirement Age, he or his beneficiary will be entitled to receive
the present value of the benefits accrued as of the date of such death or
disability. Benefits accrued will be determined by the number of the
Participant's Years of Service as of the date of such death or disability.
Benefits may be paid, at the Plan Administrator's discretion, either in
monthly payments over the period of ten years or in a lump sum payment.
(ii) If the Participant dies after payments have commenced but before
he has received all of his benefits under the Plan, all unpaid amounts
shall continue to be paid to his beneficiary or beneficiaries for the portion
of the installment period remaining after the Participant's death.
(iii) At anytime and from time to time, each Participant shall have the
right to designate a beneficiary to receive his death benefit and to revoke
such designation. Each designation or revocation shall be evidenced by
written instrument filed with the Plan Administrator, signed by the
Participant and bearing the signature of a witness to his signature. In the
event that a Participant has not designated a beneficiary or beneficiaries,
or if for any reason such designation shall be legally ineffective, or if such
beneficiary or beneficiaries shall predecease the Participant, then the
personal representative of the estate of such Participant shall be deemed
to be the beneficiary designated to receive such death benefit, or if no
personal representative is appointed for the estate of such Participant,
then his next of kin under the statute of descent and distribution of the
state of such Participant's domicile at the date of his death shall be
deemed to be the beneficiary or beneficiaries to receive such death
benefit.
(e) Calculation of Lump Sum Payment and Present Value of Benefits.
Whenever the Plan provides for the payment of a benefit in the form of a lump
sum or refers to the present value of an accrued benefit, the value of the lump
sum benefit or present value of the benefit shall mean the present value of future
benefit payments discounted at an annual interest rate to be determined as
follows:
For each Plan Year, the interest rate for that year shall be equal to the
yield shown in The Wall Street Journal for the last business day of the
preceding calendar year in the "Yield Comparisons" table for Treasury
10+ years rounded up to the next whole percentage. The Plan
Administrator shall have the discretion to set calculation procedures and
approximations to be used in determining lump sum and present values.
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Section 7. Trust Account and Administration.
(a) The Board shall establish a trust account with the County Clerk of the
Circuit Court for the deposit of LOSAP contributions that are appropriated by the
Board. Other than the establishment of the trust account, the Clerk shall have
no further administrative duties or obligations with respect to the Plan.
(b) The assets in the Plan trust account shall be used to pay all expenses of
the administration of the Plan, including compensation of a trustee appointed by
the Board, if any, the compensation of any investment manager, the expense
incurred by the Plan Administrator in discharging its duties, and any interest that
may be payable on money borrowed by a trustee for the purpose of the Plan. In
the alternative, the County may pay the expenses of the Plan. Any such
payment shall not be deemed a contribution to the Plan.
(c) The Plan trust account shall be invested in accordance with the
provisions of Section 125.31, Florida Statutes.
Section 8. Plan Amendment and Termination Provisions.
(a) Amendment and Termination. The Plan may be amended at any time,
or from time to time, by the Board, and the Plan may be terminated completely or
with respect to any individually contracted volunteer fire department or
emergency medical services contractor, at any time by the Board.
(b) Effect of Termination.
(i) Upon termination, those Participants or beneficiaries who began
receiving payments prior to the Plan's termination date will receive a
single lump sum benefit equivalent to the present value of the benefits
remaining to be paid to the Participant.
(ii) Those Participants who have been credited with ten Years of
Service but have not attained their Normal Retirement Age prior to the
termination will receive a pro-rata share of the remaining Plan assets
(less any remaining administrative costs). The pro-rata share will be
based upon the lump sum value of the Participant's benefit under the Plan
as of the date of Plan termination.
(iii) In the case of the termination of an individual department's
participation in the Plan, those vested Participants with ten Years of
Service as of the date of termination of participation will receive a benefit
equivalent to the present value of their accrued benefit determined under
Section 5 of the Plan as of the termination date. The Board may, in its
discretion, pay benefits in the form of a single lump sum or in installment
payments annually over the ten year period beginning on the next fiscal
year after the date of such termination. No other liabilities of any sort
shall be recognized or payable by the Plan.
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(iv) No other benefits shall be paid to Participants, whether vested or
not on the date of the Plan termination, and no Participant has any right to
any present or future benefit payment from the Plan after the Plan is
terminated by the Board. _
Section 9. Miscellaneous.
(a) Payments to Minors and Incompetents. If any person entitled to a
payment under the Plan is deemed by the Plan Administrator to be incapable of
personally receiving and giving a valid receipt for such payment, then, unless
and until claim therefor shall have been made by a duly appointed guardian or
other legal representative of such person, the Plan Administrator may provide for
such payment or any part thereof to be made to any other person or institution
that is contributing toward or providing for the care and maintenance of such
person. Any such payment shall be a payment for the account of such person
and a complete discharge of any liability of the Board and the Plan therefor.
(b) No Interest in Assets.
(i) Nothing contained in the Plan shall be deemed to give any
Participant any equity or other interest in the assets, business or affairs of
the Board or Monroe County.
(ii) Nothing contained in the Plan shall constitute a guaranty by the
Board that the assets of Monroe County will be sufficient to pay any
amount hereunder. No Participant or beneficiary shall have any right to
receive a distribution under the Plan except in accordance with the terms
of the Plan.
(c) Non-Alienation of Benefits. No interest of any person or entity in, or right
to receive a distribution under, the Plan, shall be subject in any manner to sale,
transfer, assignment, pledge, attachment, garnishment, or other alienation or
encumbrance of any kind; nor may such interest or right to receive a distribution
be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or
other obligations or claims against, such person or entity, including claims for
alimony, support, separate maintenance and claims in bankruptcy proceedings.
(d) General Provisions.
(i) If any section, subsection, sentence, clause or provision of this
Ordinance is held invalid, the remainder of this Ordinance shall not be
affected by such invalidity.
(ii) All Ordinances or parts of Ordinances in conflict with this
Ordinance are hereby repealed to the extent of said conflict.
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(iii) The provisions of this Ordinance shall be included and
incorporated in the Code of Ordinances of the County of Monroe, Florida,
as an addition to amendment thereto, and shall be appropriately
renumbered to conform to the uniform numbering system of the Code.
(iv) This Ordinance must be filed in the Office of the Secretary of State,
State of Florida, but will not take effect until 90 days from the date of
adoption by this Board.
(v) This Plan shall be administered, construed and enforced according
to the laws of the State of Florida.
PASSED AND ADOPTED by the Board of County Commissioners of Monroe
County, Florida at a regular meeting of said Board held on the 9th day of
June , 1999.
Mayor Wilhelmina Harvey yes
Mayor Pro Tern Shirley Freeman yes
Commissioner George Neugent �g
Commissioner Nora Williams
ommissioner Mary Kay Reich yes
BOARD OF COUNTY COMMISSIONERS
a- ANNY L. KOLHAGE, CLERK OF MONROE COUNTY, FLORIDA
By: By:
eputy k Mayor/Chairman
Effective Date
97363.8/15115.980395
NDRO ADS S TO FORM
B FFI
RO ERT N
DATE
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