Agenda Item 4C AGENDA ITEM#4C
MAY 13,2013
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA .I'T'EM: 2012 Gabriel Roeder Smith &Company City of Atlantic Beach
Retirement System Actuary Reports
SUBMITTED BY: Nelson Van Liere, Finance Director _
DATE: April 12,2013
STRATEGIC PLAN LINK: N/A
BACKGROUND: Each year,the Pension Board of Trustees authorizes an actuary to
perform an annual valuation of our retirement systems. The
purpose of the valuation is to measure the funding progress, to
determine the employer contribution rate and to provide actuarial
information for Governmental Accounting Standards Board.
The City is required to contribute to each retirement system, the
dollar amount specified in the valuations. This year's valuation
indicates an increase of$53,698 to $1,098,090 for the General
Employee Plan and an increase of$84,514 to$602,449 for the
Police Employee's Plan. The long term funding ratios of the plans
are 74% for General, an increase of 5%, and 65% for the Police,
which is an increase of 2%.
These valuations do not include the impact of the proposed
revisions to the retirement plan presently being considered. The
impact of those changes will change the dollar amount the City
will be required to contribute next year as well as have an effect on
the funding ratios.
BUDGET: These items will affect the 2014 Operating Budget
I ECOMMENDATION;Infomrntional Purposes
ATTACHMENTS:
Actuarial Valuation Report for General Employees Retirement System
Actuarial Valuation Report for Police Employees Retirement System
REVIEWED BY CITY MANAGER: