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08-22-11 Commission Workshop Agenda Packet City of Atlantic Beach Commission Workshop August 22, 2011 4:00 pm AGENDA Call to Order 1. Review of the Defined Benefit Study by Foster& Foster, Inc. Adjourn In accordance with the Americans with Disabilities Act and Section 286.26, Florida Statutes, persons with disabilities needing special accommodation to participate in this meeting should contact the City Clerk by 5:00 PM, Friday, August 19, 2011. CITY OF ATLANTIC BEACH DEFINED BENEFIT PLAN STUDY By, Foster & Foster, Inc. August 10, 2011 SECTION I INTRODUCTION 2 Aggregate Cost Method: The Aggregate Cost Method defines the Normal Cost as the level percentage of payroll to fund the difference between the total present value of benefits (active and inactive Members) minus the actuarial value of assets. By definition, there is no Unfunded Actuarial Accrued Liability, thus Normal Cost is the only component of the Plan's contribution requirement. As you are aware, the City currently sponsors defined benefit plans for their Police Officers and General Employees. Generally speaking, these types of plans exist to recruit and retain quality employees. The specific scenarios with 30-year projections of costs that the City asked us to review are as follows: 1) Current program's baseline funding requirements computed with the current Plan provisions, assumptions and cost method (Entry Age Normal Cost). 2) Close the current Plans for new hires, existing Members are covered under current Plan provisions. Future new hires would be covered under new Defined Benefit Plan with following provisions: a. Reduce the Benefit multiplier by 1A% increments to 1.5% b. Vesting at 10 years of Credited Service c. Final Average Salary defined to use base pay only d. Normal Retirement Age of 62 and 65 for General Employees and age 55 with ten (10) years of Credited Service for Police Officers e .Early Retirement Age five years prior to Normal Retirement Age with actuarially equivalent reductions f. Disability equal to vested accrued benefit g. Life annuity as normal form of payment at retirement 3) Implement a Defined Contribution Plan in lieu of the current Pension Plan for all future new hires: a. The City would contribute 6% for all new hires for first ten (10) years of Credited Service and 10% per year thereafter b. Vesting of five (5) years phased or 100% at one (1), or five (5) or ten (10) Years of Credited Service 4) Freeze current Plans and establish new Defined Benefit Plan for all Members: a. Reduce Benefit multiplier by %% increments to 1.5% b. Vesting at 10 years of Credited Service c. Final Average Salary defined to use base pay only 4 benefit percentage in excess of 50% ( 60% for a Police Officer) , such percentage will not be reduced but will not further increase. The Study Items described above were all examined independently and separately from one another. The cost impact of Items 2 through 5 were developed using the baseline results of Study Item 1. The balance of the study will examine a projection of the anticipated costs associated with making any one of the aforementioned Study Item changes. When reviewing the proposed numbers, please keep in mind the following: • The projections were based upon census data as of the October 1, 2010 Actuarial Valuation. Additionally, we relied upon actuarial assumptions, methods, asset information, and Plan provisions contained in the Gabriel, Roeder, Smith and Company October 1, 2010 Actuarial Valuation Report. For the Study Items that changed the Normal Retirement Age, we modified the assumptions for new entrants to reflect the later eligibility for Normal Retirement. • For purposes of the projections, assets were assumed to earn 8.0% per year, net of investment related expenses, beginning October 1, 2010. This is the respective assumption currently utilized for valuation purposes. • For purposes of developing future costs, the population was assumed to be constant, meaning that as Members are projected to terminate or retire, they will - be replaced with new Members. • Future new hires are assumed to enter the General Employees' Plan at the age of 40 with a salary of$30,000 with 60% of them male. The new entrants into the Police Officers' Plan are assumed to enter at the age of 30 with a salary of $40,000 and 85% are assumed male, based on recent experience of new entrants. • Future mortality, disability, turnover, retirement, payroll, and wage increases will all be assumed to occur in accordance with the actuarial assumptions outlined in the October 1, 2010 Actuarial Valuation Report and the modified rates for new entrants. • Deviations in Plan experience relative to the assumptions may have a dramatic impact upon future contribution requirements. • Savings will not be maximized until all Members are under the new plan parameters. This is because benefits accrued to date for the existing participants must be protected by law. SECTION II POLICE OFFICERS' PLAN BACKGROUND 7 are defined as 3.00% of Final Average Compensation for each year of Credited Service, subject to a maximum of 100% of Final Average Compensation. If a Police Officer has earned 25 years of Credited Service with Atlantic Beach, then their benefit at retirement is 75% (3.00% times 25 years) of their Final Average Compensation. The Final Average Compensation period is defined as the average of the best consecutive 5 years out of the last 10 years (all pay is included, excluding special detail pay). Therefore, if the average salary of the Police Officer during their last 5 years of service was $80,000, then their retirement benefit would be $60,000 per year(75% of$80,000). This benefit would be payable for the life of the retiree, with ten (10) years of payments guaranteed in any event. These benefits are very comparable to other Police departments in the State and in the area. We are the actuaries for a large number of Defined Benefit Plans in Florida. Attached in Section VIII of this report is a comparison of benefits, contribution requirements, and other valuation statistics for Atlantic Beach along with all of our clients in which a 2010 valuation report has been completed. Because the benefits are defined in a Defined Benefit Plan and the contributions are not, an actuary needs to calculate the required contributions to ensure that there will be enough money in the Pension Fund to pay all of the promised benefits to the current and future retirees when they are due. Each year, as of October 1st, actuaries make projections as to all of the retirement benefits that they expect the Plan will need to pay in the future. They then compare that liability to the assets in the Fund and determine required contributions for the following year. The primary assumptions used in determining these funding requirements are the expected investment return, individual salary increases, turnover rates and mortality rates. The methodology utilized by the Board of Trustees is the Entry Age Normal Cost Method. Under this method, a Normal Cost is determined. This Normal Cost is calculated such that if this level percentage of payroll is contributed