Exh 26The Report of the
Annual Actuarial Valuation
September 30,2003:
i City of-Atlantic Beach
Police Officers' Retirement System
Contribution Amounts are
For the Plan Year Beginning October 1,2004.
To be Contributed During
The Fiscal Year Beginning October 1,2004
Submitted•`to
v • -' heBoard=of Trustees
a city of Atlantic Beach a.'.
Police Officers' Retirement System.
Gabriel,Roeder,Smith&Company
Actuaries•Consultants
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF FUNDING PROGRESS@
Actuarial
Accrued Active Unfunded AAL as
Actuarial Liability Participant a Percentage of
Value of (AAL) Entry Unfunded Funded Covered Active Member
Valuation Assets age AAL Ratio Payroll Covered Payroll
Date* a)# b) b)-(a) a)/(b) c)b-a)/c)
1994 4,549 6,061 1,512 75.1 %3,068 49.3 %
1995 5,546 7,200 1,654 77.0 3,054 54.2
1996 6,517 8,290 1,773 78.6 3,107 57.1
1997 7,435 9,275 1,840 80.2 3,305 55.7
1998 8,457 10,404 1,947 81.3 3,609 53.9
1998(w/o Fire) 7,127 9,144 2,017 77.9 3,007 67.1
1999 3,393 4,089 696 83.0 1,018 68.4
2000 3,791 4,615 824 82.1 1,213 67.9
2001 4,068 5,016 948 81.1 1,155 82.1
2002 4,230 5,334 1,104 79.3 1,195 92.4
2003 4,373 5,986 1,613 73.1 1,129 142.9
Dollar amounts are in thousands.
After changes in benefits and/or actuarial assumptions and/or actuarial cost methods.
The actuarial value of assets used before 9/30/97 plan year were at market value; the asset method used after that date
is described on page B-4.
@ Includes General and Fire prior to 1999 except one case in 1998.
Analysis of the dollar amounts of actuarial value of assets, actuarial accrued liability, or unfunded
actuarial accrued liability in isolation can be misleading. Expressing the actuarial value of assets as a
percentage of the actuarial accrued liability provides one indication of the system's funded status on a
going-concern basis. Analysis of this percentage over time indicates whether the system is becoming
financially stronger or weaker. Generally, the greater this percentage, the stronger the plan. The
unfunded actuarial accrued liability and annual covered payroll are both affected by inflation.
Expressing the unfunded actuarial accrued liability as a percentage of covered payroll approximately
adjusts for the effects of inflation and aids analysis of the progress being made in accumulating
sufficient assets to pay benefits when due. Generally, the smaller this percentage, the stronger the
plan.