Item 5C - General Employees Actuarial Valuation ReportGRS
AGENDA ITEM# SC
MAllCii 9, 20 15
Gabriel Roeder Smith & Company
Consultants & Actuaries
CITY OF ATLANTIC BEACH GENERAL EMPLOYEES'
RETIREMENT SYSTEM
ACTUAR I AL VALUATION REPORT
SEPTEMBER 30, 2014
ANNUAL EMPLOYER CONTRIBUTION
IS DETERMINED BY THIS VALUATION
TO BE PAID IN THE EMPLOYER FISCAL YEAR ENDING
SEPTEMBER 30, 2016
GRS
F'e bru ary 23, 20 15
Gabriel n ocd c r Smith & Compa ny
l <lll\Uit,liJI\ & \~tHn l i <CS
The Boa rd of T ru stecs
City of Atl anti c Beac h
Ge neral Employee Re ti re ment System
Atla nli c Beac h, Flori da
Dea r Boa rd Me mbers:
One E:N tl row.ml lllnl.
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W\1 W.J!a hrid mcdcr.wm
We arc pleased to s ubmit herein ou r Septe mber 30, 201 4 Ac tu arial Val uation Report for the Cit y of At lan ti c Beach
Ge ne ral Employees · Ret ire ment Syste m. The con tribut ion res ult s ap pl y ro the Pl an Year ending Septem ber 30 ,
20 15 and to th e Ci ty's fi sca l yea r endin g Sept embe r 30. 201 6.
Th is rc pot1 was prepared at the reques t of the Boa rd of Tru stees an d is intended for use by the Pens ion Plan and
those des i&rn ated or approved by th e Boa rd of Tru stees. Thi s repor t may be pr ov id ed lo part ies olh er than the
Pens ion Pl a n onl y in it s enti re ty and on ly with the permissio n of th e Boa r d of Tru stees.
The pur pose oflhe va lu ati on is to meas ure th e Pl an's fun di ng progress, to de termine th e e mp loye r con tribu ti on rate
fo r th e fi scal yea r endin g Septemb er 30, 20 16.
Thi s repo rt should not be relied on for any purpose oth er th an the purpose descti bed above.
The deve loped fi nd ings includ ed in J·his report co nsider data or oth er inform at ion through September 30, 20 14.
Future ac tu aria l meas urements may di ffer sign ifi cant ly from the cutTc nt meas ure ment s present ed in thi s rep01t du e
to such fac tors as th e follow ing: plan expetience di ffering fr om that anticipa ted by the eco nomic or demogra phic
assump ti ons; changes in economic or demograp hic assu mp tions; inc reases or decreases ex pec ted as part of the
natural oper uti on of the metho do logy used fo r these meas urement s (s uch as th e end of an a mortiza ti on peri od or
add it io nal cos t or co ntrib ut ion req uireme nt s based on th e pl an's fund ed stat us); a nd c hanges in plan prov is ions or
app li cab le law. The scope o f an ac tuaria l val uati on docs not in cl ude a n analys is of th e potentia l ra nge of such
futu re mea sureme nt s. Beca use of our rel iance on ot her sou rces we di sc laim respo nsibi li ty for any materia l
ass umpti on or me thod selected by ot he r parti es.
The ca lcula tio ns are based upo n assu mptio ns rega rd ing futu re eve nt s, whi ch may or may not materialize. They arc
also based upon curre nt pl an provis ions that are outlined in the repor t. If you have re ason to bel ieve that lhc
ass um pti ons th at we re use d are unr easo nab le, th a t the pl an prov isions a re in co rr ectly desc ribed, or th at cond iti ons
have cha nged sin ce 1he calcula ti ons we re made, yo u s hou ld con tac t the aulh or of this report pri or to relyi ng on
info nnati on in th e re port .
The va lu a ti on was based up on in forma tio n furn ished by the City, co ncern ing Plan beneHt s, fin anc ial transactio ns.
plan provis ions and active members, termi nated membe rs, re ti rees an d be neficia ri es. We checked for intern al and
yea r-to-yea r con sistency, but di d not oth erwise audit th e da ta. We are not respons ible for the accu racy or
co mpleteness of the informa ti on prov ided by th e Cit y.
T he und ersigned act uar ies arc mem bers of th e America n Academy of Ac tu aries and mee t the Qua lifi ca tion
Standards o f the Ameri can Aca de my of Ac tuaries to rende r th e actu aria l opinions cont ained here in . The
signing ac tu ari es a re in depe nd ent of th e pl a n sponso r.
The Board of Trustees
February 23, 2015
Page2
This report has been prepared by actuaries who have substantial experience valuing public employee retirement
systems. To the best of our knowledge the information contained in this report is accurate and fairly presents
the actuarial position of the Retirement Plan as of the valuation date. All calculations have been made in
conformity with generally accepted actuarial principles and practices, with the Actuarial Standards of Practice
issued by the Actuarial Standards Board and with applicable statutes.
Gabriel, Roeder, Smith & Company will be pleased to answer questions pertaining to the valuation and to meet
with you to review this Report.
Respectfully submitted,
GABRIEL, ROEDER, SMITH AND COMPANY
James J. Rizzo, ASA, MAAA
Senior Consultant & Actuary
Piotr Krekora, ASA, MAAA
Consultant & Actuary
Gabriel, Roeder, Smith and Company
STATEMENT BY ENROLLED ACTUARY
This actuarial valuation and/or cost determination was prepared and completed by me or under my direct
supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are
complete and accurate. In my opinion, the techniques and assumptions used are reasonable, meet the requirements
and intent of Part VII, Chapter 112, Florida Statutes, and are based on generally accepted actuarial principles and
practices. There is no benefit or expense to be provided by the plan and/or paid from the plan's assets for which
liabilities or current costs have not been established or otherwise taken into account in the valuation. All known
events or trends which may require a material increase in plan costs or required contribution rates have been taken
into account in the valuation.
Signature
February 19, 2015
Date
14-03355
Enrollment Number
GRS
TABLE OF ~ONTENTS
~f;~T ION Il..I.ll ~
A EXECUTIVE SUMMARY A-1
B VALUATION RESULTS
l. Participant Data B-1
2. Annual Required Con tribution B-2
3. Actuatial Value of Benefits and Ass et s B-3
4. Fina ncial Soundness B-4
5. Actuarial Gains and Losses B-8
6. Recent I Ii story of Valuation Resu lt s B-12
7. Recent Hi story of Required and Actua l Con tributi ons B-14
8. Acruarial Assumpt ions and Cost Met hod B-15
c PENSION FUND INFORMAT I ON
I. Summary of Assets C-1
2. Summa ty of Pund's In co me and Di sbursements C-2
3. Reconcilia ti on of DROP Ac coun ts C-3
4 . Actuarial Value of Assets C-4
5. ln ves tmen t Rat e of Return C-6
D FINANC I AL ACCOUNTING INFORMATION
I. FASB No. 35 D-1
2. GASO No. 25 D-2
3. GASB No. 27 0-4
E MISCELLANEOUS I NFORMATION
I. Reconci lia tion of Memb ers hip Data E-1
2. Sta ti stica l Data E-2
F SUMMARY OF PLAN PROVISIONS F-1
G COMPARATIVE SUMMARY OP PR I NCIPAL G-1
VALUATION RESULTS
Circ ular 230 Notice: Pursucmt to regulation s iss ued by th e IRS. to th e extent this communication (or any
anachment) concems tax matters, it is not intended or wrillen to be used, and cannot be used . .for th e purpose
of (i) avoiding lax-related penalties under th e Internal Reve nue Code or (ii) marketing or recommending to
another party any tax-related matter addressed within. Each lcupayer sh o uld seek advice based on th e
individual 's c irc umstances from an independent tax advisor.
GRS
SECTION A
EXECUTIVE SUMMARY
EXECUTIVE SUMMARY
Closed Plan
In reviewing this Report, it is important to keep in mind that the System is closed to new entrants. One of the
consequences of this closure is that the annual payment on the unfunded accrued liability for the City will continue
to increase as a percentage of covered payroll as the number of active plan members and such payroll decreases
from year to year. Therefore, the overall cost as a percentage of covered payroll will be increasing each year in the
absence of significant actuarial gains.
Required Employer Contributions
The following is a comparison of required contributions developed in this year's and the last actuarial valuations:
For FYE 9/30/2016 For FYE 9/30/2015
Based on 9/30/14 Based on 9/30/13 Increase
Valuation Valuation (Decrease)
Gross Contribution Requirement $ 1,256,217 $ 1,027,619 $ 228,598
As % of Expected Payroll 52.39 % 37.59 % 14.80 %
Expected Employee Contribution $ 143,873 $ 164,006 $ (20,133)
As % of Covered Payroll 6.00 % 6.00 % 0.00 %
Required Employer Contribution
(If Made in Equal Monthly Installments) $ 1,112,344 $ 863,613 $ 248,731
As % of Covered Payroll 46.39 % 31.59 % 14.80 %
Required Employer Contribution
(If Made in Whole at the Beginning of the Year) $ 1,071,708 827,745 243,963
As % of Covered Payroll 44.69 % 30.28% 14.41%
As illustrated in the preceding chart, the City contribution necessary to support the current benefits for the General
Employees is $1,112,344 for the fiscal year ending September 30, 2016. Please note that the Required Employer
Contribution for that fiscal year is developed assuming it would be deposited in monthly intervals throughout the
year. For completeness, we are also presenting an amount required to be contributed if deposited in a single sum at
the beginning of the contribution year in lieu of periodic installments.