every year, and all of the assumptions are met regarding investment return, turnover, etc., then there will be enough money in the Fund to pay all promised benefits when they are due. The Normal Cost is currently 19.3% of payroll for the Plan. What happens in reality is that the investments in any given year don't earn exactly 8.0% and average salary increases are not exactly the average of 6.4% (the assumption for the Plan prior to October 1, 2010), etc. Therefore, in addition to the Normal Cost an extra positive or negative contribution will need to be made to account for the fact that the plan has had deviations from the expected. The term Unfunded Actuarial Accrued Liability is a measure of how much money needs to be contributed in addition to the annual Normal Cost in order to fund all future benefits (based upon the Plan's assumptions). The current Unfunded Actuarial Accrued Liability (UAAL) for the Plan is $3,284,920 (as of October 1, 2010). SECTION III GENERAL EMPLOYEES' PLAN BACKGROUND 10 growth decreases below 4%, the amortization payments will increase. Under Study Item 3, the payroll growth assumption becomes 0% since future hires are covered in a Defined Contribution plan and a payroll growth assumption is not allowed. It is important to point out that there are three events that can increase or decrease the UAAL. The first one, mentioned earlier, is that the plan experiences deviations from the expected with regard to investment return, salary increases, turnover, etc. These are what we term "experience gains or losses." Another event is when there is a change to the actuarial assumptions or methods. If the assumption regarding salary increases in increased, then the projected benefits at retirement are higher and there is an increase in the Unfunded Actuarial Accrued Liability. The last event that causes an increase or decrease in the UAAL is a benefit change. 11 PENSION PLAN FOR POLICE OFFICERS RESULTS In the determination of the baseline results on Study Item 1, we have identified the City's contribution rate for the existing plan and the existing actuarial cost method and the current assumptions. We have also determined the amortization of the impact of Plan Amendments on a level percentage of pay basis over thirty (30) years. Future gains and losses were amortized over fifteen (15) years on a level percentage of pay basis. The basic results of the study will be shown in more detail later, but are discussed briefly on the following few pages. The term "City contribution rate" is defined to be the net rate the City would contribute and does not include any applicable employee contribution or State Monies. Study Item #1: Current Plan As previously mentioned, we developed a set of baselines under Study Item 1. The first Item was developed as if the current Plan provisions hold and the assumptions are unchanged. While the 2013 fiscal year expense is slightly lower than 2012 due to the fact an amortization base is fully paid off in 2012, the costs increase slightly in the near term as net investment losses continue to flow into the Plan, in spite of assumed 8.0% _ net-of-fees market returns from Fiscal 2011 and beyond. The City's costs begin to decrease in fiscal year 2016 as a result of amortization amounts expiring and the assets are stable. The City's cost drops below 20% in 2026 and ends at 16.4% of payroll for 2041 fiscal year. This rate is less than the current level of 31% primarily due to fact the Plan benefit improvements and accumulated experience losses existing in 2010 have been funded and the resulting cost is generally just the Normal Cost and Administrative Expenses less the State Monies and Member Contributions. In order to effectively compare the results determined between the baseline projection (Study Item 1) and the remaining Study Items, the percentages expressed in Study Items 2 through 5 have been determined using a normalized payroll that is equal to the projected payroll developed under the baseline results of Study Item 1. We believe this is the best way to adequately display the differences in the funding requirements resulting from each of the proposed Plan changes. 13 to 37.9% of payroll in Fiscal 2016 and decrease to 11.1% at the end of the 30-year projection period. Study Item #2 (C): Reduce the benefit multiplier prospectively from 3.0% to 1.5%, change Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 55 with 10 Years of Credited Service for Future Hires Only Currently the benefit multiplier is 3.0% for each year of service for Members and Normal Retirement after twenty-five (25) Years of Credited Service at any age. This change would decrease the multiplier to 1.5% per year after October 1, 2011, increase the Normal Retirement Age to 55 with ten (10) years of Credited Service and use base salary for future new hires. Current Members would not be impacted by any of these changes. This modification would produce an initial increase in City costs since it only impacts future new hires and future State Monies are eliminated. Gradually the change in the benefit provisions reduces the City's costs. The City's contribution rate would increase to 37.4% of payroll in Fiscal 2016 and decrease to 8.5% at the end of the 30-year projection period. Study Item #3: Continue the existing Defined Benefit Plan for Current Members and Cover Future Hires in Defined Contribution Plan After October 1, 2011, future hires would not be eligible to participate in the Pension Plan but rather be covered under a new Defined Contribution Plan. The City would contribute 6% of base salary for Members with less than ten (10) years of Credited Service and 10% for Members with ten (10) or more years of Credited Service. For purposes of this projection, we have assumed the same retirement and termination rates as the Pension Plan and a five (5) year phased vesting schedule. The alternative vesting schedules which would be 100% at either 1, 5 or 10 years did not produce a noticeable impact on the results thus we have only shown the projection under the five (5) year schedule. 15 Study Item #4 (B): Freeze the Current Pension Plan, new Defined Benefit with reduction in the benefit multiplier prospectively from 3.0% to 2.0%, Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 55 and 10 Years of Service for All Members Currently the benefit multiplier is 3.0% for each year of service for Members. Normal Retirement Age is at any age with twenty-five (25) years of Credited Service. The change in provisions would decrease the multiplier to 2.0% for every year of Credited Service after October 1, 2011, increase the Normal Retirement Age to 55 with ten (10) years of Credited Service and use base salary for the Final Average Compensation for all current Members as well as future new hires. The benefit accrued through October 1, 2011 would be determined using the current Benefit Multiplier, Credited Service earned to September 30, 2011 and the Final Average Compensation computed as of September 30, 2011. This benefit would be payable at the Normal Retirement Age of 55 with ten (10) years of Credited Service or twenty-five (25) Years of Service and any age. While the 2012 cost would increase due to the loss of future State Monies, this modification would have a significant impact initially since it reduces the projected benefits of current Members as well as future new hires. The City's contribution rate would drop to 16.5% of payroll in Fiscal 2020 and decrease to 11.0% at the end of the 30-year projection period. Study Item #4 (C): Freeze the Current Pension Plan, new Defined Benefit with reduction in the benefit multiplier prospectively from 3.0% to 1.5%, Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 55 and 10 Years of Service for All Members Currently the benefit multiplier is 3.0% for each year of service for Members. Normal Retirement Age is at any age with twenty-five (25) years of Credited Service. The change in provisions would decrease the multiplier to 1.5% for every year of Credited Service after October 1, 2011, increase the Normal Retirement Age to 55 with ten (10) years of Credited Service and use base salary for the Final Average Compensation for all current Members as well as future new hires. The benefit accrued through October 1, 2011 would be determined using the current Benefit Multiplier, Credited Service earned to September 30, 2011 and the Final 17 Study Item #6 (A): Close the Current Pension Plan, new Hybrid Defined Benefit/Defined Contribution Plan for future new hires After October 1, 2011, future hires would be eligible to participate in a new Hybrid Defined Benefit/ Defined Contribution Plan. The provision of this change would decrease the multiplier to 1.5% for each year of Credited Service, increase the Normal Retirement Age to 55 with ten (10) years of Credited Service and use base salary for the Final Average Compensation for future new hires only. In addition, new hires would be covered under a new Defined Contribution Plan. The City would contribute 3% of base salary for Members with less than ten (10) years of Credited Service and 5% for Members with ten (10) or more years of Credited Service For purposes of this projection, we have assumed the same retirement and termination rates as the Pension Plan and a five (5) year phased vesting schedule. This modification would produce an initial increase in City costs since it only impacts future new hires and future State Monies are eliminated. Eventually the change in the benefit provisions reduces the City's costs. The City's contribution rate would equal the baseline percentage of 13.6% of payroll in Fiscal 2028 and decrease to 12.6% at the end of the 30-year projection period. Study Item #6 (B): Freeze the Current Pension Plan, new Hybrid Defined Benefit/Defined Contribution Plan for all Members The Pension Plan would be frozen as of September 30, 2011 with current Members entitled to their accrued benefit based upon Credited Service and Final Average Compensation computed at September 30, 2011. All Members including future hires would be eligible to participate in the revised Pension Plan and be covered under a new Defined Contribution Plan. The provisions of the revised Pension Plan would include reducing the multiplier to 1.5% for every year of Credited Service after October 1, 2011, increasing the Normal Retirement Age to 55 with ten (10) years of Credited Service and using base salary for the Final Average Compensation for all Members. In the new Defined Contribution Plan, the City would contribute 3% of base salary for Members with less than ten (10) years of Credited Service and 5% for Members with 19 Study Item #7 (B): Cap the Retirement Benefit to 60% of Final Average Compensation for all Members Currently the benefit multiplier is 3% for each year of service for Members. The Final Average Compensation is currently defined as base salary including longevity pay and overtime. This change would cap the retirement benefit to 60% of Final Average Compensation for current Members and future new hires. If a current Member has accrued more than 60% as of October 1, 2011 the higher percentage would be used on their ultimate Final Average Compensation but such percentage would not further increase. As previously mentioned, the costs would increase initially for fiscal 2012 since future State Monies would be eliminated. The initial City cost would be 36.2% which would be the 2012 result without the State Monies. After 2012 the cost is slightly less than the baseline result even without State Monies. After 2028 this City cost will be slightly higher due to the fact the minimum contribution is Normal Cost. While the Normal Cost under this Study Item is less than the Normal Cost under the baseline, the State Monies reduce the baseline results. 21 City of Atlantic Beach Police Officers' Retirement System 30-Year Projections of City Contribution Rates Fiscal Year Ending Item 1 Item 3 Item 5 2012 31.1% 36.2% 45.5% 2013 28.0% 38.1% 24.9% 2014 30.5% 38.7% 23.1% 2015 32.3% 38.4% 23.2% 2016 34.4% 38.9% 24.2% 2017 33.3% 35.5% 21.5% 2018 33.0% 34.9% 21.0% 2019 32.5% 32.5% 19.1% 2020 29.3% 28.5% 15.8% 2021 28.2% 25.6% 13.4% 2022 25.4% 22.9% 11.1% 2023 28.2% 24.5% 13.2% 2024 27.3% 22.4% 11.9% 2025 21.1% 17.0% 8.8% 2026 18.5% 14.3% 8.4% 2027 16.8% 12.3% 8.1% 2028 15.1% 9.9% 7.9% 2029 15.2% 9.8% 7.8% 2030 15.0% 9.1% 7.6% 2031 15.3% 8.7% 7.4% 2032 15.6% 8.2% 7.2% 2033 15.5% 7.9% 7.2% 2034 15.7% 7.8% 7.3% 2035 15.8% 7.9% 7.4% 2036 15.9% 7.7% 7.4% _ 2037 16.0% 7.8% 7.5% 2038 16.1% 8.2% 7.6% 2039 16.2% 8.4% 7.7% 2040 16.4% 8.7% 7.8% 2041 16.4% 9.3% 7.9% Item Descriptions Item 1: Current program's baseline funding requirements computed with the current Plan provisions,assumptions and cost method Item 3: Close current Defined Benefit Plan with a Defined Contribution Plan for new hires with 6%Contribution for the first 10 years and 10%Contribution after 10 years Item 5: Freeze Current Plan with Defined Contribution Plan for All Members with 6%Contribution for the first 10 years and 10%Contribution after 10 years 23 City of Atlantic Beach Police Officers' Retirement System 30-Year Projections of City Contribution Rates Fiscal Year Ending Item 1 Item 6A Item 6B Item 7A Item 7B 2012 31.1% 36.4% 37.2% 36.2% 36.2% 2013 28.0% 33.5% 24.8% 32.8% 28.5% 2014 30.5% 34.6% 24.3% 35.0% 30.3% 2015 32.3% 35.5% 24.7% 36.6% 31.9% 2016 34.4% 38.1% 25.6% 38.5% 33.7% 2017 33.3% 35.5% 23.0% 37.1% 32.2% 2018 33.0% 35.4% 22.4% 36.6% 31.9% 2019 32.5% 34.3% 20.7% 35.9% 31.2% 2020 29.3% 30.7% 17.2% 32.5% 27.9% 2021 28.2% 28.9% 14.9% 31.3% 26.3% 2022 25.4% 26.1% 12.6% 28.3% 23.6% 2023 28.2% 28.5% 14.7% 30.9% 26.3% 2024 27.3% 26.6% 13.3% 29.8% 25.3% 2025 21.1% 20.6% 11.6% 23.4% 19.0% 2026 18.5% 17.7% 11.4% 20.7% 16.3% 2027 16.8% 15.5% 11.5% 18.9% 16.0% 2028 15.1% 13.6% 11.3% 17.1% 16.1% 2029 15.2% 13.7% 11.4% 17.0% 16.2% 2030 15.0% 13.1% 11.2% 16.7% 15.9% 2031 15.3% 12.9% 11.3% 16.8% 16.1% 2032 15.6% 12.6% 11.3% 16.9% 16.5% 2033 15.5% 12.5% 11.3% 16.8% 16.4% 2034 15.7% 12.6% 11.6% 16.8% 16.5% 2035 15.8% 12.8% 11.8% 16.8% 16.5% 2036 15.9% 12.6% 11.9% 16.8% 16.6% 2037 16.0% 12.8% 12.1% 16.8% 16.6% 2038 16.1% 12.7% 12.3% 16.8% 16.7% _ 2039 16.2% 12.7% 12.3% 16.8% 16.7% 2040 16.4% 12.7% 12.4% 16.8% 16.8% 2041 16.4% 12.6% 12.4% 16.8% 16.8% Item Descriptions Item 1: Current program's baseline funding