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Handout- Van Liere 8-12-15
I f i City of Atlantic Beach General Employees ' Retirement System 15 Year Projection of Annual Required Contribution and Actuarial Accrued Liability Actuarial Accrued Liability FYE Projected ARC as a ARC as a Unfunded Total Payroll $ Amount % of Pay 2015 $2,733 ,429 $863 ,613 31 . 59% $4,856, 100 $ 19,750 ,386 2016 $2,397,875 $ 1 , 112,344 46 . 39% $4,583 ,043 $20,563 ,831 2017 $2,250,000 $ 1 , 120,000 50% $4,240,000 $21 ,300 ,000 2018 $2,080,000 $ 1 , 120,000 54% $3 ,760,000 $21 ,900 ,000 2019 $ 1 ,980,000 $ 1 , 110,000 56% $3 , 120 ,000 $22,500 ,000 2020 $ 1 ,860,000 $ 1 ,070,000 58% $2,430,000 $23 ,000 ,000 2021 $ 1 ,730,000 $ 1 ,020,000 59% $ 1 ,720,000 $23 ,400 ,000 2022 $ 1 ,580,000 $950,000 60% $990,000 $23 ,700 ,000 2023 $ 1 ,450,000 $ 840,000 58% $280,000 $23 ,900 ,000 2024 $ 1 ,330,000 $320,000 24% $0 $24,000 ,000 2025 $ 1 ,220,000 $320,000 26% $0 $24, 100 ,000 2026 $ 1 , 120,000 $ 180,000 16% $0 $24, 100 ,000 2027 $ 1 ,010,000 $ 170,000 17% $0 $23 ,900 ,000 2028 $910,000 $ 150,000 16% $0 $23 ,700 ,000 2029 $820,000 $ 130 ,000 16% $0 $23 ,400 ,000 2030 $740,000 $ 120,000 16% $0 $23 , 100 ,000 Assumes 7.0% investment return for the year ending September 30, 2015 and all future years. Assumes no future gains or losses except for legacy asset smoothing. Consult the attached cover letter for circumstances that would cause actual future contributions and unfunded liabilities not to match these projections. Projected payroll above excludes compensation paid to employees not covered under the DB Plan. The Actuarial Accrued Liability shown excludes participants' DROP account balances. City of Atlantic Beach Police Officers ' Retirement System 30 Year Projection of Annual Required Contribution and Actuarial Accrued Liability Actuarial Accrued Liability FYE Projected ARC as a $ ARC as a % Unfunded Total Payroll Amount of Pay 2015 $ 1 ,442,670 $568,874 39. 43% $4,386,911 12,310,014 2016 $ 1 ,373,050 $729,480 53 . 13% $4,244,490 12,770,310 2017 $ 1 ,430,000 $730,000 51 . 05% $4,010,000 13,200,000 2018 $ 1 ,460,000 $710,000 48. 63% $3,700,000 13,700,000 2019 $ 1 ,520,000 $720,000 47. 37% $3,340,000 14,200,000 2020 $ 1 ,560,000 $650,000 41 . 67% $2,960,000 14,700,000 2021 $ 1 ,630,000 $610,000 37.42% $2,620,000 15,300,000 2022 $ 1 ,670,000 $550,000 32. 93% $2,310,000 15,800,000 2023 $ 1 ,720,000 $590,000 34. 30% $2,030,000 16,400,000 2024 $ 1 ,750,000 $560,000 32. 00% $ 1 ,700,000 17,000,000 2025 $ 1 ,810,000 $420,000 23 . 20% $ 1 ,370,000 17,500,000 2026 $ 1 ,810,000 $360,000 19. 89% $ 1 ,160,000 17,900,000 2027 $ 1 ,850,000 $320,000 17. 30% $990,000 18,400,000 2028 $ 1 ,910,000 $270,000 14. 14% $860,000 18,800,000 2029 $ 1 ,970,000 $230,000 11 . 68% $770,000 19,200,000 2030 $2,000,000 $230,000 11 . 50% $700,000 19,600,000 Assumes 7.0% investment return for the year ending September 30, 2015 and all future years . Assumes no future gains or losses except for legacy asset smoothing . Future contribution amounts are net of projected premium tax revenues in the amount of $96,217. Consult the attached cover letter for circumstances that would cause actual future contributions and unfunded liabilities not to match these projections . The Actuarial Accrued Liability shown excludes participants ' DROP account balances .