Revisions in Benefits
There were no revisions in benefits for the current year.
Revisions in Actuarial Assumptions and Methods
Beginning with this September 30, 2014 Valuation DROP balances are being included in Actuarial Accrued
Liability and in Plan Assets. This change has been made for consistency with GASB Statements 67 and 68 in
treatment of DROP Balances.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I A-1
In addition, upon the Board's approval, the investment return assumption has been lowered from 8.0% to 7.0% per
year, the assumed rate of inflation has been lowered from 3.0% to 2.5% per year. These changes increased the
required contribution by approximately $304,000.
Actuarial Experience
Actuarial gains occur in a year whenever the experience of the plan is better than was assumed. For example, if
investment performance were better than the level being assumed in the actuarial valuation and costing process,
then an actuarial gain results and would have the effect of lowering the Minimum Required Contribution for the
year. Whenever more employees terminate employment than were assumed would tenninate, fewer employees
are then expected to actually retire from the City, resulting in an actuarial gain for the plan.
Actuarial losses occur in a year whenever the experience of the plan is worse than was assumed. In the examples
given above, if the reverse were to occur, then actuarial losses would result. As another example, if salaries
increased in one year higher than was assumed, an actuarial loss would occur.
The actuarial valuation cost method which determines the Minimum Required Contribution is designed to produce
contribution requirements which remain level as a percent of payroll for an open plan whenever the experience of
the plan matches the actuarial assumptions used. Contribution Requirements are also level whenever actuarial
losses exactly offset actuarial gains.
Analysis of Change in Employer Contribution
The increase in the Employer Contribution as a percent of pay is primarily due to the plan closure resulting in a
decreased payroll -covered payroll have been dropping faster than the employer contribution. The components of
change in the actuarially required contribution are as follows:
Contribution rate last year 31.59 %
Payment on UAAL 1.75
Experience gain/loss 0.50
Change in administrative expense 0.06
Change in normal cost before expenses (0.19)
Revision in benefits 0.00
Revision in assumptions/methods 12.68
Contribution rate this year 46.39 %
There was a net actuarial loss this year which is primarily due to the valuation asset return being 6.3% when
compared to the 8.0% assumption and by a slight increase in the administrative expenses as a percentage of
payroll. The loss was largely offset by lower than expected salary increases of 4.8% versus 5.9% assumed.
The remainder of this Report includes detailed actuarial valuation results, financial information, miscellaneous
information and statistics, and a summary of plan provisions.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I A-2
SECTION B
VALUATION RESULTS
GRS
PARTICIPANT DATA
September 30, 2014 September 30, 2013
ACTIVE MEMBERS
Number 48
Covered Annual Payroll (non-DROP) $ 2,397,875
Average Annual Pay $ 49,956
Average Age 52.7
Average Past Service 14.7
Average Age at Hire 38.0
RETIREES, BENEFICIARIES, & DROP MEMBERS
Number
Annual Benefits
Average Annual Benefit
Average Age
DISABILITY RETIREES
Number
Annual Benefits
Average Annual Benefit
Average Age
TERMINATED VESTED MEMBERS
Number
Annual Benefits
Average Annual Benefit
Average Age
City of Atlantic Beach General Employees'
Retirement System
55
$ 853,087
$ 15,511
67.9
4
$ 56,377
$ 14,094
62.5
12
$ 122,575
$ 10,215
53.1
56
$ 2,733,429
$ 48,811
52.8
13.4
39.4
52
$ 778,025
$ 14,962
68.1
4
$ 56,377
$ 14,094
61.5
11
$ 113,275
$ 10,298
53.0
9/30/2014 Actuarial Valuation I B-1
ANNUAL REQUIRED CONTRIBUTION (ARC)
A. Valuation Date September 30, 2014
After Changes
B. ARC to Be Paid During
Fiscal Year Ending 9/30/2016
c. Assumed Date(s) of Employer Contrib. Monthly
D. Annual Payment to Amortize
Unfunded Actuarial Liability
if Paid on the Valuation Date $ 719,527
E.
F.
G.
H.
I.
J.
GRS
Employer Normal Cost
(including Administrative Expenses)
if Paid on the Valuation Date
ARC ifpaid on the Valuation
Date: D+E
ARC Adjusted for Frequency of
Payments and Interest to Required Time
of Contribution
Payroll Expected for Contribution Year
ARC as % of Covered Payroll in
Contribution Year: G _,_ H
Required Employer Contribution (REC)
if Paid on the First Day of the Contribution Year
City of Atlantic Beach General Employees'
Retirement System
282,070
1,001,597
1,112,344
2,397,875
46.39 %
1,071,708
September 30, 2014 September 30, 2013
Prior to Changes
9/30/2016 9/30/2015
Monthly Monthly
$ 491,678 $ 515,906
225,733 250,524
717,411 766,430
808,379 863,613
2,397,875 2,733,429
33.71 % 31.59 %
774,804 827,745
9/30/2014 Actuarial Valuation I B-2
I
ACTUARIAL VALUE OF BENEFITS AND ASSETS
A. Valuation Date September 30, 2014 September 30, 2014 September 30, 2013
After Changes Prior to Changes
B. Actuarial Present Value of All Projected
Benefits for
1. Active Members
a. Service Retirement Benefits $11,057,889 $9,745,437 $10,264,683
b. Vesting Benefits 319,225 260,255 274,710
c. Disability Benefits 250,285 222,787 237,621
d. Preretirement Death Benefits 256,659 225,713 240,504
e. Return of Member Contributions 41,929 40,313 47,420
f. Total 11,925,987 10,494,505 11,064,938
2. Inactive Members
a. Service Retirees & Beneficiaries 9,104,369 8,402,061 7,578,313
b. Disability Retirees 525,530 490,688 502,066
c. Terminated Vested Members 998,673 884,431 790,967
d. Total 10,628,572 9,777,180 8,871,346
3. DROP Balances 273,114 * 273,114 * N/A
4. Total for All Members 22,827,673 20,544,799 19,936,284
c. Actuarial Accrued (Past Service)
Liability per GASB No. 25 20,023,500 18,206,017 17,282,101
D. Actuarial Value of Accumulated Plan
Benefits perF ASB No. 35 17,642,825 15,967,146 15,181,382
E. Plan Assets
1. Market Value 14,919,308 * 14,919,308 * 13,770,711
2. Actuarial Value 15,167,400 * 15,167,400 * 13,815,833
F. Actuarial Present Value of Projected
Covered Payroll 18,159,759 17,803,738 20,075,853
G. Actuarial Present Value of Projected
Member Contributions 1,089,585 1,068,224 1,204,551
*Beginning with September 30, 2014 Valuation DROP balances are being included in Present Value of
Projected Benefits, Actuarial Accrued Liability and in Plan Assets.
I
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-3
FINANCIAL SOUNDNESS
The purpose of this portion of the Report is to provide certain measures which indicate the financial soundness of
the program. These measures relate to short term solvency and long term solvency.
The various percentages listed in this Section as of a single valuation date are not that significant. What is
significant, however, is the trend of the rates over a period of years. It is also important to keep in mind that each
time benefits or assumptions are revised; actuarial liabilities are created or diminished. Any newly created
liabilities are financed systematically over a period of future years. All actuarially computed values in this analysis
are based on the actuarial assumptions utilized in the respective years' actuarial valuations.
Short Term Solvency
The ultimate test of financial soundness is the program's ability to pay all promised benefits when due. The
program's progress in accumulating assets to pay all promised benefits can be measured by comparing the market
value of assets with:
1. The actuarial present value of projected benefits payable to those already receiving benefits and to vested
tenninations, and
2. The actuarial present value of accrued benefits payable to active participants. This amount is based on
benefits earned to date without future credited service or salary increases.
The total of the two items should generally be fully covered by assets. That portion of the total of the two items
covered by assets should increase over time. Often assets continue to grow beyond the actuarial present value of
these two items.
Increases in benefits will, of course, adversely affect the trend in the years when such increases are first reflected
in the actuarial values. Although different actuarial assumptions would be used in the event of a tennination of the
program, this test shows how much of the benefits accrued to date might be covered by assets in the event of a plan
freeze using the valuation assumptions.
GRS
General Employees
9/30/14 9/30/13 09/30/12
1. Accumulated Contributions
of Active Members $ 1,204,929 $ 1,225,604 $ 1,250,523
2. APV ofProjected Benefits in
Pay Status and for Vested
Terminations 10,901,686 1'
2 8,871,346 7,271,307
3. APV of Accrued Benefits for
Active Participants
(Employer Portion) 5,536,210 L 5,084,432 5,634,440
4. Total 17,642,825 15,181,382 14,156,270
5. Market Value of Assets 14,919,308 I 13,770,711 12,646,085
6. Assets as% of Total 85% 91% 89%
1 DROP balances are being included in Actuarial Accrued Liability and in Plan Assets.
2 Reflects changes in actuarial assumptions.
City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-4
GRS
Ratio of Market Value of Assets to
Present Value of Accrued Benefits
$20.0 200%
$18.0
$16.0
$14 .0
$12.0
"' = .~ $10.0 ~ ~ 100% =· 0
$8.0
$6.0
$4.0
$2.0
$0.0 0%
2010 2011 2012 2013 2014
Actuarial Valuation Date (September 30)
-Markel Va lue of Assets -PY Accrued Benefits Ratio
Cit y of Atlantic Bea ch Genera l Empl oyees'
Retirement Sys tem
9/30/20 14 Ac tu ar ial Valuation I B-5
Lon g Term So lvency
Over the longer term, th e so lve ncy of an ongoing plan ca n be measured by compari ng the Act uari al Value of
Assets to an amo unt known as th e Actuarial Acc ru ed Liabilit y (AAL) und er th e Entry Age Actuarial Cos t Method.