requirements computed with the current Plan provisions,assumptions and cost method Item 6: Create a Hybrid Pension Program with a Defined Benefit of 1.5%,and a 3%Defined Contribution for 10 years with 5%thereafter Item 6A: Close current Defined Benefit Plan with the Hybrid Pension Program for new Members Item 6B: Freeze current Defined Benefit Plan with the Hybrid Pension Program for all Members Item 7: Add a benefit cap of 60%to the Current Pension Plan. Item 7A: Close current plan with new Members subject to the benefit cap Item 7B: All Members are subject to the benefit cap 25 m m O N N a1 W L 0 O kO -o M c Q y M r vv v T L O p O p L a `. V o (1) 2 E H 4 N 70 N ZS N C T N• M c O U }1C `p �D • CO i O C E ° 3 E c 0 E a m QJ m e 1' L O R „ L 0 Ce = m • tD O • L L W >`o C a o. a i 0 a r ai c V 0 N a L o oN :to • 3 avO 1"' c c 1 u pO• uwU• c�—' o11 s a E O 0 0_U u 'ii" Ea: 3 (0 QJ W O y D CO s„. a E E U a N Q -C A CO W `1 w N 00 3 C }I I 0 C a Q0 ,,E, i',2 o o CU CU• a EC::C ac>• •W VCO N n o. djI N 4.4 u C u Q1 4-41 IV Ha O W U U u. :4 M lfl E E E CJ w as III _...... mil rill 4"4N g o o q o o o Q• Q o 8 o 0 o Q o 0 0 o Q o 0 V V pi a m M m m m N N N N N .-4 .-1 .-4 4-4 m n — — — — 27 tea,,, iI m s v Cd E {{ o N I -0 co la tt11 - ID c v E A m N T T O �j N O � � W4-1 !•-i-:-..,_ a O yC 7 O O 1 N •Y _ m •CU Ce N UO j o U E - o o C a �" m CJ 0 c . ^' O W • Ir N `J 1 • ' , -L m a'cc' L. 0 m m L = Jacij c to• N W O a s U V «•0. c �" - O d 3 0 ` O OD Q1 C 5 y I ' CC Q1 W V c E L U W 3 •— 0 L 0- a) f0 C L O O o. O" >- C 8O O v u ` " D DO o CU • a :)1 CU •� v I1 c 0 'i c c o CO L.. / "oo c CL v CLC 1:3•c fa• a) _ N co Q O O N � :Li �..y. M m cO L}1 a,LA v3 E NV a,� � tliU �EEYc(' 1-1Y Callib: I ` N O N 1 1 1 e. zy o * \ e \ \ a 0o o O p 8o Op0 O O O O O O O 0 OOO O 00 tD cf N O co 6 d• N O co tD V N O Q m m m m m N N N N N e1 ei e-4 e-1 e-4 SECTION V GENERAL EMPLOYEES' PLAN RESULTS 30 is the best way to adequately display the differences in the funding requirements resulting from each of the proposed Plan changes. Study Item #2 (A): Reduce the benefit multiplier prospectively from 2.5% to 2.0%, change Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 62 for Future Hires Only Currently the benefit multiplier is 2.5% for each year of service for Members hired after April 24, 2005. The Final Average Compensation is currently defined as base salary including longevity pay and overtime with Normal Retirement Age of 60. This change would decrease the multiplier to 2.0% per year after October 1, 2011, increase the Normal Retirement Age to 62 and use base salary for future new hires. Current Members would not be impacted by any of these changes. This modification would have a slight impact initially since it only affects future new hires but gradually reduces the City's costs. The City's contribution rate would drop to 17.5% of payroll in Fiscal 2021 and decrease to 10.3% at the end of the 30-year projection period. Study Item #2 (B): Reduce the benefit multiplier prospectively from 2.5% to 2.0%, - change Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 65 for Future Hires Only Currently the benefit multiplier is 2.5% for each year of service for Members hired after April 24, 2005. The Final Average Compensation is currently defined as base salary including longevity pay and overtime with Normal Retirement Age of 60. This change would decrease the multiplier to 2.0% per year after October 1, 2011, increase the Normal Retirement Age to 65 and use base salary for future new hires. Current Members would not be impacted by any of these changes. This modification would have a slight impact initially since it only affects future new hires but gradually reduces the City's costs. The City's contribution rate would drop to 17.1% of payroll in Fiscal 2021 and decrease to 9.9% at the end of the 30-year projection period. 32 Study Item #3: Continue the existing Defined Benefit Plan for Current Members and Cover Future Hires in Defined Contribution Plan After October 1, 2011, future hires would not be eligible to participate in the Pension Plan but rather be covered under a new Defined Contribution Plan. The City would contribute 6% of base salary for Members with less than ten (10) years of Credited Service and 10% for Members with ten (10) or more years of Credited Service For purposes of this projection, we have assumed the same retirement and termination rates as the Pension Plan and a five (5) year phased vesting schedule. The alternative vesting schedules which would be 100% at either 1, 5 or 10 years did not produce a noticeable impact on the results thus we have only shown the projection under the five (5) year schedule. As previously mentioned, the costs would increase initially because the payroll growth assumption would be 0.0% versus the current 4.0%. The ultimate cost of this Item in the 2041 fiscal year would be 7.9% which is primarily attributable to the Defined Contribution Plan. Study Item #4 (A): Freeze the Current Pension Plan, new Defined Benefit with reduction in the benefit multiplier prospectively from 2.5% to 2.0%, Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 62 for All Members Currently the benefit multiplier is 2.5% for each year of service for Members hired after April 24, 2005 and 2.85% for Members hired before April 24, 2005. The Final Average Compensation is currently defined as base salary including longevity pay and overtime with Normal Retirement Age of 60. The provision of this change would decrease the multiplier to 2.0%for every year of Credited Service after October 1, 2011, increase the Normal Retirement Age to 62 and use base salary for the Final Average Compensation for all current Members as well as future new hires. The benefit accrued through October 1, 2011 would be determined using the current Benefit Multipliers, Credited Service earned to September 30, 2011 and the Final Average Compensation computed as of September 30, 2011. This benefit would be payable at the Normal Retirement Age of 60. 34 Study Item #4 (C): Freeze the Current Pension Plan, new Defined Benefit with reduction in the benefit multiplier prospectively from 2.5% to 1.5%, Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 62 for All Members Currently the benefit multiplier is 2.5% for each year of service for Members hired after April 24, 2005 and 2.85% for Members hired before April 24, 2005. The Final Average Compensation is currently defined as base salary including longevity pay and overtime with Normal Retirement Age of 60. The provision of this change would decrease the multiplier to 1.5% for every year of Credited Service after October 1, 2011, increase the Normal Retirement Age to 62 and use base salary for the Final Average Compensation for all current Members as well as future new hires. The benefit accrued through October 1, 2011 would be determined using the current Benefit Multipliers, Credited Service earned to September 30, 2011 and the Final Average Compensation computed as of September 30, 2011. This benefit would be payable at the Normal Retirement Age of 60. This modification would have a significant impact initially since it reduces the projected benefits