Item 5B and 5C- Staff Report for Pension Actuarial ReportsAGENDA ITEM:
SUBMITTED BY:
DATE:
CITY OF ATLANTIC BEACH
CITY COMMISSION MEETING
STAFF REPORT
AGENDA ITEM #58 & SC
JUNE 13,2016
2015 Gabriel Roeder Smith & Company City of Atlanti c Beach
Retirement System Actuary Reports
Russell Caffey, Director of Finance
May27, 20 16
STRATEGIC PLAN LINK: N/A
BACKGROUND:
BUDGET:
Each year, the Pension Board of Trustees authoriz es an actuary to
perfmm an annual valuation of our retirement systems. The
p urp ose of the valua tion is to measure the funding progress , to
detennine the employer contribution rate and to provide actuarial
in formation for Governmental Accounting Standards Board.
The City is required to conttibute to each retirem ent system, the
dollar amount specified in the valuations. This year's valuation
ind icates an increase of $63,228 to $1 ,175,572 for the General
Employee Plan and an increase of $23,361 to $745,533 for the
Police Employee's Plan. The long tenn funding ratios of the plans
a re 76% for General, which is consistent with prior year, and 67%
for the Police, which is an increase of2%.
These items wi ll affect the 2017 Operating Budget
RECOMMENDATION :Informational Purposes
ATTACHMENTS:
Actuarial Valuat-ion Report for General Employees Retirement Sys tem
Actuarial Valuation Report for Police Employees Retirement System
REV1EWED BY ClTY MANAGER: ~ Vc:t.n ~,