Thi s item has often bee n ca ll ed the "past service li ability". Its delivati on differs fi ·o m th e s hort tenn so lvency va lu e
de riva ti on in severa l ways. The short term solvency li ab ility numb er is based o n the benefi ts acc rued to da te by the
participants whil e the long tem1 solvency liability number is based on what the no rma l costs acctued to date by the
emplo yer. Jn additi on, th e short tenn solvency asset number is the ma rk et va lu e, whil e th e long term asset numb er
is the actua rial va lue of assets. As in th e case of th e short term solve ncy va lu es, th e AAL is affec ted immediately
by any rev isions in benefits or ass umpti ons. The accumu lation of assets to equa l the AAL ca n be co nsi dered a
long range funding goa l.
GRS
Act uaa•ial Va lue of Act ual'ial Acc a·ued %of AAL
Va lu ation Assets Liability Cove red by
Date (in Thousands) (in Thousa nd s) Ass ets
9/30/00 5,229 6,46 2 81 %
9/30/01 * 5,587 6,986 80
9/30/02 5,747 7,479 77
9/30/03 * 5,95 1 8,186 73
9/30/04 6,273 9,005 70
9/30/05 * 6,802 9,822 69
9/30/06 * 7,609 10,5 05 72
9/30/07 8,594 11 ,668 74
9/30/08 * 9,209 12 ,62 4 73
9/30/09 9,84 1 13,682 72
9/30/10 * 10,6 1& 15,180 70
9/30/11 11,119 16,053 69
9/30/12 ** 12,46 5 16,59 9 75
9/30/13 13,816 17,282 80
9/30/14 *'*** 15,167 20,024 76
*Reflects c hange in benefits. actuarial assumptions and/or asset me thod.
*"' R~flects th e Ac tuarial Impact Statem ent for Ordinance 58-13-3 7.
*'~~*DROP balances are included in Actua rial Accru ed Liability and in Plan Asse ts.
Cil y of At lant ic Beach General Emp loyees'
Retire men t Syste m
9/30/20 14 Ac luar ial Va lu a t ion I B-6
GRS
$20.0
$15.0
;g
~ $10.0
1.-
$5 .0
Ratio of Acttmrial Valu e of Asse ts
to Actuarial Acc t·uN I Liabilit)·
r-
r-
-L..-
300%
250%
200%
1 50%~ a·
10 0%
50%
,L I I $0 .0 0%
~~~ '!::l~' ~~rv '!:::l~'? ~~ ~~"' ~~'.o '!::l~ '!::l~% ~~o, ~,~ ~'' ~,rv ~.:::> ~,'>-~ ~ ~ ~ ~ "V ~ ~ ~ ~ ~ ~ ~ ~ ~
Ac t uarial Valu ation Date (Sep !emb er 30)
-Actoa l'inl A s.~c!s t=~ A ccru ed Li abil ity
City of Atlantic Beach Ge neral Employees'
Retirement System
_._Ratio
9/30/2 0 14 Ac tuaria l Va lu ati on I B-7
ACTUARIAL GAINS AND LOSSES
The assumptions used to anticipate mortality, employment turnover, investment income, expenses, salary
increases, and other factors have been based on long range trends and expectations. Actual experience can vary
from these expectations. The variance is measured by the gain and loss for the period involved. If significant long
term experience reveals consistent deviation from what has been expected and that deviation is expected to
continue, the assumptions should be modified. The net actuarial gain (loss) for the past year is computed as
follows:
GRS
Derivation of Experience Gain (Loss)
1. Last Year's VAAL
2. Last Year's Employer Normal Cost
3. Last Year's Actual City Contibution
4. Interest at the assumed rate on:
a. 1 for one year
b. 2 half a year
c. 3 from dates paid
d. a+ b-c
5. This Year's Expected VAAL
1 + 2-3 + 4d
6. This Year's Actual VAAL (before any
changes in benefits or assumptions)
7. Net Actuarial Gain (Loss): (5)-(6)
8. Gain (Loss) due to investments
9. Gain (Loss) due to other sources
10. Amortization Payment Due to (Gain) Loss
City of Atlantic Beach General Employees'
Retirement System
$3,466,268
260,545
950,980
277,301
10,422
38,039
249,684
3,025,517
3,038,617
(13, 100)
(220,613)
207,513
1,743
9/30/2014 Actuarial Valuation I B-8
GRS
$3
$2
$1
($1)
($2)
($3)
Net ac L11arial ga ins in previous yea rs hnve bee n as follows:
Cumu lative Gni n
Yeur End ed Actuarial Gain (Loss) (Loss)
9/3 0/1994 ( 157,358 ) ( 157,358)
IJ/30/1995 447,29 1 289,933
9/30/1996 ( 162,663) 127,270
9/30/1997 252,238 379,508
9/3 0/1998 58,540 43R,048
9/30/1999 108,195 546,243
9/30/2000 {55,470) 490 ,773
9/30/200 1 (18,145) 472 ,628
9/30/2002 (28 0,151) 192,477
9/30/2003 (355,383) ( 162,906)
9/30/2004 (395,109) (558 ,01 5)
9/30/2005 (3 64,305) (922,320)
9/30/2006 131,266 {791.054)
9/30/2007 ( 170,383) (961,437)
9/30/2008 ( 178,856) (1,140,293)
9/30/2009 {482,223) ( I ,622,515)
9/30120 10 ( 171,358) ( 1,793,873)
9/30/201 1 (3 64 ,56 3) (2, 158,436)
9/30/20 12 402 ,582 (I, 755,854)
9/30120 13 208,109 ( 1,547,746)
9130120 14 ( 13,100) {I ,560,846)
Actuarial Gain(+) or Loss ( -)
~ h b ~ ~ A ~ ~ ~ ~ ~ h b ~ • ~ ~ ' ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~
Plan YearEnd
-Gain or Loss -cumulative
$3
$2
$1
~
$0 ~
i
($1)
($2)
($3 )
City of Atl anti c Beach General Employees '
Retiremen t Sys tem
9/3 0/2 014 Actuarial Valuati on I B-9
The fund earnings and salary increase assumptions have considerable impact on the cost of the Plan so it is
important that they are in line with the actual experience. The following table shows the history of actuarial fund
earnings and salary increase rates compared to the assumed rates:
Investment Return (AVA) Salary Increases
Year Ending Actual Assumed Actnal Assumed
9/30/1999 11.0 % 8.0 % 5.6 % 5.7 %
9/30/2000 9.7 8.0 8.3 6.0
9/30/2001 5.1 8.0 4.0 6.2
9/30/2002 1.5 8.0 4.4 5.9
9/30/2003 1.7 8.0 4.5 5.9
9/30/2004 2.3 8.0 7.7 5.8
9/30/2005 4.9 8.0 10.8 5.8
9/30/2006 8.5 8.0 4.1 5.9
9/30/2007 10.0 8.0 9.8 5.9
9/30/2008 4.9 8.0 4.9 5.8
9/30/2009 4.2 8.0 6.1 5.7
9/30/2010 5.0 8.0 (0.4) 6.0
9/30/2011 2.1 8.0 0.5 6.0
9/30/2012 8.0 8.0 1.2 5.9
9/30/2013 8.0 8.0 1.3 5.9
9/30/2014 6.3 8.0 4.8 5.9
Average 5.8 % ---4.8 % ---
The actual investment return rates shown above are based on the actuarial value of assets. The actual salary
increase rates shown above are the increases received by those active members who were included in the actuarial
valuations both at the beginning and the end of each year.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-10
History oflnvestment Return -Actuarial Value of Assets
15% 15%
10% 10%
5% 5%
0%
-5% -5%
GRS
'>j'f!Oj Oj~f;) '>j~' '>j~"" '>j~"> Oj~ Oj~'> Oj~b 0,~'\ '>j~'t. 0,~0) c,~f;) c.''' Oj~"" o,\'" Oj~~
Plan Yea rEnd
-e-i\clual --Ass wncd
History of Salary Increases
Plan Ye ar End Co mpared to Prev ious Yea r
-i\clual -Assumed
C it y of Atl ant ic Beach Ge neral Employees '
Reti rement Sys tem
9/30/20 14 Act uari al Va lu ati on I B-11
< !::. c:
t)) =· 0
0
txi
I
I
Valuation
Date
9/30/99
9/30/00
9/30/01 •
9/30/02
9/30/03 •
9/30/04
9/30/05 •
9/30/06 .
9/30/07
9/30/08 «
9/30/09
9/30/10 .
9/30/11
9/30/12
...
9/30/13
9/30/14 .