of current Members as well as future new hires. The City's contribution rate would drop to 8.1% of payroll in Fiscal 2021 and decrease to 7.8% at the end of the 30- year projection period. Study Item #4 (D): Freeze the Current Pension Plan, new Defined Benefit with reduction in the benefit multiplier prospectively from 2.5% to 1.5%, Final Average Compensation to use Base Salary only and Increase Normal Retirement Age to 65 for All Members Currently the benefit multiplier is 2.5% for each year of service for Members hired after April 24, 2005 and 2.85% for Members hired before April 24, 2005. The Final Average Compensation is currently defined as base salary including longevity pay and overtime with Normal Retirement Age of 60. The provision of this change would decrease the multiplier to 1.5% for every year of Credited Service after October 1, 2011, increase the Normal Retirement Age to 65 and use base salary for the Final Average Compensation for all current Members as well as future new hires. The benefit accrued through October 1, 2011 would be determined using the current Benefit Multipliers, Credited Service earned to September 30, 2011 and the Final 36 Study Item #6 (A): Close the Current Pension Plan, new Hybrid Defined Benefit/Defined Contribution Plan for future new hires After October 1, 2011, future hires would be eligible to participate in a new Hybrid Defined Benefit/ Defined Contribution Plan. The provision of this change would decrease the multiplier to 1.0% for each year of Credited Service, increase the Normal Retirement Age to 65 and use base salary for the Final Average Compensation for future new hires only. In addition, new hires would be covered under a new Defined Contribution Plan. The City would contribute 3% of base salary for Members with less than ten (10) years of Credited Service and 5% for Members with ten (10) or more years of Credited Service For purposes of this projection, we have assumed the same retirement and termination rates as the Pension Plan and a five (5) year phased vesting schedule. This modification would have a slight impact initially since it only affects future new hires but becomes more significant as future hires become the majority. The City's contribution rate would drop to 16.5% of payroll in Fiscal 2021 and decrease to 9.4% at the end of the 30-year projection period. Since new hires would still participate in the Pension Plan, the payroll growth assumption would not have to be set to 0%. Study Item #6 (B): Freeze the Current Pension Plan, new Hybrid Defined Benefit/Defined Contribution Plan for all Members The Pension Plan would be frozen as of September 30, 2011 with current Members entitled to their accrued benefit based upon Credited Service and Final Average Compensation computed at September 30, 2011. All Members including future hires would be eligible to participate in the revised Pension Plan and be covered under a new Defined Contribution Plan. The provisions of the revised Pension Plan would include reducing the multiplier to 1.0%for every year of Credited Service after October 1, 2011, increasing the Normal Retirement Age to 65 and using base salary for the Final Average Compensation for all Members. In the new Defined Contribution Plan, the City would contribute 3% of base salary for Members with less than ten (10) years of Credited Service and 5% for Members with ten (10) or more years of Credited Service. Service prior to October 1, 2011 would be considered for the higher percentage. 38 This modification would have a significant impact initially since it potentially reduces the projected benefits of current Members as well as future new hires. The City's contribution rate would drop to 13.6% of payroll in Fiscal 2021 compared to the baseline result of 19%. It continues to decrease to 11.7% in 2030 and increases back to 11.9% at the end of the 30-year projection period. This pattern is due to requiring the Normal Cost as the minimum contribution by the City even if it exceeds the actuarial required amount. 40 City of Atlantic Beach General Employees' Retirement System 30-Year Projections of City Contribution Rates Fiscal Year Ending Item 1 Item 3 Item 5 2012 24.5% 24.5% 36.2% 2013 25.0% 27.8% 23.7% 2014 26.2% 28.1% 21.7% 2015 22.6% 23.5% 16.4% 2016 23.0% 22.7% 15.5% 2017 22.8% 21.6% 14.3% 2018 22.9% 21.1% 13.8% 2019 22.1% 19.5% 12.4% 2020 20.6% 17.4% 10.6% 2021 19.0% 15.6% 10.2% 2022 17.3% 13.8% 9.7% 2023 17.6% 13.8% 9.3% 2024 17.0% 13.1% 8.9% 2025 14.9% 11.1% 8.7% 2026 13.4% 9.6% 8.4% 2027 13.4% 7.9% 8.3% 2028 13.2% 7.6% 8.0% 2029 13.1% 7.5% 8.0% 2030 13.2% 7.4% 7.9% 2031 13.2% 7.4% 7.8% 2032 13.1% 7.3% 7.8% 2033 13.1% 7.2% 7.7% 2034 13.0% 7.3% 7.8% 2035 13.0% 7.4% 7.7% - 2036 13.0% 7.5% 7.8% 2037 13.0% 7.5% 7.8% 2038 13.0% 7.6% 7.9% 2039 13.0% 7.7% 7.9% 2040 13.1% 7.8% 7.9% 2041 13.1% 7.9% 8.0% Item Descriptions Item 1: Current program's baseline funding requirements computed with the current Plan provisions, assumptions and cost method Item 3: Close current Defined Benefit Plan with a Defined Contribution Plan for New Members with 6%Contribution for the first 10 years and 10%thereafter Item 5: Freeze current Defined Benefit Plan with Defined Contribution Plan for All Members with 6%Contribution for the first 10 years and 10%thereafter 42 City of Atlantic Beach General Employees' Retirement System 30-Year Projections of City Contribution Rates Fiscal Year Ending Item 1 Item 6A Item 6B Item 7A Item 7B 2012 24.5% 24.8% 27.1% 24.5% 24.5% 2013 25.0% 25.3% 18.3% 25.0% 21.5% 2014 26.2% 26.1% 17.6% 26.1% 22.1% 2015 22.6% 22.1% 12.9% 22.4% 18.2% 2016 23.0% 22.1% 12.4% 22.8% 18.3% 2017 22.8% 21.5% 11.5% 22.5% 18.0% 2018 22.9% 21.3% 11.3% 22.6% 18.0% 2019 22.1% 20.1% 10.3% 21.7% 16.9% 2020 20.6% 18.3% 10.0% 20.1% 15.3% 2021 19.0% 16.5% 9.8% 18.5% 13.6% 2022 17.3% 14.5% 9.5% 16.7% 12.1% 2023 17.6% 14.6% 9.3% 17.0% 12.4% 2024 17.0% 13.7% 9.1% 16.3% 11.8% 2025 14.9% 11.4% 9.0% 14.1% 11.7% 2026 13.4% 10.0% 8.9% 12.6% 11.7% 2027 13.4% 9.9% 8.8% 12.5% 11.7% 2028 13.2% 9.6% 8.7% 12.4% 11.6% 2029 13.1% 9.5% 8.7% 12.3% 11.6% 2030 13.2% 9.4% 8.7% 12.2% 11.7% 2031 13.2% 9.4% 8.7% 12.2% 11.7% 2032 13.1% 9.3% 8.7% 12.1% 11.7% 2033 13.1% 9.2% 8.7% 12.0% 11.6% 2034 13.0% 9.3% 8.9% 12.1% 11.6% 2035 13.0% 9.3% 8.9% 12.0% 11.7% 2036 13.0% 9.3% 9.0% 11.9% 11.7% 2037 13.0% 9.4% 9.0% 11.9% 11.7% 2038 13.0% 9.5% 9.2% 11.9% 11.7% 2039 13.0% 9.4% 9.1% 11.9% 11.7% 2040 13.1% 9.5% 9.2% 12.0% 11.8% 2041 13.1% 9.4% 9.3% 12.0% 11.9% Item Descriptions Item 1: Current program's baseline funding requirements computed with the current Plan provisions,assumptions and cost method Item 6: Create a Hybrid Pension Program with a Defined Benefit of 1.0%,and a 3%Defined Contribution for 10 years with 5%thereafter Item 6A: Close current Defined Benefit Plan with the Hybrid Pension Program for new Members Item 6B: Freeze current Defined Benefit Plan with the Hybrid Pension Program for all Members Item 7: Add a benefit cap of 50%to the Current Pension Plan. Item 7A: Close current plan with new Members subject to the benefit cap Item 78: All Members are subject to the benefit cap 4 44 I ` N %l 4 a) a) a, -c C O `, to M Ocoo - o a• a N OJ O uC O O .