Item 8BAGENDA ITEM # 8B
MAY 12, 2008
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM: Annual Actuary Reports for the General and Police Pension Plans
SUBMITTED BY: Nelson Van Liere, Finance Director
DATE: May 5, 2008
BACKGROUNG: Annually, The City's pension plans are evaluated by Gabriel Roeder Smith &
Company. These reports contain the annual actuarial valuation of the assets, actuarial present values of
the benefits and contribution requirements associated with the benefits provided by the City of Atlantic
Beach General and Police Officer's Retirement System. These valuations represent the results as of
September 30,2007.
The valuations were completed using information furnished by the city after the annual financial audit
was complete. The information includes all financial transactions and updates on all individual
members, terminated members, retirees and beneficiary information.
Included in the report are the results of actual transactions as well as calculations of values based on
various assumptions and industry standards. Below I have listed some of the valuation information that
best helps describe tfie current status of these plans.
General Plan Police Plan
2007 2006 2007 2006
Funding Value of Assets (D-3) 8,594 7,609 5,663 5,175
Actuarial Accrued Liabilities (D-3) 11,668 10,505 7,620 7,034
Unfunded Actuarial Accrued Liability (D-3) 3,074 2,896 1,957 1,859
Funding Ratio (D-3) 73.7% 72.4% 74.3% 73.6%
Actuarial Gain / <Loss > (A-6) <170,383> 131,266 <137,906> 411,559
City Contribution for next year (A-3) 528,428 471,505 256,474 259,870
City Contribution as a Percent of Active
Member Payroll for next year (A-2)
14.03%
13.62%
16.29%
19.12%
BUDGET: These valuations determines the contribution to the plans next fiscal year.
ATTACHMENTS: The full reports are available in the City Clerk's Office at City Hall.
RECOMMENDATION: Approve the Annual Actuary Reports for General and Police Pension Plans.
REVIEWED BY CITY MANAGE_R_ : r