Number of
Active Inactive
Members Members
70 33
71 37
75 40
83 40
84 41
86 42
82 45
81 48
82 51
83 52
87 50
84 51
83 58
63 63
56 67
48 71
RECENT HISTORY OF VALUATION RESULTS I
Employer Normal Cost
Reported Annual Actuari al Value of
Payroll Assets UAAL Amount
{in Thousands) (in Thousands) {in Thousands) (in Thousands) %of Payroll
$ 2 ,185 $ 4,650 $ 1,146 $ 199 9.10 %
2,330 5,229 1,233 213 9.14
2,462 5,587 1,399 226 9.17
2,768 5,747 1,732 267 9.66
2 ,856 5,951 2,235 284 9.93
3 ,051 6,273 2,732 300 9.82
3 ,182 6 ,802 3,020 235 7 .37
3 ,195 7 ,609 2,896 233 7 .28
3,476 8,594 3,074 252 7 .26
3,727 9,209 3 ,415 269 7.22
4 ,019 9,841 3 ,841 314 7.82
3,838 10 ,618 4,562 364 9.49
3,738 11,119 4 ,934 367 9.82
3,072 12 ,465 4,134 274 8.90
2,733 13,816 3,466 251 9.17
2 ,398 15,167 4,856 282 11.76
*Reflects a change in assumptions or benefits.
**Reflects th e Actuarial Impact Statement for Ordinance 58~13~37.
(I')
.§
F.3
~
GRS
Recent History of Number of Members
~ ~ ' ~ ~ ~ h ~ ~ ~ ~ ~ ' ~ ~ ~ ~~f! ~~,r:::s ~c,\~ ~c,f:l t;;:)o,\~ t;;:)~r;;:s ~~,~ ~~fS ~~~ t;;:)~\t;;:) ~c,\<:::5 ~~' ~~'' t;;:)c.'' t;;:)c.'' ~~''
Actuaria l Va lu ation Date
0 Active Me mbms •Inactive Me mbetli
Recent History of Covered Annua l Payro ll
$5.0
$4.0
,. ,.. ,.. ,..
~
$3.0 1"1
,.. ,.. ,.. ,.. I"". ,.. ,.. ~ ,..
$2.0
$1.0
$0.0 -, ----1---1-1-1--1-
Act uarial Va lu at ion Date
,..
Ci ty of Atlant ic Beach General Employee s'
Reti rement System
9/30/2014 Actuaria l Valuat ion I B-13
GRS
RECENT IDSTORY OF REQUIRED AND ACTUAL CONTRIBUTIONS
End of Year To Required Contributions
Which Valuation Valuation
Applies % of Expected Actual
Amount Payroll
• 9/30/03 9130/05 $ 464,893 15.02
9/30/04 9/30/06 480,029 16.09
* 9/30/05 9/30/07 482,364 13.99
* 9/30/06 9/30/08 456,965 13.62
9/30/07 9/30/09 528,428 14.03
• 9/30/08 9/30/10 599,292 14.84
9/30/09 9/30/11 722,769 16.60
• 9/30/10 9/30/12 998,516 24.53
9/30/11 9/30/13 1,044,392 26.34
•• 9/30/12 9/30/14 950,980 29.19
9/30/13 9/30/15 863,613 31.59
• 9/30/14 9/30/16 1,112,344 46.39
*Reflects a change in assumptions or benefits.
**Reflects the Actuarial Impact Statement for Ordinance 58-13-37.
City of Atlantic Beach General Employees'
Retirement System
Contributions
% $ 464,893
480,029
482,363
457,005
528,426
599,292
722,769
998,516
1,044,392
950,980
---
---
9/30/2014 Actuarial Valuation I B-14
ACTUARIAL ASSUMPTIONS AND COST METHOD
Valuation Methods
Actuarial Cost Method -The actuarial cost method is a procedure for allocating the actuarial present value of
benefits and expenses to time periods. Normal cost and the allocation of benefit values between service
rendered before and after the valuation date were determined using the Entry-Age Actuarial Cost Method.
The entry-age actuarial cost method allocates the actuarial present value of each member's projected benefits on
a level basis over the member's pensionable compensation between the entry age of the member and the
estimated active status exit ages. The portion of the actuarial present value allocated to the valuation year is
called the normal cost. The portion of the actuarial present value not provided for by the actuarial present value
of future normal costs is called the actuarial accrued liability. Deducting accrued assets from the actuarial
accrued liability determines the unfunded actuarial accrued liability.
Financing of Unfunded Actuarial Accrued Liabilities -The unfunded actuarial accrued liability was financed
as a level dollar.
Actuarial Value of Assets -The Actuarial Value of Assets phases in the difference between the expected and
actual return on market value of assets at the rate of 25% per year. The Actuarial Value of Assets will be
further adjusted to the extent necessary to fall within the corridor whose lower limit is 80% of the Market Value
of plan assets and whose upper limit is 120% of the Market Value of plan assets. During periods when
investment performance exceeds the assumed rate, Actuarial Value of Assets will tend to be less than Market
Value. During periods when investment performance is less than assumed rate, Actuarial Value of Assets will
tend to be greater than Market Value.
Valuation Assumptions
The actuarial assumptions used in the valuation are shown in this Section.
Economic Assumptions
The wage inflation rate assumed in this valuation was 3.5% per year. The Wage Inflation Rate is defined to be
the portion of total pay increases for an individual that are due to macroeconomic forces including productivity,
price inflation, and labor market conditions. For an ongoing plan with a constant active population, a long tenn
payroll growth rate often converges to the assumed rate of wage inflation. The wage inflation rate does not
include pay changes related to individual merit and seniority effects. The price inflation rate assumed in this
valuation was 2.50% per year. Price inflation assumption has been changed from 3% beginning with 9/30/2014
valuation.
The plan does not provide for automatic post-retirement cost of living adjustments (COLA) of retiree benefits.
Ad-hoc COLA increases have been adopted in the past upon approval by the City. Most recently, such
increases have been granted in 1987, 1996 and 2001. No assumptions are made regarding future adjustments.
Any such increases will be recognized as they occur.
The total rate of return is defined as earnings resulting from interest, dividends, realized gains (losses) and
unrealized appreciation (depreciation) less investment-related expenses, all divided by the beginning market
value of the fund, adjusted for cash flow during the year. Total rate of return is as the assumed to be 7.0% per
year, net of investment-related expenses. This assumption has been changed fi'om 8% beginning with
9/30/2014 valuation.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-15
The rates of salary increases used in the valuation are illustrated in the following table (rates below include
2.5% price inflation).
Annual Rates for Salary Increase for Sample Ages
Age: 20 30 40 50 60
Expected Increase 13.5% 8.2% 6.0% 5.5% 5.0%
Demographic Assumptions
The mortality rates used were taken from the gender specific RP-2000 Combined Healthy Participant Mortality
Tables for males and females, with generational projections from the year 2000 Projection Scale AA. The
mortality table was set forward ten years for projecting the expected mortality of disabled lives. Sample
mortality rates and life expectancy factors illustrated below apply to the valuation year and are projected to
change in the future years.
Sample Probability of Future Life
Attained Dying Next Year Expectancy (years)
Ages (in 2014) Men Women Men Women
50 0.17% 0.13% 34.26 35.63
55 0.28 0.24 29.14 30.66
60 0.54 0.47 24.21 25.89
65 1.05 0.90 19.60 21.40
70 1.80 1.56 15.41 17.28
75 3.11 2.51 11.63 13.56
80 5.59 4.16 8.41 10.25
Rates of disability among active members (0% of disabilities are assumed to be service-connected).
GRS
Percent Becoming Disabled
Within Next Year
Sample
Ages Men
20 0.07%
25 0.09%
30 0.10%
35 0.14%
40 0.21%
45 0.32%
50 0.52%
55 0.92%
60 1.53%
City of Atlantic Beach General Employees'
Retirement System
Women
0.07%
0.09%
0.10%
0.14%
0.21%
0.32%
0.52%
0.92%
1.53%
9/30/2014 Actuarial Valuation I B-16
The rates of retirement used to measure the probability of eligible members retiring under normal and early
retirement eligibility during the next year were as follows:
Normal or Early Reitrement/DROP
Retirement Percent of Eligible
Ages Employees Retiring
55 15%
56 10%
57 10%
58 10%
59 10%
60 20%
61 15%
62 15%
63 15%
64 20%
65 30%
66 40%
67 50%
68 50%
69 50%
70 100%
Rates of separation from active membership were as shown below (rates do not apply to members eligible to
retire and do not include separation on account of death or disability). This assumption is used to yield the
probabilities of members remaining in employment.
GRS
Rates of Separation from Active Employment
Sample Years of
Ages Service
ALL 0
1
2
3
4
25 5 & Over
30
35
40
45
50
55
60
City of Atlantic Beach General Employees'
Retirement System
Assumptions
28.61%
20.78%
16.94%
11.67%
7.41%
3.70%
3.50%
3.20%
3.00%
2.70%
2.20%
2.00%
2.00%
9/30/2014 Actuarial Valuation I B-17
Administrative & Investment
Expenses
Benefit Service
Decrement Operation
Decrement Timing
Eligibility Testing
Forfeitures
Incidence of Contributions
Marriage Assumption
Normal Form of Benefit
Pay Increase Timing
Service Credit Accruals
Miscellaneous and Technical Assumptions
Annual administrative expenses are assumed to be equal to the actual
expenses paid during the preceding fiscal year. Investment expenses
are offset against gross investment income. Assumed administrative
expenses are added to the Normal Cost.