-1 7 L L 4-1 E m• c VI m O )111 MO O m U N u al ae. > O 4-1C O - C N - m C U c 0 C) 4a O C H Eto E ._. g > C) N 42 o 4aIN O o 2 C4 o uc o 'In 7 M o L a C) 'L. a '; ` C) +' o O• O E d u r L * ` O. C3 tO y L E Z N o0 03 c ,,• o W V '2 -= c a`, f._ W m O a E `m 3 c v > v CoC " m ° 4:1)CW OV, !� LL Ec 0 v c V N O � Um tn d V .8.1C O 1.5 L E y • • Q. N O d m5 m L Q L C o [0 0 1-1 Noo vC o cc s rv a in _ p c w . v 0 Ma mC d L O - a o c CO c . U • N m c a O a • 0 0 u C a E y 3 O N U U . 'i Ai vi ei . O Ln ri N N N N I I I .-:11 N p• �p S pO* e pO* pO* * oO e e e e N * p* p* e e S O S O O S S O O O O O N m .-4 C r: ui m .-a of N ,n en ,-i ai N to en en en en N N N N N 1-4 N .- .-1 .--1 46 1 o, m O N 'Cr) N a n O y v -c..., v a) 4! L `) O E 7F, N Y LI O Ln u LA- E ` •'.^ C v 05 Gl ° >. ++ c o,--, o In 0 >. M 0_ u VY oN E co c 0 N • a) Io 'r 0 V ++ ., 7 E co .. _ O CO C G1 5 u u L. C o 0 a° ;2 a I . � rn l/ _O 0 c m CU i N p = Y Y 0 4) 0) '- /� M C N CD }I -0 N * m >. C f` y .c C)• O Omama V N Y ,� //�� o a _ CL - N V) 3 v H 4J c a E .1,-. v n v E W V c a 2 2 i O co ocu To c U7 , o c `o u CU O oN E E 46 5 00 0 agi n`. a (j .....-r, OD C 0 • Lc c Cl. •-1 N = _Q) IL 01 CO O .3 Q. U 0 Ate'' c •b+ W N .0 $ m O • d _411 M E 00 t,0 C W r-1 Op N 0 ON p 7 u V N C a) N4.0 0 1 O W U u 1. Q m .1 up l0 In E E E .4 a) w w o N ,-,•-•'"j''''rj N N , I 0 N o * * T e T e e e Oe ae T O O O O O O O O O O O O O O O O O O O O O O O o O 00 lD V N O CO lD ct N O 00 M N N N N N v-1 .-1 .-1 .--1 .--1 SECTION VI CONCLUSIONS I 49 If you have any questions, concerns, or would like to discuss any of these items in greater detail, please do not hesitate to contact us. Respectfully Submitted, (i)1t 16 I —." Bradley R. Heinrichs, FSA, EA, MAAA er?t: Dit"--__. Patrick Donlan, EA /ri---/ ---7-- John L. Bartz, ASA r j__ g,i ___ Drew D. Ballard PENSION PLAN FOR POLICE OFFICERS 50 SUMMARY OF PLAN PROVISIONS (Through Ordinance No. 58-08-34) Eligibility All full time sworn city police officers, who normally work more than 1,000 hours annually and are not elected officials, temporary or contractual employees, or executives or department heads who have elected not to participate, will become members on the date of employment. Credited Service Total number of years and fractional parts of years, but credited to the nearest one-twelfth (1/12) of a year. No service will be credited for any periods of employment for which the member received a refund of their employee contributions. Compensation Base salary or wages paid for services rendered to the City including longevity pay, overtime pay, cost of living payments, vacation, holiday, and sick and incentive pay. Salary excludes payments of unused personal leave, uniform or equipment allowances, extra duty or special detail pay on behalf of a second party employer, or any reimbursement of expenses. Final Average Compensation Average Compensation for the 5-best consecutive years of the 10 years immediately preceding retirement or termination. Member Contributions 4.815% of Compensation. City and State Contributions Remaining amount required in order to pay current costs and amortize unfunded past service cost. Normal Retirement Date Earlier of: 1) age 60 with 5 years of Credited Service, 2) age 55 with 10 years of Credited Service, 3) age 50 with 20 years of Credited Service or 4) the completion of 25 years of Credited Service, regardless of age. Benefit 3.0% of Average Final Compensation Maximum Benefit 100% of Average Final Compensation Less than 5 years of Refund of accumulated contributions. 52 Credited Service Post-Retirement Benefits payable to beneficiary in accordance with option selected at retirement. • benefit for employees hired on or after April 24, 54 2005 is 2.5% of Final Average Compensation times Credited Service. Maximum Benefit 100% of Average Final Compensation Form of Benefit Life Annuity, other options available Early Retirement Eligibility Before September 1, 2008: Age 55 with 5 years of Credited Service On or After September 1, 2008 Age 55 with 10 years of Credited Service Early Retirement Benefit The Normal Retirement Benefit is actuarially reduced for each year by which the member's Early Retirement date precedes age 60. Form of Benefit Life Annuity, other options are available Optional Forms Optional forms include a 50% or 100% Joint and Survivor Options. A Social Security option is also available for members retiring prior to Social Security eligibility. Vesting Schedule Before September 1, 2008: 5 years of Credited Service On or After September 1, 2008: 10 years of Credited Service Benefit Amount Member will receive the vested portion of his (her) accrued benefit payable at the Early (reduced) or Normal Retirement Date. Disability Eligibility Service Incurred Before September 1, 2008: 5 years of Credited Service On or after September 1, 2008: 10 years of Credited Service Non-Service Incurred Before September 1, 2008: SECTION VIII COMPARATIVE ANALYSIS OF FOSTER & FOSTER PENSION PLANS Foster&Foster,C. 2012 SPONSOR CONTRIBUTIONS* 57 RANK CLIENT NAME CONTRIBUTION RANK CLIENT NAME CONTRIBUTION 1 MELBOURNE GENERAL(REGULAR) 0.00% 88 SANFORD FIRE 27.51% 2 MONTICELLO FIRE 0.00% 89 NORTH RIVER FIRE DISTRICT 27.56% 3 PALM COAST FIRE 0.00% 90 LAKE MARY POLICE 27.70% 4 BELLE GLADE GENERAL 5.12% 91 LAKE WALES POLICE 27.90% 5 LAKE WALES GENERAL 5.70% 92 SEMINOLE FIRE 28.05% 6 LAKE ALFRED POLICE 6.60% 93 FT MYERS GENERAL 28.20% 7 LEESBURG POLICE 9.04% 94 NORTH NAPLES FIRE 28.20% 8 ST AUGUSTINE FIRE 10.02% 95 SANFORD POLICE 28.41% 9 GULFPORT FIRE 10.87% 96 WINTER HAVEN POLICE 28.51% 10 LAKE ALFRED GENERAL 11.90% 97 WINTER HAVEN GENERAL 28.79% 11 BOCA GRANDE FIRE 12.04% 98 HOLMES BEACH POLICE 28.80% 12 PALM BAY POLICE 12.26% 99 PALMETTO GENERAL 28.94% 13 MADISON POLICE 13.90% 100 OCALA POLICE 29.06% 14 HOLLY HILL FIRE 14.08% 101 TITUSVILLE GENERAL 29.06% 15 HAINES CITY POLICE 14.20% 102 FT WALTON BEACH FIRE 29.08% 16 BARTOW GENERAL 14.20% 103 PERRY POLICE 29.30% 17 BELLEAIR POLICE 14.40% 104 NORTH PORT POLICE 29.77% 18 INDIALANTIC GENERAL 14.56% 105 LEESBURG FIRE 31.00% 19 HAINES CITY GENERAL 14.70% 106 ATLANTIC BEACH POLICE 31.07% 20 COCOA BEACH GENERAL 15.56% 107 MARCO ISLAND POLICE 31.13% 21 MILTON GENERAL 15.60% 108 BROOKSVILLE FIRE 31.21% 22 TARPON SPRINGS POLICE 15.94% 109 KISSIMMEE POLICE 31.85% 23 BUSHNELL GENERAL 16.00% 110 AVON PARK FIRE 31.96% 24 PALATKA POLICE 16.10% 111 COCOA POLICE 32.23% 25 GULFPORT GENERAL 16.20% 112 NEW PORTRICHEYFIRE 32.34% 26 NORTH BAY FIRE 16.21% 113 PANAMA CITY POLICE 32.63% 27 NAPLES GENERAL 17.19% 114 BARTOW POLICE 33.22% 28 DELTONA FIRE 17.20% 115 LONGBOAT KEY GENERAL 33.42% 29 LADY LAKE POLICE 17.42% 116 FERNANDINA BEACH POLICE&FIRE 33.51% 30 OCOEE GENERAL 17.51% 117 WINTER HAVEN FIRE 33.75% 31 OVIEDO POLICE 17.68% 118 INDIAN HARBOUR BEACH POLICE 33.90% 32 CRESTVIEW GENERAL 17.90% 119 KISSIMMEE FIRE 34.00% 33 ORANGE PARK FIRE 17.93% 120 CAPE CORAL GENERAL 34.37% 34 LYNN HAVEN POLICE 18.60% 121 PLANT CITY SAFETY(P&F) 34.40% 35 MILTON POLICE 18.65% 122 DESTIN FIRE 34.80% 36 GULFPORT POLICE 18.69% 123 NAPLES POLICE 35.10% 37 CRESNIEW POLICE&FIRE 18.89% 124 OCALAGENERAL 35.49% 38 FERNANDINA BEACH GENERAL 19.09% 125 SANIBEL GENERAL 35.86% 39 PORT ST.LUCIE POLICE 19.11% 126 ORMOND BEACH POLICE 35.91% 40 KISSIMMEE UTILITY AUTHORITY 19.20% 127 ORMOND BEACH FIRE 36.07% 41 WINTER GARDEN GENERAL 19.25% 128 BONITA SPRINGS FIRE 36.40% 42 DADE CITY POLICE 19.46% 129 MELBOURNE BEACH POLICE 36.69% 43 PUNTA GORDA GENERAL 19.50% 130 PALM HARBOR FIRE 36.87% 44 NORTH PALM BEACH POLICE&FIRE 20.03% 131 DADE CITY FIRE 36.97% 45 INDIALANTIC POLICE&FIRE 20.18% 132 BARTOW FIRE 37.04% 46 ST CLOUD GENERAL 20.31% 133 FT WALTON BEACH POLICE 37.62% 47 LAKELAND POLICE 20.35% 134 ENGLEWOOD FIRE 38.03% 48 OCOEE POLICE&FIRE 21.08% 135 EAST NAPLES FIRE 38.63% 49 PUNTA GORDA POLICE 21.39% 136 TEMPLE TERRACE POLICE 39.91% 50 HAINES CITY FIRE 21.40% 137 COCOA BEACH FIRE 40.24% 51 PUNTA GORDA FIRE 21.60% 138 PERRY FIRE 40.30% 52 WEST MANATEE FIRE&RESCUE 21.60% 139 COCOA BEACH POLICE 40.76% 53 PALATKA GENERAL 21.60% 140 ST PETE BEACH GENERAL 41.00% 54 WINTER GARDEN POLICE AND FIRE 21.69% 141 MADISON FIRE 41.50% 55 NORTH PORT FIRE 21.92% 142 LAKE WALES FIRE 41.60% 56 BELLEVIEW POLICE 21.97% 143 ORANGE PARK POLICE 4223% 57 LYNN HAVEN GENERAL 22.12% 144 MELBOURNE POLICE 42.37% 58 AUBURNDALE POLICE 22.20% 145 NAPLES FIRE 42.41% 59 PALMETTO POLICE 22.42% 146 PANAMA CITY FIRE 42.51% 60 MILTON FIRE 22.45% 147 MELBOURNE GENERAL(SPECIAL RISK) 42.98% 61 BONITA SPRINGS GENERAL 23.10% 148 DELRAY BEACH POLICE&FIRE 43.25% 62 AUBURNDALE FIRE 23.18% 149 SANIBEL POLICE 43.26% 63 SOUTH PASADENA FIRE 23.72% 150 FROSTPROOF POLICE 44.26% 64 CASSELBERRY POLICE&FIRE 23.80% 151 BRADENTON FIRE 44.93% 65 SOUTH WALTON FIRE 23.92% 152 TITUSVILLE POLICE&FIRE 44.95% 66 AUBURNDALE GENERAL 24.00% 153 ST PETE BEACH POLICE 45.80% 67 DUNEDIN FIRE 24.05% 154 VENICE FIRE 46.29% 68 ARCADIA POLICE&FIRE 24.42% 155 CAPE CORAL POLICE 48.50% 69 LYNN HAVEN FIRE 24.50% 156 LONGBOAT KEY FIRE 49.46% 70 ATLANTIC BEACH GENERAL 24.53% 157 VENICE POLICE 49.83% 71 AVON PARK POLICE 24.57% 158 BAL HARBOUR POLICE 50.13% 72 ST CLOUD POLICE&FIRE 24.63% 159 EDGEWATER GENERAL 52.30% 73 PALATKA FIRE 24.70% 160 HOLLY HILL POLICE 53.05% 74 EDGEWATER FIRE 24.89% 161 PINELLAS PARK FIRE 53.06% 75 PALM BAY FIRE 24.93% 162 CAPE CORAL FIRE 54.27% 76 TARPON SPRINGS FIRE 25.17% 163 COCOA FIRE 54.52% 77 TEMPLE TERRACE FIRE 25.39% 164 SEBRING FIRE 54.57% 78 ORMOND BEACH GENERAL 25.50% 165 EDGEWATER POLICE 58.53% 79 DELAND FIRE 25.72% 166 OKALOOSA ISLAND FIRE 59.74% 80 EAST LAKE TARPON FIRE 25.80% 167 FT MYERS FIRE 59.81% 81 NEPTUNE BEACH POLICE 25.98% 168 NEW SMYRNA BEACH FIRE 61.30% 82 BROOKSVILLE POLICE 26.00% 169 PENSACOLA FIRE 61.75% 83 OCEAN CITY-WRIGHT FIRE 26.75% 170 FT MYERS POLICE 64.70% 84 ST PETE BEACH FIRE 27.10% 171 PORT ORANGE FIRE&RESCUE 68.70% 85 BUSHNELL POLICE 27.30% 172 LONGBOAT KEY POLICE 86.56% 86 LAKE CITY POLICE 27.40% 173 COCOA GENERAL 137.11% 87 EUSTIS FIRE 27.40% AVERAGE 30.01% 'Excluding Atlantic Beach,Information shows Foster&Foster clients only Contribution Rale determined with 10/1/2010 Actuarial Valuation Foster&Foster.C. 2010 FUNDED RATIO* 59 RANK CLIENT NAME RATIO RANK CLIENT NAME RATIO 1 MELBOURNE GENERAL(REGULAR) 169.68% 88 ST CLOUD POLICE&FIRE 73.32% 2 BOCA GRANDE FIRE 113.05% 89 COCOA GENERAL 73.25% 3 BELLE GLADE GENERAL 111.96% 90 LYNN HAVEN GENERAL 73.17% 4 PALM COAST FIRE 111.64% 91 OCOEE GENERAL 73.05% 5 COCOA BEACH GENERAL 102.80% 92 SANFORD POLICE 73.00% 6 BONITA SPRINGS GENERAL 102.63% 93 WINTER HAVEN POLICE 72.51% 7 CASSELBERRY POLICE&FIRE 100.00% 94 HOLLY HILL FIRE 71.76% 8 DADE CITY FIRE 100.00% 95 BELLEVIEW POLICE 71.69% 9 DADE CITY POLICE 100.00% 96 PANAMA CIN FIRE 71.62% 10 MADISON POLICE 100.00% 97 ORMOND BEACH GENERAL 70.80% 11 MONTICELLO FIRE 100.00% 98 BRADENTON FIRE 70.03% 12 NORTH BAY FIRE 100.00% 99 VENICE POLICE 69.98% 13 WEST MANATEE FIRE&RESCUE 100.00% 100 ATLANTIC BEACH GENERAL 69.90% 14 NORTH NAPLES FIRE 98.74% 101 PINELLAS PARK FIRE 69.59% 15 LYNN HAVEN FIRE 98.01% 102 KISSIMMEE UTILITY AUTHORITY 69.29% 16 MILTON POLICE 97.75% 103 ST PETE BEACH GENERAL 69.22% 17 ST AUGUSTINE FIRE 97.09% 104 SOUTH PASADENA FIRE 69.01% 18 LAKE ALFRED POLICE 96.87% 105 OCALA POLICE 68.90% 19 LYNN HAVEN POLICE 96.48% 106 LAKELAND POLICE 68.59% 20 GULFPORT FIRE 96.48% 107 ORMOND BEACH POLICE 68.50% 21 BROOKSVILLE POLICE 95.80% 108 PERRY FIRE 68.35% 22 LAKE ALFRED GENERAL 95.36% 109 KISSIMMEE FIRE 67.90% 23 GULFPORT GENERAL 95.12% 110 NORTH PORT POLICE 67.84% 24 AVON PARK POLICE 94.84% 111 MELBOURNE BEACH POLICE 67.81% 25 LEESBURG POLICE 94.70% 112 PORT ST.LUCIE POLICE 67.71% 26 SEMINOLE FIRE 93.31% 113 SANFORD FIRE 67.39% 27 CRESNIEW GENERAL 92.98% 114 OCOEE POLICE&FIRE 67.10% 28 PUNTA GORDA POLICE 90.96% 115 EAST LAKE TARPON FIRE 67.02% 29 SEBRING FIRE 90.75% 116 HAINES CITY POLICE 66.49% 30 CRESNIEW POLICE&FIRE 90.50% 117 PUNTA GORDA FIRE 66.30% 31 LAKE CITY POLICE 90.36% 118 TITUSVILLE GENERAL 65.67% 32 PALM BAY POLICE 89.83% 119 CAPE CORAL POLICE 65.39% 33 PERRY POLICE 89.51% 120 ATLANTIC BEACH POLICE 6520% 34 GULFPORT POLICE 89.03% 121 TEMPLE TERRACE FIRE 64.46% 35 PALATKA POLICE 89.03% 122 NAPLES GENERAL 64.30% 36 DUNEDIN FIRE 88.64% 123 ORMOND BEACH FIRE 63.49% 37 WINTER GARDEN POLICE AND FIRE 88.64% 124 SOUTH WALTON FIRE 63.12% 38 LADY LAKE POLICE 88.40% 125 NORTH RIVER FIRE DISTRICT 63.12% 39 LAKE WALES GENERAL 88.14% 126 ST PETE BEACH POLICE 62.37% 40 PENSACOLA FIRE 87.64% 127 LAKE WALES FIRE 62.23% 41 BARTOW FIRE 87.56% 128 NEW SMYRNA BEACH FIRE 61.83% 42 HOLMES BEACH POLICE 87.48% 129 DELRAY BEACH POLICE&FIRE 61.73% 43 FROSTPROOF POLICE 87.33% 130 FT WALTON BEACH FIRE 61.70% 44 EDGEWATER POLICE 87.23% 131 WINTER HAVEN GENERAL 61.62% 45 NEW PORT RICHEY FIRE 87.22% 132 FERNANDINA BEACH GENERAL 60.79% 46 ST CLOUD GENERAL 87.09% 133 HAINES CITY FIRE 60.77% 47 BUSHNELL POLICE 86.81% 134 HOLLY HILL POLICE 60.63% 48 LAKE MARY POLICE 86.24% 135 MELBOURNE GENERAL(SPECIAL RISK) 60.61% 49 ARCADIA POLICE&FIRE 84.88% 136 CAPE CORAL FIRE 60.36% 50 TARPON SPRINGS POLICE 84.43% 137 MELBOURNE POLICE 60.32% 51 LEESBURG FIRE 83.78% 138 NAPLES FIRE 60.26% 52 DELAND FIRE 83.16% 139 INDIALANTIC GENERAL 60.25% 53 PALM BAY FIRE 82.89% 140 CAPE CORAL GENERAL 60.06% 54 NORTH PORT FIRE 82.85% 141 FERNANDINA BEACH POLICE&FIRE 59.58% 55 AUBURNDALE POLICE 82.71% 142 WINTER HAVEN FIRE 59.49% 56 AUBURNDALE GENERAL 82.70% 143 TITUSVILLE POLICE&FIRE 5928% 57 PALMETTO POLICE 82.57% 144 SANIBEL POLICE 59.13% 58 ORANGE PARK FIRE 82.38% 145 BARTOW GENERAL 58.62% 59 WINTER GARDEN GENERAL 82.34% 146 ST PETE BEACH FIRE 58.38% 60 EAST NAPLES FIRE 82.14% 147 MADISON FIRE 58.26% 61 BUSHNELL GENERAL 81.90% 146 NAPLES POLICE 57.67% 62 EDGEWATER FIRE 81.79% 149 PALMETTO GENERAL 57.35% 63 PALATKA FIRE 81.59% 150 COCOA BEACH FIRE 56.97% 64 BELLEAIR POLICE 80.23% 151 BONITA SPRINGS FIRE 56.44% 65 NORTH PALM BEACH POLICE&FIRE 79.60% 152 MILTON FIRE 55.02% 66 PALATKA GENERAL 79.34% 153 PALM HARBOR FIRE 54.36% 67 TARPON SPRINGS FIRE 79.20% 154 BAL HARBOUR POLICE 54.17% 68 COCOA POLICE 78.97% 155 LONGBOAT KEY GENERAL 53.28% 69 KISSIMMEE POLICE 78.29% 156 PLANT CITY SAFETY(P&F) 53.26% 70 ORANGE PARK POLICE 78.23% 157 COCOA FIRE 52.49% 1 71 EDGEWATER GENERAL 77.89% 158 TEMPLE TERRACE POLICE 52.42% 72 BARTOW POLICE 77.20% 159 FT MYERS FIRE 51.50% 73 MILTON GENERAL 77.14% 160 FT MYERS GENERAL 51.24% 