Exact fractional service is used to determine the amount of benefit
payable.
Disability and mortality decrements do not operate during the first 5
years of service. Disability and separation do not operate during
retirement eligibility.
Decrements of all types are assumed to occur at mid-year.
Eligibility for benefits is determined based upon the age nearest
birthday and service nearest whole year on the date the decrement is
assumed to occur.
Vested members who terminate with a benefit worth less than 100%
of their own accumulated contributions were assumed to forfeit their
vested benefit.
Employer contributions are assumed to be received in 12 equal
monthly installments. Member contributions are assumed to be
received continuously throughout the year based upon the computed
percent of payroll shown in this report, and the actual payroll payable
at the time contributions are made.
80% of members are assumed to be married for purposes of death-in-
service benefits. Male spouses are assumed to be three years older
than female participants and female spouses are assumed to be three
years younger than male participants for active member valuation
purposes.
The normal form of benefit is a life annuity.
Beginning of fiscal year. This is equivalent to assuming that reported
pays represent the actual amount paid during the previous fiscal year.
It is assumed that members accrue one year of service credit per year.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-18
GLOSSARY OF TERMS
Actuarial Accrued Liability The difference between (i) the actuarial present value of future plan benefits,
and (ii) the actuarial present value of future normal cost. Sometimes referred to
as "accrued liability" or "past service liability."
Accrued Service The service credited under the plan which was rendered before the date of the
actuarial valuation.
Actuarial Assumptions Estimates of future plan experience with respect to rates of mortality, disability,
turnover, retirement, rate or rates of investment income and salary increases.
Decrement assumptions (rates of mortality, disability, turnover and retirement)
are generally based on past experience, often modified for projected changes in
conditions. Economic assumptions (salary increases and investment income)
consist of an underlying rate in an inflation-free environment plus a provision
for a long-term average rate of inflation.
Actuarial Cost Method A mathematical budgeting procedure for allocating the dollar amount of the
"actuarial present value of future plan benefits" between the actuarial present
value of future normal cost and the actuarial accrued liability. Sometimes
referred to as the "actuarial funding method."
Actuarial Equivalent
Actuarial Present Value
Amortization
Experience Gain (Loss)
Normal Cost
Reserve Account
Unfunded Actuarial
Accrued Liability
Valuation Assets
A single amount or series of amounts of equal value to another single amount
or series of amounts, computed on the basis of the rate(s) of interest and
mortality tables used by the plan.
The amount of funds presently required to provide a payment or series of
payments in the future. It is determined by discounting the future payments at a
predetermined rate of interest, taking into account the probability of payment.
Paying off an interest-bearing liability by means of periodic payments of
interest and principal, as opposed to paying it off with a lump sum payment.
A measure of the difference between actual experience and that expected based
upon a set of actuarial assumptions during the period between two actuarial
valuation dates, in accordance with the actuarial cost method being used.
The annual cost assigned, under the actuarial funding method, to current and
subsequent plan years. Sometimes referred to as "current service cost." Any
payment toward the unfunded actuarial accrued liability is not part of the
normal cost.
An account used to indicate that funds have been set aside for a specific
purpose and is not generally available for other uses.
The difference between the actuarial accrued liability and valuation assets.
Sometimes referred to as "unfunded accrued liability."
The value of current plan assets recognized for valuation purposes. Generally
based on market value plus a portion of unrealized appreciation or depreciation.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I B-19
SECTIONC
PENSION FUND INFORMATION
SUMMARY OF ASSETS
9/30/2014 9/30/2013
Cash and Securities -Market Value
Cash and Cash Equivalents $ 27,899 $ 51,245
Short Term Investments 4,701,667 804,567
Treasury and Agency Bonds & Notes 251,173 790,293
Corporate Bonds 4,994,776 3,653,586
Common & Preferred Stocks 4,758,558 8,008,414
Pooled Equity Funds 0 0
Mutual or Pooled Bond Funds 0 426,035
Mutual Equity Funds 0 0
Other Securities -Participant Directed 144,640 89,120
Total 14,878,713 13,823,260
Receivables and Accruals
Member Contribution 0 0
Additional Employer Contribution 0 0
Interest and Dividends 40,709 37,471
Interest Deposit for Late Contribution 0 0
Total 40,709 37,471
Payables
Benefits-DROP Reserve 0 * 89,120
Lump Sum Distributions 0 0
Expenses 0 0
Other 114 900
Total 114 90,020
Net Assets-Market Value $ 14,919,308 $ 13,770,711
* Beginning with 9/30/2014 valuation. DROP balances are being included in Plan Assets for consistency
with GASB Statements 67 and 68.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I C-1
PENSION FUND INCOME AND DISBURSEMENTS
Year Ending Year Ending
9/30/2014 9/30/2013
Market Value at Beginning of Period $ 13,770,711 $ 12,693,827
Income
Member Contributions 157,383 180,750
State Contributions 0 0
Employer Contribution 950,980 1,044,392
Interest and Dividends 286,651 274,716
Legal Settlement 0 31,619
Realized and Unrealized Gain (Loss) 468,942 481,465
Total Income 1,863,956 2,012,942
Disbursements
Monthly Benefit Payments 697,702 729,447
DROP Payments Held in Reserve 0 0
Lump Sum Distributions 0 0
Refund of Contributions 9,516 53,059
Investment Related Expenses 65,732 53,936
Other Administrative Expenses 31,529 34,549
Rollover of Employee Contributions to DC Plan 0 65,067
Total Disbursements 804,479 936,058
Adjustment for Adopting New Accounting Principle* $ 89,120 N/A
Net Increase During Period $ 1,148,597 $ 1,076,884
Market Value at End of Period $ 14,919,308 $ 13,770,711
* For consistency with GASB Statements 67 and 68 DROP balances are now being included in Plan Assets.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I C-2
DEFERRED RETIREMENT OPTION PLAN (DROP )
BENEFITS HELD IN RESERVE
A reconcilia ti on of the accumulated DROP accou nt ba lances is provided in th e tabl e below.
I
RECONCILIATION OF DROP ACCOUNTS
Value at beginning of year $ 89,120
Pa yments cred it ed to accounts + 180,360
Investment Earnings credited + 3,634
Withdrawal s from accounts -0
Value at end of year 273,114
I
DROP PARTI CIPATION ACTIVITY
Number as of September 30 , 201 3 5
Number entered DROP during the yea r I
Number ex ited DRO P durin g the year 0
Number as of September 30, 20 14 6
Average Monthly Benefit as of September 30, 2014 $2,420
I
I
GRS City of Atl anti c Beach General Employees'
Reti reme nt System
9/30/2014 Actuaria l Valuation I C-3
ACTUARIAL VALUE OF ASSETS
As of September 30, 2014
Valuation assets are calculated using a smoothed market value over a period of four (4) years, as prescribed
under Internal Revenue Procedure 2000-40. The asset value determined under this method will be adjusted to
be no greater than 120% and no less than 80% of the fair market value.
Under this method, the actuarial value of assets is equal to the market value of assets less a decreasing fraction
( 1/nth per year, where n equals the number of years in the smoothing period) of the gain or loss for each of the
preceding 3 years.
Under this method, a gain or loss for a year is determined by calculating the difference between the expected
market value of the assets at the valuation date and the actual market value of the assets at the valuation date.
The expected value of the assets for the year is the market value of the assets at the valuation date for the prior
year brought forward with interest at the valuation interest rate to the valuation date for the current year plus
contributions minus disbursements (i.e., benefits paid and expenses), all adjusted with interest at the valuation
rate to the valuation date for the current year. If the expected value is less than the market value, the difference
is a gain. Conversely, if the expected value is greater than the market value, the difference is a loss.
Calculation of Valuation Assets is shown on the following page.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I C-4
A. Preliminary act uaria l valu e fi·o m pr ior ye ar
B. Market va lu e begi nn ing o f prior yea r
C. Mark et va lu e end of prior year
D. Non-in ves tm ent net cash flow
[contri bution s-(bene fit s & ex penses ))
E. Inves tment retu rn
I . Actu al ma rk et va lue re turn net o f investme nt
expen ses: C-B-D
2. Ex pecled return of 8.00%
3. Ex ccss/(s hor1fall ) to be ph as ed-in: El -E2
P. Ph ased-in recognition of in vestm ent retu rn
(4 Yea r· Recognit ion)
I . Current year: 25% of E3
2. 25% of cxcess/(s hor1rall ) from fir st pri or year
3. 25% o r exccss/(s hor1 fall) from seco nd prio r year
4. 25% of c.xcess/(s hor1fa ll ) fr om th ird pri or year
5. Total phase d-i n r·ecog niti on of in ves tm ent return
G. Actunrial value end of yea r
I . Prelimina ry actuaria l va lu e end o f' year·:
A I· D + E2 + F5
2. Upper eorr·id or limit: 120% ofC
3. Low er co rrid or li mit : 80% o r e
4. Adjustm ent to refle ct ret roactive pl an closure
5. Actuaria l va lu e end of yea r
II. Diffe rence betw een market value and actu aria l valu e
I. Rati o o f Fundin g Value to Ma rk et Valu e
2012**
$ 11 ,11 9,463
I 0,4 48,4 70
12,693,827
490,44 1
1,754,91 6
ill.!2.l
899,42 1
224 ,R55
(27 3,3 34)
52,8 67
43,244
4 7,632
12,5 13,03 1
15,232,592
10,155,062
(4 7,742)
12,465,289*
180,796
99%
*O.ff.ser for DR OP Hc.I"CIW made p r ior l o /h e cnlclllallan ojl'!llun/to/1 assc/s •* Ref/eels th e Ac/llrll·i allmpr,cr Sraremenlfor Orrlin(III CC 58-13-37
*** fll cllldcs adj us/mcnl jin ·adopling new AccrJt ml ing Pl'inciph·
GRS Ci ty of Al lantic Beach Ge neral Emp loyees'
Retirement Sys tem
2013 2014 2015
$ 12,465,289 $ 13,!!15,833 $ 15,167,400
12,693,1!27 13,770,7 11 14.919,308
13,770,7 11 14,9 19.308
343,020** 458,736 ......
733,!!96 689,8 6 1
1,0 29 ,227 1 ,1 23,~11
(295,331) (4 33,71 0)
(73,833) (I 08,428)
224,855 (73,833) l l 0!!,42 8)
(273,334) 224,855 (73,833)
52,867 (273,334) 224,855
(69,4 45) (230,740) 42,594
13,8 15,833 15,167,400
16,524.853 17,903 ,170
11,01 6,569 11 .935,446
0 0
I 3,8 1 5,833 * 15,167,400
(45, 122) (248,092)
100% 102%
9/30/20 14 Ac tu a ri a l Va lua tion I C-5
INVESTMENT RATE OF RETURN
The investment rate of return has been calculated on the following bases:
Basis 1-Market Value: Interest, dividends, realized gains (losses) and unrealized appreciation (depreciation)
divided by the beginning market value of the fund, adjusted for cash flow during the year. This figure
is normally called the Total Rate of Return.
Basis 2-Actuarial Value: Investment earnings recognized in the Actuarial Value of Assets divided by the
weighted average of the Actuarial Value of Assets during the year.
GRS
Investment Rate of Retnrn
Year Ended Market Value Actnarial Value
9/30/99
9/30/00
9/30/01
9/30/02
9/30/03
9/30/04
9/30/05
9/30/06
9/30/07
9/30/08
9/30/09
9/30/10
9/30/11
9/30/12
9/30/13
9/30/14
Average Compounded
Rate of Return for
5 Years
10 Years
All Years
City of Atlantic Beach General Employees'
Retirement System
8.0 % 11.0 %
4.3 9.7
(1.9) 5.1
(6.7) 1.5
10.1 1.7
7.2 2.3
9.4 4.9
9.7 8.5
14.7 10.0
(11.9) 4.9
9.7 4.2
9.9 5.0
(2.4) 2.1
16.4 8.0
5.7 8.0
4.9 6.3
6.7% 5.9%
6.3% 6.2%
5.2% 5.8%
9/30/2014 Actuarial Valuation I C-6
SECTIOND
MISCELLANEOUS INFORMATION
GRS
56 63
2. New Members Included in Current Valuation 0 0
3. Non-Vested Employment Terminations (1) (2)
4. Vested Employment Terminations (1) 0
5. Service Retirements (4) (1)
6. Disability Retirements 0 0
7. Deaths (1) 0
8. DROP Retirement (1) (4)
9. Transfer to the DC Plan 0 0
10. Number Included in This Valuation 48 56
B. Terminated Vested Members
1. Number Included in Last Valuation 11 12
2. Additions from Active Members 0
3. Lump Sum Payments/Withdrawals 0 0
4. Payments Commenced 0 (1)
5. Deaths 0 0
6. Other 0 0
7. Number Included in This Valuation 12 11
Service Retirees, Disability Retirees, Beneficiaries & DROP
1. Number Included in Last Valuation
2. Additions from Active Members
3. Additions entering the DROP
4. Additions from Terminated Vested Members
5. Deaths Resulting inN o Further Payments
6. Deaths Resulting in New Survivor Benefits
7. End of Certain Period-No Further Payments
8. Other--New Survivor Payments for Death
9. Number Included in This Valuation
City of Atlantic Beach General Employees'
Retirement System
56 51
4
4
0 1
(2) (1)
(1) 0
0 0
0
59 56
9/30/2014 Actuarial Valuation I D-1
GRS
STATISTICAL DATA
Active Members as of September 30, 2014
Age Group 0-4 5-9 10-14 15-19
20-24 NO. 0 0 0 0
25-29 NO. 0 0 0 0
30-34 NO. 0 1 0 0
35-39NO. 0 0 1 0
40-44 NO. 0 4 1 0
45-49 NO. 0 3 2 1
50-54 NO. 0 1 3 2
55-59 NO. 0 5 4 1
160-64 NO. 0 2 3 2
[65&UPNO. 0 1 0 0 --------
ITOTNO. 0 17 14
City of Atlantic Beach General Employees'
Retirement System
6
II
20-24 25-29 30&Up Avg. Pay
0 0 0 0
0 0 0 0
0 0 0 1
0 0 0 1
1 0 0 6
3 1 0 10
0 0 1 7
2 0 1 13
0 1 0 8
0 0 1 2 -------
6 2 3 48
9/30/2014 Actuarial Valuation I D-2
NUMBER ADDED TO AND REMOVED FROM ACTIVE MEMBERSHIP
Number
Added Terminations During Year Active
Year
Ended
September 30
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013 *
2014 *
5-yr. Totals
2010-2014
Expected
for 2015
During
Year
A E
12 11
12 6
14 17
7 6
9 8
7 10
12 11
12 10
10 14
10 11
8 7
7 6
6 2
4 7
6 7
8 7
0 0
Q Q
18 21
A Represents actual number.
Normal
Retirement
A E
1 0.5
0 0.5
1 0.8
2 0.8
1 1.2
1 1.2
2 0.8
2 1.2
2 0.8
5 2.4
1 1.8
0 3.2
0 3.8
4 4.4
5 5.3
2 4.3
5 4.6
~ 4.9
21 23.5
3.9
E Represents expected number.
Disability
Retirement
A E
1 0.2
0 0.2
1 0.2
0 0.1
0 0.1
0 0.2
0 0.2
0 0.2
0 0.2
0 0.1
1 0.2
0 0.1
0 0.1
0 0.1
1 0.1
0 0.2
0 0.2
Q 0.1
1 0.8
0.1
*No employees will be added following the closure of the plan.
GRS City of Atlantic Beach General Employees'
Retirement System
Died-in Withdrawal Members
Service Vested Other Total End of
A E A A A E Year
0 0.2 2 7 9 8.2 76
0 0.2 0 6 6 8.3 82
0 0.2 0 15 15 8.3 79
0 0.1 0 4 4 7.5 70
1 0.1 1 5 6 7.6 71
0 0.1 2 7 9 8.1 68
0 0.1 0 9 9 10.8 84
0 0.1 1 7 8 10.0 86
0 0.2 1 11 12 9.4 82
0 0.2 0 6 6 8.5 81
0 0.2 1 4 5 8.1 82
0 0.2 1 5 6 7.8 83
0 0.2 1 1 2 6.9 87
0 0.2 0 3 3 6.8 84
0 0.3 1 0 1 5.7 83
1 0.2 2 2 4 4.8 63
0 0.2 0 2 2 5.1 56
1 0.2 ! 1 ~ 0.7 48
2 1.0 12 23.1
0.1 0.6
9/30/2014 Actuarial Valuation I D-3
Retired Members and Beneficiary Data
Historical Schedule
Added Removed Net Increase
Year Ended Annual Annual Annual
September 30 No. Pensions No. Pensions No. Pensions
2000 6 78,522 3 32,513 3 46,009
2001 1 17,716 * 1 17,716
2002 3 23,184 26,801 2 (3,617)
2003 2 32,159 1 5,889 26,270
2004 2 35,900 2 17,160 18,740
2005 3 47,505 1 5,774 2 41,730
2006 6 82,446 3 29,272 3 53,174
2007 3 51,425 3 51,425
2008 1 9,217 1 9,217
2009 2 17,424 2 5,992 11,432
2010 4 95,156 3 13,790 81,366
2011 9 105,409 1 14,326 8 91,083
2012 4 77,393 0 4 77,393
2013 6 160,587 1 12,284 5 148,303
2014 5 91,970 2 16,908 3 75,062
Expected for
2015
*Includes a one-time 5.0% cost-ofliving increase.
GRS City of Atlantic Beach General Employees'
Retirement System
Expected
End of Year Removals
Annual Annual
No. Pensions No. Pensions
26 220,022 0.6 4,196
27 237,738 0.6 4,543
29 234,121 0.7 5,355
30 260,391 0.9 6,159
30 279,131 1.0 6,956
32 320,861 1.0 7,331
35 374,035 1.0 7,917
38 425,460 1.1 8,798
38 425,460 1.3 10,328
38 436,892 1.3 11,534
39 518,258 1.2 11,854
47 609,341 1.2 12,414
51 686,734 1.2 12,623
56 834,402 1.3 14,605
59 909,464 1.3 15,651
1.3 15,644
9/30/2014 Actuarial Valuation I D-4
SECTION E
SUMMARY OF PLAN PROVISIONS
A. Ordinances:
Plan established under the Code of Ordinances for the City of Atlantic Beach, Florida, Part II, Chapter 2,
Article VI, Division 3 and was most recently amended and restated under Ordinance No. 58-13-3 7 passed
and adopted on June 10, 2013. The Plan is also governed by certain provisions of Part VII, Chapter 112,
Florida Statutes (F.S.) and the Internal Revenue Code.