74 PANAMA CITY POLICE 77.02% 161 ENGLEWOOD FIRE 49.35% 75 BROOKSVILLE FIRE 76.78% 162 COCOA BEACH POLICE 49.23% 76 LAKE WALES POLICE 76.70% 163 FT MYERS POLICE 49.04% 77 FT WALTON BEACH POLICE 76.40% 164 OCALA GENERAL 48.27% 78 INDIAN HARBOUR BEACH POLICE 76.24% 165 SANIBEL GENERAL 48.24% 79 AVON PARK FIRE 76.24% 166 VENICE FIRE 47.31% 80 OVIEDO POLICE 76.01% 167 LONGBOAT KEY FIRE 45.05% 81 INDIALANTIC POLICE&FIRE 75.66% 168 DESTIN FIRE 44.66% 82 AUBURNDALE FIRE 75.63% 169 LONGBOAT KEY POLICE 44.62% 83 HAINES CIN GENERAL 75.04% 170 PORT ORANGE FIRE&RESCUE 44.61% 84 PUNTA GORDA GENERAL 74.75% 171 MARCO ISLAND POLICE 43.63% 85 NEPTUNE BEACH POLICE 74.43% 172 OCEAN CITY-WRIGHT FIRE 34.08% 86 DELTONA FIRE 73.47% 173 OKALOOSA ISLAND FIRE 32.11% 87 EUSTIS FIRE 73.35% AVERAGE 74.68% 'Excluding Atlantic Beach,Information shows Foster&Foster clients only Ratio shown determined with 10/1/2010 Actuarial Valuation Foster&Foster.C. 2010 SALARY INCREASES* 61 RANK CLIENT NAME INCREASE RANK CLIENT NAME INCREASE 1 NORTH PALM BEACH POLICE&FIRE 12.73% 87 ST PETE BEACH POLICE 1.93% 2 MELBOURNE GENERAL(SPECIAL RISK) 12.52% 88 FERNANDINA BEACH GENERAL 1.90% 3 NORTH BAY FIRE 11.21% 89 EUSTIS FIRE 1.86% 4 BAL HARBOUR POLICE 10.37% 90 MILTON FIRE 1.82% 5 DESTIN FIRE 9.30% 91 SOUTH PASADENA FIRE 1.81% 6 OCOEE POLICE&FIRE 8.76% 92 COCOA BEACH POLICE 1.78% 7 FT WALTON BEACH FIRE 8.33% 93 COCOA POLICE 1.75% 8 OKALOOSA ISLAND FIRE 8.30% 94 WINTER HAVEN FIRE 1.74% 9 ENGLEWOOD FIRE 8.23% 95 WINTER HAVEN POLICE 1.63% 10 VENICE POLICE 7.98% 96 MADISON FIRE 1.61% 11 COCOA FIRE 7.47% 97 MILTON POLICE 1.61% 12 PINELLAS PARK FIRE 7.16% 98 COCOA BEACH GENERAL 1.55% 13 NEW PORT RICHEY FIRE 6.44% 99 PANAMA CITY FIRE 1.53% 14 NORTH NAPLES FIRE 6.40% 100 LAKELAND POLICE 1.50% 15 COCOA BEACH FIRE 6.36% 101 ST CLOUD GENERAL 1.45% 16 FT MYERS POLICE 6.35% 102 SANIBEL GENERAL 1.41% 17 PANAMA CITY POLICE 6.34% 103 AUBURNDALE GENERAL 1.40% 18 LAKE WALES FIRE 6.33% 104 PALM BAY FIRE 1.40% 19 EDGEWATER FIRE 6.15% 105 LYNN HAVEN POLICE 1.39% 20 MELBOURNE BEACH POLICE 5.81% 106 HOLMES BEACH POLICE 1.32% 21 PERRY POLICE 5.63% 107 SANFORD FIRE 1.29% 22 BOCA GRANDE FIRE 5.62% 108 DADE CITY FIRE 1.25% 23 LAKE MARY POLICE 5.51% 109 FT MYERS GENERAL 1.19% 24 TITUSVILLE POLICE&FIRE 5.47% 110 LEESBURG POLICE 1.13% 25 BRADENTON FIRE 5.46% 111 CAPE CORAL GENERAL 1.10% 26 SEMINOLE FIRE 5.45% 112 STAUGUSTINE FIRE 1.04% 27 BONITA SPRINGS GENERAL 5.36% 113 ORMOND BEACH POLICE 1.02% 28 TITUSVILLE GENERAL 5.32% 114 BARTOW GENERAL 1.00% 29 PLANT CITY SAFETY(P&F) 5.22% 115 GULFPORT GENERAL 0.99% 30 LAKE ALFRED POLICE 5.21% 116 WINTER GARDEN GENERAL 0.97% 31 NAPLES POLICE 5.17% 117 PENSACOLA FIRE 0.94% 32 DELTONA FIRE 4.91% 118 TARPON SPRINGS POLICE 0.93% 33 WINTER GARDEN POLICE AND FIRE 4.85% 119 LYNN HAVEN GENERAL 0.87% 34 BELLEVIEW POLICE 4.85% 120 ST CLOUD POLICE&FIRE 0.80% 35 KISSIMMEE POLICE 4.76% 121 TEMPLE TERRACE POLICE 0.80% 36 NEPTUNE BEACH POLICE 4.76% 122 MADISON POLICE 0.79% 37 OCEAN CITY-WRIGHT FIRE 4.52% 123 HOLLY HILL FIRE 0.71% 38 INDIALANTIC POLICE&FIRE 4.45% 124 HAINES CITY POLICE 0.70% 39 ST PETE BEACH FIRE 4.33% 125 TEMPLE TERRACE FIRE 0.69% 40 DUNEDIN FIRE 4.30% 126 GULFPORT POLICE 0.64% 41 PALM HARBOR FIRE 4.28% 127 SANFORD POLICE 0.62% 42 DELRAY BEACH POLICE&FIRE 4.23% 128 SANIBEL POLICE 0.60% 43 INDIALANTIC GENERAL 4.17% 129 ST PETE BEACH GENERAL 0.54% 44 LAKE WALES POLICE 4.16% 130 LADY LAKE POLICE 0.47% 45 SOUTH WALTON FIRE 4.14% 131 OCALA GENERAL 0.43% 46 EAST LAKE TARPON FIRE 4.08% 132 INDIAN HARBOUR BEACH POLICE 0.41% 47 BONITA SPRINGS FIRE 4.06% 133 EDGEWATER GENERAL 0.35% 48 LAKE ALFRED GENERAL 4.04% 134 BARTOW POLICE 0.25% 49 ARCADIA POLICE&FIRE 3.94% 135 ORANGE PARK FIRE 0.22% 50 LEESBURG FIRE 3.77% 136 AVON PARK POLICE 0.20% 51 GULFPORT FIRE 3.73% 137 BELLEAIR POLICE 0.13% 52 NORTH RIVER FIRE DISTRICT 3.71% 138 KISSIMMEE FIRE 0.12% 53 LYNN HAVEN FIRE 3.70% 139 MELBOURNE POLICE 0.04% 54 OCOEE GENERAL 3.67% 140 ATLANTIC BEACH POLICE 0.00% 55 PERRY FIRE 3.62% 141 FT WALTON BEACH POLICE -0.01% 56 BROOKSVILLE POLICE 3.53% 142 PUNTA GORDA FIRE -0.04% 57 NAPLES FIRE 3.42% 143 SEBRING FIRE -0.12% 58 PORT ORANGE FIRE&RESCUE 3.35% 144 FT MYERS FIRE -0.15% 59 MILTON GENERAL 3.25% 145 DELAND FIRE -0.16% 60 CASSELBERRY POLICE&FIRE 3.23% 146 PUNTA GORDA POLICE -0.24% 61 PALMETTO GENERAL 3.20% 147 DADE CITY POLICE -0.33% 62 OVIEDO POLICE 3.20% 148 ATLANTIC BEACH GENERAL -0.40% 63 AUBURNDALE POLICE 2.96% 149 ORMOND BEACH GENERAL -0.41% 64 KISSIMMEE UTILITY AUTHORITY 2.95% 150 FERNANDINA BEACH POLICE&FIRE -0.56% 65 WINTER HAVEN GENERAL 2.92% 151 CAPE CORAL FIRE -0.58% 66 MARCO ISLAND POLICE 2.85% 152 NAPLES GENERAL -0.59% 67 AVON PARK FIRE 2.78% 153 LONGBOAT KEY POLICE -0.71% 68 AUBURNDALE FIRE 2.77% 154 NORTH PORT FIRE -0.73% 69 EDGEWATER POLICE 2.77% 155 PALM BAY POLICE -0.92% 70 COCOA GENERAL 2.67% 156 HOLLY HILL POLICE -0.92% 71 LAKE CITY POLICE 2.65% 157 HAINES CITY FIRE -0.97% 72 CRESTVIEW GENERAL 2.49% 158 PUNTA GORDA GENERAL -1.16% 73 VENICE FIRE 2.43% 159 LONGBOAT KEY FIRE -1.23% 74 BELLE GLADE GENERAL 2.42% 160 FROSTPROOF POLICE -1.34% 75 NORTH PORT POLICE 2.42% 161 TARPON SPRINGS FIRE -2.14% 76 PALMETTO POLICE 2.37% 162 LONGBOAT KEY GENERAL -2.30% 77 CAPE CORAL POLICE 2.29% 163 NEW SMYRNA BEACH FIRE -2.33% 78 LAKE WALES GENERAL 2.28% 164 WEST MANATEE FIRE&RESCUE -2.48% 79 MELBOURNE GENERAL(REGULAR) 2.27% 165 BARTOW FIRE -2.63% 80 BROOKSVILLE FIRE 2.20% 166 PALATKA FIRE -3.17% 81 CRESTVIEW POLICE&FIRE 2.15% 167 PALATKA GENERAL -4.04% 82 BUSHNELL POLICE 2.14% 168 EAST NAPLES FIRE -4.31% 83 ORMOND BEACH FIRE 2.11% 169 PALATKA POLICE -4.92% 84 HAINES CITY GENERAL 2.07% 170 ORANGE PARK POLICE -5.66% 85 OCALA POLICE 2.03% 171 PORT ST.LUCIE POLICE -9.04% 86 BUSHNELL GENERAL 2.00% AVERAGE 2.38% •Excluding Atlantic Beach,Information shows Foster&Foster clients only Increase shown determined with 10/1/2010 Actuarial Valuation Attached are charts from the Foster&Foster Defined Benefit Plan Study. POLICE CHART STUDY NR ACTION NEW PAGE 1. CLOSE DB 24 2. CLOSE / FREEZE DC 25 3. FEEEZE DB 26 4. CLOSE / FREEZE HYBRID 27 5. CLOSE / FREESE 60 % CAP 28 GENERAL CHART STUDY NR ACTION NEW PAGE 6. CLOSE DB 43 7. CLOSE / FREEZE DC 44 8. FEEEZE DB 45 9. CLOSE / FREEZE HYBRID 46 10. CLOSE / FREEZE 50 % CAP 47 24 M O i ico L rd— 0 Cil• in vlcc d .0 io 4.0 ,aj C d C G co _. o 5 0 .- o d w, O 7 - p C N N YLJ N ,y , — ala c c ,- = d d L C ^ u = rc m 'c � T v — c � ▪ C CJ 0 N a Y d m d II • a a v /' • • ti ad 0 co u co = r r ,n CN 33 ea _,J / .,• C C C e o a a a d. .(e,..01 L0 -- - Woo en E a a • u u a 0d 0 2 + u co4.1 I - m a v U .- p m o O O N 7 u U V Q ci CJ — . E E N E /J EE _v v at Y /, ill I `I f nd 3 6Q 3t e •• •o .e .o .o 0 0 0 r-4CHART 1 8 8 8 8 8 8 0 0 8 8 88 8 0 8 8 8 0i n 0 ei ^i ci trim .-i N Lim N of r-.:m m m m N N N N N N .-1 `-1 .'-, N--N 25 r 1 III 1m o II1 N ar co CU 1 l Cl I �j O to ii o y -Qa O m c 4J1 o •.), ...v a.) 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Ca / H u V ^ 76 4 y n G 7.1 W / N Q CD p / . a a i Q M - u t = a vio• O oi o C U V til g n d L. _i 2 I ` N O .„...../' y• 7.N \ . N 1 . i . . , . r 0 N s s o 0 o s o 0 0 0 o CHART 10 0 0 0 0 0 0 0 0 oi L.S` C N O G1 l7 C N O = H M N N N .1 r-1 c-1 •"1 .-i