B. Effective Date
December 22, 1975
C. Plan Year
October 1 through September 30
D. Type of Plan
Qualified, governmental defined benefit retirement plan; for GASB purposes it is a sole employer plan.
E. Eligibility Requirements
The plan is currently closed to new entrants.
Prior to closure, the plan included all City employees, other than police officers or firefighters, who
normally worked more than 1,000 hours annually and who were not elected officials, temporary or
contractual employees, or executives or departments heads that elected not to participate. They became
members on the date of employment.
F. Credited Service
Service is measured as the total number of years and fractional parts of years, but credited to the nearest
one-twelfth (1112) of a year. No service will be credited for any periods of employment for which the
member received a refund of their employee contributions.
G. Compensation
Base salary or wages paid for services rendered to the City including longevity pay, overtime pay, cost of
living payments, holidays and personal leave taken. Compensation excludes payments of unused personal
leave, uniform or equipment allowances, or any reimbursement of expenses.
H. Final Average Compensation (FAC)
Average monthly rate of Compensation during the highest 60 consecutive months of Credited Service out of
the last 120 months preceding the date of termination or retirement.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I E-1
I. Normal Retirement
Eligibility:
Benefit:
Normal Form
of Benefit:
A participant may retire on the first day of the month coincident with or next following age 60
with 5 or more years of Credited Service.
For employees hired before April24, 2005:
2.85% ofFAC times Credited Service. Benefit is limited to 100% ofFAC.
For employees hired on or after April 24, 2005:
2.50% ofFAC times Credited Service. Benefit is limited to 100% ofFAC.
Life Annuity; other options are also available.
J. Early Retirement
Eligibility:
Benefit:
Normal Form
of Benefit:
A member may elect to retire earlier than the Normal Retirement Eligibility upon attainment of
age 55 with 5 years of Credited Service.
The Normal Retirement Benefit is actuarially reduced for each year by which the member's
Early Retirement date precedes age 60.
Life Annuity; other options are also available.
K. Delayed Retirement
Same as Normal Retirement taking into account compensation earned and service credited until the date of
actual employment termination.
L. Service Connected Disability
Eligibility:
Benefit:
Normal Form
of Benefit:
Any member with 5 or more continuous years of Credited Service who becomes totally and
permanently disabled and unable to render useful and efficient service to the City is eligible for
a disability benefit.
The benefit is calculated as if the member was eligible for Normal Retirement and is payable
retroactively to the later of; the last day on payroll, or the date of application for disability
benefits.
Life Annuity; other options are also available.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I E-2
M. Non-Service Connected Disability
Eligibility:
Benefit:
Normal Fonn
of Benefit:
Any member with 5 or more continuous years of Credited Service who becomes totally and
pennanently disabled and unable to render useful and efficient service to the City is eligible for
a disability benefit.
The benefit is calculated as if the member was eligible for Normal Retirement and is payable
retroactively to the later of; the last day on payroll, or the date of application for disability
benefits.
Life Annuity; other options are also available.
N. Pre-Retirement Death
Eligibility:
Benefit:
Normal Form
of Benefit:
Any member with 5 or more years of Credited Service is eligible for a death benefit.
Upon the death of a member, the designated beneficiary shall be paid an actuarially reduced
benefit based on one hundred (100) percent survivor pension notwithstanding that the
member may not have satisfied the conditions for retirement. If there are no beneficiaries
designated by the member, then a benefit shall be paid to the surviving spouse or, if no
surviving spouse, a reduced benefit will be paid to the member's unmarried children.
If spouse is receiving benefits described above, no children's benefits are payable.
If spouse is not receiving benefits, children under age 19, or age 23 if a full time student, will
receive equal shares of 50% of the member's Normal Retirement Benefit under the Life
Annuity option based upon service and F AC as of the date of death.
Payable for the life of the member's beneficiary or spouse. Children's benefits are payable
until age 19 or age 23 if a fulltime student.
0. Post Retirement Death
Benefit determined by the form of benefit elected upon retirement.
P. Optional Forms
In lieu of electing the Normal Form of benefit, the optional forms of benefits available to all retirees are the
50%, 66 2/3%, 75% or 100% Joint and Survivor options. A Social Security option is also available for
members retiring prior to the time they are eligible for Social Security retirement benefits.
Q. Vested Termination
Eligibility:
Benefit:
A participant has earned a non-forfeitable right to Plan benefits after the completion of 5 or
more years of Credited Service.
The benefit is the member's vested portion of the accrued Normal Retirement Benefit as of the
date of termination. Benefit begins on the Nonnal or Early Retirement date.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I E-3
Vested Termination-Continued
Normal Form
of Benefit: Life Annuity; other options are also available.
R. Refunds
Eligibility:
Benefit:
Optionally, vested participants may also withdraw their contributions in lieu of the deferred
benefits otherwise due.
The member who terminates employment receives a lump-sum payment of their employee
contributions with interest.
S. Member Contributions
6% of Compensation
T. Employer Contributions
u.
The amount determined by the actuary to pay the normal cost and an amortization of the unfunded actuarial
accrued liabilities, along with employee contributions. Following are contribution rates per recent
valuations:
Contribution
Year
Beginning City Member Total
10/1/2009 14.84% 5.000% 19.84%
10/1/2010 16.60% 5.000% 21.60%
10/112011 24.53% 5.000% 29.53%
10/1/2012 26.34% 5.000% 31.34%
10/112013 29.19% 6.000% 35.19%
10/112014 31.59% 6.000% 37.59%
10/112015 46.39% 6.000% 52.39%
Cost of Living Increases
The plan does not provide for automatic post-retirement cost of living adjustments (COLA) of retiree
benefits.
V. Changes from Previous Valuation
See the Discussion of Valuation Results Section of this report under the Revisions in Benefits heading.
W. Gain-sharing benefits
Not applicable.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I E-4
X. Deferred Retirement Option Plan
Eligibility:
Benefit:
Maximum
Plan members are eligible for the DROP upon attainment of age 55 with 5 years of Credited
Service.
All members must make a written election to participate in the DROP.
The member's Credited Service and FAC are frozen upon entry into the DROP. The monthly
retirement benefit as described under Normal Retirement is calculated based upon the frozen
Credited Service and F AC. Benefits for members entering the DROP prior to age 60 will be
actuarially reduced for Early Retirement.
DROP Period: 60 months
Interest
Credited:
Normal Form
of Benefit:
Participants' DROP account balances will be credited in accordance with the self-directed
options selected by the participant who entered the program prior to July 1, 2013. For all other
participants, DROP account balances will be credited or debited quarterly with interest based
on Plan's net investment earnings or losses for that quarter.
Lump Sum or roll-over to a qualified retirement account.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I E-5
SECTION F
COMPARATIVE SUMMARY OF PRINCIPAL
VALUATION RESULTS
F ASB NO. 35 INFORMATION
A. Valuation Date September 30, 2014 September 30, 2013
B. Actuarial Present Value of Accumulated
Plan Benefits
1. Vested Benefits
a. Members Cunently Receiving Payments $ 9,629,899 $ 8,080,379
b. Terminated Vested Members 998,673 790,967
c. DROP Balances* 273,114 N/A
d. Other Members 6,741,139 6,310,036
e Total 17,642,825 15,181,382
2. Non-Vested Benefits 0 0
3. Total Actuarial Present Value of Accumulated
Plan Benefits: 1e + 2 17,642,825 15,181,382
4. Accumulated Contributions of Active Members 1,204,929 1,225,604
C. Changes in the Actuarial Present Value of
Accumulated Plan Benefits
1. Total Value at Beginning of Year 15,181,382 14,156,270
2. Increase (Decrease) During the Period
Attributable to:
a. Plan Amendment 0 0
b. Change in Actuarial Method* 273,114 0
c. Change in Actuarial Assumptions 1,675,679
d. Latest Member Data, Benefits Accumulated
and Decrease in the Discount Period 1,219,868 1,807,618
e. Benefits Paid** (707,218) (782,506)
f. Net Increase 2,461,443 1,025,112
3. Total Value at End of Period 17,642,825 15,181,382
D. Market Value of Assets* 14,919,308 13,770,711
E. Actuarial Assumptions -See page entitled
Actuarial Assumptions and Methods
* Beginning with 9/30/2014 valuation, DROP balances are included in Present Value of Accumulated Plan
Benefits and in Plan Assets.
**Benefits paid during 2013/14 plan year exclude amounts credited to DROP participants.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation\ F-1
COMPARATIVE SUMMARY OF September 30, 2014 September 30,2014 September 30, 2013 PRINCIPAL VALUATION RESULTS
~· es Prior to Changes
A. Participant Data
Number Included:
Actives 48 48 56
Service Retirees & Beneficiaries 55 55 52
Disability Retirees 4 4 4
Tenninated Vested Members 12 12 11
Total Members and Beneficiaries 119 119 123
Total Annual Payroll (Excluding DROP Participants) $2,397,875 $2,397,875 $2,733,429
Annual Valuation Payroll 2,397,875 2,397,875 2,733,429
Expected Annual Payroll in Contribution Year 2,397,875 2,397,875 2,733,429
Total Annualized Benefits
Service Retirees & Beneficiaries 853,087 853,087 778,025
Disability Retirees 56,377 56,377 56,377
Tenninated Vested Members 122,575 122,575 113,275
B. Assets (Market Value)*
Cash and Shott Tenn Investments 4,729,566 4,729,566 855,812
Treasury and Agency Bonds & Notes 251,173 251,173 790,293
Common and Preferred Stocks 4,758,558 4,758,558 8,008,414
Mutual or Pooled Bond Funds 0 0 426,035
Corporate Bonds 4,994,776 4,994,776 3,653,586
Other Securities 144,640 144,640 89,120
Net Receivables & Payables 40,595 40,595 (52,549)
Total 14,919,308 14,919,308 13,770,711
Funding (Actuarial) Value 15,167,400 15,167,400 13,815,833
Assets include:
Accumulated active member contributions 1,204,929 1,204,929 1,225,604
(with interest if applicable)
C. Actuarial present value of accrued benefits
(i) Vested accrued benefits
Retired members and benefitciaries (excl DROP balances) 9,629,899 8,892,749 8,080,379
T enninated members 998,673 884,431 790,967
DROP Balances 273,114 273,114 N/A
Active members (includes non-forfeitable members
contributions of 1,204,929 and 1,225,604) 6,741,139 5,916,852 6,310,036
Total 17,642,825 15,967,146 15,181,382
(ii) Non-vested accrued benefits 0 0 0
(iii) Total actuarial p.v. of accrued benefits 17,642,825 15,967,146 15,181,382
(iv) Actuarial p.v. of accrued benefits at begin. of year 15,181,382 15,181,382 14,156,270
(v) Changes attributable to:
Amendments none none none
Method change (DROP treatment) 273,114 273,114 none
Assumptions 1,675,679 none
Operation of decrements 1,219,868 1,219,868 1,807,618
Benefit payments (707,218) (707,218) (782,506)
Other none none none
(vi) Net change (PV AB measurement Method Change) 2,461,443 785,764 1,025,112
(vii) Actuarial p.v. of accr. benefits at end of year 17,642,825 15,967,146 15,181,382
*DROP balances are included in Plan Assets beginning with 9/30/2014 valuation.
GRS City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I F-2
GRS
COMPARATIVE SUMMARY OF
PRINCIPAL VALUATION RESULTS September 30, 2014 September 30, 2014 September 30, 2013
After Chanl!es Prior to Chanl!es
D. Liabilities-Actuarial Present Value of Future Benefits
I. Active Members
Service Retirement Benefits $II ,057,889 $9,745,437 $10,264,683
Vesting Benefits 319,225 260,255 274,710
Disability Benefits 250,285 222,787 237,621
Preretirement Death Benefits 256,659 225,713 240,504
Return of Member Contributions 41,929 40,313 47,420
Total Actives 11,925,987 10,494,505 11,064,938
2. Inactive Members
Service Retirees & Beneficiaries 9,104,369 8,402,061 7,578,313
Disability Retirees 525,530 490,688 502,066
Tenninated Vested Members 998,673 884,431 790,967
Total Inactive Members 10,628,572 9,777,180 8,871,346
3. DROP Balances 273,114 273,114 N/A
3. Total Present Value for All Members 22,827,673 20,544,799 19,936,284
Total Present Value of:
Future Salaries 18,159,759 17,803,738 20,075,853
Future Employee Contributions 1,089,585 1,068,224 1,204,551
Future Contributions from Other Sources 6,570,688 4,309,175 4,915,900
Derivation of Current Employer
Unfunded Actuarial Accrued Liability (UAAL)
a. Total UAAL for Prior Valuation Date $3,466,268 $3,466,268 $4,133,993
b. Employer Nonnal Cost for this period 260,545 260,545 284,455
c. Interest acccrued on (a) and (b) 287,723 287,723 342,097
d. Contributions for this period (950,980) (950,980) (1,044,392)
e. Interest accrued on (d) (38,039) (38,039) (41,776)
f. Changes due to:
Plan Amendment 0 0 0
Assumption Changes 1,817,483 0 0
Asset Method 0 0 0
Actuarial (Gain) Loss 13,100 13,100 (208,109)
g. Total Current UAAL: a+b+c-d-e+f 4,856,100 3,038,617 3,466,268
Oril!inal and Current Unfunded Actuarial Accrued Liabilities
Amortization Amortization
Years Payment Prior Payment After Original Current
Date Item Description Remaining to Changes Changes Amount Unfunded
9/30/2012 Original VAAL* 8 $517,260 $502,451 $4,133,993 $3,210,306
9/30/2013 Experience Gain 9 (27,390) (26,507) (208,109) (184,789)
9/30/2014 Experience Loss 10 1,808
9/30/2014 Assumption Changes 10 N/A
!TOTAL $491,678
*Reflects the Actuarial Impact Statement for Ordinance 58-13-3 7.
City of Atlantic Beach General Employees'
Retirement System
1,743 13,100 13,100
241,840 1,817,483 1,817,483
$719,527 $5,756,467 $4,856,100
9/30/2014 Actuarial Valuation I F-3
COMPARATIVE SUMMARY OF September 30, 2013 PRINCIPAL VALUATION RESULTS September 30, 2014 September 30, 2014
A/tel' Cha11ges Prior to Cha11ges
E. Pension Cost
Entry Age Nonnal Cost for:
Service Retirement Benefits $334,!07 $285,437 $320,754
Vesting Benefits 18,599 14,698 14,272
Disability Benefits 17,127 15,062 14,819
Preretirement Death Benefits 7,980 6,857 7,588
Return of Member Contributions 24,280 24,422 26,775
Total Actives 402,093 346,476 384,208
Administrative Expenses 31,529 31,529 33,220
Expected Member Contributions 151,552 152,272 166,904
Total Employer Nonnal Cost 282,070 225,733 250,524
Payment Required to Amortize Unfunded Actuarial
Accrued Liability 719,527 491,678 515,906
Total Contribution at Valuation Date 1,001,597 717,411 766,430
Total Contribution Adjusted for Frequency of
Payments and Interest to Next Following Fiscal Year 1,112,344 808,379 863,613
% of Expected Payroll 46.39% 33.71% 31.59%
Amount Expected to be Contributed by Members Next FY 143,873 143,873 164,006
%of Expected Payroll 6.00% 6.00% 6.00%
F. Past Contributions-For the Fiscal Years Ended September 30 of2013 and 2014
Required Contribution Detennined in the Valuation as of September 30, 2012 September 30, 20 II
by the Plan Sponsor $950,980 $1,044,392
by Members $195,496 $198,240
Actual Contribution for the Fiscal Year ended September 30, 2014 September 30, 2013
by the Plan Sponsor $950,980 1,044,392
by Members $157,383 180,750
G. Net experience (gain) loss during year: $13,!00 ($208,109)
H. I. Plan to Amortize Unfunded Actuarial Accrued Liability
l 0 year funding of the Original Unfunded Actuarial Accrued Liability,
lO year funding of any emerging Gains or Losses, or assumption changes.
2. Schedule Illustrating the Amortization of the Unfunded Actuarial Accrued Liability (UAAL)
GRS
Year Projected UAAL
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
3. Action taken since last actuarial valuation.
Contribution sufficient to satisfy the total required contribution.
City of Atlantic Beach General Employees'
Retirement System
4,856,100
4,426,133
3,966,068
3,473,799
2,947,071
2,383,472
1,780,421
1,135,157
444,724
243,583
0
9/30/2014 Actuarial Valuation I F-4
GRS
COMPARATIVE SUMMARY OF PRINCIPAL VALUATION RESULTS
I. 1. Three-Year Comparison of Actual and Assumed Salary Increases (Annualized)
9/30/2013
9/30/2014
1.3%
4.8%
5.9%
5.9%
2. Three-Year Comparison of Investment Return (Actuarial Value)
9/30/2012
9/30/2013
9/30/2014
Actual
8.0%
8.0%
6.3%
8.0%
8.0%
8.0%
3. Average Annual Growth in Payroll, Last Ten Years (if applicable)
Valuation Date Tot
9/30/2004 $3,051,289
9/30/2005 3,182,450
9/30/2006 3,194,700
9/30/2007 3,475,757
9/30/2008 3,726,713
9/30/2009 4,018,667
9/30/2010 3,837,512
9/30/2011 3,738,277
9/30/2012 3,713,609
9/30/2013 2,733,429
9/30/2014 2,397,875
Total % Increase Last Ten Years (21.41 )%
Annual% Increase (2.38)%
Thirty-year Forecast 0.00%
J. Benefits and Expenses of Plan not Explicitly or Implicitly Provided in Valuation
NONE
K. Trends not taken into Account but which are likely to Result in Future Cost Increases
NONE
City of Atlantic Beach General Employees'
Retirement System
9/30/2014 Actuarial Valuation I F-5